Investor Letter 3/2019

Vietnam Solid Data, No Tense, No Jittery

• PYN Elite’s key holdings (82% of the portfolio) valued at P/E 7.1 for 2021.
• Vietnam has the highest number of free trade agreements.
• Vietnam’s official GDP adjustment will result in increased investments by the government.
• Listed companies show an annual earnings growth of +15–20%.
• VN Index target upgraded to 1,800 points.
• Vietnam to be included in MSCI’s Emerging Market review list for upgrade within three years.

More about these topics and PYN Elite portfolio in our latest Investor Letter.

Investor Letter 3 2019 English.pdf