VNF : PXP Vietnam does well in its final year
PXP Vietnam has published its accounts for the year ended 30 September 2014, Over the period the fund’s net asset value rose by 25.9% while, by comparison, the VNI (the Vietnam Index) rose by 21.0%. Shareholders did even better as the discount narrowed, leading to a 42.7% increase in the share price.
They tried to expand the fund via a C share issue during the period but unfortunately the timing coincided with a period of intense turbulence in the Vietnamese stock market (as a territorial dispute with China over islands in the South China Sea flared up). Following the failure of the C share issue, the Board resolved to attempt to merge the fund with an existing open-ended vehicle run by the manager and that process is now underway.
Kevin Snowball’s manager’s report makes little mention of the contribution of individual stocks to the fund’s performance but instead focuses on the macro outlook for Vietnam.