5th Nov 2021 17:19
Vietnam Enterprise Investments Ltd - closed-end fund focused on investing in Vietnamese equities - Says net asset value in first nine months of 2021 grows 38%, outperforming VNI Index, which adds 25% in same period.
Portfolio Manager Dien Huu Vu says: "It was a challenging third quarter in Vietnam, with lockdown starting a week into July and ending the day after the quarter finished. The Vietnam Index hit record highs earlier in the quarter before declining sharply and recovering throughout the following months.
"The fund used this as an opportunity to acquire stakes in companies we believed to be oversold, including attractively priced block trades discounted to their market price. One of the reasons VEIL is able to execute such deals is due to its size - as the largest investment fund in Vietnam, the fund is sometimes the only buyer capable of taking entire blocks from larger investors."
Current stock price: 770.00 pence
Year-to-date change: up 41%
By Paul McGowan; [email protected]
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