Vietnam Debt Fund SPC, VDeF
Dragon Capital’s debt fund is open-ended, Cayman Island registered, and listed on the Irish Stock Exchange. Launched in November 2007, with seed investment from Dragon Capital Group, the fund opened for investment in December 2008. The premise of this fund is to seek long term risk adjusted returns in Vietnam’s fledgling debt markets. A first mover in this niche, investment performance relies on using proprietary credit analysis and market presence to arbitrage opportunities in identify mispriced securities.
| A: | Bid 1,112.06 | Offer 1,112.06 | Updated 31/05/2013 | NAV 1,112.06 | As at 31/05/2013 |
|---|
| B: | Bid 1,414.79 | Offer 1,414.79 | | NAV 1,414.79 | As at 31/05/2013 |
|---|
A Class
Target lower risk with attractive returns above the US money
market rate. Investments are mandated to government debt and
quasi-sovereign debt with:
- At least 60% of NAV in:
i. VND denominated government debt,
or
ii. Deposits or repos with
government debt in VND or any OECD currency (new amendment to be
approved in May 2012, to provide possibility to stay defensive in
rising rate environment. Before only 40% deposits)
- Maximum 40% in Vietnam
International bonds, SOE, Municipal debt
- Individual municipal
exposure <5%, individual SOE exposure <20% (internal guide
line however is 10%), individual exposure to Vietnam international
bonds <15%
- Maximum leverage 20%
B Class
Feature higher risk/reward profile with investments broadly
ranging from government, quasi-government, private sector corporate
debt, equity, and including loans and deposits with:
- 100% in either government,
municipal or any corporate debt including cash
- Equity exposure is allowed
but maximum loss cannot at any time exceed 5% of NAV
- Maximum 40% in junior
debt
- Individual corporate
exposure 20% (internal guide line however is 10%)
- Maximum individual exposure
to Vietnam international bonds 15%
- Maximum leverage 25%
For more information, please contact us.
Performance(%)
(as 31 May 2013) |
Monthly |
YTD |
2012 |
Inception |
| VDeF-A |
3.0% |
8.0% |
17.4% |
34.0% |
| VDeF-B |
2.6% |
8.7% |
17.9% |
68.3% |
| Fund Information |
| Structure |
Cayman registered closed-end fund
consisting of A and B Class Segregated Portfolio (A-Shares and
B-Shares) |
| Inception Date |
30 June 2008 |
| Issued Shares |
29,106 |
| Benchmark |
DC Liquid Bond Index, 1/2/5 year Government Bond
Indices |
| Listed |
Irish Stock Exchange |
| Valuation Policy |
Fair value |
| NAV Frequency |
Monthly |
| Base Currency |
US$ |
| Annual Management Fee |
A Class: 0.8% of NAV (Monthly)
B Class: 1.2% of NAV (Monthly) |
| Performance Fee |
A Class: 10% over 10% hurdle with high water
mark
B Class: 10% over 12% hurdle with high water mark |
| Minimum Investment at new issue |
US$100,000 |
| ISIN |
A Class: KYG936151052
B Class: KYG936151136 |
| SEDOL |
A Class: B3K9223
B Class: B3K9234 |
| CUSIP |
A Class: G93615105
B Class: G93615113 |
| Directors of Fund |
James Riedel, Amelie July, Dominic Scriven, Dan
Svensson, Le Anh Tuan |
| Portfolio Manager |
Dan Svensson |
Administrator & Custodian
|
Standard Chartered Bank
|
| Auditor |
KPMG Limited |
| Legal Adviser (Cayman Islands) |
Maples and Calder |
| Legal Adviser (Vietnam) |
Mayer Brown JSM |
| Legal Adviser (UK) |
Freshfields Bruckhaus Deringer |
| Company Secretary & Registrar |
ATC Asia Corporate Services Limited |