VEH has significantly outperformed the Vietnam Index since inception

*Performance since VEH inception at December 31, 2016: VEH 65.1%, Vietnam Index -32.2% (both in EUR terms)

VEH Overview

VEH is a Cayman Islands registered open-ended fund that invests in Vietnamese listed equities.

Since inception in 2007, VEH has significantly outperformed the Vietnam Index (VNI). It is listed on the Stuttgart Stock Exchange.

VEH is an actively managed value-oriented fund relying on its research, company and industry knowledge to generate excess return. The Fund focuses on overlooked and undervalued small- and mid-cap stocks in the real estate, consumer staples and technology sectors.

VEH Top Holdings

  • FPT
  • Vinamilk
  • PVD
  • ELC
  • KDH

Indicative NAV

Dec 15

VEH Performance

The Fund seeks undervalued, high performing stocks across all sectors.

As of the end of 2016, the Fund’s NAV has grown 65.1% since inception against a decline of 32.5% in the main index (both in Euro terms).

Investor Relations

Structure

Initially a Cayman Islands registered closed-end investment fund. Converted to an open-end mutual fund on 14 June 2013

Date of Incorporation

9 August 2007

Subscriptions

Applications may be made prior to each Dealing Day (first business day of each calendar month)

Minimum Initial Subscription

USD $100,000 or its equivalent in another currency

Redemptions

Quarterly with a minimum of sixty (60) days written notice submitted to the Administrator

Redemption Restrictions

Up to 15% of the Fund’s issued and outstanding shares will be available for each redemption.  Redemption requests may need to be processed pro-rata based on the amount of requests received; Settlement is thirty (30) days after the Redemption Date.

Redemption Fee

3% of NAV of the redeemed Shares

Listed

Stuttgart Stock Exchange

Total Number of Shares Outstanding

10.941.083 (as of 31 October 2017)

Total Net Asset Value

EUR 45.502.561 (as of 31 October 2017)

Free Float

100.0%

Financial Year End

31 December

Accounting Standard

IFRS

Auditor

Grant Thornton (Cayman Islands)

NAV Frequency

Monthly

Management Fee

2% of NAV

Performance Fee

20% of gains over 8% hurdle with a high water mark

Legal Counsel

Appleby

Reed Smith

Administrator
Custodian

Deutsche Bank (Cayman) Ltd
Deutsche Bank AG, Ho Chi Minh City Branch

Clearing / Settlement

Euroclear / Clearstream

Market Makers

Jefferies International
+44 207 898 7127
www.jefferies.com, invcos@jefferies.com

 

Renell Bank, Frankfurt
+49 69 133 8765-0
www.renellbank.com/en, info@srenellbank.com

ISIN

KYG936251043

Bloomberg Code

3MS:GR

Reuters Code

3MS.DE

German Securities Code

A0M12V

Management Board and Functions

Saigon Asset Management is the Investment Manager of the Fund subject to the overall policies, control, direction, review, instructions and supervision of the Board of Directors.

Board of Directors

Dr. Lee G. Lam – Chairman & Independent Non-Executive Director

Mr. Howard Golden – Independent Non-Executive Director

Dr. Kathryn Vagneur – Independent Non-Executive Director

Mr. Louis Nguyen – Executive Director

Description of the Business

The investment objective of the Fund is to achieve capital appreciation by making equity investments in companies with significant interests in Vietnam. Specifically, the Fund intends to invest in equity securities of publicly and privately owned companies, over-the-counter (OTC) companies, listed companies, and debt securities. The Fund aims to invest in a diversified and balanced portfolio that should achieve above average returns at an acceptable level of risk, give rise to long-term and short-term returns, and be capable of yielding recurrent earnings and/or capital gains.

Procedure for Subscriptions

Procedure for subscriptions:

1) Application for Shares must be made at least five (5) business days prior to each Dealing Day (which is the first business day of each month).

2) Application for shares must be made by completing and signing the Subscription Agreement.

3)

The completed Subscription Agreement needs to be faxed or emailed and sent to the Administrator – Deutsche Bank (Cayman) Limited.

  • Please fax or email the completed Subscription Agreement to the Administrator at +13459495223 (Attn: Fund Services) or send a scanned copy by email to fund.services@db.com; and
  • Please send the original Subscription Agreement for daily delivery to the Administrator at:

    Vietnam Equity Holding
    c/o Deutsche Bank (Cayman) Limited
    Boundary Hall, Cricket Square
    P.O. Box 1984
    Grand Cayman KY1-1104
    Cayman Islands

Notices:

1) The minimum initial subscription for a new investor is USD $100,000 or its equivalent in another currency.

2) There is no minimum amount for additional investment by existing Shareholders.

3) Shares must be purchased on a Dealing Day at a subscription price of the current NAV per Share on the relevant Dealing Day. The monies to be paid for Shares are payable in full upon subscription.

4) Unless otherwise agreed to, applications for the issuance of Shares on a particular Dealing Day must be received by 12:00 p.m. (Cayman time) at least five (5) business days preceding the relevant Dealing Day with cleared funds to be received by the relevant Dealing Day.

5) The Fund and the Administrator reserve the right to request relevant information as is necessary to verify the identity of the applicant.

Redemption Procedure and Form

Please note that the submission deadline for the Q2 2015 redemption is 1 May 2015.

To redeem shares of Vietnam Equity Holding, please download and fill out the form in its entirety and forward to Euroclear or Clearstream for final submission to Deutsche Bank (Cayman) Ltd.

Procedure for Redemption and Accompanying Redemption Form:

1) To submit a request for redemption, please fill out the accompanying Redemption Notice.

2) There shall be one instruction per individual Shareholder (a Shareholder is defined as the final owner of the shares, the client of the brokerage or custodian bank, not the bank or brokerage itself). The Fund will not ask for the Shareholder name, but for accounting purposes, the Fund must have a number relating to each Shareholder in order to redeem the correct shares and distribute the correct final cash amount to each Shareholder.

3) Please ask your bank to instruct the Registered Shareholder (usually Euroclear/Clearstream) to submit to Deutsche Bank for verification.

4) Settlement will occur within thirty (30) calendar days of the Redemption Day; Deutsche Bank will send confirmations of the settlements to Shareholders that have requested redemption.

A Redemption Notice, once given, may be withdrawn by the relevant Shareholder with written notice of at least one (1) Business Day prior to the Redemption Day to which the Redemption Notice relates.

Redemption Restrictions:

A Shareholder may generally request the redemption of all or some of its Shares on a Redemption Day.

1) Redemptions occur quarterly.

2) 15% of the issued and outstanding shares of the Fund are available for redemption at the end of each quarter. The Directors shall scale down, on a pro-rata basis, each redemption request with respect to each Redemption Day so that only certain percentages of the Outstanding Shares are redeemed on the relevant Redemption Day.

3) Each redemption request shall be treated, with respect to the unsatisfied balance thereof, as having been cancelled. A new and separate Redemption Notice in respect of such unsatisfied balance will be required to be submitted to the Fund for a subsequent Redemption Day.

4) Redemptions of Shares will be subject to a redemption fee payable to the Fund equal to 3% of the NAV of the redeemed Shares (the “Redemption Fee”).  The Fund shall allocate two thirds (2% of the NAV of the redeemed Shares) of the Redemption Fee to the Fund’s general portfolio for the benefit of the Fund and accordingly such amount will be added to the overall NAV of the Fund, and one third (1% of the NAV of the redeemed Shares) of the Redemption Fee shall be allocated to a reserve established by the Fund and accordingly will not be added to the overall NAV of the Fund.  This reserve is to be used for the legal, accounting and costs of the future winding up of the Fund.  When the Directors determine that this reserve has reached a reasonable amount sufficient to cover the estimated costs of winding up the Fund, they will, in their sole discretion, waive the reserve fund portion of the Redemption Fee for future redemptions.  Redemptions will however remain subject to a 2.0% Redemption Fee which shall be applied to the Fund’s general portfolio for the benefit of the overall NAV of the Fund and shall accrue to the benefit of the Fund.

VEH Timeline

For further information regarding the redemption process, please contact us at IR@saigonam.com.

Redemption Cancellation Form

To cancel shares that have been requested to be redeemed of Vietnam Equity Holding, please download and fill out the form in its entirety and forward the Book Registry form to Deutsche Bank (Cayman) Ltd or to Euroclear or Clearstream for final submission to Deutsche Bank (Cayman) Ltd.

The documents you are about to review on this website, which is in draft form, is subject to updating, completion, revision, verification and amendment. The document does not constitute or form any part of any offer or invitation to issue, or any solicitation for any offer to subscribe for any Shares nor shall it form part of, or be relied upon in connection with, any contract in respect of Shares. No reliance may be placed for any purpose whatsoever on the information contained on Vietnam Equity Holding or Vietnam Property Holding as to the accuracy of the information or opinions. This document has not yet been approved by any securities commission, regulatory authority or any stock exchange in any country or jurisdiction.

2017 VEH Monthly Report
October
September
August
July
June
May
April
March
February
January
2016 VEH Monthly Report
December
November
October
September
August
July
June
May
April
March
February
January
2015 VEH Monthly Report
December
November
October
September
August
July
June
May
April
March
February
January
VEH EGM Notice Proxy Proposal 2012
2014 VEH Monthly Report
December
November
October
September
August
July
May
April
March
February
January
VEH Results of 2014 AGM & EGM
2013 VEH Monthly Report
December
November
October
September
August
July
June
May
April
March
February
January
VEH Quarterly Report Q2 2013
VEH-Results of 2013 AGM & EGM
Letter to VEH Shareholders Regarding "Side Letters"
VEH-EGM 2013-Notice_Proxy & Proposal
VEH-AGM 2013-Notice & Proxy
VEH-Amended Articles of Association-Adopted June 2013
VEH-Prospectus-Adopted June 2013
VEH & VPH Admitted to Stuttgart Stock Exchange
2012 VEH Monthly Report
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
VEH & VPH Continuation Vote EGM Results 2012
VEH Results of 2012 AGM EGM
VEH & VPH Quarterly Report Q2 2012
VEH Quarterly Report Q3 2012
VEH Audited Financial Statements 2012
VEH Annual Report 2012
VEH AGM Notice Proxy 2012
2011 VEH Monthly Report
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
May 2011
April 2011
March 2011
February 2011
January 2011
VEH & VPH Quarterly Report Q2 2011
VEH & VPH Quarterly Report Q3 2011
VEH Annual Report 2011
2010 VEH Monthly Report
October 2010
August 2010
July 2010
May 2010
April 2010
February 2010
January 2010
VEH & VPH Quarterly Report Q1 2010
VEH & VPH Quarterly Report Q2 2010
VEH & VPH Quarterly Report Q3 2010
VEH & VPH Quarterly Report Q4 2010
VEH Director Resolutions AGM 2010
VEH Audited Financial Statements 2010
VEH Annual Report 2010
VEH AGM Notice and Form of Proxy Jul2010
2009 VEH Monthly Report
November 2009
October 2009
August 2009
July 2009
May 2009
February 2009
January 2009
VEH AGM Notice and Form of Proxy 2009
VEH Q2 2009 Update 2009
Audited Financial Statements 2009
VEH Q1 2009 Update 2009
VEH & VPH Quarterly Report Q1 2009
VEH & VPH Quarterly Report Q2 2009
VEH Q3 2008 Update 2009
VEH Q4 2008 Update 2009
VEH & VPH Quarterly Report Q4 2009
Vietnam Equity Holding 2009 Annual Report
2008 VEH Monthly Report
Special Report June 2008
Anpha Capital Q1 2008 Summary
Anpha Capital Q2 2008 Summary
VEH Prospectus October 2008
Saigon Asset Management Q3 2008 Summary
Saigon Asset Management Q4 2008 Summary
VEH Q1 2008 Update
VEH Q2 2008 Update
VEH Q3 2008 Update
VEH Q4 2008 Update
VEH 2008 Annual Report
VEH 2008 Audited
2007 VEH Monthly Report
Anpha Capital Q4 2007 Summary