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
The key message of our Investor letter is as follows: Vietnam’s political and economic future is exceptionally bright, and the country is heading toward success with strong foundations. Given these
PYN Elite has delivered an 18% return in 2024, outperforming the VN-Index. However, in our expectations, we would have assumed much more robust market performance for Vietnamese stocks – and
The Vietnamese market has become too cheap relative to the earnings growth forecasts for this year and next. Although the earnings growth of Vietnamese banks slowed in 2022 and 2023,
The Vietnam stock index has gained about 15% since the beginning of the year, and the market sentiment is cautiously optimistic. Macroeconomic figures have supported the sentiment, and we expect
At the beginning of February, the PYN Elite fund celebrated its 25th anniversary. For the past ten years, the fund has been operating in Vietnam, and during that time NAV