Vietnam’s interest rates declined significantly

— 27.07.2023

The NAV of PYN Elite has shown positive performance during the current year. The year 2023 began with a NAV value of 395 and the latest figure has exceeded 443. Since the beginning of the year, there has been a return of 12%. Vietnam’s economic growth rate remained sluggish during the first half of the year, with GDP growth reaching only 4%. The earnings growth of listed companies recorded numbers below the normal pace.

We expect that the direction of the stock market is however still upward, as Vietnam’s interest rates declined significantly during the spring, and the decreasing interest rates will provide further momentum to Vietnam’s economic growth as the year progresses. By autumn, the interest rates are expected to reach a level of 6%. We also anticipate that the earnings growth of listed companies will accelerate, and the reallocation of funds back into the stock market will continue.

Important information regarding the text and the Fund

The attached publication is marketing material and should not be regarded as a recommendation to subscribe or redeem units of the PYN Elite Fund. Before subscribing please familiarize yourself with the Key Information Document, the Prospectus and the Rules of 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.

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