Investor Letter 1/2020

Unfortunately, in recent days, many other countries have been forced to follow the similar measures already seen in China to curb the coronavirus epidemic. We hope that your relatives survive the globalized coronavirus epidemic without serious consequences and that your older relatives are safe. In these circumstances, we return to the basics of how we cope in our daily lives and how we organize our lives. However, I am not an epidemiologist, but a portfolio manager, so in the attached letter I will not talk about the virus but focus on explaining the effects of the exceptional economic situation with key arguments and figures.

I NEED TO ALERT YOU, THAT ALL DATA IN OUR LETTER IS FROM 13TH MARCH AND LETTER WAS WRITTEN 14-15TH MARCH. AT THAT TIME ONLY SEVEN TRADING DAYS AGO VIETNAM INDEX WAS AT 761. AT THE TIME WE NOW HAVE THIS ENGLISH TRANSLATION AVAILABLE THE INDEX IS TRADING AT 666 LEVEL.

I KEEP SAYING TO MY TEAM, EVEN WITH ALL THE UNCERTAINTIES WE WITNESSED SO FAR, IF I WOULD NEED TO CHOOSE ONE ASSET CLASS AND ONE LOCATION TO INVEST IN, IT WOULD BE EQUITIES AND IN VIETNAM!

Investor letter 1-2020_EN.pdf