VEH has significantly outperformed the Vietnam Index since inception.

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

Vietnam Equity Holding (VEH) – Factsheet

Company Profile

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.
Free Float 100.0%
Financial Year End 31 December
Accounting Standard IFRS
Auditor Grant Thornton (Cayman Islands)
NAV Frequency Monthly
Legal Counsel Walkers
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.comRenell Bank, Frankfurt
+49 69 133 8765-0
www.renellbank.com/en, info@srenellbank.com
ISIN KYG936251043
Bloomberg Code 3MS:GR
Reuters Code 3MS.DE
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

Mr. Clemens Zankel – Chairman & Independent Non-Executive Director

Mr. Alpay Ece – Independent Non-Executive Director

Ms. Claire Heathfield – Independent Non-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.

Net Asset Value

2015 Net Asset Value

Date VEH NAV Outstanding Shares NAV / Share
31 December 2015 41,412,006 11,560,000 3.58

2016 Net Asset Value

Date VEH NAV Outstanding Shares NAV / Share
31 December 2016 36,258,840 9,378,148 3.87
30 November 2016 36,908,625 9,378,148 3.94
31 October 2016
36,847,696 9,378,148 3.929
30 September 2016
38,217,730 9,732,062 3.927
31 August 2016
38,297,278 9,732,062 3.94
31 July 2016 36,051,060 9,732,062 3.70
30 June 2016 37,594,111 10,191,699 3.69
31 May 2016 36,882,312 10,191,699 3.62
30 April 2016 34,939,434 10,191,699 3.43
31 March 2016
36,249,982 10,833,801 3.35
29 February 2016
37,607,044 10,833,801 3.47
31 January 2016 36,391,924 10,833,801 3.36

2017 Net Asset Value

Date VEH NAV Outstanding Shares NAV / Share
31 December 2017 52,166,416 10,941,083 4.77
30 November 2017 51,237,298 10,941,083 4.68
31 October 2017
45,502,561 10,941,083 4.16
30 September 2017
47,364,532 11,470,075 4.13
31 August 2017
47,115,280 11,470,075 4.11
31 July 2017 46,926,493 11,470,075 4.09
30 June 2017 34,854,829 8,203,447 4.25
31 May 2017 33,684,063 8,203,447 4.11
30 April 2017 32,943,533 8,203,447 4.02
31 March 2017
37,845,111 9,142,935 4.14
28 February 2017
36,921,270 9,142,935 4.04
31 January 2017 34,996,109 9,142,935 3.83

2018 Net Asset Value

Date VEH NAV Outstanding Shares NAV / Share
31 December 2018 40,355,483 9,221,801 4.38
30 November 2018 41,036,107 9,221,801 4.45
31 October 2018
40,172,307 9,221,801 4.36
30 September 2018
40,601,288 9,221,801 4.40
31 August 2018
40,311,942 9,221,801 4.37
31 July 2018 40,560,868 9,221,801 4.40
30 June 2018 41,137,155 9,357,413 4.40
31 May 2018 42,591,865 9,357,413 4.55
30 April 2018 43,057,041 9,357,413 4.60
31 March 2018
47,259,731 9,742,876 4.85
28 February 2018
49,116,809 9,742,876 5.04
31 January 2018 49,798,814 9,742,876 5.11

2019 Net Asset Value

Date VEH NAV Outstanding Shares NAV / Share
31 December 2019 3,722,508 922,182 4.04
30 November 2019 40,622,036 9,221,801 4.40
31 October 2019
40,693,365 9,221,801 4.41
30 September 2019
40,723,491 9,221,801 4.41
31 August 2019
40,555,858 9,221,801 4.39
31 July 2019 40,444,524 9,221,801 4.38
30 June 2019 40,360,449 9,221,801 4.37
31 May 2019 40,676,401 9,221,801 4.41
30 April 2019 40,795,359 9,221,801 4.42
31 March 2019
40,909,543 9,221,801 4.44
28 February 2019
40,873,905 9,221,801 4.43
31 January 2019 41,368,194 9,221,801 4.49

2020 Net Asset Value

Date VEH NAV Outstanding Shares NAV / Share
31 December 2020 2,854,108 922,182 3.09
30 November 2020 2,986,110 922,182 3.24
31 October 2020
3,110,058 922,182 3.37
30 September 2020
3,111,569 922,182 3.37
31 August 2020
3,078,419 922,182 3.34
31 July 2020 3,127,120 922,182 3.39
30 June 2020 3,306,236 922,182 3.58
31 May 2020 3,383,230 922,182 3.66
30 April 2020 3,361,955 922,182 3.64
31 March 2020
3,059,790 922,182 3.31
29 February 2020
3,561,425 922,182 3.86
31 January 2020 3,677,570 922,182 3.98

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