Vietnam Enterprise Investments Ltd Edison reviews Vietnam Enterprise Investments
May 21 2019 - 5:30AM
RNS Non-Regulatory
TIDMVEIL
Vietnam Enterprise Investments Ltd
21 May 2019
London, UK, 21 May 2019
Edison issues review on Vietnam Enterprise Investments
(VEIL)
Vietnam Enterprise Investments (VEIL) was launched in 1995 and
is the largest closed-ended fund focused on Vietnam. In July 2017,
it became a member of the FTSE 250. VEIL aims to generate long-term
capital growth by following a bottom-up approach, unconstrained by
the benchmark, to find high quality companies that are attractively
valued. Although the fund's NAV total return has lagged the VN
Index over one year, VEIL has a strong longer-term performance
track record, delivering annualised NAV growth of c 26% and 20%
over three and five years respectively. The manager believes
sustained economic growth in Vietnam offers exciting long-term
investment opportunities and valuations are now more reasonable
following a sharp correction in the VN Index in 2018.
VEIL currently trades on a discount to NAV of 15.0%, which is
slightly wider than its three-year average of 14.4%. The board is
sensitive to VEIL's discount relative to similar single-country
investment companies investing in Asia. Focused on its objective to
deliver capital growth, VEIL has not paid a dividend since its
inception.
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