London, UK, 2 November 2023

Edison issues update on VietNam Holding (VNH): Consistently outperforming the market

VietNam Holding’s (VNH’s) net asset value (NAV) per share increased by 4.2% over the 12 months ending September 2023 in total return (TR) terms in sterling, ahead of the VN Index (8.6% loss) and its direct peers (6.8% loss). In the current environment, the manager favours companies in the financial sector, which represents 42% of the portfolio and should benefit from the revival of stock market activity and increase in global demand for ‘made in Vietnam’ products. Vietnam’s stock market is now experiencing a rebound, as retail investors are returning and liquidity is increasing, after a weak 2022 driven by problems in the real estate sector.

According to Dynam Capital (the investment manager), VNH’s nimble size, compared to its two London-quoted peers (Vietnam Enterprise Investments and VinaCapital Vietnam Opportunity), allows the manager to be relatively more dynamic within the investment environment. Over the five years to end-September 2023, VNH significantly outperformed Vietnam’s equity markets, highlighting the investment manager’s stock picking expertise. Recently, the VN Index has lost its recovery from the lows of late 2022 (ytd performance is currently flat), and Vietnamese stocks provide an attractive entry point as they trade at 9.3x forward earnings – 30% below their 10-year average. 

   
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