I’m writing this investor letter on a small island in the Sipoo archipelago. I can see the little ones of the bird families have hatched and are hopping around in their nests, sheltered by their mothers. Out here, even Trump’s tweets don’t matter.
A lot is going on in the world, but there’s good news too: the peace negotiations between the United States and Iran have progressed. With that, inflation expectations have eased, and the likelihood of rate hikes has fallen.
On the Vietnamese market, all the attention is still fixed on the shares of the Vingroup cluster. At the same time, many other companies have gone nowhere, even though they have posted strong results and excellent earnings outlooks.
In this investor letter, I go through some of PYN Elite’s trades over the past year. The portfolio’s banking weight has come down substantially, as we have taken profits from those positions to make room for new investment ideas.
Now some tennis, then the sauna and a dip in the sea
The next PYN Elite subscription date is 31 July 2026.