Vietnam Enterprise Investments Ltd Edison reviews Vietnam Enterprise Investments

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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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May 21, 2019 05:30 ET (09:30 GMT)