London, UK, 19 December 2019
Edison issues review on VinaCapital Vietnam Opportunity Fund (VOF)
VinaCapital Vietnam Opportunity Fund (VOF) is a well-established, FTSE 250 Vietnam specialist fund that invests primarily via privately negotiated deals, with four major deals recently signed or close to completion. The manager takes a fundamental, bottom-up approach and invests on a medium-term view, which leads to many holdings becoming listed while in the portfolio. Longer-term NAV total returns have been good; VOF's 10.9% pa return over 10 years compares favourably with the VN Index's 10.5% pa return. The manager expects global stock markets will remain volatile - influenced by prospects for US interest rates and the US administration's focus on trade protection - which he believes increases the importance of private deal sourcing in generating attractive returns.
The board has taken a number of actions since 2016 to support VOF's share price discount to NAV narrowing. The current 13.8% discount is lower than its 15.2% to 19.9% averages over one, three and five years, but wider than the 8.7% peer group average. VOF started paying regular dividends in 2017; its current 2.6% yield is the third highest in the peer group.
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