Portfolio turnaround companies

VEA’s associate company Honda announced January sales number yesterday: 277,000 Honda mopeds. The number is very good, because now monthly sales came back to pre-corona level. Also, VEA’s car manufacturing associate companies Toyota, Ford and Honda are expected to have a brisk sales in 2022 after challenging two years.

Also, other PYN Elite Portfolio turnaround companies have positive announcements. The airport company ACV`s situation turned for the better, when Vietnam opened international routes after a two-year halt.

The shopping mall operator VRE said that during the last quarter of the year, all 80 shopping malls had been utilized. Footfall recorded bottom in September 2021 during the corona-lockdown, and since then the number has been increasing monthly. This year VRE will open 3 large new malls, which indicates the confidence of the company’s management that the business situation will return to normal during 2022.

Important information regarding the text and the Fund

The material presented in this text is based on PYN Fund Management’s view of markets and investment opportunities. PYN Elite Fund (non-UCITS) invests its assets in a highly allocated manner in frontier markets and in a small number of companies. This investment approach involves a larger risk of volatility compared to ordinary broadly diversified equity investments. The value of an investment may decline substantially in unfavorable market conditions or due to an individual unsuccessful investment. It is entirely possible that the estimates of economic development or a company’s business performance presented in this presentation will not be realized as presented and they involve material uncertainties.