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 40 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 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 2019 and growth is estimated to remain strong in the coming years. There are over 97 million inhabitants (2018) of which 70% is under 35 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.

PYN Elite Presentation

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 386,323 EUR (December 31st 2020).

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.

CTG – Vietinbank

CTG is the largest bank when measured by the number of branches and the second-largest by balance sheet...

Vinhomes

Vinhomes is the No. 1 housing developer with a 22% market share in Vietnam with a vast land...

TPB – TP Bank

A small-sized bank, a pioneer in digital services. Key market share in car financing. Major shareholders include Japan’s...

VEA – Vietnam Engine and Agricultural Machinery

Listed holding company. The business consists of the manufacture of cars and mopeds with joint ventures of Ford,...

Diamond Fund

Diamond fund portfolio is based on the basket of VN Diamond 13 stocks selected by the HOSE stock...

HDB – HD Bank

A medium-sized bank focusing on general banking, consumer credit, and SME-financing. In steering position is Madam Thao, the...

MBB

MBB is the 5th largest bank by balance sheet, and has a full-fledged banking platform including retail/SME lending,...

POW – PV Power

POW is one of the largest energy companies in Vietnam. Generates about ten percent of Vietnam’s electricity. We...

VRE – Vincom Retail

VRE is Vietnam’s biggest mall operator. Huge potential still ahead because retail and services businesses are still behind...

ACV – Airports of Vietnam

ACV manages eight international and thirteen domestic airports in Vietnam. In the balance-sheet, there is a huge valuation...

NLG – Nam Long

Nam Long, the strongest Vietnamese brand for affordable housing, a residential developer in Ho Chi Minh City area....

SCS – Saigon Cargo

Saigon Cargo Service Corporation is one of Vietnam’s leading air freight companies. Even during a pandemic, the company...

VCI – Viet Capital Securities

Professionally run stock broker, owned by the management. Leading role in the investment banking. Substantial revenue from consulting...

CEO Group

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

KDH – Khang Dien

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

PAN – PAN Group

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