Fund Management

Saigon Asset Management (SAM) offers a wide range of asset management products to institutional and individual clients, including investment funds and separately managed accounts. SAM also has a strong presence in the sustainable investment space, offering hedge funds, private equity funds, and real estate funds.

Factsheet

VTH Fund

VEH Fund

VPH Fund

Sunwah Group

Vietnam Technology Holding (VTH) Factsheet

Fund Name	Vietnam Technology Holding (VTH)
Target Size	US$100 million
Fund Structure	GP/LP
General Partners	Saigon Asset Management (SAM)
Fund Domicile	Cayman Islands/ Flexible
Fund Geography	Vietnam
Objective	To invest responsibly in high-growth technology-enabled private companies to generate above-average returns.
Industries/Sectors	Technology-enabled: Cybersecurity Data Centers Rare Earth Elements Semiconductors Education Healthcare Smart Agriculture
Investment Strategy	Invest responsibly in technology-enabled and sustainable private companies Acquire adequate ownership interest Create value by leveraging domain expert advisors
Fund Differentiations	The Fund will address the current global demand for rare earth elements, semiconductors, and the funding gap for mid to later-stage private companies Experienced GP with relevant track records Network of domain expert advisors that can assist portfolio companies with deal flow, value creation, and exits Sustainable/impact transition

Asset Allocation	Invest in up to 10 – 15 companies $5m to $15m in each company, including follow on rounds
Investment Horizon	3 to 5 years within 8 years of fund life
Realization & Exit	IPO or M&A Listing of project entities Distributable cash
Target IRR	20% per annum in USD (net of all fees and expenses)
Fee Structure	1.75% management fee 15% performance fee (above the hurdle rate)
Hurdle Rate	8% per annum
GP Commitment	Up to 3% of fund size at each closing
Auditor	Big 4
Custodian & Administrator	Open
Fund Term	8 years
Initial Close Date	June 30th, 2024
Final Closing	Within 12 months of Initial Closing
Information and Subscription Contact	ceoadmin@saigonam.com

Vietnam Equity Holding (VEH) - Top-performing Equity Fund, outperformed all peer funds and indices

Vietnam Equity Holding (VEH) Fund

The GP was the fund manager of VEH.
VEH invested in over 50 companies in Vietnam.
VEH outperformed all peer funds and related indices.

VEH Strategy

Invest in undervalued companies and unlock value by active involvement and value creation related to strategy, operations, and ESG. We look for companies with an experienced and ethical management team, low PEG, P/B, and above-average CAGR in revenue and earnings.

Governance of VEH

One of few funds in Vietnam adopting a high level of corporate governance.
Majority of the Board of Directors have corporate governance backgrounds.
Majority of the Investment Committee members are outside of Vietnam.

VEH Vs. Peer Funds And Indices

(Since Inception From Nov 2007 To Dec 2018)

Fund / Investment Manager	EUR	USD	VND
Vietnam Equity Holding / SAM	85.4%	45.3%	110.0%
Vietnam Opportunity Fund / VinaCapital	84.7%	44.7%	109.2%
Vietnam Opportunities Fund /JP Morgan	66.3%	30.3%	88.4%
Vietnam Holding / Dynam Capital	45.1%	13.7%	64.4%
VEIL / Dragon Capital	44.1%	12.9%	63.2%
Fullerton Vietnam Fund / Fullerton FM	40.3%	9.9%	58.9%
PXP Vietnam Emerging Equity/ PXM AM	-4.7%	-25.3%	8.0%
MSCI Emerging Markets Index	-0.7%	-22.2%	12.4%
Vietnam Index	-19.0%	-36.5%	-8.2%
MSCI Frontier Markets Index	-34.1%	-48.4%	-25.4%

Governance of VEH

(EUR)	3mth	6mth	1yr	3yr	5yr	Since inception
VEH NAV	-0.6%	-0.5%	-8.2%	22.2%	69.5%	85.4%
VN-index	-10.9%	-7.4%	-7.3%	41.6%	92.5%	-15.0%

The VN-Index rose 156% yoy in 2005 and attracted international investors.
Most Vietnam-listed equities funds were raised from the 2005 to 2008 period.
VEH was raised and started investing in November 2007.
Therefore, most funds were invested at the market’s highest point.
The 2008 global financial crisis adversely affected these funds.
Performance will appear lackluster when viewed from 2005 forward.
Despite the downturn, VEH still outperformed all peers and related indices.
This was due to our private equity approach in listed investments as well as adherence to a discipline strategy.

Top 5 Performing Portfolio Companies

Company/ Trading Code	ROI in VND	IRR in VND
Vinamilk (VNM)	522.8%	18.7%
Danang Rubber (DRC)	228.9%	85.1%
FPT Corporation (FPT)	158.3%	10.6%
Khang Dien House (KDH)	150.4%	33.4%
Dat Xanh Group (DXG)	77.3%	85.0%

Sector Allocation

Source: Bloomberg, Reuters, Vietnam State Securities Commission (SSC)

Fund Details

Structure	Cayman open-ended fund
Listed	Stuttgart Stock Exchange
Inception	November 2007
Fund size	US $50 million
Merger	Merged with Vietnam Equity Holding (VEH) in 2017
Portfolio companies	22
Asset classes	Listed and Pre-IPO
Administrator / Custodian	Deutsche Bank
Auditor	Grant Thornton
Manager	Saigon Asset Management
Status	Closed, merged into Vietnam Equity Holding (VEH) in 2017

Objective

Optimize return, outperform the Vietnam Real Estate Index and peer funds

Strategy

Invest in undervalued real estate companies with significant land bank and/or attractive book value

Top 5 Performing Portfolio Companies

Company	ROI in VND	IRR in VND
Khang Dien House (KDH)	150.4%	33.4%
Savimex Corp (SAV)	114.1%	18.6%
Dat Xanh Group (DXG)	77.3%	85.0%
LDG Investment (LDG)	74.2%	44.5%
Thu Duc House (TDH)	68.3%	17.7%

Top 5 Performing Portfolio Companies

Invest at the company level and be able to access opportunities at the project level
Ability to analyze and capitalize on the project’s feasibility from the perspective of a property developer vs. investors, which is critical during the due diligence process
SAM’s expertise in compensation, resettlement, and legal approval allowed us to enter investments at a discount and exit with a premium

SAM''s Managed Accounts - Sunwah Group

Sunwah Group is a highly diversified Hong Kong conglomerate with businesses in eight principal areas: Seafood & Foodstuff, Real Estate, Financial Services, Technology, Media, Infrastructure, Education and Training, Green Technology and Healthcare.
Sunwah Group has been investing in Vietnam since 1970 in the following areas:
• Financial Services: VinaCapital, Sunwah Kingsway
Real Estate: Sunwah Tower, Saigon Pearl, Sunwah Pearl, Opal Tower
• Seafood and Coffee exports
SAM manages Sunwah Vietnam Investment Company (SVIC), a $100m segregated account
Mr. Louis Nguyen is the CEO of Sunwah Kingsway Vietnam (SKV)

Mr. Johnson Choi, Sunwah Director and Mr. Louis Nguyen, Chairman of SAM

Chairmanship and significant shareholding of Sunwah Kingsway Vietnam

Sunwah Tower

Fund Management

Fund Management

Factsheet

Vietnam Technology Holding (VTH) Factsheet

Vietnam Equity Holding (VEH) - Top-performing Equity Fund, outperformed all peer funds and indices​

SAM''s Managed Accounts - Sunwah Group

Vietnam Equity Holding (VEH) - Top-performing Equity Fund, outperformed all peer funds and indices