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 2.25 | Offer 2.33 | Updated 21/05/2013 | NAV 2.847 | As at 16/05/2013 |
|---|
Performance(%)
(as at 16 May 2013) |
Weekly |
YTD |
1YR |
3YR |
5YR |
| Share Price |
-0.87 |
18.85 |
5.09 |
21.39 |
-38.65 |
| NAV |
1.06 |
20.59 |
14.80 |
16.19 |
-5.27 |
| Fund Information |
| Structure |
Cayman registered closed-end fund |
| Inception Date |
31 August 1995 |
| Issued Shares |
164,606,529 |
| Fund Size |
US$471.99m (as at 16 May 2013)
|
| Geographical Focus |
Vietnam |
| Benchmark |
VN Index / MSCI EM Index / VN 30 Index
|
| Listed |
Irish Stock Exchange |
| Valuation Policy |
Fair value |
| NAV Frequency |
Weekly (Thursday) / Monthly (Month-end) |
| Base Currency |
US$ |
| 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, Harmut Giesecke, Derek
Eu-Tse Loh, Dominic Scriven, Farida Khambata |
| 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 |
ATC Asia Corporate Services 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 |