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.