We have experienced a lot of headwinds in Vietnam during the last 12 months. However, we expect things will be turning during the next 12 months. From now on, the recovery rate will be determined by the Vietnamese market earnings growth outlook, money market liquidity and interest rates levels.
The Vietnamese stock exchange hit bottom in November 2022. The market is now consolidating before a new bull run.
Read the new Investor letter here.
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.
Investor letter 1-2023.pdf