30th Dec 2015 12:27
LONDON (Alliance News) - VinaCapital Vietnam Opportunity Fund Ltd on Wednesday said its net asset value per share was broadly unchanged in the "lacklustre" financial year to the end of June, though it remains confident Vietnam continues to offer good investment opportunities.
The fund, which invests Vietnam-based companies, said its net asset value fell to USD718.7 million at the end of June, from USD771.4 million a year earlier. Its net asset value per share ticked higher, however, to USD3.27 from USD3.24, mainly due to the share buyback programme it has been running since 2011.
The fund said the 2015 financial year was "lacklustre" in terms of returns, with its net asset value per share broadly unchanged. The company is focused on transitioning its holdings to over-the-counter securities and away from equity holdings, but this has been restricted by the slow progress of the privatisation process in Vietnam and a lack of interesting opportunities at a scale and valuation which makes sense for it to invest in.
The fund said it remains confident in the opportunities the Vietnamese market presents, despite the slowdown in economic growth in China, which has dragged on Vietnam along with other countries in the region and in particular on the Vietnamese currency.
Shares in the fund were down 0.9% to USD2.32 on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
VinaCapital Vietnam Opportunity Fund