VinaCapital Vietnam Opportunity Fd. Edison issues update on VinaCapital VOF
02 Agosto 2023 - 3:00AM
RNS Non-Regulatory
TIDMVOF
VinaCapital Vietnam Opportunity Fd.
02 August 2023
London, UK, 2 August 2023
Edison issues update on VinaCapital Vietnam Opportunity Fund
(VOF)
VinaCapital Vietnam Opportunity Fund's (VOF's) sterling net
asset value (NAV) per share decreased by 8.8% over the year ending
June 2023 in total return (TR) terms, outperforming the Vietnam VN
Index and its direct peers in a tough environment. The Vietnamese
economy recently experienced headwinds from a liquidity crunch in
the real estate industry, which represents roughly a fifth of
Vietnam's equity market capitalisation and a fourth of VOF's NAV,
as well as from slowing exports. That said, the downside
protections embedded in many of VOF's investments provide the fund
with a certain cushion against these real estate sector challenges.
VOF's shares trade at a 14% discount to NAV (broadly in line with
the long-term average) and offer a 2.6% dividend yield.
VOF is an attractive play in Vietnam's long-term growth story,
while at the same time offering downside protection during periods
of short-term market headwinds through structuring investments on
private terms (c 80% of VOF's investments have been initially made
into private companies). In addition to a layer of safety, these
arrangements often include terms that generate recurring income and
therefore assisting VOF's dividend payments.
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