Vietnam’s growth outlook has strengthened further

The new target for the VN Index is 3,200 points. Vietnam’s fresh leadership is pursuing even stronger economic growth, supported by substantial public spending. Several mega-scale infrastructure and development projects are moving forward. These measures are to boost domestic demand for several years, and it is reasonable to expect meaningful support to companies’ earnings growth as a result.

Vietnam’s market consensus 2026 P/E of approximately 10x remains too attractive to be ignored. I therefore made a substantial additional subscription in November.

The next PYN Elite subscription date is 31 December 2025.

Investor Letter

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. This publication is not meant to be read or distributed in Vietnam.

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