Clear Direction for Vietnam

Real estate, stocks, bonds, bank deposits. The big picture is not as clear as one would hope for making sound investment decisions. It is easy to see that the US and Finnish stock markets have gone up for nearly a…

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February 2019

In February, VNIndex rose 6.0%, mainly supported by foreign inflow. The stronger foreign inflow has been sustained after the January 30 press conference of FED chairman and release of FED minutes 3 weeks later elaborating the dovish message on rate…

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January 2019

In January, VNIndex recovered slightly to 910.7, up 2% MoM as supported by 4Q corporate earnings. Tradingvolume saw a significant drop as investors were heading to a long break during the Lunar New Year. PYN Elite NAV went down 2.2%…

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PYN Elite Key Sectors 1/2019

PYN Elite Key Sectors outlook per 02.02.2019.

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December 2018

Vietnam’s economy ended 2018 on a positive slew of superlatives. 2018 GDP growth reached 7.08%, the highest in 11 years and exceeding the government’s target. PMI in Dec as well as the average PMI of 2018 was 53.8, the highest…

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Investor Letter 4/2018

Portfolio Manager Deryng’s Investor Letter in December 2018, commenting on key investments and discussing the significance of the stock market decline in the end of the year.

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November 2018

By end Nov, VN Index has lost -23% from its peak in April, while PYN Elite has declined -16%. Bank Sector has lost on average -35% from its peak. The underperformance was mainly due to the credit growth had been…

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October 2018

In October, the global stock markets continued to face with turbulence and strong sell-offs in the Chinese and US exchanges. Vietnam’s stock market was not immune to volatility, VNIndex lost 10.1% MoM, a bit less than its sharp drop of…

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Investor Letter 3/2018

Portfolio Manager Petri Deryng’s Investor Letter in October 2018, which looks at the prospects of key portfolio companies in PYN Elite and draws conclusions from the last five stock market crashes.

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September 2018

In September, PYN Elite Fund advanced 4.2%, outperforming VNIndex which was up 2.8%. The fund was supported by MWG and our midcap stocks. It seems investors are increasing interested in small and midcap stocks where valuations are the most attractive.…

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