REG - VinaCapital Vietnam - Half-year Financial Report
16/03/2026 07:00
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RNS Number : 6428W VinaCapital Vietnam Opportunity Fd. 16 March 2026
VINACAPITAL VIETNAM OPPORTUNITY FUND LIMITED
(a non-cellular company incorporated in the Bailiwick of Guernsey under The
Companies (Guernsey) Law, 2008, on 22 March 2016 with registered number
61765.)
VinaCapital Vietnam Opportunity Fund Limited ("VOF" or the "Company") is
pleased to announce its unaudited results for the six-month period from 1 July
2025 to 31 December 2025.
More information on the Company is available at: https://vof.vinacapital.com/
The information contained within the announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
("MAR"). Upon the publication of this announcement via Regulatory Information
Service ("RIS"), this inside information is now considered to be in the public
domain.
Interim Report and Condensed Interim Financial Statements for the period 1
July 2025 to 31 December 2025
CHAIR'S STATEMENT
Dear Shareholder
This is my first report to you as the Chair of VinaCapital Vietnam Opportunity
Fund Limited and I would like to start by thanking my predecessor, Huw Evans,
for his commitment, support and diligence as a director and latterly Chairman
of VOF.
Investment Performance
I am pleased to report that the NAV per share of VOF increased by 11.9% over
the six months to end December 2025 resulting in a total return of 12.8%, in
USD terms. Although VOF is index agnostic we do note that the VN Index had an
exceptionally strong performance, increasing by 29.8% for the six months to 31
December 2025. This was predominantly due to the strong performance of
Vingroup (VIC) which makes up 16% of the Index weight and whose share price
increased by over 250% during the period of this review. If VIC is removed,
the VN Index was up by only 13.9% for the second six months of 2025. VOF does
not own any shares in Vingroup as the Investment Manager does not find that
company's combination of high market valuation, complexity and lack of
transparency attractive. The Investment Manager's report sets out more details
on performance.
The Board appreciates that this relative underperformance may be disappointing
to some shareholders and we have been working closely with the Investment
Manager to understand better the reasons behind this relative underperformance
and to approve changes that can lead to higher returns for shareholders in the
future. Our Investment Manager has reorganised and strengthened its investment
team and improved its approach to research on both listed and private
companies. They were very active in the period under review in repositioning
our portfolio of listed investments and, as set out in their report, this
activity added significantly to portfolio returns. We are also pleased to
report that good progress has been made with our distressed privately
negotiated investments. In particular we managed to restructure our holding in
Dat Xanh Real Estate Services (DXS) into listed shares in Dat Xanh Group
(DXG), resulting in an uplift of USD 6.7 million compared with the valuation
of the holding as at 30 June 2025. Elsewhere, our Investment Manager continues
to work diligently to secure exits from a number of our privately negotiated
investments. At the half year stage, updates to the valuations of unlisted
assets resulted in a small decrease in valuation of USD 1.7 million, or 0.17%
of the NAV. Greater detail on these valuations is given in the Investment
Manager's report.
Dividend
The Board continues to believe that a regular dividend is an important factor
in making the shares attractive to retail investors and has a policy of paying
a dividend of approximately 1% of the NAV per share, twice per year and a
dividend of 7.25 US cents per share was paid to shareholders in early December
2025. The next half-yearly dividend will be 7.25 US cents per share, payable
to shareholders on 6 May 2026.
Marketing and the Discount
Given the improved interest in emerging markets after a period of uncertainty
and volatility we continue actively to encourage investment in the Company.
Our Investment Manager, assisted by our joint brokers, Deutsche Numis and
Barclays Bank, and our distribution partner, Cadarn Capital provide regular
communication to both existing and prospective investors on the progress of
the company and the opportunities of investing in Vietnam. We also provide
regular commentary to printed and online media in order to widen our investor
base and encourage new investors to look at investing in Vietnam. A wide
variety of information is available in this regard. A detailed fact sheet is
issued each month and regular updates on the Vietnamese market and economy in
both written and video form are posted to our website. You can sign up to be
notified of new publications at https://vof.vinacapital.com
(https://vof.vinacapital.com) .
Along with many other Investment Trusts and reflecting continued uncertainty
in some parts of the market, the discount remained under pressure for a large
proportion of the six months under review. We are working hard with our
brokers to address this problem and will continue with an active buyback
program until this pressure alleviates. During the six months, 7.0 million
shares were bought back at a cost of USD 44.3 million, which was 5.2% of
shares in issue at the start of the period. The discounts at which these
shares were bought resulted in an increase in the NAV of some 9.0 US cents per
share to the benefit of continuing shareholders and, the Directors believe,
helped to control the volatility of the discount. We believe that, as
confidence returns to the Asian region following the introduction of tariffs
and with the realisation of swapped and collateral assets as well as
repayments of principal from our distressed investments in the unlisted
portfolio, the discount should return to a more acceptable level. In addition
to this the Board has been reviewing both the quantum and structure of the
management fees in order to bring them closer in line with current market
levels while still recognising the nature of the investments in the portfolio.
These discussions are still ongoing and we hope to be able to announce some
changes shortly.
The Board
As announced in our most recent Annual Report, Charlotta Ginman has taken over
the roles of Chair of the Audit Committee and of the Management Engagement
Committee. The previous Chair of the Audit Committee, Julian Healy, remains on
the Board and will focus on our private equity investments, an area in which
he has many years' experience in developing markets as well as continuing to
be our Senior Independent Director.
Annual General Meeting
All of the Resolutions proposed at the AGM held on 3 December 2025 were passed
in line with the Board's recommendations and I would like to record my thanks
to shareholders for their support.
Outlook
The Vietnamese economy is expected to be very strong in 2026 with forecasts of over 8% growth in GDP year on year. The country has a sound and stable government which has the ability to stimulate growth primarily through badly needed infrastructure development and continuing to remove barriers to stimulate the real estate market. The business environment remains favourable both for foreign investors and for the continuing development of the domestic entrepreneur. However, this positive view will inevitably be tempered by recent actions in the Middle East and the potential impact on inflation and interest rates caused by the sharp rise in the oil price leading to significant market corrections.
In spite of this we believe that there is much cause for optimism. Our Investment Manager has reorganised their investment team and has worked hard in recent months to reposition the portfolio to benefit from this expected growth in the economy. Our investment strategy to invest in the best opportunities available in Vietnam's listed and private markets, with a strong emphasis on identifying opportunities not easily available, remains unchanged despite the challenges of investing in a market which can be very illiquid and where the ability to privately negotiate investment terms is a key differentiator. We have seen that index returns can be distorted by one dominant company, although we believe that these distortions will unwind in the coming years as Vietnam ascends to Emerging Market status and as the breadth and depth of the market increases, providing greater investment opportunities, improved liquidity and easier access for investors.
Kathryn Matthews
Chair
VinaCapital Vietnam Opportunity Fund Limited
13 March 2026
INVESTMENT MANAGER'S INTERIM REPORT
Macroeconomic Review
Vietnam's GDP 1 (#_ftn1) growth accelerated from 7.1% in 2024 to 8% in 2025.
Several factors supported the country's growth over the year, the two most
notable of which were (i) credit growth which continued to increase steadily
by 18% as part of the State Bank of Vietnam's accommodative yet disciplined
monetary policy stance and (ii) a 28% surge in exports to the U.S. driven by
an 80% jump in exports of laptops and other electronics products. Whilst there
was some "front loading" ahead of tariff implementation, over the full
calendar year GDP growth was strong.
Vietnam's exports to the US were able largely to overcome President Trump's
tariffs, partly because the initial 46% "reciprocal tariff" that was announced
on April 2 was quickly reduced to 20% and, with exemptions for key categories
like electronics, the effective rate was trending toward 10-15%. Subsequently,
in February 2026 President Trump announced a 10% temporary tariff for all
countries as US Supreme Court ruled against the initial tariffs. We do not
expect much impact on the economy in 2026 as Vietnam tariff rates were already
trending to similar level.
The net result is that Vietnam's export growth accelerated from 14% in 2024 to
17% in 2025, and Vietnam achieved a USD 20 billion trade surplus for the full
year, equivalent to about 4% of GDP. This marked the tenth consecutive year
that Vietnam has maintained a trade surplus and the third consecutive year in
which the surplus was USD 20 billion or more. Most products manufactured in
Vietnam are exported, so strong export growth translated into 10% growth of
the manufacturing sector and 6-7% factory wage growth in 2025. Manufacturing
accounts for approximately one-quarter of Vietnam's GDP.
Foreign direct investment (FDI) into Vietnam remained resilient in 2025.
Disbursed FDI reached USD 27.6 billion, a 9% increase from 2024 and the
highest level in the past five years, underscoring sustained investor
confidence to still manufacture in Vietnam despite global uncertainties.
However, domestic consumption was weak. We estimate that spending by
Vietnamese consumers only grew by about 5% in 2025 when spending by foreign
tourists is stripped out, compared with annual rates of 8-9% pre-COVID. That
relatively weak pace of domestic consumption growth stemmed from the fact that
the household savings rate in Vietnam has remained elevated post-COVID as
households continue to rebuild their savings, which were depleted during
pandemic.
Real retail sales growth (i.e. stripping out inflation) grew by approximately
6.7% in 2025 but tourist arrivals, driven by the increase in Chinese visitors
(which saw a remarkable 40% increase), rose by 20%. We estimate that foreign
tourists account for roughly 10% of retail sales in Vietnam. The Government
has taken some modest measures to support consumption growth, including
trimming both VAT and personal income taxes, but the direct impact of those
measures is moderate, and we believe that the Government could do much more to
stimulate growth if necessary.
The silver lining to the weak consumer story is that muted consumer sentiment
combined with weak consumption in China limited inflation in Vietnam.
Inflation averaged 3.3% in 2025, in line with our expectations, and is well
below the Government's official 5% maximum inflation target.
The VN Dong depreciated by about 3% against the US Dollar in 2025, which is
consistent with an apparent (though not explicitly stated) maximum
depreciation target. The VND temporarily depreciated by more than 5% in
late-2025, driven by a few factors including a 70% surge in gold prices. The
State Bank of Vietnam responded to the weakening of the VND by allowing
interest rates to drift higher, which helped to stem depreciation pressures.
Twelve-month bank deposit rates increased by about 0.5%-1% in 2025 to around
6% on average by the year-end; rates typically need to rise significantly
above 7-8% to meaningfully dampen retail investors' interest in the stock
market.
While the Vietnamese government's reform agenda, often referred to as Doi Moi
2.0, will boost long-term GDP growth, in 2025 policy makers took steps
immediately to unfreeze the real estate market by addressing the approvals
issues that are the primary bottleneck for most of the country's stalled
projects. Several moribund building projects sprung back to life in 2025 as
the issues impeding progress were addressed on a case-by-case basis; recently
enacted legislation will address the issue nationwide and is expected to
unleash a surge of real estate supply into the market.
Investment performance
Over the six months to 31 December 2025, VOF's net asset value per share
increased by 12.8% and the share price increased by 10.3%, both on a USD total
return basis(( 2 (#_ftn2) )).
Total Return in USD 6 months 1 year 3 Years 5 Years
VOF NAV per share 12.8% 6.6% 37.0% 39.7%
VOF Share Price 10.3% 10.3% 25.5% 22.7%
Data to 31 December 2025 Source: Bloomberg / VinaCapital
Relative Performance
Whilst the fund is benchmark agnostic, the VN-Index or MSCI VN Index serve as
a useful comparison for some investors:
Total Return in USD 6 months 1 year 3 Years 5 Years
VN Index 29.8% 38.8% 59.2% 53.8%
MSCI VN Index 45.2% 66.7% 66.0% 16.3%
Data to 31 December 2025 Source:Bloomberg / VinaCapital
As an opportunity fund that invests across public and private markets, since
inception in 2003 VOF has delivered a cumulative return of 939% (or 11% per
annum) in USD terms with standard deviation(1) of 16%. Over the same period,
the VN Index delivered a cumulative return of 963% (or 11% per annum) with a
standard deviation of 30%, demonstrating that the fund's strategy delivers
similar growth across various market cycles with lower volatility (as measured
by the standard deviation). However, in 2025 and over the six month period
under review, we did not outperform the VN Index, primarily due to the small
number of stocks driving index performance, and also because several of our
long-term holdings which had been strong compounders to performance in recent
years faced downward share price pressure or simply did not keep up with the
market rally.
The VN Index, which is a capitalisation-weighted index that tracks the
performance of all common stocks listed on the closely followed Ho Chi Minh
Stock Exchange (HOSE), increased by 29.8% for the last six months of 2025 but
this masks a highly concentrated market rally. The VN Index has set several
all-time high milestones, but the increase was overwhelmingly driven by a
group of stocks related to the Vingroup ecosystem. The main differentiator to
performance was attributable to Vingroup (VIC), the parent company of the
conglomerate, which contributed 15.9% points, or effectively half of the VN
Index's rise, over that period. In fact, without VIC, the VN Index is up by
only 13.9% for the second six months of 2025.
We are fundamental investors and do not own VIC. The conglomerate is trading
at disproportionately high valuations compared to peers and the overall stock
market, whilst the company is significantly leveraged and burdened by its
fledgling electric vehicle business (which media claims continues to receive
significant sponsor support for capex and working capital), among other
constraints that do not meet our investment criteria. Whilst the increase in
the share price of VIC during the period of review has been significant (up by
over 250%), the stock trades on thin liquidity relative to market
capitalisation. VIC has run longer (since January 2025) and further than
expected, but we observe that, similar such instances in the past have often
been followed by significant corrections.
Portfolio activity
To address the recent performance as a result of market challenges and
dynamics, over the period under review we repositioned the portfolio by
exiting or trimming some of our long-term holdings and recycling capital into
attractive new investment opportunities with the aim of delivering better
long-term, risk-adjusted returns for our shareholders.
Between July and December 2025, portfolio repositioning activities resulted in
over USD 460 million of portfolio transactions, including trimming and selling
down USD 250 million of holdings and reinvesting USD 210 million into new
opportunities or adding to existing holdings. The remaining balance was used
for share buybacks and dividend payments to our investors as part of our
ongoing commitment to the return of capital to our investors.
This portfolio repositioning has been in progress for some time, and over the
2025 calendar year over USD 750 million of the portfolio was transacted,
including USD 450 million being trimmed and sold and reinvesting USD 300
million. This reposition is accretive over the long term and has generated
approximately an extra 4.4% points to the portfolio's calendar year return
compared to if we had not made any changes.
Transactions in calendar year 2025 Source:VinaCapital
We have also strengthened and reorganised the investment team to provide a
much deeper focus on our refreshed sector-led approach. The core sectors are:
(i) Financial; (ii) Real Estate; (iii) Industrial (including Materials and
Energy); and (iv) Consumer (comprising of Discretionary, Staples, Healthcare
and Information Technology). These changes have resulted in enhanced deal
generation, allowing us to build a pipeline of privately negotiated
transactions which is in line with our strategy of seeking opportunities which
offer the prospect of superior returns to those achievable simply by investing
in the publicly listed markets. Of this pipeline, in the last six months we
have closed four privately negotiated deals and pre-IPO(1) investments,
aggregating to over USD 70 million deployed and at the time of writing they
are all accretive to our performance.
Financial sector - 29.9% NAV
Our exposure to the financial sector, which includes banks and non-banks,
remains a key part of our strategy, as we seek to benefit from the growth of
the domestic economy in Vietnam. This sector, which makes up 29.9% of NAV,
returned 19.0% for the period under review.
We were very active within this sector by making tactical switches to seek
better growth opportunities in the market. We continued taking profits on Asia
Commercial Bank (ACB), a long-term holding and which in the first ten months
of calendar year 2025 was the largest holding in the portfolio. We also
trimmed our position in Vietnam Prosperity Bank (VPB) to take profits after
its share price increased by almost 90% in July and August 2025. In terms of
investment activity, we increased our stake in Vietinbank (CTG), one of
Vietnam's "Big Four" banks and the second-largest bank in Vietnam in terms of
asset base. We also continued to add to our position in MB Bank (MBB), a
leading commercial bank with one of the largest retail customer bases. These
investment decisions were accretive to the performance, delivering returns of
18% and 30% respectively for the period under review.
We have also invested into security brokerages as a long-term proxy for
Vietnam's rapidly evolving and maturing capital markets, seeking to capture
the catalyst of an imminent rerating of the market to Emerging Market status.
We initiated a position in SSI Securities (SSI) and, as the share price
rallied significantly on the anticipated announcement that Vietnam would
achieve Emerging Market status by FTSE Russell, we exercised our
sell-discipline to lock-in a 42% return on this investment over a holding
period of approximately 6 months.
We subsequently redeployed capital into two deals that exemplify our
investment philosophy: accessing opportunities through a privately negotiated
approach that is not easily available on the market. We made a pre-IPO
investment into Techcom Securities (TCX) which successfully accelerated their
block-buster listing on HOSE in October 2025 and negotiated an investment into
VietCap Securities (VCI) at a discount to its trading value. Both investments
have seen strong returns which have contributed to performance in recent
months.
Real Estate sector - 25.4% NAV
Investments in the real estate sector remain a key part of our strategy and we
believe that actions and supportive measures by the Vietnamese government will
continue to boost residential property development and home ownership as
structural demand significantly exceeds supply. This sector makes up 25.4% of
NAV and returned 15.3% for the period under review.
The largest holding in the portfolio at 31 December 2025 was Khang Dien Homes
(KDH), a long-term holding in the portfolio which we entered as part of a
private equity investment. KDH was the second largest contributor to
performance over the period under review due to an increase of 30% in its
share price and despite our trimming part of our holdings to take profits.
Also, we have been a long-term holder in one of the Vingroup-related
companies, having invested in the leading real estate developer in the country
Vinhomes (VHM) for more than five years. VHM was the largest contributor as it
delivered exceptional performance, delivering for us a 61% return for the
period under review and we exercised our sell discipline by taking profits at
various stages of the year.
We successfully restructured our investment in DXS, a subsidiary of the listed
Dat Xanh Group (DXG) and the restructured investment in DXG shares is now
marked-to-market.. Also, as reported in the last reporting period, we
restructured our investment in Novaland (NVL) by securing collateral assets in
the form or parcels of land and agreeing to a new repayment plan for the
remaining obligation (which includes the remaining investment principal and
expected returns). We are in the process of selling the first collateral asset
with several prospective acquirors showing interest, and we are working to
complete the sale in the first half of 2026.
Consumer sector (including Discretionary, Staples, Healthcare and IT) - 24.2%
NAV
Domestic consumption has been muted in the past couple years (as mentioned
above). Nevertheless, it remains an important, long-term theme within our
portfolio construction as consumption is equivalent to two-thirds of Vietnam's
GDP. We continued selectively to deploy capital to this sector. The broad
sector, which makes up 24.2% of NAV, returned 7.3% for the period under
review. In the last six months, we added to our investment in Mobile World
Group (MWG), the consumer electronics retailer with a rapidly growing modern
trade groceries business which we believe will be a strong catalyst for future
growth. MWG returned 27% over the six months under review.
We also decided to exit our private equity investment in Chicilon Media as the
dominant indoor advertising and digital media company has come under intense
pricing pressure and competition from other forms of digital advertising. We
commenced the divestment in late 2025, with the proceeds of our initial
investment received by December 2025, and the purchaser agreeing to pay the
remaining balance in 2026. The investment, held over a period of 3 years is
expected to deliver a multiple on invested capital (MOIC) of 1.3 times.
Industrial sector (including Materials and Energy) - 17.4% NAV
Vietnam is still in the midst of industrialisation with significant
investments in public works, infrastructure and construction, hence this
secular trend remains prominent in our portfolio. This broad theme, which
makes up 17.4% of NAV, has faced idiosyncratic challenges and delivered 3.5%
for the period under review. The main underperformance was from Airports
Corporation of Vietnam (ACV), an operator of 21 out of 22 airports in the
country, which we invested into through a privatisation process in 2015. This
company still remains listed on UPCoM(1), a junior bourse of the Hanoi Stock
Exchange and faces thin liquidity even though ACV has a market capitalisation
of USD7 billion. In early 2025 we started exiting this investment as we were
concerned that ACV was slowly losing its monopolistic advantage and faced
headwinds from increasing demand on capex through the expansion of the Long
Thanh International Airport near Ho Chi Minh City. By December 2025 we were
able to sell out most of our holdings and fully divested the investment in
early 2026. We achieved 18% Gross IRR(1) (in USD) on this investment over a
10-year investment period.
In October, we deployed capital into Gemadept (GMD, NAV: 3.9%), Vietnam's
leading integrated seaport and logistics operator. The company operates a
network of six ports and inland container depots across the country, with its
two largest ports strategically located near key industrial clusters in the
north and south. The business remains resilient given initial tariff concerns
on Vietnam's export activities, but these concerns subsequently subsided and
we used the price weakness to acquire and build up our stake in recent months.
Portfolio List
Listed Equities
# Ticker Company Name Sector % of Entry Method
NAV
1 KDH Khang Dien Homes Real Estate 9.6% Privately Negotiated
2 HPG Hoa Phat Group Materials 8.9% Privately Negotiated
3 ACB Asia Commercial Bank Financials 7.8% Privately Negotiated
4 CTG Vietinbank Financials 7.5% On Market
5 VHM Vinhomes Real Estate 6.1% On Market
6 MBB MB Bank Financials 5.6% On Market
7 FPT FPT Corporation IT 4.8% Privately Negotiated
8 MWG Mobile World Group Consumer Discretionary 4.7% On Market
9 PNJ Phu Nhuan Jewelry Consumer Discretionary 4.4% Privately Negotiated
10 KDC KIDO Group Consumer Staples 3.7% Privately Negotiated
11 GMD Gemadept Industrials 3.6% On Market
12 DXG Dat Xanh Group Real Estate 3.6% Privately Negotiated
13 VCI Viet Capital Securities Financials 2.8% Privately Negotiated
14 VPB Vietnam Prosperity Bank Financials 2.6% Privately Negotiated
15 NLG Nam Long Investment Real Estate 2.4% On Market
16 ACG An Cuong Wood Working Materials 2.3% Privately Negotiated
17 VIB Vietnam International Bank Financials 1.9% Privately Negotiated
18 TCX Techcom Securities Financials 1.2% Privately Negotiated
19 PHR Phuoc Hoa Rubber Materials 1.0% On Market
20 TCB Techcombank Financials 0.6% On Market
21 RCI Ricons Industrials 0.5% Privately Negotiated
22 ACV Airports Corporation of Vietnam Industrials 0.5% Privately Negotiated
Total Listed Equities 86.1%
Unlisted investments* 10.7% Privately Negotiated
Cash and cash equivalents 3.2%
100.0%
* Unlisted investments include: Thu Cuc International (Healthcare), Chicilon
Media (Consumer Discretionary), Novaland (Real Estate), IN Holdings (Consumer
Discretionary), Hung Thinh Land (Real Estate), Tam Tri Medical (Healthcare)
and Petrolimex Aviation (Energy). We do not generally publish the values of
individual unlisted holdings unless a holding is one of our top ten
investments. We provide an explanation of movements in valuations below
VinaCapital's investment strategy is based on a bottom-up approach to
fundamental analysis of the concentrated portfolio of businesses in which we
invest. To help frame the strategy, we remain sector aware, directing our team
to seek opportunities in the sectors that we expect to benefit from Vietnam's
long-term economic growth, while remaining diligent to the risks inherent in
investing in a frontier market, where market illiquidity is prevalent in both
the private and public equity markets, and where sector concentration and
correlation risks exist. We overlay our portfolio construction with a
liquidity screen to adjust portfolio exposures, while adhering to our
sell-discipline and operating within clearly defined portfolio guidelines and
limits. The effects of the portfolio activity along with changes in valuations
can be seen in the chart below.
The portfolio is not benchmarked to any index and the sector allocations
reflect our strategy of seeking opportunities to invest in individual
companies for long-term growth, many of which are not available, in the listed
market. Our focus for some time has been on selecting investments which
benefit mostly from the growth of the domestic economy and, as such, we find
opportunities in the banking and financial sector, the real estate sector,
industrial and materials, and consumer sector which includes healthcare and
consumer goods, as areas where we have historically and continue to have our
largest exposures.
As mentioned above, Industrials includes Materials and Energy, and Consumer
comprises Discretionary, Staples, Healthcare and Information Technology.
Top-10 Holdings as of 31 December 2025
# Ticker Company Name % of NAV 6-month Return 6-month Weighted Contribution
1 KDH Khang Dien Homes 9.6% 18.2% 1.8%
2 HPG Hoa Phat Group 8.9% 15.7% 1.3%
3 ACB Asia Commercial Bank 7.8% 12.8% 1.5%
4 CTG Vietinbank 7.5% 17.5% 1.2%
5 VHM Vinhomes 6.1% 60.8% 2.5%
6 MBB MB Bank 5.6% 29.6% 1.4%
7 FPT FPT Corporation 4.8% -3.7% -0.3%
8 MWG Mobile World Group 4.7% 27.3% 1.1%
9 PNJ Phu Nhuan Jewelry 4.4% 17.8% 0.7%
10 Private Thu Cuc International 3.9% Private Private
1 Khang Dien Homes (Quoted, HOSE: KDH, Market Cap: USD 1.4 billion, 6 month
total return 18.2% weighted contribution:+1.8%):
Khang Dien has delivered approximately USD 40 million net profits for calendar
year 2025, which was in line with our expectations. The primary driver of
their earnings came from Gladia by the Waters, a joint venture project with a
leading Singaporean real estate developer called Keppel. KDH presold
approximately 60% of units and targets full pre-sales by the middle of 2026.
Despite steady business performance, KDH's share price was affected by retail
investors chasing momentum and swapping most real estate holdings to buy
Vingroup-related stocks. We worked with the management to increase shareholder
engagement to improve share price performance, resulting in an 18% rise in the
last six months. We are still bullish on this investment as we expect Khang
Dien's net profit to double next year as presales of several projects are
expected to begin in 2026 and construction progress of their key projects is
still on track. Also, the management expects to complete land clearance and
obtain legal approvals for two more projects by late 2026. As noted above we
sold part of this holding to take profits during the period.
Investment background: Established in 2001, KDH is a leading developer of
landed property, including townhouses and villas in southern Vietnam. It is
particularly known for its strong presence in Ho Chi Minh City and its ability
to secure and complete land title and documentation is highly prized by home
buyers. The long-term growth prospects for residential real estate developers
like KDH remain very promising, driven by the persistent demand for new
housing units across the country. The business is well managed with solid
fundamentals and a prudent net debt-to-equity ratio (which is the lowest
amongst its peer group) and minimal exposure to corporate bond issuance, which
has been a problem for lower quality real estate developers. VOF first
invested in KDH in 2008 before the company was listed, through a privately
negotiated investment. VinaCapital has, in the past, served on the board and
supervisory committee.
2 Hoa Phat Group (Quoted, HOSE: HPG, Market Cap: USD 7.8 billion, 6 month
total return 15.7%, weighted contribution:+1.3%):
Hoa Phat Group benefited from domestic and external tailwinds.
Internationally, the steel price in China is gradually recovering as Chinese
steel companies are reducing supply due to prolonged weak domestic real estate
demand. This will ease steel price pressure for HPG, supporting margin and
earnings expansion. Locally, faster real estate project approvals and
record-high infrastructure investment spending have benefited construction
steel material. Infrastructure spending increased by over 40% year-on-year,
yet construction spending only increased by around 10% year-on-year, thus much
of the fiscal budget disbursed for infrastructure projects has not reached
construction activity. We expect HPG, as the largest steel producer with
approximately 35% market share, to be the primary beneficiary once the
construction expenditure accelerates. We estimate a 3-year earnings growth
rate of 20-25%.
Investment background: Established in 1992, HPG today is Vietnam's largest
steel producer by a wide margin with over 30% market share. The company
supplies high-quality construction steel for a variety of sectors, including
factories, industrial parks, logistics, infrastructure projects and
residential developments. VOF first invested in Hoa Phat in 2007 before it was
listed, through a privately negotiated transaction. The company was, at the
time, outside of the top ten steel producers in the country, in what was then
a highly fragmented market. VinaCapital previously appointed a representative
to serve on the board and supervisory committee.
3 Asia Commercial Bank (Quoted, HOSE: ACB, Market Cap: USD 4.7 billion, 6
month total return 12.8%, weighted contribution:+1.5%):
Asia Commercial Bank is a long-term investment and was previously the largest
holding in the portfolio. As noted above, we realised part of the holding
during the period under review to take profits. The bank continues to have
best-in-class asset quality and has been more prudent in trying to grow its
business. ACB experienced a challenging year amid pressure from increasing
competition and soft demand from retail customers and small-and-medium
enterprises, which is the bank's core segment. ACB has announced a move to
transform the bank into a group with services spanning securities, non-life
insurance, fund management, leasing and gold trading. To achieve this, the
bank plans to invest USD 100 - 150 million per year for strategy execution and
digital transformation.
Investment background: Established in 1993, ACB is one of the leading publicly
listed commercial banks in Vietnam and focuses on the rapidly growing affluent
retail and SME(1) segments. We invested in ACB for its high asset quality,
strong credit growth, prudent lending standards, robust risk management
philosophy and low exposure to real estate and corporate bonds. VOF first
invested in ACB in 2020 through a privately negotiated process to purchase a
large block from an institutional investor and increased its exposure in 2022,
once again through a privately negotiated process.
4 Vietinbank (Quoted: HOSE: CTG, Market Cap: USD10.6 billion, 6-month total
return 17.5%, weighted contribution:+1.2%):
Vietinbank is the second largest state-owned commercial bank (SOCB) but the
only one matching private banks' growth rates, thanks to management's mindset
to operate like a private bank. CTG has best-in-class operational efficiency
with the lowest cost-to-income ratio amongst state-owned banks while its
non-performing loan rate (NPL) is below 1%. More impressively, CTG's earnings
growth of well over 25% is the highest amongst state-owned banks and its
private bank peers. We initiated a position in this bank at the beginning of
2025 and subsequently increased our stake in the last six months, as CTG
provides the highest ROE amongst state-owned banks while trading at discount
to its SOCB peers, thus we expect a near-term re-rating.
Investment background: Established in 1988, Vietinbank is a leading SOCB in
Vietnam that entered our Top 10 holdings in July. Despite being categorised as
state-owned, the bank differentiates itself from other SOCBs with a dynamic
and agile strategy more akin to a private bank. CTG's loan book is well
diversified across retail, SME1, corporates, and FDIs1. We invested into this
bank in 2025 and it quickly became one of our Top-10 holdings.
5 Vinhomes (Quoted: HOSE: VHM, Market Cap: USD 7.8 billion, 6 month total
return 60.8%, weighted contribution:+2.5%):
Vinhomes continues to benefit from Vietnam's increasing infrastructure
spending, which underpins strong presales for their mega-projects. VHM's stock
price surged remarkably by 210% in the second half of 2025 and contributed the
second most to the VN Index's rise after Vingroup, its parent company. We
remain fundamentally bullish on the largest real estate developer as its
presales are accelerating due to the above-mentioned buoyant homebuyers'
desire to purchase units with strong intracity connectivity. Aggregate
presales for 2025-2027 could reach over USD 22 billion with the developer's
strong sales culture and ability to launch projects quickly.
Investment background: Established in 2002, Vinhomes was first listed in 2018
but the majority of its shares are owned by Vingroup, Vietnam's largest
conglomerate. Vinhomes is also Vietnam's largest residential real estate
developer, with a strong track record of delivering large scale,
mid-to-high-end developments in major cities in Vietnam. Vinhomes' singular
focus on residential real estate provides visibility into operating cash flows
and enables a robust valuation of its business. In addition, Vinhomes benefits
from market liquidity, supported by significant participation from foreign
institutional investors. VOF first invested in VHM in 2020.
6 MB Bank (Quoted, HOSE: MBB, Market Cap: USD 6.3 billion, 6 month total
return 29.6%, weighted contribution:+1.4%):
MB Bank reported a strong calendar year 2025, with consolidated
profit-before-tax of USD 1.3 billion. MBB's credit growth reached 35%, which
was well above system-wide growth of 19%. The bank's credit disbursement
spanned diverse sectors such as manufacturing, wholesale and retail trade,
household business and real estate. Outside of core banking activities, their
consumer credit, bancassurance, non-life insurance and brokerage businesses
reported combined 67% year-on-year profit growth. The group's outperformance
is a result of a strong ecosystem underpinned by a relatively low cost of
funding, a large customer base and low cost of new customer acquisition thanks
to strong digital platform.
Investment background: Established in 1994, MB Bank is a leading Vietnam-based
financial institution. It is engaged in commercial banking services and
derivative products for both individual and institutional clients. The bank,
through its subsidiaries and platforms, provides other financial services such
as insurance (life and non-life insurance), consumer finance, wealth
management and securities brokerage services, where it is leveraging rapid
digitisation and mobile applications to accelerate growth across these
services. We invested in MBB in 2024.
7 FPT Corporation (Quoted, HOSE: FPT, Market Cap: USD 6.3 billion, 6 month
total return -3.7%, weighted contribution:-0.3%):
FPT is a long-term holding which has been a strong compounder to performance.
FPT's share price has faced significant pressure since DeepSeek shocked the
global technology industry in January 2025, as investors perceived that global
AI trends pose a risk to FPT's IT outsourcing business model. FPT's newly
signed revenue from global IT business accelerated after a slowdown in the
first half of the year, caused by uncertainty from US reciprocal tariffs. The
share price declined by 6% over the last six months and 26% for the year. We
had been trimming this position since before the DeepSeek moment and have sold
more stock when we felt that the price offered was attractive. We expect
global IT spending to continue to recover next year, with Japan remaining
FPT's key revenue contributor. Over the medium term, FPT remains
well-positioned to capitalize on winning new projects thanks to competitive
labour costs and its ability to move up the value chain into higher-value
services.
Investment background: Established in 1988, FPT is Vietnam's leading
technology and software service company, which derives most of its revenues
from software outsourcing and broadband services, the growth of which is being
driven by growing global IT spending and increased spending on digital
transformation projects by corporations and local governments in Vietnam. VOF
first invested in 2017 to acquire a large block of FPT shares through a
privately negotiated process and added further to the holding subsequently.
8 Mobile World Group (Quoted, HOSE: MWG, Market Cap: USD 5.0 billion, 6 month
total return 27.3%, weighted contribution:+1.1%):
Despite muted domestic consumption Mobile World's core business, ICT1 and
consumer electronics, posted 18% revenue growth and more impressively this was
mainly driven by same-store sales growth. The retailer continues to gain
market share, surpassing 50% thanks to its strong focus on aftersales service,
financing options and a more diversified suite of products. MWG's grocery
business (called Bach Hoa Xanh or BHX) in 2025 achieved profitability for the
second consecutive year. The grocery chain continues store expansion with an
additional 789 stores opened, mostly in central Vietnam, to reach over 2,500
stores. Looking ahead, BHX will focus on improving existing store sales growth
and profitability through reducing shrinkage and logistical costs, while
enhancing its fresh-food mix and overall shopping experience.
Investment background: Established in 2004, MWG has become the largest
retailer of electronics in Vietnam with over 3,000 stores across the country.
Initially started as a mobile phone store, hence the name of the company, it
quickly expanded to all consumer electronics and established itself as a
leading retailer in the segment. Subsequently, MWG has ventured into grocery
and pharmaceuticals as households started shifting from traditional markets to
modern retail channels. Now MWG's ICT business has matured and is providing
stable cashflow, and its grocery business (Bach Hoa Xanh) with over 2,500
stores nationwide is the new catalyst for growth.
9 Phu Nhuan Jewelry (HOSE: PNJ, Market Cap: USD 1.3 billion, 6 month total
return 17.8% weighted contribution:+0.7%):
Consumer sentiment has been a tale of two halves, with consumers more
reluctant to spend on discretionary items such as jewelry in the first half of
2025 but we then saw a gradual recovery on such spending in the last six
months. Despite this, PNJ achieved low double-digit retail sales growth
primarily driven by higher selling prices, as the retailer was able to pass on
higher input costs, whilst a pilot buyback policy was implemented to encourage
customers to swap for higher valued products. With roughly the same number of
stores (431) last year, PNJ focused on improving net margins and store
efficiency by improving sales mix and cost optimization such as inventory
recycling, rationalisation of the product range and reducing supply chain
costs.
( )
Investment background: Established in 1988, PNJ has developed into a leading
jewelry company in Vietnam with over 60% market share in the high-end segment,
being a well-respected and trusted brand amongst consumers thanks to its long
history and continuously evolving portfolio of jewelry that young consumers
respond well to. PNJ benefits from the fast-growing discretionary and luxury
spending of the country's emerging middle class. VOF first invested in 2007
through a privately negotiated process.
10 Thu Cuc International Hospital Group (TCI) (Unquoted - Private Equity):
Despite significant challenges facing the private healthcare sector in 2025
particularly general hospitals amid a rapidly declining birth rate, rising
drug and consumable costs driven by exchange rate volatility and global
supply-chain disruptions TCI's 2025 revenue remained stable while EBITDA
reached USD 10m, exceeding our forecast at the beginning of the year. By the
year-end, TCI was in a net cash position and well prepared for its expansion
plan. The hospital signed a lease agreement for a 15-floor building with a
total gross floor area of approximately 7,000 sqm in Hai Duong, a satellite
city located about 1.5 hours from central Hanoi. Renovation and fit-out works
are expected to be completed by April 2026, with patient intake commencing in
May 2026. This will be the third clinic to add capacity to the main hospital.
Investment background: Established in 2011, Thu Cuc developed into Hanoi's
largest private healthcare provider, serving mid- and high-income individuals
seeking high-quality medical services which are unavailable at local public
hospitals. In 2020, VOF purchased 24.4% of the shares of Thu Cuc through a
private equity investment and it remains an important allocation in the
portfolio to develop and continue to grow our healthcare investment platform
that serves domestic needs.
Valuations of Unlisted Investments
Unlisted Investments Sector
#
1 Thu Cuc International (TCI) Healthcare
2 Tam Tri Medical Healthcare
3 Chicilon Media Consumer Discretionary
4 IN Holdings Consumer Discretionary
5 Novaland Real Estate
6 Hung Thinh Land Real Estate
7 Petrolimex Aviation Energy
As at 31 December 2025, we had seven privately negotiated investments that are
not marked-to-market with holding value equal to 10.7% of NAV. These
investments comprise of private equity or structured loan investments,
therefore, their holding values are re-valued at least twice per year (at 30
June and 31 December), or at exit, or if there is a risk of an impairment.
Where we are able to restructure or convert the investment into a listed
equity investment with daily valuations, these investments get reclassified
and carried at marked-to-market accordingly.
At 31 December 2025 the overall carrying value of VOF's remaining unlisted
investments was written down by USD 1.7 million.
As described above, we successfully participated in the private placement of
DXG shares which replaced collateral for a structured loan investment in DXS
Private placements in Vietnam are typically subject to a one-year lock-up
period. Since the restructuring, these shares have been part of our listed
equities portfolio which is revalued daily based on market prices. As at 31
December 2025, the shares were valued USD 6.7 million higher than the
valuation of our previous holding in DXS as at our 30 June 2025 financial year
end.
Having completed the restructuring of the investment in DXS, VOF now has
private investments structured as loans to two real estate companies: Hung
Thinh Land (HTL) and the Novaland (NVL) group. We continue to work to resolve
the amounts due to VOF through securing asset swaps and negotiating new
repayment plans for these loans and the associated interests. Having settled
part of the repayments due during our 2024/25 financial year the remaining
repayments from HTL remain delayed, and the valuation of this investment was
reduced by USD 1.9 million in the period to reflect the likely timing of
receipts. We continue to monitor the company's repayment capacity and to
working on a revised repayment plan, whilst concurrently exploring alternative
solutions including potential asset swaps. As stated above, we are also
continuing our negotiations with the Novaland group, and are moving ahead with
the sale process for an asset which was received in partial settlement of that
company's debt.
The valuation was marginally reduced from that as at 30 June 2025.
We reported difficulties with our investment in IN Holdings in the last annual
report. The situation is largely as we noted in that report but there are some
signs of recovery in the conference centre business, where stronger bookings
during the year-end event season and cost optimisation efforts have
contributed to improved profitability, whilst the restaurant portfolio
turnaround to profitability remains challenging. Simultaneously, we continue
to seek enforcement of our rights as minority investors against the sponsor
which should allow a clearer path to restructuring and exit. The valuation is
unchanged compared with that as at 30 June 2025.
As described above, we are in the process of exiting VOF's holding in Chicilon
Media with payment due to be received in stages. The payments have so far been
received as agreed and the valuation has been adjusted to reflect the cash
received, with the value of the remaining balance reduced by USD1.5 million
compared with that as at 30 June 2025 to reflect the likely timing of further
cash receipts.
On a positive note, the value of two investments increased as at 31 December
2025. The investment in hospital chain Thu Cuc International Hospital Group,
which is described above, further increased in value by USD 1.2 million. The
investment in Petrolimex Aviation increased by USD0.8 million, reflecting
improved operating performance but tempered by continuing provisions for
overdue receivables from airline customers.
As we reported in the last annual report, we completed the sale of Tam Tri
Medical in June 2025. As part of the sale terms, there is an outstanding final
payment due as part of a condition subsequent. This is progressing as planned
and we expect to receive the remaining payment in due course.
Investment Outlook
The Vietnamese government expects the country's rate of GDP growth to
accelerate to 10% in 2026. Although this is an ambitious number we support
this view, driven by:
· Soaring infrastructure spending. Having increased by circa 40% in
2025, infrastructure spending looks set to grow by another 20-30% in 2026.
· Resilient exports. Vietnam's "New Export Orders" index hit its
highest level in over a year in late-2025, supported by Al-driven demand and
the continued strength of US consumers.
· Modest consumption recovery. Households have made meaningful
progress in rebuilding their savings post-COVID and are buoyed by increases in
the real estate and stock markets.
· Promoting the Private Sector. Vietnam's Doi Moi 2.0 structural
reforms are promoting the private sector and should ultimately boost the
country's GDP growth rate.
In advance of Vietnam's Communist Party Congress in January 2026,
international media reported that it appears to be clear that the economic
reform agenda will continue its momentum going forward and we also believe
that the Government's pro-growth policies will remain firmly in place. This
belief has been re-affirmed by the re-election of General Secretary To Lam for
the term 2026-2031. General Secretary To Lam has been spearheading the
domestic reforms, mentioned above, with the focus on private sector growth to
accelerate economic growth. This should correspondingly support the stock
market and investment activities.
Tight liquidity in Vietnam's banking system is the biggest risk to the
positive scenario for Vietnam's economy and stock market. Credit growth
outpaced deposit growth in 2025, leaving the country's commercial banks with
an estimated USD 40 billion deposit shortfall, according to the State Bank of
Vietnam. This mismatch helped to drive 12-month bank deposit rates up by about
1% in 2025 and recently prompted Government officials to call for more muted
credit growth in 2026. We expect another increase in interest rates in 2026 to
circa 7%, but we do not expect deposit rates to climb significantly above the
7-8% level at which local investors tend to take their money out of the stock
market to move into deposits. Critically, Vietnam's policymakers have powerful
tools to address the issue, including central bank balance sheet expansion and
depositing some of the Government's own cash reserves into the banks. Other
risks include a drop in exports to the US or a muted consumption recovery in
Vietnam, which the Government also has policies and tools to address.
The VN lndex is trading at approximately 14x forward P/E(1) with 18% expected
earnings growth, or a 0.8x PEG(1) ratio. In comparison, our portfolio at time
of writing is trading at 10x forward P/E with a 19% expected earnings growth,
which is higher than the market. We believe that positive factors such as the
anticipated FTSE upgrade in 2026 will present opportunities in the public
markets, particularly as more private companies come to the market via
IPOs(1). We also believe that investing for the long term in Vietnam is best
served by "bottom-up" stock picking skills that require a deep understanding
and due diligence of individual companies. VinaCapital are active,
fundamental investors and we believe that we are well positioned to take
advantage of opportunities which we expect both public and private markets to
present.
In the first two months of 2026, markets have shown a renewed focus on
fundamental investing, supporting a broad-based recovery. Maintaining our
disciplined investment philosophy and approach, the Fund has begun to narrow
its performance gap to the VN Index. During Q1 2026, we secured attractive
opportunities across public and private markets, contributing to improved
performance. We completed a pre-IPO investment in Gelex Infrastructure (GEL),
which listed on HOSE in early February 2026, negotiating access to this highly
sought-after allocation in a company well positioned to benefit from sustained
Government infrastructure spending. We also invested in Bank for Investment
and Development of Vietnam (BIDV), a leading state-owned commercial bank, at a
discount to its prevailing market price. As of the date of this report, both
positions are generating double-digit returns. The team is also evaluating
several privately negotiated opportunities in listed and unlisted companies in
the Consumer, Financial and Industrial sectors.
As we actively deploy capital into new opportunities, we remain disciplined in
managing portfolio liquidity. We emphasise ownership of high-quality
companies, where our investment can be sold, as and when appropriate, to meet
our capital return commitments in the form of semi-annual dividends and VOF's
share buyback program, which we recently increased to help narrow the
discount. We believe that improved Fund performance, enhanced marketing
efforts, and consistent capital returns to shareholders will contribute to a
narrowing of the discount to a more appropriate level
Khanh Vu
Managing Director
VinaCapital Vietnam Opportunity Fund Limited
13 March 2026
INTERIM REPORT OF THE BOARD OF DIRECTORS
The Board of Directors (the "Board") submits its report, together with the
Condensed Interim Financial Statements, of VinaCapital Vietnam Opportunity
Fund Limited (the "Company") for the six-month period from 1 July 2025 to 31
December 2025 (the "six-month period").
The Company is a Guernsey domiciled closed ended investment company. It is
classified as a registered closed-ended Collective Investment Scheme under The
POI Law, 2020 and is subject to Guernsey Companies Law.
The Company's shares are quoted on the Main Market of the London Stock
Exchange ("LSE") (ticker: VOF) (LEI: 2138007UD8FBBVAX9469).
Investing Policy
Investment Objective
The Company's objective is to achieve medium to long-term returns through
investment in assets either in Vietnam or in companies with a substantial
majority of their assets, operations, revenues or income in, or derived from,
Vietnam.
Investment Policy
All of the Company's investments will be in Vietnam or in companies with at
least 75% of their assets, operations, revenues or income in, or derived from,
Vietnam at the time of investment.
· No single investment may exceed 20% of the NAV of the Company at the
time of investment.
· The Company may from time to time invest in other funds focused on
Vietnam. This includes investments in other funds managed by the Investment
Manager. Any investment or divestment into or out of funds managed by the
Investment Manager will be subject to prior approval by the Board.
· The Company may from time to time make co-investments alongside
other investors in private equity, real estate or similar assets. This
includes, but is not restricted to, co-investments alongside other funds
managed by the Investment Manager.
· The Company will not invest in other listed closed-ended funds.
The Company may gear its assets through borrowings which may vary over time
according to market conditions and any or all of the assets of the Company may
be pledged as security for such borrowings. Borrowings will not exceed 10% of
the Company's total assets at the time that any debt is drawn down.
From time to time the Company may hold cash or low risk instruments such as
government bonds or cash funds denominated in either Vietnamese Dong ("VND")
or US Dollars ("USD"), either in Vietnam or outside Vietnam.
Principal Risks
The process which the Company follows in order to identify and mitigate its
key risks is set out on pages 33 to 37 of the Annual Report and Financial
Statements for the year ended 30 June 2025 (the "2025 Annual Report"), a copy
of which is available on the Company's website
https://vof.vinacapital.com/documents/. The Directors have reviewed the key
risks for the remaining six months of the Company's financial year. The risks
and mitigants identified are in line with those set out in the 2025 Annual
Report but the outbreak of war between the United States / Israel and Iran in
March 2026 has further increased the likelihood of geopolitical and
macroeconomic risks. The key risks are summarised below.
Geopolitical
Risks to global growth emerged in February 2022 as a result of the conflict
between Russia and Ukraine, continued throughout 2025 and were further
heightened by the outbreak of conflict between Israel and Hamas in October
2023 and the attacks by the United States and Israel on Iran in March 2026.
There is also a risk of an increase in the geopolitical tensions in the Asia
region and between some Asian countries and the United States. Some
countries and trading blocks are increasingly adopting protectionist policies,
which could be detrimental to international trade.
Macroeconomic and Market
Opportunities for the Company to invest in Vietnam have come about through the
liberalisation of the Vietnamese economy. Were the pace or direction of change
to the economy to alter in the future, the interests of the Company could be
damaged. There is a continuing risk that more recent efforts to stimulate the
economy will not be successful.
Changes in the equilibrium of international trade caused, for example, by the
imposition of tariffs could affect the Vietnamese economy and the companies in
which the Company is invested.
As Vietnam becomes increasingly connected with the rest of the world,
significant world events will have a greater impact on the country. The recent
events in the Middle East had an immediate effect on the price of oil and
natural gas, which could lead to a period of higher inflation, increases in
interest rates to combat this and a reduction in economic activity around the
world. The consequences of these events are not always known and, in the past,
have led to increased uncertainty and volatility in the pricing of
investments. The consequences of world events continue to be felt in the risk
of heightened inflation and higher interest rates intended to combat this and
the resulting effects on exchange rates.
Investment Performance
The Investment Management Agreement requires the Investment Manager to provide
competent, attentive, and efficient services to the Company. If the Investment
Manager was not able to do this or if the Investment Management Agreement was
terminated, there could be no assurance that a suitable replacement could be
found and, under those circumstances, the Company could suffer a loss of
value.
The performance of the Company's investment portfolio could be poor, either
absolutely or in relation to the Company's peers and/or the VN Index. Within
the portfolio, individual investments could suffer a partial or total loss of
value. For some structured investments, downside protections are subject to
risk that the counterparty is unable to meet their obligations.
There is a risk that privately negotiated deals are not executed at the best
possible price or that the timing of deals is not optimal due to the presence
of co-investors who may have different liquidity or timing requirements.
There is also a risk that the Investment Manager is not able to access
suitable private equity investments. Private equity investments are subject to
higher execution risk than the risks associated with trading in public
markets. Satisfactory performance of private equity investments relies on
detailed and continuing management oversight.
Operational
The Company is dependent on third parties for the provision of all systems and
services (in particular, those of the Investment Manager and of the
Administrator) and any control failures or gaps in these systems and services
could result in a loss or damage to the Company.
Fair Valuation
The risks associated with the fair valuation of the portfolio could result in
the NAV of the Company being misstated.
The quoted companies in the portfolio are valued at market price but many of
the holdings are of a size which would make them difficult to liquidate at
these prices in the ordinary course of market activity. The unlisted
securities are valued at their quoted prices on UPCoM or using quotations from
brokers, but many of the holdings are of a size which may make them difficult
to liquidate at these prices in the ordinary course of market activity. The
fair valuation of operating assets and private equity investments is carried
out according to international valuation standards. The investments are not
readily liquid and many not be immediately realisable at the stated carrying
values.
The values of the Company's underlying investments are, on a 'look-through'
basis, mainly denominated in VND whereas the Company's Financial Statements
are prepared in USD. The Company makes investments and receives income and
proceeds from sales of investments in VND. The Company does not hedge its VND
exposure, so exchange rate fluctuations could have a material effect on the
NAV. The sensitivity of the NAV to exchange rates is set out in note 19(a) of
the 2025 Annual Report.
Legal and Regulatory
Failure to comply with relevant regulation and legislation in Vietnam,
Guernsey, Singapore, the British Virgin Islands or the UK may have an impact
on the Company. Although there are anti-bribery and corruption policies in
place at the Company, the Investment Manager and all other service providers,
the Company could be damaged and suffer losses if any of these policies were
breached.
Changing Investor Sentiment
As a Company investing mainly in Vietnam, changes in investor sentiment
towards Vietnam and/or emerging and frontier markets in general may lead to
the Company becoming unattractive to investors. Changes in international
investor sentiment could lead to reduced demand for its shares and a widening
discount. There has been a marked increase in shareholder activism in the
investment companies sector, leading to some corporate actions.
ESG
As responsible investors, the Board and Investment Manager are aware of the
growing focus on ESG matters. There is a risk that the value of an investment
could be damaged for example by a failure of governance and/or a failure to
protect the environment, employees or the wider community in which a company
operates. As evidence of the effects of climate change grows, there is
increasing focus by shareholders on investment companies' role in influencing
investee companies' approach to environmental risks.
Section 172 Statement
Section 172 of the UK Companies Act applies directly to UK domiciled
companies. Nonetheless, the intention of the AIC Code is that the matters set
out in section 172 are reported on by all London listed investment companies,
irrespective of domicile, provided that this does not conflict with local
company law.
Section 172 states that: A director of a company must act in the way he or she
considers, in good faith, would be most likely to promote the success of the
company for the benefit of its members as a whole, and in doing so have regard
(amongst other matters) to the following six items:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company's employees;
(c) the need to foster the company's business relationships with
suppliers, customers and others;
(d) the impact of the company's operations on the community and the
environment;
(e) the desirability of the company maintaining a reputation for high
standards of business conduct; and
(f) the need to act fairly as between members of the company.
The process which the Company follows in order to consider and adhere to the
matters above is set out on pages 22 and 23 of the 2025 Annual Report.
Life of the Company
The Company does not have a fixed life but the Board considers it desirable
that shareholders should have the opportunity to review the future of the
Company at appropriate intervals. Accordingly, the Board intends that every
fifth year a special resolution will be proposed that the Company ceases to
continue. If the resolution is not passed, the Company will continue to
operate as currently constituted. If the resolution is passed, the Directors
will be required to formulate proposals to be put to shareholders to
reorganise, unitise or reconstruct the Company or for the Company to be wound
up. The Board last tabled such a resolution in December 2023. On each occasion
the resolution was not passed, allowing the Company to continue as currently
constituted. The next such resolution will be put to shareholders at the
annual general meeting which is expected to be held in December 2028.
Results and Dividend
The results of the Company for the six-month period and the state of its
financial affairs as at the reporting date are set out in the Condensed
Interim Financial Statements.
When the Board first declared a dividend in 2017, it was the intention that
the Company would pay a dividend representing approximately 1% of NAV twice
each year and the Company paid a half yearly dividend of 7.25 cents per share
in December 2025. The Board has declared a further half yearly dividend of
7.25 cents per share which will be payable on 6 May 2026.
Performance
The Chair's Statement and the Investment Manager's Report provide details of
the Company's activities and performance during the six-month period.
The KPIs used to measure the progress of the Company during the six-month
period were:
• the movement in the Company's NAV total return;
• the movement in the Company's share price; and
• the discount of the share price in relation to the NAV.
A discussion of progress against the KPIs is included in the Chair's
Statement.
Related Parties
Details of related party transactions that have taken place during the period
and any material changes, if any, are set out in note 17 of the Condensed
Interim Financial Statements.
Share repurchase programme
Details of the Company's share repurchase programme are set out in note 10 of
the Condensed Interim Financial Statements.
Board of Directors
The members of the Board during the six-month period and up to the date of
this report were:
Name Position Date of appointment Date of resignation
Kathryn Matthews Chair* 10 May 2019
Julian Healy Director 23 July 2018
Peter Hames Director 24 June 2021
Hai Thanh Trinh Director 30 June 2022
Charlotta Ginman Director 2 January 2025
Huw Evans Director* 27 May 2016 3 December 2025
*Huw Evans served as Chair until his retirement at the AGM of the Company on 3
December 2025, when he was succeeded by Kathryn Matthews.
Directors' interests in the Company
As at 31 December 2025 and 30 June 2025, the interests of the Directors in
shares of the Company were as follows:
Shares held Shares held
as at 31 December 2025 as at 30 June 2025
Kathryn Matthews 9,464 9,464
Julian Healy 25,000 25,000
Peter Hames 8,000 8,000
Hai Thanh Trinh - -
Charlotta Ginman 4,400 -
Huw Evans* - 55,000
*Huw Evans retired at the AGM of the Company on 3 December 2025.
Change of Administrator, Company Secretary and Registered Office
On 4 November 2025, the administration of the Company was transferred from
Aztec Financial Services (Guernsey) Limited to NSM Funds Limited ("NSM") and
effective from that date NSM acts as Administrator and Secretary of the
Company.
Also with effect from 4 November 2025, the registered office address of the
Company changed to Les Echelons Court, Les Echelons, St Peter Port, Guernsey
GY1 1AR.
Going Concern
Under the AIC Code and applicable regulations, the Directors are required to
satisfy themselves that it is reasonable to assume that the Company is a going
concern. The Directors have undertaken a rigorous review of the Company's
ability to continue as a going concern over the period to 31 March 2027
including reviewing the on-going cash flows and level of cash balances as at
the reporting date as well as taking forecasts of future cash flows into
consideration. After making enquiries of the Investment Manager and having
reassessed the principal risks, the Directors consider it appropriate to adopt
the going concern basis of accounting in preparing the Interim Report and
Condensed Interim Financial Statements.
Signed on behalf of the Board by:
Kathryn Matthews
Chair
VinaCapital Vietnam Opportunity Fund Limited
13 March 2026
STATEMENT OF DIRECTORS' RESPONSIBILITY IN RESPECT OF THE CONDENSED INTERIM FINANCIAL STATEMENTS
To the best of their knowledge, the Directors confirm that:
- the Condensed Interim Financial Statements have been prepared in
accordance with IAS 34, "Interim Financial Reporting"; and
- the Interim Report, comprising the Chair's Statement, the Investment
Manager's Interim Report and the Interim Report of the Board of Directors,
meets the requirements of an interim management report and includes a fair
review of information required by:
(i) DTR 4.2.7R of the UK Disclosure Guidance and Transparency
Rules, being an indication of important events which have occurred during the
first six months of the financial year, and their impact on the Condensed
Interim Financial Statements, and a description of the principal risks and
uncertainties for the remaining six months of the year; and
(ii) DTR 4.2.8R of the UK Disclosure Guidance and Transparency
Rules, being related party transactions which have taken place in the first
six months of the current financial year and that have materially affected the
financial position or performance of the Company during that period, and any
material changes in the related party transactions disclosed in the 2025
Annual Report.
Signed on behalf of the Board by:
Charlotta Ginman
Director
VinaCapital Vietnam Opportunity Fund Limited
13 March 2026
INDEPENDENT REVIEW REPORT TO VINACAPITAL VIETNAM OPPORTUNITY FUND LIMITED
Introduction
We have reviewed the accompanying unaudited interim condensed financial
statements of VinaCapital Vietnam Opportunity Fund Limited (the "Company") as
at 31 December 2025 which comprise the condensed statement of financial
position as at 31 December 2025 and the related condensed statement of changes
in equity, condensed statement of comprehensive income and condensed statement
of cash flows for the six-month period then ended, and a summary of material
accounting policy information and other explanatory notes. Management is
responsible for the preparation and fair presentation of this interim
financial information in accordance with International Accounting Standard
('IAS') 34 as issued by the International Accounting Standards Board ('IASB')
and the Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority. Our responsibility is to express a conclusion on
this interim financial information based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity". A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
Responsibilities of the Directors
The directors are responsible for preparing the unaudited interim condensed
financial statements in accordance with the IAS 34 as issued by the IASB and
the Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
In preparing the unaudited interim condensed financial statements, the
directors are responsible for assessing the Company's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend
to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying unaudited interim condensed financial statements
do not present fairly, in all material respects, the financial position of the
entity as at 31 December 2025, and of its financial performance and its cash
flows for the six-month period then ended in accordance with IAS 34 as issued
by the IASB and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Use of our report
This report is made solely to the Company in accordance with guidance
contained in International Standard on Review Engagements 2410 "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the International Auditing and Assurance Standards Board. To
the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our work, for this report, or for the
conclusions we have formed.
Ernst & Young LLP
Guernsey
13 March 2026
CONDENSED STATEMENT OF FINANCIAL POSITION
31 December 2025 30 June 2025
Note USD'000 USD'000
(Unaudited) (Audited)
TOTAL ASSETS
Financial assets at FVTPL(1) 8 1,009,152 916,619
Prepayments and other assets 1,489 697
Cash and cash equivalents 6 50,114 48,676
Total assets 1,060,755 965,992
TOTAL LIABILITIES
Accrued expenses and other payables 11 13,466 1,821
Loans and other borrowings 12 25,000 -
Total liabilities 38,466 1,821
SHAREHOLDERS' EQUITY
Share capital 10 80,452 124,504
Retained earnings 941,837 839,667
Total shareholders' equity 1,022,289 964,171
Total liabilities and shareholders' equity 1,060,755 965,992
Net asset value, USD per share 16 7.97 7.13
Net asset value, expressed in GBP per share 16 5.95 5.20
The Condensed Interim Financial Statements on pages 23 to 50 were approved and
signed by the Board of Directors on 13 March 2026.
Kathryn Matthews Charlotta Ginman
Chair Director
The accompanying notes are an integral part of these Condensed Interim
Financial Statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share capital Retained Total
earnings equity
For the six months ended 31 December 2024 (Unaudited)
Note USD'000 USD'000 USD'000
Balance at 1 July 2024 221,284 907,954 1,129,238
Profit for the period - 25,824 25,824
Total comprehensive income - 25,824 25,824
Transactions with shareholders
Shares repurchased (50,930) - (50,930)
Dividends paid - (10,657) (10,657)
Balance at 31 December 2024 170,354 923,121 1,093,475
For the six months ended 31 December 2025 (Unaudited)
Balance at 1 July 2025 124,504 839,667 964,171
Profit for the period - 111,640 111,640
Total comprehensive income - 111,640 111,640
Transactions with shareholders
Shares repurchased 10 (44,052) - (44,052)
Dividends paid 9 - (9,470) (9,470)
Balance at 31 December 2025 80,452 941,837 1,022,289
The accompanying notes are an integral part of these Condensed Interim
Financial Statements.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months
ended ended
31 December 31 December
2025 2024
Note(s) USD'000 USD'000
(Unaudited) (Unaudited)
Dividend income 13 96,857 60,334
Finance income 173 153
Net gain/(losses) on financial assets at FVTPL 35,733 (19,894)
General and administration expenses 14(a) (9,051) (9,455)
Interest expense (113) (265)
Facility set-up costs (300) (445)
Incentive fee 14(b) (11,659) (4,604)
Operating profit 111,640 25,824
Profit before tax 111,640 25,824
Corporate income tax 15 - -
Profit for the period 111,640 25,824
Total comprehensive income for the period 111,640 25,824
Earnings per share
- basic and diluted (USD per share) 16 0.85 0.17
- basic and diluted expressed in GBP per share 16 0.63 0.14
All items were derived from continuing activities.
The accompanying notes are an integral part of these Condensed Interim
Financial Statements.
CONDENSED STATEMENT OF CASH FLOWS
Six months ended Six months ended
31 December 2025 31 December 2024
Note(s) USD'000 USD'000
(Unaudited) (Unaudited)
Operating activities
Profit before tax 111,640 25,824
Adjustments for:
Net (gains)/losses on financial assets at FVTPL 18 (35,733) 19,894
Dividend income 13 (96,857) (60,334)
Facility set-up costs 300 445
Finance income (173) (153)
Interest expense 113 265
(20,710) (14,059)
Finance income received 173 153
(Decrease)/increase in prepayments and other assets (1,092) 8
Increase/(decrease) in liabilities 11 11,557 (10,036)
(10,072) (23,934)
Purchases of financial assets at FVTPL (47,130)
18 (88,030)
Return of capital from financial assets at FVTPL 18 31,230 29,713
Dividend income 13 96,857 60,334
Net cash generated from operating activities 29,985 18,983
Financing activities
Purchase of shares into treasury 10 (44,052) (50,493)
Loan principal drawdown 12 25,000 25,000
Loan principal repayments 12 - (10,000)
Loan interest paid (25) (167)
Dividends paid 9 (9,470) (10,657)
Net cash used in financing activities (28,547) (46,317)
Net change in cash and cash equivalents for the period 1,438 (27,334)
Cash and cash equivalents at the beginning of the period 6 48,676 36,769
Cash and cash equivalents at the end of the period 6 50,114 9,435
The accompanying notes are an integral part of these Condensed Interim
Financial Statements.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The Company registered on 22 March 2016 as a closed-ended investment scheme
with limited liability under the Guernsey Law. The Company is registered in
Guernsey with registration number 61765. Prior to that date the Company was
incorporated in the Cayman Islands as an exempted company with limited
liability.
The Company is classified as a registered closed-ended Collective Investment
Scheme under the Protection of Investors (Bailiwick of Guernsey) Law 2020 and
is subject to the Guernsey Law.
The Company's objective is to achieve medium to long-term returns through
investment either in Vietnam or in companies with a majority of their assets,
operations, revenues or income in, or derived from, Vietnam.
On 30 March 2016, the Company's shares were admitted to the Main Market of the
LSE under the ticker symbol VOF. Prior to that date, the Company's shares were
traded on the AIM market of the LSE.
The Company does not have a fixed life but the Board considers it desirable
that shareholders should have the opportunity to review the future of the
Company at appropriate intervals. Accordingly, the Board intends that every
fifth year a special resolution will be proposed that the Company ceases to
continue. If the resolution is not passed, the Company will continue to
operate as currently constituted. If the resolution is passed, the Directors
will be required to formulate proposals to be put to shareholders to
reorganise, unitise or reconstruct the Company or for the Company to be wound
up. The Board last tabled such a resolution in December 2023. On each
occasion the resolution was not passed, allowing the Company to continue as
currently constituted. The next such resolution will be put to shareholders at
the annual general meeting which is expected to be held in December 2028.
The Condensed Interim Financial Statements for the six-month period ended 31
December 2025 were approved for issue by the Board on 12 March 2026.
2. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
2.1 Basis of preparation
The Company has prepared these Condensed Interim Financial Statements on a
going concern basis in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom Financial Conduct Authority and IAS
34 "Interim Financial Reporting". These Condensed Interim Financial Statements
do not comprise statutory Financial Statements within the meaning of the
Companies (Guernsey) Law, 2008 and should be read in conjunction with the
Financial Statements of the Company as at and for the year ended 30 June 2025,
which were prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standard Board. The
statutory Financial Statements for the year ended 30 June 2025 were approved
by the Board of Directors on 23 October 2025. The opinion of the auditors on
those Financial Statements was unqualified. The accounting policies adopted in
these Condensed Interim Financial Statements are consistent with those of the
previous financial year and the corresponding interim reporting period. New
and amended standards have been considered in note 2.3. These Condensed
Interim Financial Statements for the period ended 31 December 2025 have been
reviewed by the Company's Auditors, Ernst & Young LLP, but not audited and
their review report appears earlier in this document. The financial
information for the year ended 30 June 2025 has been derived from the Audited
Annual Financial Statements of the Company for that year, which were reported
on by Ernst & Young LLP in the Company's Annual Report and Financial
Statements for the year ended 30 June 2025.
2.2 Going concern
Under the AIC Code and applicable regulations, the Directors are required to
satisfy themselves that it is reasonable to assume that the Company is a going
concern. The Directors have undertaken a rigorous review of the Company's
ability to continue as a going concern over the period to 31 March 2027
including reviewing the on-going cash flows and level of cash balances as at
the reporting date as well as taking forecasts of future cash flows into
consideration. After making enquiries of the Investment Manager and having
reassessed the principal risks, the Directors consider it appropriate to adopt
the going concern basis of accounting in preparing the Interim Report and
Condensed Interim Financial Statements.
2.3 Recent accounting developments
The Board has considered the new standards and amendments that are mandatorily
effective from 1 January 2025 and standards that are issued but not yet
effective from 1 January 2025 and has determined that these do not have a
material impact on the Company and are not expected significantly to affect
the current or future periods.
IFRS 18 Presentation and Disclosure in Financial Statements, effective for
periods beginning on or after 1 January 2027, will change the presentation of
the Statement of Comprehensive Income by introducing new categories and
subtotals. However, the valuation and measurement of balances therein will not
be impacted. The Company does not intend to early-adopt IFRS 18 and will
apply it from 2027, restating comparative information if required, in
accordance with the transitional provisions.
2.4 Subsidiaries and associates
The Company meets the definition of an Investment Entity within IFRS 10 and
therefore does not consolidate its subsidiaries but measures them instead at
FVTPL. The Company has also applied the exemption from accounting for its
associates using the equity method as permitted by IAS 28.
Any gain or loss arising from a change in the fair value of investments in
subsidiaries and associates is recognised in the Condensed Statement of
Comprehensive Income.
Refer to note 3 for further disclosure on accounting for subsidiaries and
associates.
2.5 Segmental reporting
In identifying its operating segments, management follows the subsidiaries'
sectors of investment which are based on internal management reporting
information. The operating segments by investment portfolio include: capital
markets, private equity investments and other net assets (which is not a
segment in itself and has been included to reconcile to the Statement of
Comprehensive Income and the Statement of Financial Position).
Each of the operating segments is managed and monitored individually by the
Investment Manager as each requires appropriate resources and approaches. The
Investment Manager assesses segment profit or loss using a measure of
operating profit or loss from the underlying investment assets of the
subsidiaries. Refer to note 4 for further disclosure regarding allocation to
segments.
2.6 Financial Instruments
(a) Recognition and derecognition
Financial assets and financial liabilities are recognised when the Company
becomes a party to the contractual provisions of the financial instrument.
Purchases and sales of financial assets are recognised on the trade date,
being the date on which the Company commits to purchase or sell the asset.
Financial assets are derecognised when the rights to receive cash flows from
the financial assets have expired or have been transferred and the Company has
transferred substantially all of the risks and rewards of ownership. A
financial liability is derecognised when it is extinguished, discharged,
cancelled or expires.
(b) Classification of financial assets
The Company classifies its financial assets based on the Company's business
model for managing those financial assets and the contractual cashflow
characteristics of the financial assets.
The Company has classified all investments in equity securities as financial
assets at FVTPL as they are managed, and performance is evaluated, on a fair
value basis.
The Company is primarily focused on fair value information and uses that
information to assess the assets' performance and to make decisions. The
Company has not taken the option to designate irrevocably any investment in
equity as fair value through other comprehensive income.
The Company's receivables and cash and cash equivalents are classified as
financial assets at amortised cost as these are held to collect contractual
cash flows which represent solely payments of principal and interest.
(c) Initial and subsequent measurement of financial assets
Financial assets are initially measured at fair value plus, in the case of a
financial asset not at FVTPL, transaction costs that are directly attributable
to the acquisition of the financial asset. All other transaction costs of
financial assets at FVTPL are expensed in the Statement of Comprehensive
Income.
Subsequent to initial recognition, investments at FVTPL are measured at fair
value with gains and losses arising from changes in the fair value recognised
in the Statement of Comprehensive Income.
All other financial assets are subsequently measured at amortised cost using
the effective interest rate method, less any impairment.
(d) Impairment of financial assets
At each reporting date, the Company measures the loss allowance on debt assets
carried at amortised cost at an amount equal to the lifetime expected credit
losses if the credit risk has increased significantly since initial
recognition.
If, at the reporting date, the credit risk has not increased significantly
since initial recognition, the Company measures the loss allowance at an
amount equal to 12-month expected credit losses. The expected credit losses
are estimated using a provision matrix based on the Company's historical
credit loss experience, adjusted for factors that are specific to the debtors,
general economic conditions and an assessment of both the current as well as
the forecast direction of conditions at the reporting date, including time
value of money where appropriate. The measurement of expected credit losses is
a function of the probability of default, loss given default (i.e., the
magnitude of the loss if there is a default) and the exposure at default.
The assessment of the probability of default and loss given default is based
on historical data adjusted by forward-looking information.
(e) Classification and measurement of financial liabilities
Financial liabilities are initially measured at fair value plus transaction
costs that are directly attributable to their acquisition or issue, other than
those classified as at FVTPL in which case transaction costs are recognised
directly in profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the
effective interest method.
The Company's financial liabilities include trade and other payables and loans
and other borrowings which are measured at amortised cost.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
When preparing the Condensed Interim Financial Statements, the Company relies
on a number of judgements, estimates and assumptions about recognition and
measurement of assets, liabilities, income and expenses. Actual results may
differ from the judgements, estimates and assumptions.
Information about significant judgements, estimates and assumptions which have
the greatest effect on the recognition and measurement of assets, liabilities,
income and expenses were the same as those that applied to the Annual Report
and Financial Statements for the year ended 30 June 2025.
3.1 Critical accounting estimates
(a) Fair value of subsidiaries and associates and their underlying investments
The Company holds its investments through a number of subsidiaries and
associates which were established for this purpose. At the end of each half of
the financial year, the fair values of investments in subsidiaries and
associates are reviewed and the fair values of all investments held by these
subsidiaries and associates are assessed. As at 31 December 2025, 100% (30
June 2025: 100%) of the financial assets at fair value through profit or loss
relate to the Company's investments in subsidiaries and associates that have
been fair valued in accordance with the policies set out above.
The shares of the subsidiaries and associates are not publicly traded; return
of capital to the Company can only be made by divesting the underlying
investments of the subsidiaries and associates. As a result, the carrying
value of the subsidiaries and associates may not be indicative of the value
ultimately realised on divestment.
The underlying investments include listed and UPCoM securities, and private
equity investments (including investments classified as "public equity with
private terms"). Where an active market exists (for example, for listed
securities), the fair value of the subsidiary or associate reflects the
valuation of the underlying holdings, as disclosed below. Where no active
market exists, valuation techniques are used.
Information about the significant judgements, estimates and assumptions which
are used in the valuation of the underlying investments is discussed below.
(a.1) Valuation of assets that are traded on an active market
The fair values of listed securities are based on quoted market prices at the
close of trading on the reporting date. The fair values of securities which
are traded on Vietnam's Unlisted Public Company Market ("UPCoM") are based on
published prices at the close of business on the reporting date. UPCoM is a
stock trading market for limited liability companies or unlisted joint-stock
companies. The shares of some companies which have not been registered or do
not meet the conditions for listing on the HOSE and HNX exchanges3, are traded
on UPCoM. For other UPCoM securities which are traded on an active market,
fair value is the average quoted price at the close of trading obtained from a
minimum sample of five reputable securities companies at the reporting date.
Other relevant measurement bases are used if broker quotes are not available
or if better and more reliable information is available.
(a.2) Valuation of investments in private equities
As at the financial year-end, the Company's underlying investments in private
equities are fair valued by an Independent Valuer or by the Investment Manager
using a number of methodologies such as adjusted net asset valuations,
discounted cash flows, income related multiples, price-to-book ratios,
structured financial arrangements and blended models. The projected future
cash flows are driven by management's business strategies and goals and its
assumptions of growth in GDP, market demand, inflation, ESG risk, etc. For the
principal investments, the Independent Valuer and, where relevant, the
Investment Manager selects appropriate discount rates that reflect the level
of certainty of the quantum and timing of the projected cash flows.
As at 31 December 2025, the Investment Manager reviewed the valuations carried
out as at 30 June 2025 and considered whether there were any changes to
performance or the circumstances of the underlying investments which would
affect the fair values. Methods, assumptions, and data were consistently
applied from 30 June 2025.
The Investment Manager then made recommendations to the Audit Committee of the
fair values as at 31 December 2025 and the Audit Committee, having considered
these, then made recommendations for approval by the Board. Refer to note
18(c) which sets out a sensitivity analysis of the significant observable
inputs used in the valuations of the private equity investments.
(a.3) Loans and receivables at FVTPL
For the current period, consistent with the prior year, these underlying loans
and receivables designated at FVTPL are fair valued by the Investment Manager
using methodologies such as a scenario-based model using probability-weighted
average of discounted cash flows and investment cost plus expected return.
Refer to note 18(c) which sets out a sensitivity analysis of the significant
unobservable inputs used in the valuations.
(b) Incentive Fee
The incentive fee was calculated as follows:
• To the extent that the NAV as at any year end is above the higher of
a 10% compound annual return and a high water mark initially set in 2019,
having accounted for any share buy backs, share issues and/or dividends, the
incentive fee payable on any increase in the NAV above the higher of the high
water mark and a 10% annual return target is calculated at a rate of 10%;
• The maximum amount of incentive fees that can be paid out in any one
year is capped at 1.5% of the average month-end NAV during that year; and
• Any incentive fees earned in excess of this 1.5% cap are accrued if
they are expected to be paid out in subsequent years.
Any incentive fees payable within 12 months are classified under accrued
expenses and other payables in the Statement of Financial Position. The fair
values of any additional incentive fees potentially payable beyond 12 months
after the end of the reporting period are classified as deferred incentive
fees in the Statement of Financial Position.
At the end of each financial period, the Board makes an assessment of the
total amount of any accrued incentive fees which is likely to be settled
beyond 12 months after the end of the reporting period. In determining the
fair value of the non-current liability at a Statement of Financial Position
date the Board may apply a discount to reflect the time value of money and the
probability and phasing of payment. An annualised discount rate of 8% is
applied where applicable to the deferred incentive fees carried forward. Any
unwinding of the discount recorded in the previous financial period is
recorded in finance expense in the Statement of Comprehensive Income.
For further details of the incentive fees earned and accrued at the period end
please refer to note 14(b).
3.2. Critical judgements in applying the Company's accounting policies
(a) Eligibility to qualify as an investment entity
The Company has determined that it is an investment entity under the
definition of IFRS 10 as it meets the following criteria:
i. The Company has obtained funds from investors for the purpose of
providing those investors with investment management services;
ii. The Company's business purpose is to invest funds solely for
returns from capital appreciation, investment income or both; and
iii. The performance of investments made by the Company are
substantially measured and evaluated on a fair value basis.
The Company has the typical characteristics of an investment entity:
· It holds more than one investment;
· It has more than one investor;
· It has investors that are not its related parties; and
· It has ownership interests in the form of equity or similar
interests.
As a consequence, the Company does not consolidate its subsidiaries and
accounts for them at FVTPL. The Company has applied the exemption from
accounting for its subsidiaries using the equity method as permitted by IAS
28.
(b) Judgements about active and inactive markets
The Board considers that the Ho Chi Minh Stock Exchange, the Hanoi Stock
Exchange and UPCoM are active markets for the purposes of IFRS 13.
Consequently, the prices quoted by those markets for individual shares as at
the balance sheet date can be used to estimate the fair value of the Company's
underlying investments.
Notwithstanding the fact that these stock exchanges can be regarded as active
markets, the size of the Company's holdings in particular in relation to daily
market turnover in those stocks would make it difficult to conduct an orderly
transaction in a large number of shares on a single day.
When taken across the whole portfolio of the Company's underlying quoted
investments, the Board considers that using the quoted prices of the shares on
the various active markets is generally a reasonable determination of the fair
value of the securities.
In the absence of an active market for quoted or unquoted investments which
may include positions that are not traded on active markets, valuations may be
adjusted to reflect illiquidity and/or non-transferability, which are
generally based on available market information, and in determining the fair
value one or more valuation techniques may be utilised.
4. SEGMENTAL ANALYSIS
Dividend income is allocated based on the underlying investments of
subsidiaries which declared dividends. Net losses on financial assets at FVTPL
are allocated to each segment with reference to the assets held by each
respective subsidiary. Management fees within general and administration
expenses and finance expenses are allocated based on total investment holdings
in each investment sector and all other general expenses are unallocated and
included in Other Net Assets. Finance costs and loan facility set-up costs are
unallocated and included in Other Net Assets. Management fees payable and
incentive fees payable to the Investment manager included in accrued and other
expenses are allocated based on total investment holdings in each investment
sector. The remaining accrued and other expenses payable are unallocated due
to their nature and general use and are included under Other Net Assets.
The financial assets at FVTPL are measured based on the investment sector.
Segmental information can be analysed as follows:
Condensed Statement of Comprehensive Income
Capital Private Other Net
Markets* Equity Assets** Total
(Unaudited) USD'000 USD'000 USD'000 USD'000
Six months ended 31 December 2025
Dividend income 68,731 28,126 - 96,857
Finance income - - 173 173
Net gains on financial assets at
FVTPL 58,670 (22,286) (651) 35,733
General and administration expenses
(note 14 (a)) (5,911) (460) (2,680) (9,051)
Facility set-up costs - - (300) (300)
Interest expense (98) (8) (7) (113)
Incentive fee (10,088) (785) (786) (11,659)
Profit/(loss) before tax 110,304 4,587 (4,251) 111,640
Six months ended 31 December 2024
Dividend income 60,334 - - 60,334
Finance income - - 153 153
Net losses on financial assets (15,842) (3,218) (834) (19,894)
at FVTPL
General and administration expenses
(note 14 (a)) (5,691) (1,036) (2,728) (9,455)
Facility set-up costs - - (445) (445)
Interest expense (207) (38) (20) (265)
Incentive fee (3,589) (653) (362) (4,604)
Profit/(loss) before tax 35,005 (4,945) (4,236) 25,824
* Capital markets include listed securities and UPCoM securities, valued at
their prices on UPCoM or using quotations from brokers.
** Other Net Assets is not a segment in itself and has been included to
reconcile to the Statement of Comprehensive Income.
Condensed Statement of Financial Position
Capital Private Other Net
Markets* Equity Assets** Total
USD'000 USD'000 USD'000 USD'000
As at 31 December 2025 (Unaudited)
Financial assets at FVTPL 873,205 67,965 67,982 1,009,152
Receivables and prepayments - - 1,489 1,489
Cash and cash equivalents - - 50,114 50,114
Total assets 873,205 67,965 119,585 1,060,755
Total liabilities
Accrued expenses and other payables 11,652 907 907 13,466
Loans and borrowings - - 25,000 25,000
Total liabilities 11,652 907 25,907 38,466
Net asset value 861,553 67,058 93,678 1,022,289
As at 30 June 2025 (Audited)
Financial assets at FVTPL 738,289 91,155 87,175 916,619
Prepayments and other assets - - 697 697
Cash and cash equivalents - - 48,676 48,676
Total assets 738,289 91,155 136,548 965,992
Total liabilities
Accrued expenses and other payables 836 103 882 1,821
Total liabilities 836 103 882 1,821
Net asset value 737,453 91,052 135,666 964,171
*Capital markets include listed securities and UPCoM securities, valued at
their prices on UPCoM or using quotations from brokers.
** Other net assets of USD67.9 million (30 June 2025: USD87.1 million) include
cash and cash equivalents, prepayments, loans and receivables at FVTPL and
other net assets of the subsidiaries and associates. Other Net Assets is not a
segment in itself and has been included to reconcile to the Statement of
Financial Position.
5. INTERESTS IN SUBSIDIARIES AND ASSOCIATES
There is no legal restriction to the transfer of funds from the BVI or
Singapore subsidiaries to the Company. Cash held in directly owned as well as
indirectly owned Vietnamese subsidiaries or associates may be subject to
restrictions imposed by co-investors and the Vietnamese government and
therefore it cannot be transferred out of Vietnam unless such restrictions are
satisfied. As at 31 December 2025, the restricted cash held in these
Vietnamese subsidiaries and associates amounted to USD Nil (30 June 2025: USD
Nil).
The Company has not entered into a contractual obligation to, nor has it
committed to provide, current financial or other support to an unconsolidated
subsidiary during the period.
5.1 Directly-owned subsidiaries
The Company had the following directly-owned subsidiaries as at 31 December
and 30 June 2025:
As at
31 December 2025 30 June 2025
Subsidiary Country of % of Company % of Company Nature of the business
incorporation interest interest
Asia Value Investment Limited BVI 100.00 100.00 Holding company for listed and unlisted securities
Belfort Worldwide Limited BVI 100.00 100.00 Holding company for private equity
Boardwalk South Limited BVI 100.00 100.00 Holding company for listed securities
Clearfield Pacific Limited BVI 100.00 100.00 Holding company for investments
Clipper Ventures Limited BVI 100.00 100.00 Holding company for listed securities and private equity
Darasol Investments Limited BVI 100.00 100.00 Holding company for investments
Foremost Worldwide Limited BVI 100.00 100.00 Holding company for unlisted securities
Fraser Investment Holdings Pte. Limited Singapore 100.00 100.00 Holding company for listed securities
Hospira Holdings Limited Singapore 100.00 100.00 Holding company for investments
Longwoods Worldwide Limited BVI 100.00 100.00 Holding company for listed securities
Navia Holdings Limited BVI 100.00 100.00 Holding company for investments
Portal Global Limited BVI 100.00 100.00 Holding company for listed securities
Preston Pacific Limited BVI 100.00 100.00 Holding company for listed securities
Rewas Holdings Limited BVI 100.00 100.00 Holding company for unlisted securities
Turnbull Holding Pte. Ltd. Singapore 100.00 100.00 Holding company for investments
Vietnam Enterprise Limited BVI 100.00 100.00 Holding company for listed and unlisted securities
Vietnam Investment Limited BVI 100.00 100.00 Holding company for listed and unlisted securities
Vietnam Investment Property Holdings Limited BVI 100.00 100.00 Holding company for listed and unlisted securities
Vietnam Investment Property Limited BVI 100.00 100.00 Holding company for listed securities
Vietnam Master Holding 2 Limited BVI 100.00 100.00 Holding company for private equity
Vietnam Ventures Limited BVI 100.00 100.00 Holding company for listed and unlisted securities
VinaSugar Holdings Limited BVI 100.00 100.00 Holding company for investments
VOF Investment Limited BVI 100.00 100.00 Holding company for listed and unlisted securities
and private equity
VOF PE Holding 5 Limited BVI 100.00 100.00 Holding company for listed securities
Windstar Resources Limited BVI 100.00 100.00 Holding company for listed securities
5.2 Indirect interests in subsidiaries
The Company had the following indirect interests in subsidiaries as at 31
December and 30 June 2025:
As at
31 December 30 June
2025 2025
% of % of
Company's Company's
Country of Immediate indirect indirect
Indirect subsidiary incorporation Nature of the business Parent interest interest
Abbott Holding Pte. Limited Singapore Holding company for private equity Hospira Holdings Limited 100.00 100.00
Aldrin One Pte. Ltd. Singapore Holding company for private equity Halley One Limited 81.31 81.31
Aldrin Three Pte. Ltd. Singapore Holding company for private equity Halley Three Limited 80.07 80.07
Aldrin Two Pte. Ltd. Singapore Holding company for investments Clipper Ventures Limited 100.00 100.00
Allright Assets Limited BVI Holding company for private equity Clipper Ventures Limited 100.00 100.00
Allwealth Worldwide Limited BVI Holding company for investments Clipper Ventures Limited 80.02 80.08
Chifley Investments Pte. Ltd Singapore Holding company for investments Belfort Worldwide Limited 85,91 85,91
Clipper One Limited BVI Holding company for investments Clipper Ventures Limited 100.00 100.00
Goldcity Worldwide Limited BVI Holding company for investments Clipper Ventures Limited 100.00 100.00
Gorton Investments Pte. Ltd Singapore Holding company for investments Belfort Worldwide Limited 100.00 100.00
Halley Five Limited BVI Holding company for investments Clipper Ventures Limited 87.50 87.50
Halley Four Limited BVI Holding company for investments Clipper Ventures Limited 79.40 79.40
Halley One Limited BVI Holding company for investments Clipper Ventures Limited 81.31 81.31
Halley Three Limited BVI Holding company for investments Clipper Ventures Limited 80.07 80.07
Halley Two Limited BVI Holding company for investments Clipper Ventures Limited 85.91 85.91
Liva Holdings Limited BVI Holding company for private equity Halley Five Limited 87.50 87.50
Menzies Holding Pte. Ltd. Singapore Holding company for investments Belfort Worldwide Limited 100.00 100.00
PA Investment Opportunity II Limited BVI Holding company for investments Vietnam Enterprise Limited 100.00 100.00
Sharda Holdings Limited BVI Holding company for private equity Clipper Ventures Limited 89.64 89.64
Tempel Four Limited BVI Holding company for private equity Halley Four Limited 79.40 79.40
Victory Holding Investment Limited BVI Holding company for listed securities Clipper Ventures Limited 87.58 87.58
and private equity
Vietnam Opportunity Fund II Pte. Ltd. Singapore Holding company for private equity Belfort Worldwide Limited 68.00 68.00
Whitlam Holding Pte. Ltd Singapore Holding company for listed securities Navia Holdings Limited 61.26 61.26
5.3 Direct interests in associates
The Company did not have any directly-owned associates as at 31 December and
30 June 2025.
5.4 Indirect interests in associates
The Company had the following indirect interests in associates as at 31
December and 30 June 2025:
As at
31 December 30 June
2025 2025
% of % of
Company's Company's
Country of Company's subsidiary holding indirect indirect
Indirect associate incorporation Nature of the business direct interest in the associate interest interest
Thu Cuc Medical & Beauty Care Joint Stock Company BVI Private equity investment Aldrin One Pte. Ltd 24.39 24.39
5.5 Financial risks
As at 31 December 2025, the Company owned a number of subsidiaries and
associates for the purpose of holding investments in listed and UPCoM
securities and private equity investments. The Company, via these underlying
investments, is subject to financial risks which are further disclosed in note
18. The Investment Manager makes investment decisions after performing
extensive due diligence on the underlying investments, their strategies,
financial structure and the overall quality of management.
6. CASH AND CASH EQUIVALENTS
31 December 2025 30 June 2025
USD'000 USD'000
(Unaudited) (Audited)
Cash at banks 50,114 48,676
As at 31 December 2025, the cash and cash equivalents were principally
denominated in USD and GBP.
The Company's overall cash position including cash held in directly held
subsidiaries as at 31 December 2025 was USD71.1 million (30 June 2025: USD68.7
million). Please refer to note 8 for details of the cash held by the Company's
subsidiaries. As mentioned in note 5, the restricted cash held in Vietnamese
subsidiaries and associates amount to USD Nil (30 June2025: USD Nil).
7. FINANCIAL INSTRUMENTS BY CATEGORY
Financial Financial Financial
assets at amortised cost assets at FVTPL liabilities at amortised cost
Total
USD'000 USD'000 USD'000 USD'000
As at 31 December 2025 (Unaudited)
Financial assets at FVTPL - 1,009,152 - 1,009,152
Financial liabilities - - (38,466) (38,466)
Cash and cash equivalents 50,114 - - 50,114
Total 50,114 1,009,152 (38,466) 1,020,800
Financial assets/(liabilities) denominated in:
- GBP 21 - - 21
- USD 50,093 1,009,152 (38,466) 1,020,779
As at 30 June 2025 (Audited)
Financial assets at FVTPL - 916,619 - 916,619
Financial liabilities - - (1,821) (1,821)
Cash and cash equivalents 48,676 - - 48,676
Total 48,676 916,619 (1,821) 963,474
Financial assets/(liabilities) denominated in:
- GBP 21 - - 21
- USD 48,655 916,619 (1,821) 963,453
As at 31 December 2025 and 30 June 2025, the carrying amounts of all financial
liabilities approximate their fair values.
All financial liabilities are short term in nature and their carrying values
approximate their fair values. There are no financial liabilities that must be
accounted for at FVTPL (30 June 2025: USD Nil).
8. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at FVTPL comprise VOF's investments in subsidiaries and
associates. The underlying assets and liabilities of the subsidiaries and
associates at fair value are included with those of VOF in the following
table.
31 December 2025 30 June 2025
(Unaudited) (Audited)
Within 12 Months Over 12 Months Within 12 Months Over 12 Months
USD'000 USD'000 USD'000 USD'000
Cash and cash equivalents 20,970 - 20,043 -
Ordinary shares - listed 863,276 - 697,975 -
Ordinary shares - UPCoM 9,929 - 40,314 -
Private equity - 67,965 - 91,155
Real Estate 8,300 - 10,400 -
Loans and Receivables at FVTPL 31,151 - 46,411 -
Other net assets 7,561 - 10,321 -
941,187 67,965 825,464 91,155
The major underlying investments held by the direct and indirect subsidiaries
and associates of VOF were in the following industry sectors.
31 December 2025 30 June 2025
USD'000 USD'000
(Unaudited) (Audited)
Financials 312,132 258,600
Real Estate 243,650 199,700
Materials 143,492 115,000
Consumer Discretionary 102,658 109,800
Information Technology 48,894 68,300
Health Care 45,001 46,500
Industrial 47,211 40,300
Consumer Staples 37,324 36,300
Energy 7,500 24,900
As at 31 December 2025, the largest underlying holding, Khang Dien House
Trading and Investment Joint Stock Company, within financial assets at FVTPL
amounted to 9.6% of the NAV of VOF (30 June 2025: the holding in Asia
Commercial bank amounted to 11.5% of the NAV).
9. DIVIDENDS
The dividends paid in the reporting period were as follows:
Dividend rate Net dividend
During the six months ended 31 December 2025 (Unaudited) per share payable
(cents) (USD'000) Record date Ex-dividend Pay date
date
Second dividend for the year ended 30 June 2025 7.25 9,470 31 October 30 October 03 December
2025 2025 2025
Dividend rate Net dividend
During the six months ended 31 December 2024 (Unaudited) per share payable
(cents) (USD'000) Record date Ex-dividend Pay date
date
Second dividend for the year ended 30 June 2024 7.25 10,657 01 November 31 October 4 December
2024 2024 2024
Under the Companies (Guernsey) Companies Law, 2008, the Company can distribute
dividends from capital and revenue reserves, subject to the net asset and
solvency test. The net asset and solvency test considers whether a company is
able to pay its debts when they fall due, and whether the value of a company's
assets is greater than its liabilities. The Board confirms that the Company
passed the net asset and solvency test for each dividend paid.
10. SHARE CAPITAL
The Company may issue an unlimited number of shares, including shares of no
par value or shares with a par value. Shares may be issued as (a) shares in
such currencies as the Directors may determine; and/or (b) such other classes
of shares in such currencies as the Directors may determine in accordance with
the Articles and the Guernsey Law and the price per Share at which shares of
each class shall first be offered to subscribers shall be fixed by the Board.
The minimum price which may be paid for a share is USD0.01. The Directors will
act in the best interest of the Company and the shareholders when authorising
the issue of any shares and shares will only be issued at a price of at least
the prevailing Net Asset Value at the time of issue, so that the NAV per share
is not diluted.
Issued capital
Six months ended Year ended
31 December 2025 30 June 2025
(Unaudited) (Audited)
Number of Number of
shares USD'000 shares USD'000
Issued and fully paid at 1 July 141,409,760 1,414 158,213,316 1,582
Cancellation of treasury shares (6,983,535) (70) (16,803,556) (168)
Total Issued and fully paid at period/year end 134,426,225 1,344 141,409,760 1,414
Shares held in treasury (6,182,716) (62) (6,182,716) (62)
Outstanding and fully paid at period/year end 128,243,509 1,282 135,227,044 1,352
Share premium reserve - 79,170 - 123,152
Closing balance at period/year end 128,243,509 80,452 135,227,044 124,504
Treasury shares
Six months ended Year ended
31 December 2025 30 June 2025
(Unaudited) (Audited)
Number of Number of
shares USD'000 shares USD'000
Opening balance at 1 July 2025 6,182,716 20,490 6,182,716 20,490
Shares repurchased during the period/year 6,983,535 44,052 16,803,556 96,780
Shares cancelled during the period/year (6,983,535) (44,052) (16,803,556) (96,780)
Outstanding balance at period/year end 6,182,716 20,490 6,182,716 20,490
In October 2011, the Board first sought and obtained shareholder approval to
implement a share buyback programme. The share buyback programme was approved
again at subsequent general meetings of the Company.
During the period ended 31 December 2025, 7.0 million shares (30 June 2025:
16.8 million) were repurchased at a cost of USD 44.0 million (30 June 2025:
USD96.8 million) of which USD Nil (30 June 2025: USD0.4 million) was payable
at the period end (see note 11) and 7.0 million shares (30 June 2025: 16.8
million) were cancelled.
11. ACCRUED EXPENSES AND OTHER PAYABLES
31 December 2025 30 June 2025
USD'000 USD'000
(Unaudited) (Audited)
Incentive fees payable to the Investment Manager (note 14(b)) 11,659 -
Management fees payable to the Investment Manager (note 17(a)) 1,133 1,038
Revolving credit facility costs payable 169 -
Shares repurchase payable - 366
Other payables 505 417
13,466 1,821
All accrued expenses and other payables are short-term in nature. Therefore,
their carrying values are considered to be a reasonable approximation of their
fair values. Further details of the payables to other related parties are
disclosed in note 17.
12. LOANS AND OTHER BORROWINGS
31 December 2025 30 June 2025
USD'000 USD'000
(Unaudited) (Audited)
Net loan liability at beginning of the period/year - -
Revolving credit facility total of all drawdowns 25,000 50,000
Revolving credit facility total of all repayments - (50,000)
Net loan liability due at period/year end 25,000 -
On 18 March 2022, the Company entered into a USD40.0 million revolving credit
facility with Standard Chartered Bank (Singapore) Limited. Interest charged on
the Facility is the aggregate of margin plus the compounded reference rate. On
18 March 2023, the Company exercised an option extending the Facility to 18
March 2024. In March 2024, the Company agreed to extend the Facility. The
facility was further extended in April 2025 until 30 May 2027. As at 31
December 2025, the Company had drawn USD25.0 million and repaid USD Nil.
USD25.0 million was outstanding on the facility as at 31 December 2025 (30
June 2025: USD Nil). The total size of available facility as at 31 December
2025 was USD60.0 million.
Security has been provided by way of a charge over the group's assets under
the Facility.
In accordance with the Facility Agreement the group has various non-financial
and financial covenants that are required to be met. The two financial
covenants are detailed below. Throughout the period, these financial covenants
have been met.
Covenants Requirement
Loan to Value Ratio Asset Cover Ratio Must not exceed 10%
Must not be less than 3.25:1
13. DIVIDEND INCOME
Six months ended
31 December 2025 31 December 2024
USD'000 USD'000
(Unaudited) (Unaudited)
Dividend income 96,857 60,334
The above table sets out dividends received by the Company from its
subsidiaries. These represent distributions of income received as well as the
proceeds of disposals of assets by subsidiaries, and do not reflect the
dividends earned by the underlying investee companies. During the period, the
subsidiaries received a total amount of USD13.2 million in dividends from
their investee companies (31 December 2024: USD6.7 million).
14(a). GENERAL AND ADMINISTRATION EXPENSES
Six months ended
31 December 2025 31 December 2024
USD'000 USD'000
(Unaudited) (Unaudited)
Management fees and expenses (note 17(a)) 6,832 7,300
Custodian, secretarial and other professional fees 737 663
Audit fees 424 419
Directors' fees, including expenses (note 17(c)) 295 253
Others 763 820
9,051 9,455
14(b). INCENTIVE FEE
The NAV total return for the six months to 31 December 2025 has resulted in an
incentive fee accrual of USD 11.7 million (30 June 2025: USD Nil). Incentive
fees are only paid out following the publication of the Annual Report and
Financial Statements and, at the half year stage, any incentive fees are
provided for on the assumption that the NAV as at the following 30 June will
be the same as at 31 December. On this assumption, USD 11.7 million will be
payable when the annual report for the year ending 30 June 2026 is published
in October 2026 and is classified as a current liability as at 31 December
2025.
15. CORPORATE INCOME TAX EXPENSE
The Company has been granted Guernsey tax exempt status in accordance with the
Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 (as amended).
The majority of the subsidiaries are domiciled in the BVI and so have a
tax-exempt status whilst the remaining subsidiaries are established in
Singapore and are subject to corporate income tax in that country. The income
tax payable by these subsidiaries is taken into account in determining their
fair values in the Condensed Statement of Financial Position.
16. EARNINGS PER SHARE AND NET ASSET VALUE PER SHARE
(a) Basic
Basic earnings per share is calculated by dividing the profit from operations
of the Company by the weighted average number of ordinary shares in issue
during the period excluding ordinary shares purchased by the Company and held
as treasury shares (note 10).
Six months ended
31 December 2025 31 December 2024
USD'000 USD'000
(Unaudited) (Unaudited)
Profit for the period (USD'000) 111,640 25,824
Weighted average number of ordinary shares in issue 131,694,871 149,175,685
Basic earnings per share (USD per share) 0.85 0.17
Exchange rate (GBP to USD) 1.34 1.25
Basic earnings per share expressed in GBP 0.63 0.14
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Company has no category of potentially dilutive
ordinary shares. Therefore, diluted earnings per share is equal to basic
earnings per share.
(c) NAV per share
NAV per share is calculated by dividing the NAV of the Company by the number
of outstanding ordinary shares in issue as at the reporting date excluding
ordinary shares purchased by the Company and held as treasury shares (note
10). NAV is determined as total assets less total liabilities. The basic NAV
per share is equal to the diluted NAV per share.
31 December 2025 30 June 2025
(Unaudited) (Audited)
Net asset value (USD'000) 1,022,289 964,171
Number of outstanding ordinary shares in issue 128,243,509 135,227,044
Net asset value per share (USD per share) 7.97 7.13
Exchange rate (GBP to USD) 1.34 1.37
Net asset value, expressed in GBP per share 5.95 5.20
17. RELATED PARTIES
The Investment Management Agreement between the Company and the Investment
Manager can be terminated by either party giving six months' notice. In
certain circumstances the Company may be required to pay compensation to the
Investment Manager of an amount up to six months' fees in lieu of notice.
(a) Management fees
For the accounting year ended 30 June 2025 and period ending 31 December 2025,
the Investment Manager received a fee at the annual rates set out below, paid
monthly in arrears.
● 1.30% of net assets, levied on the first USD1,000 million of net
assets;
● 1.00% of net assets, levied on net assets between USD1,000
million and USD1,500 million;
● 0.75% of net assets, levied on net assets between USD1,500
million and USD2,000 million; and
● 0.50% of net assets, levied on net assets above USD2,000
million.
Total management fees incurred for the period amounted to USD 6.8 million (31
December 2024: USD 7.3 million), of which USD Nil (31 December 2024: USD 0.08
million) was in relation to recharge of expenses incurred. In total USD 1.1
million (30 June 2025: USD 1.0 million) was payable to the Investment Manager
at the reporting date.
(b) Incentive fees
As described in note 14(b), as at 31 December 2025, an incentive fee of USD
11.7 million (30 June 2025: USD Nil) will potentially be payable when the
annual report is published in October 2026 and is accounted for as a current
liability in the Statement of Financial Position.
25% of any incentive fee paid to the Investment Manager is used by the
Investment Manager to purchase shares in the Company. In practice such
purchases are generally made alongside, and at the same price as, share
buybacks made by the Company.
(c) Directors' Remuneration
The Directors who served during the period received the following emoluments
in the form of fees:
Six months ended
Annual fee rate as at 31 December 2025 31 December 2025 31 December 2024
USD USD USD
(Unaudited) (Unaudited)
Kathryn Matthews(2) 118,450 45,688 42,500
Charlotta Ginman(1) 108,150 47,051 -
Julian Healy 92,700 50,172 50,000
Hai Thanh Trinh 87,550 43,317 42,500
Peter Hames 97,850 48,414 47,500
Huw Evans(2) - 49,519 57,500
284,161 240,000
(1)Charlotta Ginman was appointed as a Director on 2 January 2025 and so did
not receive any fees with respect to the period ended 31 December 2024.
(2)Huw Evans served as Chair until his retirement at the AGM of the Company on
3 December 2025, when he was succeeded by Kathryn Matthews.
In addition to annual fees, Directors' expenses of USD 11,392 (31 December
2024: USD 12,864) were incurred during the period. The total amount received
by the Directors during the period was USD295,553 (31 December 2024: USD
252,864), of which USD Nil was outstanding at 31 December 2024 (30 June 2024:
USD Nil).
(d) Shares held by related parties
Shares held Shares held
as at 31 December 2025 as at 30 June 2025
(Unaudited) (Audited)
Kathryn Matthews 9,464 9,464
Julian Healy 25,000 25,000
Peter Hames 8,000 8,000
Charlotta Ginman 4,400 -
Huw Evans - 55,000
102,046 97,464
As at 31 December 2025, Stephen Westwood, the co-owner of CES Investments Ltd
which provides consultancy services to the Company, owned 6,000 shares (30
June 2025: 6,000 shares) in the Company. As at 31 December 2025, the
Investment Manager owned 4,589,150 shares (30 June 2025: 4,589,150 shares) in
the Company.
(e) Controlling party
In the opinion of the Directors on the basis of shareholdings advised to them,
the Company has no immediate nor ultimate controlling party.
18. FINANCIAL RISK MANAGEMENT
(a) Financial risk factors
The Company has set up a number of subsidiaries and associates for the purpose
of holding investments in listed and unlisted securities and private equity
investments in Vietnam and overseas with the objective of achieving medium to
long-term capital appreciation and providing investment income. The Company
accounts for these subsidiaries and associates as financial assets at FVTPL.
The Condensed Interim Financial Statements do not include all financial risk
management information and disclosures required in the Annual Audited
Financial Statements; they should be read in conjunction with the Company's
Audited Financial Statements as at 30 June 2025.
There have been no significant changes in the management of risk or in any
risk management policies since the last balance sheet date.
(b) Capital Management
The Company's capital management objectives are:
● To ensure the Company's ability to continue as a going concern;
● To provide investors with an attractive level of investment
income; and
● To preserve a potential capital growth level.
The Company is not subject to any externally imposed capital requirements
other than the covenants as disclosed in note 12. The Company has engaged the
Investment Manager to allocate the Company's assets in such a way so as to
generate a reasonable investment return for its shareholders and to ensure
that there is sufficient funding available for the Company to continue as a
going concern.
Capital as at the period end is summarised as follows:
31 December 2025 30 June 2025
USD'000 USD'000
(Unaudited) (Audited)
Net assets attributable to equity shareholders 1,022,289 964,171
(c) Fair value estimation
The table below analyses financial instruments carried at fair value, by
valuation method. The different levels have been defined as follows:
● Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities;
● Level 2: Inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices); and
● Level 3: Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs).
There are no financial liabilities of the Company which were carried at FVTPL
as at 31 December 2025 and 30 June 2025.
The level into which each financial asset is classified is determined based on
the lowest level of significant input to the fair value measurement.
Financial assets measured at fair value in the Condensed Statement of
Financial Position are grouped into the following fair value hierarchy:
The table below analyses financial instruments carried at fair value, by
valuation method. The different levels have been defined as follows:
Level 3 Total
(Unaudited) USD'000 USD'000
As at 31 December 2025
Financial assets at FVTPL 1,009,152 1,009,152
(Audited)
As at 30 June 2025
Financial assets at FVTPL 916,619 916,619
The Company classifies its investments in subsidiaries and associates as Level
3 because they are not publicly traded, even when the underlying assets may be
readily realisable. There were no transfers between the levels during the
period/year ended 31 December 2025 and 30 June 2025.
If the investments which are held by the subsidiaries were instead held at the
Company level, they would be presented as follows:
Not Total
Level 1 Level 2 Level 3 measured at fair value
USD'000 USD'000 USD'000 USD'000 USD'000
As at 31 December 2025
(Unaudited)
Cash and cash equivalents - - - 20,970 20,970
Ordinary shares - listed 863,276 - - - 863,276
Ordinary shares - UPCoM 4,702 5,227 - - 9,929
Private equity investments - - 67,965 - 67,965
Real Estate - - 8,300 - 8,300
Loans and receivables at - - 31,151 - 31,151
FVTPL
Other net assets - - 7,561 - 7,561
867,978 5,227 114,977 20,970 1,009,152
Not measured at fair value Total
Level 1 Level 2 Level 3
USD'000 USD'000 USD'000 USD'000 USD'000
As at 30 June 2025
(Audited)
Cash and cash equivalents - - - 20,043 20,043
Ordinary shares - listed 697,975 - - - 697,975
Ordinary shares - UPCoM 34,882 5,432 - - 40,314
Private equity investments - - 91,155 - 91,155
Real Estate - - 10,400 - 10,400
Loans and receivables at - - 46,411 - 46,411
FVTPL
Other net assets - - 10,321 - 10,321
732,857 5,432 158,287 20,043 916,619
Investments whose values are based on quoted market prices in active markets,
and are therefore classified within Level 1, include actively traded equities
on Ho Chi Minh City Stock Exchange, Hanoi Stock Exchange or UPCoM at the
Statement of Financial Position date. Financial instruments which trade in
markets that are not considered to be active but are valued based on prices
quoted by dealers are classified within Level 2. These include investments in
OTC equities. As Level 2 investments include positions that are not traded in
active markets, valuations may be adjusted to reflect illiquidity and/or
non-transferability, which are generally based on available market
information.
Private equity investments, loans and receivables at FVTPL and other assets
that do not have an active market are classified within Level 3. The Company
uses valuation techniques to estimate the fair value of these assets based on
significant unobservable inputs as described in the table below. There were no
movements into or out of the Level 3 category during the year.
The Company considers the appropriateness of the valuation model inputs, as
well as the valuation results using various valuation methods and techniques
which are generally recognised as standard within the industry. The change in
the significant unobservable inputs shown in the table below shows the impact
which a reasonable potential shift in the input variables would have on the
valuation result.
During the period, the underlying investment in Airports Corporation of
Vietnam was transferred, on a 'look-through' basis, from Level 2 to Level 1 of
the fair value hierarchy due to the stock listing on the HOSE. There have been
no changes in the classification of financial assets at fair value through
profit or loss shown as Level 3 during the period ended 31 December 2025.
Changes in Level 3 financial assets at fair value through profit or loss
The fair values of the Company's investments in subsidiaries and associates
are estimated using approaches as described in note 3.1. As observable prices
are not available for these investments, the Company classifies them as Level
3 fair values.
For the period ended For the year ended
31 December 2025 30 June 2025
USD'000 USD'000
(Unaudited) (Audited)
Opening balance 916,619 1,108,320
Purchases 88,030 81,640
Return of capital (31,230) (115,987)
Net gains/(losses) on financial assets at FVTPL for the period/year 35,733 (157,354)
1,009,152 916,619
Set out below is the sensitivity analysis which shows the changes in the
Company's net asset value, on a look through basis, based on the significant
unobservable input assumptions used in the valuation of Level 3 investments as
at 31 December 2025, keeping all other assumptions constant. The changes in
discount rates by +/- 1% are considered appropriate for the market in which
the Company is operating.
Unaudited
Segment Valuation Valuation Discount Cap Terminal Multiples Sensitivities in discount rates and cap rates/terminal
Technique (USD'000) rate rate growth rate growth rate (USD'000)
Private equity Discounted 137,480 13%-25% n/a 5% n/a Change in discount rate
cash flows
-1%
0% 1%
Change in -1% 138,516 134,758 131,683
terminal growth 0% 142,024 137,480 133,843
1% 146,535 140,882 136,483
Private equity Multiples 7,456 n/a n/a n/a 6.77
Change in -1% 0% 1%
EBITDA margin 8,678 7,456 6,246
Set out below is the sensitivity analysis which shows the changes in the
Company's net asset value, on a look through basis, based on the significant
unobservable input assumptions used in the valuation of Level 3 investments as
at 30 June 2025, keeping all other assumptions constant. The changes in
discount rates by +/- 1% are considered appropriate for the market in which
the Company is operating.
Audited
Segment Valuation Valuation Discount Cap Terminal Multiples Sensitivities in discount rates and cap rates/terminal
technique (USD'000) rate rate growth rate growth rate (USD'000)
Private equity Discounted 99,187 14%-25% n/a 5% n/a Change in discount rate
cash flows
-1%
0% 1%
Change in -1% 100,590 104,805 110,248
terminal growth 0% 96,523 99,187 102,708
1% 91,950 94,668 97,982
Private equity Multiples 6,677 n/a n/a n/a 6.77
Change in -1% 0% 1%
EBITDA margin 3,878 6,677 9,498
Loans at Discounted 46,326 10%-17% n/a n/a n/a -1% 0% 1%
FVTPL cash flows
46,829 46,326 45,837
Specific valuation techniques used to value the Company's underlying
investments include:
· Quoted market prices or dealer quotes;
· Use of discounted cash flow technique to calculate the present value
of the estimated future cash flows; and
· Other techniques, such as the latest market transaction price.
19. SUBSEQUENT EVENTS
This Interim Report and Condensed Interim Financial Statements were approved
for issue by the Board on 13 March 2026.
MANAGEMENT AND ADMINISTRATION
Directors Registrar
Computershare Limited
Kathryn Matthews 13 Castle Street
Julian Healy St Helier
Peter Hames Jersey, JE1 1ES
Hai Thanh Trinh Channel Islands
Charlotta Ginman
Huw Evans (Retired 3 December 2025)
Registered Office Independent Auditor
PO Box 656 Ernst & Young LLP
Trafalgar Court PO Box 9
Les Banques Royal Chambers
St Peter Port St Julian's Avenue
Guernsey, GY1 3PP St Peter Port
Channel Islands Guernsey GY1 4AF
(Until 4 November 2025) Channel Islands
PO Box 20 Investment Valuer
Les Echelons Court KPMG Tax and Advisory Limited Branch
St Peter Port 10(th) Floor, Sun Wah Tower
Guernsey, GY1 4AN 115 Nguyen Hue Street, Sai Gon Ward
Channel Islands Ho Chi Minh City
(From 4 November 2025) Vietnam
Investment Manager Investment Advisor
VinaCapital Investment Management Ltd VinaCapital Fund Management JSC
1(st) and 2(nd) Floors, Elizabeth House 17th Floor, Sun Wah Tower
Les Ruettes Brayes 115 Nguyen Hue Blvd, District 1
St Peter Port Ho Chi Minh City
Guernsey, GY1 1EW Vietnam
Channel Islands
Administrator and Corporate Secretary UK Marketing and Distribution Partner
Aztec Financial Services (Guernsey) Limited Cadarn Capital Limited
PO Box 656 Moor Place
Trafalgar Court 1 Fore St Avenue
Les Banques London EC2Y 9DT
St Peter Port
Guernsey, GY1 3PP
Channel Islands
(Resigned 4 November 2025)
NSM Funds Limited Public Relations (London)
Les Echelons Court Camarco
Les Echelons 40 Strand
St Peter Port London, WC2N 5RW
Guernsey, GY1 1AR United Kingdom
Channel Islands
(Appointed 4 November 2025)
Joint Corporate Brokers Custodian
Deutsche Numis Standard Chartered Bank (Vietnam) Limited
21 Moorfields Unit 1810-1815, Keangnam
London, EC2Y 9DB Cau Giay New Urban Area
United Kingdom Me Tri Com Hanoi
Barclays Bank PLC
1 Churchill Place,
London, E14 5HP
United Kingdom
Investment Advisor's Offices:
Ho Chi Minh City
17th Floor, Sun Wah Tower
115 Nguyen Hue Blvd, District 1 Ho Chi Minh City
Vietnam
Phone: +84-28 3821 9930
Fax: +84-28 3821 9931
Hanoi
2nd Floor, International Centre Building 17 Ngo Quyen, Hoan Kiem District
Hanoi
Vietnam
Phone: +84-424 3936 4630
Fax: +84-424 3936 4629
Singapore
6 Temasek Boulevard
# 42-01, Suntec Tower 4
Singapore 038986
Phone: +65 6332 9081
Fax: +65 6333 9081
GLOSSARY
Term Definition
AGM Annual General Meeting
AIC The Association of Investment Companies
AIC Code The AIC Corporate Governance Code which was issued in August 2024
Board The Board of Directors
BVI British Virgin Islands
Company VinaCapital Vietnam Opportunity Fund Limited
COVID The disease caused by SARS-CoV-2, the coronavirus that emerged in December
2019
EBITDA Earnings before interest, tax, depreciation and amortisation. A measure of the
gross profit of a company
ESG Environmental, Social, and Governance
External Auditor or EY Ernst & Young LLP
Facility The revolving credit facility as disclosed in note 12
FDI Foreign direct investments.
Financial Statements The Audited Financial Statement
FVTPL Fair value through profit or loss
GBP British Pound Sterling
GDP Gross Domestic Product. GDP is a monetary measure of the market value of all
the final goods and services produced in a specific time period in a country
or wider region
Guernsey Code The Guernsey Financial Services Commission's Finance Sector Code of Corporate
Governance
Guernsey Companies Law The Companies (Guernsey) Law, 2008, as amended
HNX The Hanoi Stock Exchange
HOSE The Ho Chi Minh Stock Exchange.
IAS International Accounting Standard
IASB International Accounting Standards Board
ICT Information and communications technology
IFRS International Financial Reporting Standards
Independent Valuer A qualified independent professional services firm
IPO Initial public offering - the means by which most listed companies achieve
their stock market listing
IRR The internal rate of return. A measure of the total return on an investment
taking account of the amount and timing of all amounts invested and amounts
realised. The IRR is expressed as an annualised percentage. The use of IRR
enables different investments with differing cash flow profiles to be compared
on a like for like financial basis
KPI Key performance Indicator
LSE The London Stock Exchange
NAV Net Asset Value, being the total value of the Company's assets less its
liabilities (the net assets)
NAV per share NAV divided by the number of shares in issue
NovaGroup Unlisted parent company of Novaland and Nova Consumer Group
NPL Non-performing loan
OTC Over-The-Counter
P/E Price-to-earnings ratio
POI Law, 2020 The Protection of Investors (Bailiwick of Guernsey) Law, 2020, as amended
Private Equity This consists of investments in private companies, structured investments, and
bonds with privately negotiated terms
SME Small and Medium-sized Enterprises - businesses with limited revenue,
assets, or employees
Share Price Total Return A measure of the investment return to shareholders, taking account of the
change in share price over the period in question and assuming that any
dividends paid in the period are reinvested at the prevailing share price at
the time that the shares begin to trade ex-dividend. Share price total returns
are calculated by Bloomberg or a recognised independent provider of market
statistics
SID Senior Independent Director
Standard Deviation A statistical measure of volatility. A higher standard deviation indicates
higher volatility in a data series.
UK Companies Act Companies Act 2006
UK Code The UK Corporate Governance Code issued in January 2024
UPCoM UPCoM stands for Unlisted Public Company Market. It is a centralised stock
trading market operated by the Hanoi Stock Exchange for public companies that
are not formally listed on Vietnam's two main exchanges.
US United States of America
USD United States Dollar
VND / VN Dong Vietnamese Dong
VN Index The Ho Chi Minh Stock Exchange Index, a capitalisation-weighted index of all
companies listed on the Ho Chi Minh Stock Exchange
VOF VinaCapital Vietnam Opportunity Fund Limited
ALTERNATIVE PERFORMANCE MEASURES
For the period ended 31 December 2025
Discount to NAV per Share Discount to NAV per Share is calculated as follows (in USD):
(NAV at period end - Share Price at period end) ÷ NAV at period end
Being (7.97 - 6.29) ÷ 7.97 = 21.08%
NAV per share increase Expressed in percentage terms, is a measure of the NAV per share of the
Company, calculated by taking the change in NAV per share over the period in
question and dividing by the NAV per share.
The NAV per share increase is calculated as follows:
31 December 2025: Closing NAV per share 7.97 a
30 June 2025: Opening NAV per share 7.13 b
Change in real terms 0.85 c=b-a
Change as a percentage 11.9% =c/b
NAV Total Return Expressed in percentage terms, is a measure of the investment return earned by
the Company, calculated by taking the change in the NAV over the period in
question and dividing by the starting NAV. This assumes that any dividends
paid in the period are reinvested at the prevailing NAV per share on the
ex-dividend date and that the dividend would grow at the same rate of return
as the NAV per share after re-investment.
The NAV Total Return is calculated as follows:
Total return over period:
31 December 2025: NAV per share 7.97 a
Dividends paid 0.07 b
Effect of dividend reinvestment* 0.00 c
30 June 2025: NAV per share 7.13 d
NAV Total Return (%) 12.8% =((a+b+c)/d)-1
Total return over 3 years:
31 December 2025: NAV per share 7.97 a
Dividends paid 0.42 b
Effect of dividend reinvestment* 0.06 C
31 December 2022: NAV per share 6.17 d
NAV Total Return (%) 37.0% =((a+b+c)/d)-1
Total return over 5 years:
31 December 2025: NAV per share 7.97 a
Dividends paid 0.72 b
Effect of dividend reinvestment* 0.11 c
31 December 2020: NAV per share 6.30 d
NAV Total Return (%) 39.7% =((a+b+c)/d)-1
Share price (GBP) The GBP share price is calculated as the USD share price ÷closing exchange
rate at 31 December 2025.
NAV Total Return
Expressed in percentage terms, is a measure of the investment return earned by
the Company, calculated by taking the change in the NAV over the period in
question and dividing by the starting NAV. This assumes that any dividends
paid in the period are reinvested at the prevailing NAV per share on the
ex-dividend date and that the dividend would grow at the same rate of return
as the NAV per share after re-investment.
The NAV Total Return is calculated as follows:
Total return over period:
31 December 2025: NAV per share 7.97 a
Dividends paid 0.07 b
Effect of dividend reinvestment* 0.00 c
30 June 2025: NAV per share 7.13 d
NAV Total Return (%) 12.8% =((a+b+c)/d)-1
Total return over 3 years:
31 December 2025: NAV per share 7.97 a
Dividends paid 0.42 b
Effect of dividend reinvestment* 0.06 C
31 December 2022: NAV per share 6.17 d
NAV Total Return (%) 37.0% =((a+b+c)/d)-1
Total return over 5 years:
31 December 2025: NAV per share 7.97 a
Dividends paid 0.72 b
Effect of dividend reinvestment* 0.11 c
31 December 2020: NAV per share 6.30 d
NAV Total Return (%) 39.7% =((a+b+c)/d)-1
Share price (GBP)
The GBP share price is calculated as the USD share price ÷closing exchange
rate at 31 December 2025.
ALTERNATIVE PERFORMANCE MEASURES
For the period ended 31 December 2024
Discount to NAV per Share Discount to NAV per Share is calculated as follows (in USD):
(NAV at period end - Share Price at period end) ÷ NAV at period end
Being (7.63 - 5.86) ÷ 7.63 = 23.2%
NAV per share increase Expressed in percentage terms, is a measure of the NAV per share of the
Company, calculated by taking the change in NAV per share over the period in
question and dividing by the NAV per share.
The NAV per share increase is calculated as follows:
31 December 2024: Closing NAV per share 7.63 a
30 June 2024: Opening NAV per share 7.43 b
Change in real terms 0..20 c=b-a
Change as a percentage 2.7% =c/b
NAV Total Return Expressed in percentage terms, is a measure of the investment return earned by
the Company, calculated by taking the change in the NAV over the period in
question and dividing by the starting NAV. This assumes that any dividends
paid in the period are reinvested at the prevailing NAV per share on the
ex-dividend date and that the dividend would grow at the same rate of return
as the NAV per share after re-investment.
The NAV Total Return is calculated as follows:
Total return over period:
31 December 2024: NAV per share 7.63 a
Dividends paid 0.44 b
Effect of dividend reinvestment* 0.04 c
30 June 2024: NAV per share 8.54 d
NAV Total Return (%) -3.63% =((a+b+c)/d)-1
Total return over 3 years:
31 December 2024: NAV per share 7.63 a
Dividends paid 0.44 b
Effect of dividend reinvestment* 0.04 c
31 December 2021: NAV per share 8.54 d
NAV Total Return (%) -5% =((a+b+c)/d)-1
Total return over 5 years:
31 December 2024: NAV per share 7.63 a
Dividends paid 0.69 b
Effect of dividend reinvestment* 0.13 c
31 December 2019: NAV per share 5.05 d
NAV Total Return (%) 67.3% =((a+b+c)/d)-1
Share price (GBP) The GBP share price is calculated as the USD share price ÷closing exchange
rate at 31 December 2024.
NAV Total Return
Expressed in percentage terms, is a measure of the investment return earned by
the Company, calculated by taking the change in the NAV over the period in
question and dividing by the starting NAV. This assumes that any dividends
paid in the period are reinvested at the prevailing NAV per share on the
ex-dividend date and that the dividend would grow at the same rate of return
as the NAV per share after re-investment.
The NAV Total Return is calculated as follows:
Total return over period:
31 December 2024: NAV per share 7.63 a
Dividends paid 0.44 b
Effect of dividend reinvestment* 0.04 c
30 June 2024: NAV per share 8.54 d
NAV Total Return (%) -3.63% =((a+b+c)/d)-1
Total return over 3 years:
31 December 2024: NAV per share 7.63 a
Dividends paid 0.44 b
Effect of dividend reinvestment* 0.04 c
31 December 2021: NAV per share 8.54 d
NAV Total Return (%) -5% =((a+b+c)/d)-1
Total return over 5 years:
31 December 2024: NAV per share 7.63 a
Dividends paid 0.69 b
Effect of dividend reinvestment* 0.13 c
31 December 2019: NAV per share 5.05 d
NAV Total Return (%) 67.3% =((a+b+c)/d)-1
Share price (GBP)
The GBP share price is calculated as the USD share price ÷closing exchange
rate at 31 December 2024.
(#_ftnref1)
(#_ftnref2) (1)See Glossary
2 See Alternative Performance Measures
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