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Vietnam Fund gains from small and mid caps, while Vietnam gains from US-China trade war

Wednesday, August 21, 2019

B. G., Opalesque Geneva:

Asia Frontier Capital (AFC)'s Vietnam Fund, which invests in small and medium listed companies in Vietnam, has been beating the Ho Chi Minh City VN Index ($) since its December 2013 inception: the fund has returned almost 84% since then, against 77% for the index.

However, the index has done better than the fund this year, at 11.5% YTD, thanks to a strong recovery in banks and Vincom Group. "It is interesting to note, that with the exception of the expensive Vincom-Group stocks driving the HCMC Index, all other important indices were down over the past three months," notes AFC's monthly report.

The $41m fund itself is up 3.4% YTD thanks to some moves in inexpensive stocks which reported excellent earnings, like its biggest holding, the insurer Agriculture Bank Insurance, which rallied 20% over the past three months.

At the end of July 2019, the fund was invested in 63 names and held 8% in cash. The sectors with the largest allocation of assets were industrials (33%) and consumer goods (29%).

Economic developments in Vietnam

Managers from AFC, who have offices in Hong Kong and travel regularly to their investment locations, have been able to report the latest developments from Vietnam such as the growing Chinese influence on the country's economics and real estate sector......................

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