PYN Elite up 3.3% in December

VN-Index and PYN Elite both gained +3.3% in December, led by brokerage, retail and banks. The long-awaited new trading system – KRX launch is
expected in the first half of 2024. All-year average daily trading value down -12.3% compared to 2022, at around $637.4m. Foreign investors had been net sellers since April. VND continued to depreciate against the US dollar, -1.1% in 2023. 2023 was a successful year for Vietnam’s diplomacy. After the upgrade of
Vietnam-US relations in September, Chinese President Xi Jinping’s visit in December resulted in 36 signed agreements across various fields, from infrastructure to border controls.

Macro: Vietnam’s GDP +6.7% YoY in Q4, bringing all-year growth to 5.1%. In 2023, the service sector had the strongest performance, +6.8% YoY, while the
industrial and construction sector were still recovering, +3.7% YoY. Full year exports at $355.5b, down -4.4% from 2022. Imports also decreased to
$327.5b, -8.9% compared to the previous year. The U.S, EU and China were the biggest export destinations. FDI stands out in Vietnam’s macro situation. Registered FDI reached $36.6b, +32.1% YoY. FDI disbursement reached an all-time high record at $23.2b.

PYN Elite Stock of the Month: SCS

Saigon Cargo Service Corporation operates a cargo terminal at Saigon International Airport (Tan Son Nhat). This year has been especially difficult for
air cargo operators due to weak demand in key markets such as US, EU, Hong Kong and Taiwan. However, SCS managed to maintain an impressive profit
margin and good dividend yield. Signs of recovery in cargo volume have become clearer since October, and SCS is expecting positive growth in 2024.
For long-term perspective, SCS is a strong candidate for another cargo terminal at the second Saigon International Airport (Long Thanh). When finished in 2026-2027, this terminal will add 500,000 tons of capacity to southern Vietnam’s air logistics.

Important information regarding the text and the Fund

The attached publication is marketing material and should not be regarded as a recommendation to subscribe or redeem units of the PYN Elite Fund. Before subscribing please familiarize yourself with the Key Information Document, the Prospectus and the Rules of the Fund. The material presented in this text is based on PYN Fund Management’s view of markets and investment opportunities. PYN Elite Fund (non-UCITS) invests its assets in a highly allocated manner in frontier markets and in a small number of companies. This investment approach involves a larger risk of volatility compared to ordinary broadly diversified equity investments. The value of an investment may decline substantially in unfavorable market conditions or due to an individual unsuccessful investment. It is entirely possible that the estimates of economic development or a company’s business performance presented in this presentation will not be realized as presented and they involve material uncertainties.


7th May 2024

We have become aware in recent weeks of an ongoing fraud in Vietnam. This fraud involves the illegal use of the names ‘PYN’ or ‘PYN Elite,’ or variations thereof, in attempts to scam money from individuals through false or fake companies, mobile apps, websites, or social media.