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 one of the largest dedicated offshore listed vehicle invested in Vietnam. 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 19.00Offer 19.50Updated 28/07/2015NAV 23.81As at 16/07/2015
Performance(%)
(as at 16 July 2015)
Weekly YTD 1YR 2YR 5YR
Share Price 1.31 4.02 -0.51 16.87 56.14
NAV 0.86 6.72 1.19 20.37 61.39
Fund Information
Structure Cayman registered closed-end fund
Inception Date 31 October 2004
Issued Shares 12,184,0350
Fund Size US$290.10m (as at 16 July 2015)
Geographical Focus Vietnam
Benchmark VN Index / MSCI EM Index / VN30 Index
Listed Irish Stock Exchange
Valuation Policy Fair value
NAV Frequency Weekly (Thursday) / Monthly (Month-end)
Base Currency US$
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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