We are still excited about the upside potential

— 16.12.2021

We are still excited about the upside potential for the Vietnamese stock market. Here are the keynotes of our new Investor Letter:

  • PYN Elite has performed well, but the big-cap companies are lagging.
  • Strong earnings growth is expected for the period of 2022-2024.
  • We raised our target level for the VN-Index. The new target is 2,500 points.

The COVID-19 pandemic that has now lasted nearly two years has created challenges not only in the daily life of families but also for workplaces and businesses.

Nevertheless, for investors, the period of the pandemic has turned out to be better than expected in terms of returns, as central banks and national governments have maintained high liquidity in the financial markets and reference interest rates have been kept at a historically low level for a record-long time. PYN Elite has generated a return of +76 percent during this two-year period. The performance has been uneven among our holdings, and we have also taken profits from many positions and reallocated those funds.

Read more about our views, the new VN-Index target, and the PYN Elite portfolio from the Investor Letter.

 

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.

 

Investor Letter.pdf