PYN Elite

About the Fund

PYN Elite is an actively managed equity fund that has successfully invested in the Asian stock markets for over 20 years. Currently, the fund’s assets are in the Vietnamese stock market in about 60 small and medium-sized listed companies.

Our goal is to find significant value gains with considerable company and market-specific weightings. The fund aims at long-term value investing and aims to have a clearly higher return than the equity funds with diversified global portfolios.

PYN Elite fund (non-UCITS) is suitable for demanding investors in the financial markets. The investor investing in the fund must be seeking a high risk-bearing return on his/her investment for at least five years.

Investment Strategy

Fund

PYN Elite is

• Long term
• Actively managed
• Long-only
• Global, currently Vietnam focused allocation

Markets

We invest in

• Underperforming or undervalued markets in comparison to markets historical fair valuation
• Improving macroeconomic/demographic trends
• Industries and companies that are overlooked, are contrarian, at the start of a positive business
cycle
• Undervalued, small-to-mid market cap companies that are in their rapid growth phase

Research

Key Characteristics

• Conducting regular company visits by portfolio manager and research team
• Long term undervalue entry levels and fair value exit targets
• Deep fundamental research and modeling

Vietnam is one of Asia’s fastest growing economies

The Vietnamese economy grew by over 7% in 2018 and growth is estimated to remain strong in the coming years. There are over 95 million inhabitants with an average age of 31 years. The economy of Vietnam is driven by a competitive export industry and a prospering middle class. Vietnam has soared from the poorest countries in Asia towards middle-income countries. For example, Finland has stopped development cooperation in Vietnam in 2018, and relations between countries will focus on commercial cooperation in the future.

There are two stock exchanges in Vietnam, in Ho Chi Minh City and Hanoi, and there are more than 700 listed companies. The Vietnamese stock market is currently rated as a Frontier Market, but upgrading the stock market status as an Emerging Market is expected to take place in the next few years. The officially Communist one-party government of Vietnam is committed to promoting market economy reforms and liberalization of the securities market.

PYN Elite presentation

In the presentation of the fund you will find more detailed information on PYN Elite’s operating principles, up-to-date information on the market and the fund portfolio. We update the presentation monthly, so check the content regularly.

Download presentation (pdf)

PYN Elite Fund information

Inception date	1.2.1999
Fund Manager	Petri Deryng
ISIN	FI0008803812
Bloomberg	ELITE FH
Minimum subscription	10 000 eur
Additional minimum	2 000 eur
Subscriptions	The last Finnish banking day of the month
Redemptions	The last Finnish banking day of a month, notice period by the end of the previous month

Fees

Subscription fee	0 %*
Redemption fee	0 %
Management and custodial fee	1 %
Performance fee	12 %

*The subscription fee for all subscriptions of three million (3,000,000) euros or above will be 5 %.

Share value and all the profit figures always include both management and return-related fees.

The high water mark principle is applied when calculating the performance fee.
Current HWM is 325,362 EUR (January 31st 2018).

Portfolio Manager

Petri Deryng has been a portfolio manager for PYN Elite since its start in 1999. Petri has been listed on several occasions among the most successful portfolio managers in Finland and Europe by Citywire, Morningstar and Arvopaperi. He has 30 years of experience in visionary and successful equity investing. Read more here.

Key risks associated with the fund

Investment always involves an economic risk, and historical returns are not a guarantee for the future. The value of the investments and the return on them may rise or fall, and the investor may not be able to recover his original investment. PYN Elite is a high-risk equity fund, the risks of which the investor must consult before making an investment decision. These risks include:

Market risk
Extraordinary events and country-related risk
Risks related to the implemented view
Currency risk
Liquidity risk

Risks are described in more detail in the PYN Elite Prospectus.

TPB – TP Bank

Smaller Vietnamese bank, pioneer in digital services with a key market share in car finance. Major shareholders include...

VEA – Vietnam Engine and Agricultural Machinery

VEAM is a listed partially state owned holding company whose most important business comes from car manufacturing joint...

HDB – HD Bank

Medium-sized bank in Vietnam, which focuses on small and medium-sized enterprises. The richest woman in Vietnam, Madam Thao,...

MWG – Mobile World Group

Vietnam’s leading retailer operating through three retail chains focusing on mobile devices, home appliances and electronics, and grocery...

CII – HCMC Infrastructure

Infrastructure builder particularly focused on the Saigon area. The company has had a strong position in toll road...

KDH – Khang Dien

Housing builder and building developer, whose biggest projects and land holdings are in a good position in Saigon,...

CEO Group

CEO group, an experienced residential developer and hospitality player whose biggest landbank in Phu Quoc and Van Don,...

PAN – PAN Group

PAN is a multipurpose food industry company, and it has been developing strongly in recent years. The company...

CTG – Vietinbank

CTG is the largest bank by branch network, and second-largest by total asset among listed Vietanmese banks. Its...

NLG – Nam Long

Nam Long, the strongest Vietnamese brand for affordable housing, is a residential builder in Saigon area. The company...