Vietnam Growth Fund Limited, VGF
Dragon Capital’s dynamic second fund is 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 long-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 16.25 | Offer 16.75 | Updated 21/05/2013 | NAV 20.15 | As at 16/05/2013 |
|---|
Performance(%)
(as at 16 May 2013) |
Weekly |
YTD |
1YR |
2YR |
5YR |
| Share Price |
0.00 |
20.51 |
14.63 |
20.51 |
-24.37 |
| NAV |
0.76 |
17.73 |
24.05 |
21.87 |
-3.66 |
| Fund Information |
| Structure |
Cayman registered closed-end fund |
| Inception Date |
31 October 2004 |
| Issued Shares |
12,842,818 |
| Fund Size |
US$258.82m (as at 16 May 2013)
|
| Geographical Focus |
Vietnam |
| Benchmark |
VN Index / MSCI EM Index / VN30 Index
|
| Listed |
Irish Stock Exchange |
| Valuation Policy |
Fair value |
| NAV Frequency |
Weekly (Thursday) / Monthly (Month-end) |
| Base Currency |
US$ |
| 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 |
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) |
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) 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 |