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Blackhorse Part 2. From Benedicte Gravrand, Geneva: Singapore-based Blackhorse Asset Management Pte. Ltd. has another endeavour: Vietnam. The Blackhorse Enhanced Vietnam Inc. (BEVI) is an absolute return fund that was launched on 15th February 07 and domiciled in Cayman. Whilst Blackhorse’ head office is in Singapore, there is a research team on the ground in Vietnam. The fund can leverage up to 150% for listed portion of portfolio, it has a target dividend yield of 3.0-3.5% and will focus on high-growth segments of the investment opportunity set (infrastructure and consumer demand). The fund focuses on Vietnamese listed and prelisted equities (there are currently 21 in the portfolio). Management fees are 1.25% and performance fees 15% of profits. It returned 5.13% in May (1.46% since inception). The AUM is around US$78 million. For June, the performance is estimated to be roughly flat; the Vietnam market has been going through an overdue correction for the last few months after a very big rally last year. Opalesque talked to Richard Duncan about the fund.

High connections “We are very optimistic about the outlook for Vietnam and consequently we have opened a representative office there. There are 5 analysts with accounting background and a head of research who is the former Vice-Consul, US Consulate General in Ho Chi Minh City. Also, recently, the former U.S. ambassador to Vietnam (and the first, following......................

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