Edison review on Vietnam Enterprise Investments

London, UK, 25 January 2021

Edison issues review on Vietnam Enterprise Investments (VEIL)

Vietnam Enterprise Investments (VEIL) is the largest and longest-established Vietnamese equities closed-end fund. The last quarter of 2019 and most of 2020 marked a period of portfolio repositioning for the fund. The team sold 14 holdings, and bought two, making the portfolio more focused (28 stocks at end 2020 versus 41 at end Q319) but better balanced by market cap as well as domestic and international business exposure. Over H220 the performance has picked up, with NAV total return of 28% versus 24% for the VN Index, after marginally lagging the benchmark over the past three years. The trust is well positioned for longer-term investors looking for an exposure to the fast-growing Vietnamese economy via a relatively large and liquid listed equities vehicle.

VEIL's discount to NAV narrowed considerably over Q420, and currently stands at 6.0%, narrower than its three-year average of 12.7%. There is scope for this discount to reduce further over time if Vietnam's economic recovery and prospects can attract broader investor interest, and VEIL delivers a solid performance. 

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