The last Investor Letter of the year is a new edition of Portfolio Manager’s Q&A. This time, the portfolio manager reflects on the fund’s modest returns, but also offers a hopeful perspective on why Vietnam still offers potential for favorable returns in the future.
The debate covers Vietnam’s banks, inflation and the country’s currency, the dong. One crucial question revolves around Vinhomes. The company was one of PYN Elite’s key portfolio holdings a year ago, but this position has since been completely divested. The portfolio manager provides insights into how the funds have been reallocated since becoming homeless.
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.