Vinacapital Vietnam Oppo... Share Discussion Threads

[skyship] 09/2/2020 15:20

Added to my Monitor, but will wait awhile yet until things become a little clearer...

[essentialinvestor] 09/2/2020 14:51

Bought a very small amount last week, might add a few lower, depending on price.

[andyj] 08/2/2020 06:14

https://tuoitrenews.vn/news/business/20200208/vietnam-faces-loss-up-to-77-billion-in-tourism-due-to-china-s-coronavirus-state-media/52900.htmlThe economic impact of the virus on tourism here. And we have one of the lowest numbers of cases in the region...so far.

[andyj] 07/2/2020 14:17

Of the three Vietnamese funds, I have a slight preference for the rarely mentioned VNH. There is some overlap between the holdings, but they are IMO more likely to benefit from the rising middle classes. On the downside there is no dividend and the charges are expensive at 2.88%. Even so, worth considering, although not in the current climate.

[essentialinvestor] 07/2/2020 12:52

On investment in unquoated companies, you can make outsized returns,
however the quality of decision making is absolutely key.
Arguably more so than running a listed equity book. Mistakes tend to be magnified -
and the reverse applies.

[essentialinvestor] 07/2/2020 12:48

Andy, no reported cases in Indonesia!.

Next week will be key in terms of discovering if we are facing major outbreaks in other countries,
or just sparodic cases. Hopefully the later.

[andyj] 07/2/2020 10:40

Singapore has raised the alert to Orange, the same as SARS, after several cases of h2h local transmission.https://www.moh.gov.sg/news-highlights/details/three-more-confirmed-cases-of-novel-coronavirus-infection-in-singaporeVietnam continues to prepare. D1 the city centre of Saigon has been noticeably much quieter and everywhere temperature checks are in place and face masks are worn. Every morning loudspeakers announce the importance of hygiene....and using mouthwash. For the moment we have remarkably few cases here. That could change.

[shaker44] 07/2/2020 00:46

Each of us have our own investment preferences and personally, in a market/country/economy like Vietnam, I am happy for VoF boots on the ground to use their contacts and skillset to add a mix of pe to their portfolio.

[essentialinvestor] 06/2/2020 23:10

The points you raise are valid. Can unquoted assets be more difficult to value?, Yes. And potentially more difficult to sell, Yes.

[essentialinvestor] 06/2/2020 18:51

Some of the frontier markets looked set for a nice 2020 and then ...

The big uncertainty is whether cases outside of China mushroom.
So far they have thankfully remained very low, think we may need
another 2 weeks approx for this to become clearer.

[tournesol] 06/2/2020 18:28

Some rather curmudgeonly and myopic reaction to my prior comment.

I wasn't suggesting any involvement of Woodford, or any problems like the OEIC's needing to fund redemptions.

The simple point I was making was that investments in quoted securities are easy to value and easy to exit.

Investments in unquoted securities (aka private equity) are difficult to value and can be prohibitively difficult to sell.

I referenced Woodford merely as an example of someone investing in illiquid/unquoted securities and then finding themselves unable to exit from them in a timely and orderly manner.

If VOF are shifting over to private equity and away from quoted securities, I will have to reconsider their inclusion in my portfolio.

[andyj] 06/2/2020 09:59

Schools in Vietnam now closed for a further week.

[woracle] 06/2/2020 07:29

Its worrying that some in here worry about liquidity of assets ala Woodford. This is an investment trust. We could have a deluge of sellers but VOF still wouldn't need to liquidate any assets.

[1tcm1] 05/2/2020 20:04

Woodford has nothing whatsoever to do with VOF. So what “facts” are you talking about?

[tournesol] 05/2/2020 18:52

Johnwig

Do you feel better after that ill-tempered outburst?

Have you ever considered checking your facts before you sound off?

[essentialinvestor] 05/2/2020 17:52

Cronovirus outlook will hopefully be clearer in a week or so.
Singapore cases beginning to rise, however reported numbers outside of China
remain thankfully very low. Next week to 10 days crucial would think.

[tournesol] 05/2/2020 17:22

Shaker

Presumably a move into PE will make it more difficult to value the underlying assets?

And presumably also more difficult for VOF to sell them if they perform badly. Thoughts of Woodford's various trusts/funds come readily to mind.

[shaker44] 05/2/2020 17:12

I hadn't read the vof monthly write ups for a while or I would have known they are disaffected with the market index and moving steadily into private equity deals. (Note to self: keep up!).
This feels like a good move. They have had a good run since I bought a few years back but a poor 2019 and I feel encouraged by their changed strategy

[essentialinvestor] 05/2/2020 16:45

There are also frontier funds to spread country specific risk as most will be aware.

[johnwig] 05/2/2020 16:40

I was talking to a Czech guy in the States last weekend. He'd been helping with his construction skills on projects mainly in the Far East but in the last few years specifically in Viet-Nam. He echoed exactly what Andy is saying, that the country has a glut of empty housing projects. He put it down to the ease of raising funds from the Government without too many questions asked.

Since he was going back there today he wasn't willing to talk much about the corruption but talked a lot about the 'China problem' and their imperialistic ways in Viet-Nam. He'd also worked a lot in China and thought that in the longer term the economic graph would rise more steeply in Viet-Nam because of their innate energy, but on a very different scale of course.

He was bemused that I was invested (in a very small way) in both VEIL and VOF but thought that with patience I would be rewarded. I'm sticking in there because that is my style anyway. The Coronavirus problem will likely affect the country (as many others) but in all probability and with luck it will be short-term.

[essentialinvestor] 05/2/2020 15:35

Andy, many thanks for detailed rep!y, much appreciated.