VN-Index is ticking up

The Vietnam stock index has gained about 15% since the beginning of the year, and the market sentiment is cautiously optimistic. Macroeconomic figures have supported the sentiment, and we expect to see brisk growth in listed companies’ earnings this year. During the last few months also the banks have indicated positive expectations of economic growth due to accelerating lending.

This Investor Letter focuses on the PYN Elite portfolio companies’ outlook and our expectations for their businesses. We also want to share with you the new ideas in the portfolio.

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.