News

VN INDEX BOTTOMING OUT: –43% IN TWO YEARS

The US stock markets crashed 57% from their peak levels during the 2008–2009 financial crisis. The 1929 stock market crash was a similar magnitude of 50 %, but it was followed by a banking crisis that lasted around three years,…

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Investor Letter 1/2020

Unfortunately, in recent days, many other countries have been forced to follow the similar measures already seen in China to curb the coronavirus epidemic. We hope that your relatives survive the globalized coronavirus epidemic without serious consequences and that your…

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February 2020

February was a turbulent period for global stock markets when more cases of people infected with the Coronavirus were reported in Korea, Italy and other regions. VN Index declined 5.8%, caused by VIC (-8.2%), SAB (-22.2%) and BID (-11.7%) while…

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ALL IN!

The Vietnamese market was attractively priced even before the stock market slump caused by the coronavirus. Vietnamese listed companies have seen good earnings growth, but the index has been consolidating and getting ready for a further take off for a…

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A month with Coronavirus

The coronavirus has brought VN Index from 990 level to 920 in a month, with the weakest trading days visiting below 900. The first 3 weeks of the year were very promising. The index performed nicely due to good company…

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PYN Elite Fund (non-UCITS) – Amendments to the Rules of the Fund

On 1 March 2019, a number of amendments and changes to the Finnish rules and regulations concerning common funds came into effect. To account for these changes, the Board of Directors of PYN Fund Management Ltd has decided to amend…

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January 2020

In January, the market was struck by the outbreak of Wuhan coronavirus and declined sharply 2.5% MoM while PYN Elite NAV retreated 0.9% MoM. Noticeably, PYN Elite NAV had recorded a strong gain of 4.3% during the first 3 weeks…

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Good Results

The Vietnamese stock market has been sluggish for a long time, while the US stock market and several individual Finnish stocks have performed well. However, all the elements for a brisk stock market performance in Vietnam exist; here are the…

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Realizing MWG Gains

At the end of November, we agreed on a block trade where we halved our MWG stake by selling seven million shares at a good premium compared to the stock market price. As the purchase price deviated from the stock…

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December 2019

VN Index declined 1% in December, while PYN Elite stayed rather flat -0.1%. Some observations on market: Banks deliver strong results: Following September review in which we described banks’ strong bargaining power on bancassurance contract, TPB in November announced a…

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