VietNam Holding (ticker: VNH) was launched on AIM in 2006, raising $112.5m at $2 per share. At the time, Vietnamese markets were very much flavour of the month, but that soon changed with the main Vietnam index falling by 80% during the financial crisis. VNH did not fare as badly, although it took until 2015 before its NAV recovered to $2 once again. Vietnam has remained popular with some investors, though, thanks to its fast-growing economy, attractive demographics, and proximity to China. Controversy engulfed the trust in 2017 as a result of undeclared director payments and an ongoing connec...
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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...
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