Edison issues update on VietNam Holding (VNH)
London, UK, 26 October 2022
Edison issues update on VietNam Holding (VNH)
VietNam Holding (VNH) seeks to capture the growth of Vietnam through an actively managed, high-conviction portfolio of companies. In its October 2022 report, the IMF upped its 2022 GDP growth forecast for Vietnam to 7% from 6% three months ago, while it expects the world to grow at 3.2%. Vietnamese growth paves the way for the continued expansion of domestic consumption and Dynam's investment team chooses a tightly focused selection of businesses set to benefit from the positive demographic, industrial and urbanisation trends. VNH greatly differentiates itself from global equities and, despite the recent market weakness as Vietnam was not immune to the global markets' sell-off, has strongly outperformed the MSCI AC World Index over the current manager's tenure (over four years).
We believe this country specialist fund offers investors exposure to a high-growth frontier market with conviction stock ideas across the market cap spectrum. VNH has 23 holdings and the top 10 make up c 66% of the portfolio (at end-September 2022). VNH's performance relative to the index can be volatile, as it has been over the past 12 months. Despite the current gloomy global macroeconomic outlook, the manager expects VNH's portfolio to withstand the uncertain times. The team aims to use the c 11% cash within the portfolio to buy into emerging opportunities for the performance to pick up momentum when the global economy turns the corner.
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