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Fund objective

The London-listed, FTSE 250 closed-end fund targets long-term capital appreciation through holdings in both listed and pre-IPO companies. Since its formation in 1995, Dragon Capital’s flagship fund has become one of region’s largest dedicated offshore vehicles by riding Vietnam’s structural growth drivers; capitalising on growth and value opportunities, while aligning with strong corporate governance.

Investment strategy

As a closed ended fund, VEIL can invest in more illiquid strategies than open ended peers. The Investment Manager can select companies with any market capitalisation and in any industry that offers growth over a three-year investment horizon. It also allows investors to access Vietnam’s leading blue chips, including those that have already reached their foreign investment limit.

Key facts

Investment manager
Dragon Capital Management (HK) Limited
Assets class
Equity
Fund launch date
11 August 1995
Trading currency
GBP, USD
Bloomberg code
VEIL LN, VEID LN
ISIN code
KYG9361H1092
Reuters code
VEILV.L, VEID.L
Management Fee
Flat 1.50%

Portfolio managers

  • Tuan Le Veil 1.jpg

    Le Anh Tuan

    Lead Portfolio Manager

    21 years

    years in industry

    3 years

    managing this fund

  • Thao Veil

    Ngo Thanh Thao

    Co-Portfolio Manager

    19 years

    years in industry

    12 years

    managing this fund

  • Amie Vuhoangviet 3 1

    Vu Hoang Viet

    Co-Portfolio Manager

    19 years

    years in industry

    3 years

    managing this fund

Key facts

Investment manager
Dragon Capital Management (HK) Limited
Assets class
Equity
Fund launch date
11 August 1995
Trading currency
GBP, USD
Bloomberg code
VEIL LN, VEID LN
ISIN code
KYG9361H1092
Reuters code
VEILV.L, VEID.L
Management Fee
Flat 1.50%

Product specialist

  • Nguyen Thuy Anh Sqaure

    Nguyen Thuy Anh

    Product Specialist

NAV performance

3 Months 1 Year 3 Years 5 Years 10 Years
VEIL ? Info As of 13/07/2026 -3.9 6.9 25.3 1.0 163.1 -3.2 8.0 22.9 4.5 160.4
VNI TR$ ? Info As of 13/07/2026 3.7 25.1 47.1 32.2 174.8
2022 2023 2024 2025 YTD
VEIL ? Info As of 13/07/2026 -35.7 10.4 12.2 24.5 -7.7 -27.5 4.1 14.3 15.8 -7.1
VNI TR$ ? Info As of 13/07/2026 -34.1 11.1 8.7 38.8 2.1

Historical prices

Price

VEILVNI TR$Volume

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID.
Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Price

VEILVolume

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID.
Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Relative prices (%)

VEILVNI TR$Volume

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID.
Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Relative prices (%)

VEILVolume

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID.
Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Premium/Discount to NAV (%)

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID.
Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Premium/Discount to NAV (%)

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID.
Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Top 10 holdings

As of 29/05/2026

Company Sector Weight VNI Weight
Vingroup ? One of the biggest conglomerate and market leader in real estate Real Estate 8.5% 18.5%
Vinhomes ? Vietnam’s biggest residential property developer Real Estate 7.1% 7.3%
BIDV ? Vietnam’s big four SOE banks, top 3 bank networks Financials – Banks 6.9% 3.5%
Mobile World ? Top CE & phone retailer with promising grocery chain BHX a key driver for future growth Consumer Discretionary 6.6% 1.3%
Vietcombank ? Top state-owned commercial bank with strong fundamentals and risk management Financials – Banks 5.4% 5.9%
VPBank ? Commercial bank with 60% of consumer lending sector and largest customer base Financials – Banks 4.5% 2.4%
Vietinbank ? Vietnam’s second-largest bank, with the highest growth among the big 4 SOE banks. Financials – Banks 4.1% 3.1%
Hoa Phat ? Largest vertically integrated steel producer with leading domestic market share Materials 3.9% 2.3%
Techcombank ? Leading bank for the affluent, best in class in optimising COF through digital innovations Financials – Banks 3.8% 2.6%
Asia Commercial Bank ? Commercial bank known for conservative risk management and high asset quality Financials – Banks 3.3% 1.5%

Asset allocation by sector

As of 29/05/2026

Hover over any segment to see more details
Asset Class Weight VNI Weight

Sectors follow GICS level 1 classifications, with Financials reported at level 2

Portfolio characteristics

As of 30/06/2026

3 Years 5 Years Since inception of VNI (31/07/2000)
Correlation 92.2 94.1 72.3
Annualised Alpha % -5.9 -4.9 3.4
Beta 1.0 1.0 0.7
Annual volatility % 20.5 21.6 24.4
Sharpe ratio 0.3 -0.2 0.4
Annual tracking error % 5.6 5.5 17.2
Average annual return % 10.4 -0.2 10.7

Disclaimer: All calculations based on NAVps monthly data in USD. Reference benchmark is VNINDEX total returns in USD.

Our approach

Dragon Capital seeks to optimise risk-adjusted performance by integrating ESG factors at every stage of the investment process; from pre-investment screening through to post investment monitoring and active shareholder engagement.

Our ESG management system

A six-step process

Initial Screening

Refrain from investing in or financing companies and activities on Dragon Capital’s exclusion list.

Esg Slide 001x2

E&S Risk Rating

Assign risk scores to each company.

Esg Slide 02

Governance Rating

Assess the investee company’s governance practices and identify opportunities for systematic improvement.

Esg Slide 03

Investment Decision

Results of ESG rating are presented to Investment Committee for making decision on investment.

Esg Slide 04

Portfolio Management

Monitors the ESG factors periodically at the portfolio level. Regularly review the portfolio to evaluate an increase or decrease of positions.

Esg Slide 05

Monitoring & Reporting

Document all findings from the screening. Monitor closely investee companies and engage immediately on ESG issues.

Esg Slide 06

ESG documents

Download key documents

Documents Year
Dragon Capital Responsible Investment Report 2025 2025 Download Dragon Capital Responsible Investment Report 2025
Dragon Capital Responsible Investment Report 2024 2024 Download Dragon Capital Responsible Investment Report 2024
Dragon Capital Responsible Investment Policy 2024 2024 Download Dragon Capital Responsible Investment Policy 2024
VEIL ESG Report 2024 2024 Download VEIL ESG Report 2024
VEIL ESG Report 2023 2023 Download VEIL ESG Report 2023

Reports & documents

No documents found.

Please try a different search term or year.

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