PYN Elite rose 5.4% in May, led by HVN, GEX, and brokers. The VN Index gained 8.7%, with 40% of the increase from Vingroup and Vinhomes, fueled by strong retail
The key message of this Investor letter is the composition of the PYN Elite portfolio. The portfolio has been tactically positioned toward banks, brokerages, and aviation. It includes interesting ideas
Following a 16.2% drop, the market rebounded over the rest of April on tariff deferral and strong Q1 results. VN-Index closed -6.2%, while PYN Elite -4.5% MoM, supported by gains
PYN Elite’s portfolio manager, Petri Deryng, publishes a comprehensive Investor Letter four times a year, reviewing the Vietnamese market and often also global markets.
TOTAL RETURN
cumulatively on PYN Elite since the inception on 1.2.1999 until 30.5.2025. The average annual return is 15.8%.
MILLION EUROS
of assets under management in PYN Elite Fund in May 2025. PYN Elite is the largest investment fund registered in Finland, investing in Asian equities.
YEARS
of experience in the Asian stock market, and also the equity fund managed longest by the same portfolio manager in Finland.
EQUITY INVESTMENT
ALLOCATION IN VIETNAM
PYN Elite has been investing in Vietnam since 2013 and today all of our equity investments are in Vietnam, which is among the fastest-growing economies in Asia.