VinaCapital Vietnam Opportunity Fund Company Research (VOF)

Over the 12 months to end-March 2025, VinaCapital Vietnam Opportunity Fund (VOF) reported a 4.7% decline in NAV per share on a sterling total return (TR) basis, driven predominantly by profit taking in some of VOF’s largest holdings. The fund underperformed the VN Index, which posted a 2.4% loss (affected by US dollar weakness, with the US dollar return being a modest 0.4%), over the 12-month period, while it remains ahead of the index over the long term (outperforming by 1.3pp per annum over the last 10 years). In April, the US’s tariff announcement led to a market sell-off, and currently the VN Index is 4% and VOF’s NAV 5% lower than end-March. VOF’s active engagement with investee companies can support them in navigating more turbulent times.