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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Vinacapital Vietnam Opportunity Fund Ld | VOF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 452.00 | 08:47:07 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 452.00 | 451.50 | 453.00 | 452.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 23/10/2023 | Interim | USD | 0.07 | 02/11/2023 | 03/11/2023 | 04/12/2023 |
| 23/03/2023 | Interim | USD | 0.0625 | 06/04/2023 | 11/04/2023 | 11/05/2023 |
| 24/10/2022 | Interim | GBP | 0.067081 | 03/11/2022 | 04/11/2022 | 05/12/2022 |
| 24/03/2022 | Interim | GBP | 0.062279 | 07/04/2022 | 08/04/2022 | 10/05/2022 |
| 25/10/2021 | Interim | GBP | 0.058676 | 04/11/2021 | 05/11/2021 | 06/12/2021 |
| 26/03/2021 | Interim | GBP | 0.043329 | 08/04/2021 | 09/04/2021 | 04/05/2021 |
| 27/03/2020 | Interim | GBP | 0.041517 | 05/11/2020 | 06/11/2020 | 25/11/2020 |
| 27/03/2020 | Interim | USD | 0.055 | 05/11/2020 | 06/11/2020 | 25/11/2020 |
| 26/03/2020 | Interim | GBP | 0.04454 | 09/04/2020 | 14/04/2020 | 01/05/2020 |
| Top Posts |
|---|
Posted at 13/2/2025 09:23 by aleman VOF has a property and financials bias. Hopefully Eximbank's 54% rise in Q4 profit to around $130m bodes well for other financials that VOF might hold. Also, it's plans to further expand into the north of Vietnam bode well.Despite expected US tariffs, the Vietnamese government still targets growth at 8%+ in 2025 and 10%+ in 2026. |
Posted at 07/2/2025 08:03 by aleman Unlisted stocks have got excited and are up about 2.5% this week. VOF have a lot of unlisteds but the weaker Dong this week has taken the edge off. It should be encouraging the locals who drive the Vietnamese markets and smallcaps leading large caps is usually an early sign of a bull market.Discount here is 25.3% at 458p but the markets are up again today. VNI is a 4-month high and Unlisted market is at a 7-month high. It just highlights how far VOF is falling behind the markets and its own NAV. When it turns, it could fly. |
Posted at 18/1/2025 11:42 by aleman Monthly update came out half way through Friday. It's funny how they talk about foreign ourflows as if it is a problem that is nothing to do with them.In 2024, the local stock market was impacted by concerns over currency devaluation, and a general risk-off sentiment towards emerging markets, resulting in over USD3.6 billion in net foreign outflows. However, in December, the rate of foreign outflows reduced to USD110 million versus almost USD470 million net outflows in November. We anticipate that net inflows from foreign investors will return to Vietnam’s stock market as it becomes evident the timing to emerging market ascension becomes clearer in 2025 – 2026. Yet they also talk about buy-backs as if they have helped in the last month when the discount of 23%+ is still much higher than months ago despite selling lots of shares to spend the cash on it. How much? Well, VOF selling accounts for 2% of total Vietnamese foreign selling - probably about 2.5% when you add funding for the dividend. During the calendar year, the fund spent approximately USD 76 million to run the share buyback programme versus USD 29 million spent in 2023 The management have shrunk the fund and been part of the foreign selling which has stopped the market rising more. How can you hope to be a succesful investment fund in the long run by having a policy of selling off all your investments? With dividends and buy-backs, the fund has shrunk over 10% in the last two years. I don't wish to pick on only VOF management, though. They are far from on their own. I'd argue lots of investment trusts are doing this and it is (not so) slowly destroying the industry. Imagine if a new IT launched and said we'll be selling 5% of the underlying investments every year until we get so small we'll have to shut up shop! That is what is happening to some degree all over the place yet all those responsible sing its praises.... |
Posted at 22/12/2024 15:35 by kenmitch I’ve held VOF and VNH for most of this century. VNH is up 27% this year, and 60% since the start of 2023. VOF has disappointed with a flat 2 years, but that’s partly because of the wide discount to NAV. If/when that discount narrows there could be the double plus of a rising share price being given an extra boost via that narrowing discount. So if only wanting to hold one Vietnam Trust, there’s a strong case for VOF now. |
Posted at 25/11/2024 12:21 by kenmitch What is clear is the huge underperformance of VOF compared with VNH for a long time now. VOF is down about 14% from 503p on 26th Nov 2022 to 435p today. VNH is UP 30% from 336p to 402p.A key reason for the big difference is VNH goimg from a big discount to a slight premium recently while VOF as Aleman is pointing out is still at a wide discount. Even allowing fir that VNH performance has been superior but not by that much.This makes VOF the Vietnam choice for me now,but for my already holding both VOF and VNH and both are big successes in my portfolio. |
Posted at 11/11/2024 09:11 by cheap investor Thank you for drawing my attention to VESAF.I just checked the factsheets for VOF and VESAF (September 2024). They don't have the same holdings. For example, ACB is top of the VOF list at 13.9% and it is at just 4.7% in VESAF. More interestingly, they also have different metrics reported on their monthly documents. VESAF give us PE,PB, ROE, yield, portfolio turnover, Sharpe ratio & number of equities. All in a nice table. VOF hide the PE in the text & I don't see PB, ROE or yield. I prefer the VESAF format. |
Posted at 09/9/2024 08:31 by kenmitch Interesting reply hpcg.What stands out is that comment that they were disappointed that their buybacks didn’t work in reducing the discount as long ago as 2015! So why are other Trusts still claiming surprise that their recent buybacks haven’t worked and in some cases have resulted in an even bigger discount! Also VOF spent $214million on buybacks and that large sum only saw a 37cents cumulative accretion to NAV. Haven’t checked but presumably that disappointment is a key reason they are now going for tender offers instead. That’s better for shareholders who get a cash benefit which they don’t with buybacks, but if done regularly it creates the problem outlined by Aleman. I think too many Trusts worry too much about discounts and instead of trying ways like tender offers and buybacks to try and fail to reduce the discount, they would do better to focus on using spare cash investing in their portfolios. Regardless of all this, I ‘ve held both VOF and VNH for most of this Century except for selling temporarily (too late!) in the covid crash. They’ve both proved to be superb investments, albeit with VNH way outperforming VOF. And with promotion to full Emerging Market status from current frontier market coming in time that could well give the share prices a good boost along with, in the case of VOF, of a big narrowing of the discount. Both VOF and VNH could even go to premiums then with imo VOF having the edge because there’s a wider discount to correct. |
Posted at 08/9/2024 15:31 by hpcg kenmitch - in which case the discount to NAV for a trust and by summation many trusts is that investors are not interested in buying them. In which case why should it continue on for years? Why should trusts continue as an investment vehicle at all if people don't want to use them? The NAV per share in VOF has performed much better than VEIL. It has been growing its NAV in absolute terms this year, though the big moves are highly correlated with the market it operates in. It continues to outperform the index. One thing it isn't really doing is getting smaller. It can grow its absolute shareholder equity and reduce its share count at the same time. The company has been able to vastly decrease the share count whilst still growing its absolute size.RNS Monthly NAV "The Company announces that, for the month ended 31 October 2018, its unaudited, estimated NAV was USD 989.28 million or USD 5.26 per share. The Sterling equivalent as at that same date was GBP 774.27 million or GBP 4.11 per share." Market update and NAV RNS "VinaCapital Vietnam Opportunity Fund Ltd ('VOF', the 'Company') announces that on 23 May 2014, pursuant to the share buyback authority granted to the Company's Board of Directors on 25 October 2011, Visaka Holdings Limited, a wholly-owned subsidiary of the Company, purchased 410,875 Ordinary Shares of USD0.01 each at an average price of USD2.3136 per share. Following this transaction, VOF has spent USD163.4 million overall repurchasing 85,150,086 shares which are held as treasury shares and have reduced the total voting rights in the Company to 239,460,173. The total number of shares acquired since November 2011 represents 26.23 percent of the Company's 324,610,259 ordinary shares in issue. As a result of the Company's share buyback programme, VOF has recorded USD0.33 in cumulative accretion, equating to an 11.1 percent benefit to VOF's net asset value per share." Passage from the 2015 annual report: "Every statement I have written has contained an expression of disappointment that the discount to NAV remains too high. This year’s is no exception. While we have continued to buy shares back and the Investment Manager has taken an active approach to spreading the ‘VOF message’, the impact has been less than your Board would like. This year, we bought back USD47.3 million of stock, adding 5 cents to NAV per share and, since the inception of the buyback programme in November 2011, the total value of shares bought back amounts to USD214 million with a cumulative accretion to NAV per share of 37 cents." |
Posted at 19/2/2024 12:24 by kenmitch VOF has been a fabulous investment. I’ve held it almost from the start except for temporarily selling during the 2008 banking crisis and the 2020 covid crash. Have a look at the long term chart. It has 9 bagged from the lows.The recent underperformance looks a great buy opportunity as VOF has way underperformed VNH and VEIL this year for no obvious reason. I posted why VOF looks a very tempting buy now on subscription site Stockopedia and to save time have copied part of it below. There is one error in it which a poster there pointed out. The discount has been even bigger than the current 24% in the distant past, when the attractions of investing in Vietnam were even less recognised by UK investors. When eventually UK investors DO wake up to the Vietnam opportunity (perhaps not until Vietnam gets official Emerging Markets status) it’s likely that VNH, VOF and VEIL will do very well and the present discounts could well go to premiums to put an additional rocket under their share prices. BUT right now it’s VOF that looks the one to go for. Here’s that extract arguing why:- “Why is VinaCapital Vietnam Opportunity Fund (LON:VOF) THE stunning buy now? 1. The main Vietnam index is up 11% so far this year. VinaCapital Vietnam Opportunity Fund (LON:VOF) NAV is also UP 29p since January 2nd from £5.55 then to £5.84p today. BUT despite that NAV gain the share price is DOWN from £4.55 on Jan 2nd to £4.42. AND the discount to NAV is now exceptionally wide at 24%!! So the share price fall this year is NOT because of poor performance. It’s mainly because the discount to NAV has widened even further. I can’t recall in years of holding VinaCapital Vietnam Opportunity Fund (LON:VOF) the discount to NAV being SO high! If VOF was an open ended fund investors would have to pay the full £5.84 NAV price. Instead they (you?) can buy it at a bargain discount price of “25% off” £4.42p. 2. In contrast the other 2 Vietnam Trust share prices have done much better this year and unlike VinaCapital Vietnam Opportunity Fund (LON:VOF) have gone UP since Jan 2nd. Vietnam Enterprise Investments (LON:VEIL) £5.87 now and up from £5.55 on Jan 2nd. NAV is up from £6.80 on Jan 2nd to £7.21 now. The discount is 18%. VietNam Holding (LON:VNH) £3.75p and well up from Jan 2nd £3.25p. NAV is £3.81p. The discount is now just 3% (much lower than normal) AND unlike the other 2 VNH looks fully valued for now. The share price gain since Jan 2nd is partly because the discount has narrowed so much. That’s is SHARP contrast to VinaCapital Vietnam Opportunity Fund (LON:VOF) where the share price fall is because the discount has widened to extreme levels. Hence VinaCapital Vietnam Opportunity Fund (LON:VOF) looking such a tempting buy now. Finally; it might not be too much longer before Vietnam becomes officially an Emerging Market. It’s presently categororised as a frontier market. That promotion if and when it comes could see Vietnam seeing much wider investment interest. AND the current discounts could go to premiums then. I.e there’s also a strong longer term case for investing in emerging Vietnam where more and more big Companies (like APPLE) are moving production to Vietnam, and that’s often from CHINA and TAIWAN. I hold both VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH).” |
Posted at 18/9/2023 15:43 by kenmitch More nonsense unfortunately arja.Of course I know what is meant by dividend yield as any even half competent investor will know. Accusing someone of not knowing something when you can’t possibly know what they do or don’t know is unwise. The main focus of my investments for multiple years has been on big dividend paying shares and Investment Trusts. e.g I hold several in this very high dividend paying Investment Trust sector:- As for the modest VOF dividend; of course I realise the yield is low. I was just pointing out that it was the only one of the 3 Vietnam Trusts paying a dividend. EDIT. Unfortunately for anyone looking to follow up this post, the link above to the “commercial property UK”page has defaulted to the wrong page" . Just search for it via the AIC sectors heading or key in AEWU which is one of several I hold and that will bring up the aic link for all the their UK Commercial Property Trusts. There are some stunning bargains there on very big discounts and dividends up to 10% (AIRE eg). but beware RGL as their displayed 15.9% dividend yield has just been cut and aic haven’t adjusted it yet. |
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