Edison issues update on VietNam Holding (VNH)
London, UK, 1 August 2022
Edison issues update on VietNam Holding (VNH)
VietNam Holding (VNH), managed by Dynam Capital (Dynam), a Vietnamese equities closed-ended fund, has given away some of its performance gains of the past two years during the challenging H122. While down 10.5% year to date, VNH's NAV outperformed its benchmark VN All Share Index (VNAS, -14.6% TR). Over the past three years, VNH returned c 69% on a NAV total return (TR) basis to end-June 2022, after the current investment manager took over in 2018, outperforming the VNAS Index (c 50% TR) over this period. Despite the current gloomy global macroeconomic outlook, the manager expects VNH's robust portfolio to withstand the uncertain times and pick up momentum when the global economy turns the corner. The ESG principles embedded in the investment process support the quality of the portfolio holdings.
We believe this country specialist fund offers investors exposure to a high-growth frontier market with conviction stock across the market cap spectrum, which can be held as part of a global growth portfolio. VNH's NAV has outperformed the VNAS and MSCI EM indices over one, three, five and 10 years. VNH's board is proactive and, having listened to shareholders, executes tender offers and share buybacks to manage the discount, as it deems necessary. Between November and December 2021, the discount to NAV narrowed from c 15% to c 5%, but volatile equity markets in H122 saw the discount widening to the mid-teens again.
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