VinaCapital Vietnam Opportunity Fund (ticker: VOF) was launched in 2003 and recently celebrated its twentieth anniversary. It is one of three Vietnam trusts listed in London, has returned around 11.5% a year in US dollar terms over the last two decades, and has net assets of $1.1bn. As a single-country trust focused on a frontier market, its returns can be quite volatile from year to year. VOF runs a concentrated portfolio with low portfolio turnover and although most of its holdings are listed, its initial investments are usually made either when the businesses are private or it is able to ne...