VinaCapital Vietnam Opportunity Fund (LON:VOF) is one of the largest specialist Vietnam funds. VOF invests primarily in public and private equity, with a smaller percentage in real estate. Management believes the fund’s key differentiator to be the access it offers to off-market deals. VOF provides broad exposure to Vietnam’s economic growth prospects. It focuses on domestic sectors that are well positioned to benefit from continued urbanisation and investment-led economic development, most notably consumption, construction, infrastructure and real estate. In November VOF appointed Frostrow Capital to act as its marketing and distribution partner in the UK, with the aim of enhancing the fund’s engagement with current and potential shareholders, financial advisers and fund analysts, increasing liquidity in the shares and narrowing the discount to NAV.
Investment strategy: Diverse domestic exposure
VOF invests on a medium-term view across a range of industry sectors and asset classes, including public and private equity, property and fixed income. It is an opportunistic fund not constrained by a benchmark or asset class allocation. Investments are selected to target growth on the basis of the best risk-adjusted rates of return. The manager favours a concentrated, high-conviction approach to listed equity, and is also looking to increase the allocation to private equity. VOF has entered into many IPOs, privatisations, placements and privately negotiated deals.
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