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 20.25Offer 20.75Updated 24/07/2014NAV 24.17As at 17/07/2014
Performance(%)
(as at 17 July 2014)
Weekly YTD 1YR 2YR 5YR
Share Price 1.28 10.64 18.98 50.19 96.52
NAV 2.72 14.01 22.20 63.87 54.05
Fund Information
Structure Cayman registered closed-end fund
Inception Date 31 October 2004
Issued Shares 12,513,313
Fund Size US$302.47m (as at 17 July 2014)
Geographical Focus Vietnam
Benchmark VN Index / MSCI EM Index / VN30 Index
Listed Irish Stock Exchange
Valuation Policy Fair value
NAV Frequency Weekly (Thursday) / Monthly (Month-end)
Base Currency US$
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 Maples Secretaries (Cayman) 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

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