Vietnam Enterprise Investments Limited, VEIL

Dragon Capital’s bellweather fund is closed-ended, Cayman Islands incorporated, and listed on the Irish Stock Exchange. Launched in 1995, it is now one of the largest dedicated offshore listed vehicles, and Vietnam’s longest running fund. The primary objective is long term capital appreciation gained through holdings in listed and pre-IPO companies with attractive growth and value metrics, good corporate governance, and alignment to Vietnam’s underlying growth drivers. The fund may also invest in equity linked instruments and private equity. VEIL’s broad universe and 3-year time horizon underpins the portfolio’s distinguishable conviction holdings and off-index investments.

Bid 2.97Offer 3.05Updated 28/08/2014NAV 3.55As at 11/09/2014
Performance(%)
(as at 11 September 2014)
Weekly YTD 1YR 3YR 5YR
Share Price 0.00 21.86 40.00 62.26 74.49
NAV -1.93 15.64 23.69 47.30 13.06
Fund Information
Structure Cayman registered closed-end fund
Inception Date 31 August 1995
Issued Shares 153,109,023
Fund Size US$544.09m (as at 11 September 2014)
Geographical Focus Vietnam
Benchmark VN Index / MSCI EM Index / VN 30 Index
Listed Irish Stock Exchange
Valuation Policy Fair value
NAV Frequency Weekly (Thursday) / Monthly (Month-end)
Base Currency US$
Annual Management Fee 2% of NAV (Monthly)
Performance Fee 20% over 8% hurdle with high water mark
Minimum Investment at New Issue
US$100,000
Par Value per Share US$1.00
ISIN KYG9361H1092
SEDOL 0933010
CUSIP G9361H109
Bloomberg DGCP<GO> or VIETENI KY <GO>
Reuters DRAGON1
Directors of Fund Wolfgamg Bertelsmeier, Derek Eu-Tse Loh, Dominic Scriven, Farida Khambata, Gordon Lawson, Susie Rippingall
Portfolio Manager Vu Huu Dien
Administrator & Custodian
Standard Chartered Bank
Auditor KPMG Limited
Legal Advisor (Cayman Islands) Maples and Calder
Legal Advisor (UK & Vietnam) Freshfields Bruckhaus Deringer
Company Secretary & Registrar Maples Secretaries (Cayman) Limited
Restrictions at time of investment
Foreign Ownership Limitation:
- unlisted (or before listing/privatisation) 30%
- listed 49% (except bank 30%)
Borrowing:
- Policy <=25%, Articles <=50%
Investments into other funds:
- <=10%
Other Restrictions:
- <=12% in single counterparty risk
- <=12% in single security
- <=10% in commodities
- <=10% in real property
- <=40% in single industry sector

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