London, UK, 19 November 2018
Edison issues review on Vietnam Enterprise Investments (VEIL)
Vietnam Enterprise Investments (VEIL) was launched in 1995 and became a member of the FTSE 250 in July 2017. It is the largest and longest established closed-ended fund focused on investing in Vietnam equities. The fund's objective is to generate long-term capital growth through applying a rigorous, bottom-up approach to selecting companies that can benefit from the underlying secular drivers of the country's growth. Unconstrained by benchmark weightings, the portfolio of 35-40 high-conviction stocks often differs meaningfully from the VN Index. VEIL has generated strong absolute gains over the long term, and over 10 years has delivered annualised returns of 14.2%. The VN Index peaked in April 2018, following which it has corrected c 24% to a level that, according to the manager, presents exciting long-term investment opportunities.
VEIL is currently trading on a discount to NAV of 10.2%, which is narrower than its three-year average of 15.0%. The board is sensitive to the discount and, in June 2018, implemented a small share buyback programme, which appeared effective in restraining the discount to NAV. VEIL's objective is to generate long-term capital growth and no dividends have been paid since its inception.
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