5/5/2023 0 Comments Office 2019 crack vietnam![]() 2022 has been a very challenging year for investors globally, and we look forward to better results in 2023. I would like to thank all our shareholders, old and new, for their continued support of the Company. The Manager will continue to seek both sustainable outperformance and strong risk adjusted returns through its active management of our concentrated portfolio of well-researched researched companies. For example, how reform of the nascent bond market could provide some respite for the real-estate sector in Vietnam, or how the recent government resignations related to corruption scandals can instil some added trust in the country's leadership. The Manager also explains how Vietnam can achieve growth despite weakness in the global economy. Additionally, as detailed in the Manager's Report, the market appears to be at historically cheap levels of valuations accompanied with good growth prospects. Investors are starting to return to the country's stock markets, with net inflows recorded for the first time since 2019. ![]() Although 2022 was a record year for Vietnam's economy, - with its decade high levels of GDP growth (8%), record levels of Foreign Direct Investment, and unmatched trade surplus - it was not a great year for equity investors.ĭespite continuing uncertainties globally, 2023 could prove finer for Vietnam. The Manager is also continuing its proactive engagement with the Fund's portfolio companies and participation in an ESG conference in Vietnam in May.Ģ022 marked an important milestone in modern history when as many parts of the world, including Vietnam, were going "back to normal" after two years Covid-19 restrictions, Russia's invasion of Ukraine threw the world into further uncertainty. This helps explain why the Fund received two five stars in the UN PRI transparency report and delivered outperformance in the estimated level of Carbon Footprint against the VNAS. We were particularly pleased to witness first-hand the progress the Manager is making with regards to its Environmental, Social and Governance ("ESG") goals. The Board has kept a very close eye on developments in Vietnam during the last six months having travelled to the country both in June 2022 and March 2023 to meet with the Manager's research team and portfolio companies. Current practice is that shares bought back are cancelled. The Share buyback authority was renewed by the Shareholders at the AGM in October 2022, allowing up to 14.99% of the Company's issued shares to be bought back. ![]() During the period in review, the Company bought back 505,037 shares at an average price of USD 3.248, adding an estimated 0.26 % in NAV per share accretion. In addition to the Investment Manager's continuing communications initiatives, the Board made appropriate decisions for implementing share buybacks as a means of addressing the discount between the share price and the NAV. Total Comprehensive Loss was USD 21,831,338 in the six-month period, a significant decrease on the Total Comprehensive Income of USD 17,235,713 generated in the corresponding period in 2021. During that period the Fund maintained its outperformance on a one, three, five and ten-year basis.Īs a result of the decline in market value of the Fund's listed holdings, Total Assets decreased to USD 105,983,143 as at 31 December 2022, from USD 129,177,449 at 30 June 2022. For the calendar year that ended on 31 December, the Fund's NAV per share declined by 30.1% against a 39.8% decline in the VNAS. The net asset value ("NAV") per share declined by 16.8 % in US dollar ("USD") terms during the period versus a decline of 20.5% in the Vietnam All Share Index ("VNAS"). VietNam Holding Limited (the "Company" or the "Fund") outperformed a falling equities market during the first six months of the financial year. ![]()
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