Last checked at 
16 Mar 2020 15:50
London, UK, 16 March 2020
Edison issues review on VietNam Holding (VNH)
VietNam Holding (VNH) aims to generate long-term capital growth through investing in companies listed in Vietnam, employing a fundamental approach. The fund has undergone significant changes since September 2017, including the appointment of a new board and management company, to address previous governance and performance shortcomings. The wide discount to NAV partly reflects these historic issues, and has been amplified by weak investor appetite for Vietnam equities due to uncertainties such as the impact of the coronavirus outbreak. The restructured VNH may provide long-term investors with the opportunity to participate in Vietnam's strong medium- to long-term economic prospects, with the potential of a narrowing discount should some of the above concerns be alleviated.
VNH's current 23.1% discount to its NAV is appreciably wider than the three-year average of 16.0%. The portfolio also has potential hidden value that is not fully reflected in the NAV, due to Vietnam's foreign ownership limit (FOL) rules. There are multiple drivers that may help the discount to narrow, including improved performance under the new manager, and a turnaround in investor sentiment.
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