NAV Performance Summary in USD(*)

NAV: USD 53.1milVDeF B
Net Profit
VDeF B
Gross Profit
DC liquid
bond index
1 year
VGB
2 year
VGB
5 year
VGB
MoM1.16%1.30%2.50%0.87%1.51%2.45%
YTD4.76%5.72%6.88%2.81%4.24%7.29%
YoY7.40%9.24%7.92%4.37%5.33%7.39%
Since Incerption177.80%257.57%96.97%63.14%86.31%124.82%
CAGR9.19%11.59%6.01%4.30%5.50%7.22%
Monthly StDev1.59%1.59%2.46%1.27%1.86%3.11%
Information ratio12.85%22,91%N/A-10.83%-6.53%13.30%
NAV/Share1,831.77

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 (%)
Net
Assets
NAV/
SHARE
MonthYTDSince
launch
MonthYTDSince
launch
VDeF B$53.6m$1,853.51.06.0306.41.26.0181.1
DCB Index--1.78.9190.21.98.9100.8

(As at 31/07/2019)

NAV Performance (%)

(As at 30/08/2019)

Holding Allocation (%)

(As at 30/08/2019)

Investment Restrictions

Corporate Debt

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.

Money Market

Up to 100% of NAV may be invested in non-VND cash and money market instruments.

Equity-Linked

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.

Derivatives

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.

Solvency

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).

Other

Borrowings are permitted up to 50% of NAV. Investments in closed and open ended funds is permitted. The Modified Duration shall not exceed eight.

Aggregate Exposure

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.

Fund Detail

Country of IncorporationCayman Islands
Stock ExchangeIrish Stock Exchange
Inception Date19 December 2007
Issued SharesB Share 35,144
BenchmarkDC Liquid Bond Index
ValuationMonthly
Fund CurrencyUS$
Legal Entity Identifier (LEI)B Share: 2138004UZERB62K4I296

Fees and Trading

Management Fee1% p.a. (monthly in arrears)
Performance Fee10% on excess of 3 month's Libor + 3%, compounded annually with a high water mark
Subscription FeeUp to 2%, at the discretion of Dragon Capital
Minimum InvestmentUS$100,000
SubscriptionFive days
Redemption Charge2%, at the discrection of Dragon Capital
RedemptionOne month
ISINKYG936151136
SEDOLB3K9234
CUSIPG93615113
BloombergDGCP or VNDEBTB

(As at 05/09/2019)

Dan Svensson

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.

Key fund information

Annual Report 2018

31 Dec 2018

Annual Report 2017

31 Dec 2017

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