PYN Elite 25 years Anniversary

At the beginning of February, the PYN Elite fund celebrated its 25th anniversary. For the past ten years, the fund has been operating in Vietnam, and during that time NAV has doubled. We consider this return moderate and believe that in the next few years, the strength of Vietnam’s economy and the stock market may cause extremely positive surprises.

Recently, I participated in an event for institutional investors organized by the Vietcap Investment Bank. In the panel, I was asked what should be done to get VN-Index up this year. My response was simple: Nothing.

All the elements for the rise of the VN-Index are already in place: profit growth, brisk economic outlook, low debt, attractive equity valuations and a favorable trend in the financial markets.

You can read the first investor letter of the year 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.