Vietnam Growth Fund Limited, VGF
Dragon Capital’s dynamic second fund is semi-closed-ended, Cayman Islands incorporated, and listed on the Irish Stock Exchange. Launched in 2004, the fund is the largest dedicated offshore listed vehicle invested in Vietnam which features semi-annual liquidity gates. The Fund seeks medium-term capital appreciation from Vietnam’s listed and pre-IPO equities as well as offshore listed securities which derive a significant portion of their earnings from Vietnam. Within a narrower, more liquid universe, investments are screened for strong growth, value, and good corporate governance. Performance is evaluated on a rolling two year basis versus the VN Index.
| Bid 13.50 | Offer 14.00 | Updated 15/05/2012 | NAV 16.25 | As at 10/05/2012 |
|---|
Performance(%)
(as at 10 May 2012) |
YTD |
1 Year |
3 Years |
Inception |
| Share Price |
22.13 |
6.30 |
66.38 |
40.00 |
| NAV |
23.14 |
7.18 |
12.93 |
63.15 |
| Total Assets |
22.94 |
0.31 |
-5.67 |
248.84 |
| Fund Information |
| Structure |
Cayman registered closed-end fund |
| Inception Date |
October 2004 |
| Issued Shares |
12,939,505 |
| Fund Size |
US$210.21m (as at 10 May 2012)
|
| Geographical Focus |
Vietnam |
| Benchmark |
VN Index / MSCI VN Index / VN30 Index
|
| Listed |
Irish Stock Exchange |
| Valuation Policy |
Fair Value |
| NAV Frequency |
Weekly (Thursday) |
| Base Currency |
US$ |
| 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 |
KYG9361F1037 |
| SEDOL |
B01H2V4 |
| CUSIP |
G9361F103 |
| Bloomberg |
DGCP<GO> or VIETNGF KY <GO> |
| Reuters |
DRAGON1 |
| Directors of Fund |
Marc Faber, Mark Lockwood, Wong Heng Tew, Stanley
Chou, Dominic Scriven |
| Portfolio Manager |
Hoang Kien |
Administrator & Custodian
|
Standard Chartered Bank
|
| Auditor |
KPMG Limited |
| Legal Advisor (Cayman Islands) |
Charles Adams, Ritchie & Duckworth |
| 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) 49%
- listed 49% (except bank 30%)
Borrowing:
- Policy <=25%, Articles <=50%
Investments into other funds:
- <=10%
Other Restrictions:
- <=8% in single counterparty risk
- <=8% in single security
- <=10% in commodities
- <=10% in real property
- <=30% in single industry sector |