Edison review on Vietnam Enterprise Investments

London, UK, 19 November 2019

Edison issues review on Vietnam Enterprise Investments (VEIL)

Vietnam Enterprise Investments (VEIL) is the largest and longest-established closed-end fund focused on investing in Vietnamese equities. The fund aims to deliver long-term capital growth through employing a rigorous bottom-up approach to investing in a relatively concentrated portfolio of 35-40 high-conviction stocks. Over the past 10 years, VEIL has generated annualised NAV and share price returns of 10.3% and 14.0%, respectively. Better than expected Q319 GDP growth of 7.3% suggests Vietnam's economy is relatively resilient in an environment of slowing global economic growth, which has been exacerbated by a trade recession triggered by the US-China trade dispute. Furthermore, the manager is finding plenty of exciting long-term investment opportunities in Vietnam.

VEIL currently trades at a 9.9% discount to NAV, which is narrower than its three-year average of 14.1%. The board actively monitors the discount and has the ability to manage an imbalance of supply and demand for VEIL's shares when deemed to be in shareholders' best interests. Focused on capital growth, the fund has not paid a dividend since its inception.

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