NAV Performance Summary in USD(*)
|NAV: USD 53.1mil||VDeF B|
Numbers are internally calculated and unaudited. All indices are before tax and reset quarterly. Information ratios use DC liquid bond index as benchmark.
(*) VDeF paid US$76.00/share in dividends in end of March 2019.
Price and NAV Data
|VND Returns (%)||USD Returns (%)|
(As at 31/07/2019)
NAV Performance (%)
(As at 30/08/2019)
Holding Allocation (%)
(As at 30/08/2019)
Investments may be made in listed or unlisted corporate debt including straight, convertible, equity linked, performance-linked, subordinated, mezzanine and/or or collateralised debt obligations, preferred shares or money market instruments, in VND or any other lawful currency of any country. This may include debt owed or guaranteed by the Government of, or provinces or municipalities in, Vietnam.
Up to 100% of NAV may be invested in non-VND cash and money market instruments.
Investments in equity-linked instruments, provided that the total equity delta does not exceed 25% of NAV at the time of investment. Equity issued on conversion or exchange of any equity-linked instrument, or as a result of any restructuring, may be retained.
Investment in currency swaps, hedges, derivatives and structured products is permitted, provided no more than 20% of gross assets are exposed to the creditworthiness or solvency of any one such counterparty.
Not more than 20% of gross assets may be exposed to the creditworthiness or solvency of a single corporation or single government instrument (each sovereign, province or municipal authority will be treated as a separate entity for this purpose).
Borrowings are permitted up to 50% of NAV. Investments in closed and open ended funds is permitted. The Modified Duration shall not exceed eight.
Up to 35% of NAV (calculated at time of investment) may be made in any of the above identified classes of investment issued or guaranteed by businesses focused on any country or region in Asia or government entities of any country in Asia provided aggregate investments in this category do not exceed 35% of NAV at the time of investment.
|Country of Incorporation||Cayman Islands|
|Stock Exchange||Irish Stock Exchange|
|Inception Date||19 December 2007|
|Issued Shares||B Share 35,144|
|Benchmark||DC Liquid Bond Index|
|Legal Entity Identifier (LEI)||B Share: 2138004UZERB62K4I296|
Fees and Trading
|Management Fee||1% p.a. (monthly in arrears)|
|Performance Fee||10% on excess of 3 month's Libor + 3%, compounded annually with a high water mark|
|Subscription Fee||Up to 2%, at the discretion of Dragon Capital|
|Redemption Charge||2%, at the discrection of Dragon Capital|
|Bloomberg||DGCP or VNDEBTB|
(As at 05/09/2019)
VDEF Portfolio Manager
After graduating from the Swedish University of Agricultural Sciences with an MSc in Forestry, Dan gained an MBA in Finance from UCAL, Berkeley. He then worked for AB Svensk Export Kredit, the Swedish National Debt Office, EBRD and Handelsbanken. In 2006, he joined Dragon Capital. Responsible for financial structuring and fixed income, he heads the US$40m Vietnam Debt Fund.