VOF
| Share price | 325 |
| Daily % Change | -1.52% |
| NAV per share USD | 5.62 |
| NAV per share GBP | 4.31 |
| Total NAV USD (in billions) | 1.064 |
| Total NAV GBP (in millions) | 816.1 |
| Published NAV date | 30 September 2018 |
Dividend
| Interim dividend (USD) | 5.5 cents |
| Declaration date | 24 Oct 2018 |
| Record date | 2 Nov 2018 |
| Payment date | 30 Nov 2018 |
| Go to Dividend Declaration | |
With strong GDP growth, a stable macroeconomic environment, increasing exports, and record levels of foreign direct investment, it is easy to see why Vietnam is considered among the world’s most exciting markets. Half of the population of 95 million is under age 35, and an expanding middle class has created a compelling domestic consumption story that has attracted the attention of companies from around the globe.
VOF gives investors access to a range of carefully selected investments in the listed and private companies that are participating in, benefitting from, and driving the sustainable growth Vietnam is experiencing today.
Latest commentary from our fund manager
September: Strong month led by VN30
September was a strong month for the stock market, with the Vietnam Index (VN Index) up 2.7% and the fund’s net asset value (NAV) per share rose to USD5.62/share, an increase of 3.1% month-on-month (m-o-m). VOF’s discount rate narrowed to 18.7% as at end of September 2018.
The market rally was led largely by the large caps as represented by the VN30 (the 30 largest stocks as ranked by free float, adjusted market cap, and liquidity), which rose 2.6%. Leading contributors included Sacombank (STB), Vinamilk (VNM), and Hoa Phat Group (HPG) with VNM and HPG held in VOF’s portfolio. Meanwhile, GAS rose 12.3% due to the increase in Brent oil prices (8% m-o-m increase, or 23% year-to-date). We do not hold GAS given our general preference to not invest in commodities.
The stocks that make up the VN30 are popular with foreign and domestic investors alike, and there is a domestic ETF that is based on the VN30 with assets under management of approximately USD190 million. The VN Index’s performance closely mirrors that of the VN30. However, only one-third of our listed portfolio (the stocks of which were largely entered via private equity, equitisations, or PIPEs*) is comprised of stocks in the VN30, and it is not our strategy to increase the overlap with the VN30 or the VN Index as a matter of principle.
