PYN Elite’s tactically positioned portfolio

The key message of this Investor letter is the composition of the PYN Elite portfolio. The portfolio has been tactically positioned toward banks, brokerages, and aviation. It includes interesting ideas that create opportunities to pursue strong returns. In addition, the Vietnamese stock market is trading at a very reasonable valuation level. The forward-looking P/E for 2025 is around 11, and the valuation based on the entire market’s P/S ratio is only 1.3.

The disruptive tariff policy of the USA makes the year unpredictable, as many things remain shrouded in thick fog – the final tariffs, the slowdown of U.S. economic growth, the U.S.–China relationship, and the Fed’s interest rate policy. Despite all this, Vietnam is pushing forward with initiatives that further accelerate the country’s economic growth. As the portfolio manager of PYN Elite, I am very confident in Vietnam’s future prospects and great market returns.

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.

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