VIETNAM HOLDING LIMITED LSE-listed investment company focused solely on Vietnam: the fastest-growing economy in South East Asia. Invests in high-growth companies, focusing on domestic consumption, industrialisation and urbanisation.
Our Purpose
Capturing the growth of Vietnam through an actively managed, high- conviction portfolio of companies.
Our Vision
Owning a portfolio of companies with the potential to double their underlying earnings over the next four to five years. Active stock selection balanced between high-growthsmall-and-medium companies and best- in-class blue chips. Seeking companies that can benefit from enhanced valuations by following a trajectory of better Environmental, Social, Governance practices.
Strategic Report
Strategic Report | 1 |
Summary Information | 4 |
Chairman's Statement | 6 |
Investment Manager's Report | 8 |
Top Five Portfolio Companies | 14 |
Sustainability Report | 20 |
Principal Risks and Risk Management | 26 |
Governance
Director Profiles and Disclosure of Directorships | 31 |
Corporate Governance Report | 32 |
Audit and Risk Committee Report | 38 |
Directors' Remuneration Policy and Report | 40 |
Directors' Report | 42 |
Statement of Directors' Responsibilities | 46 |
Financial Statements
Independent Auditor's Report | 49 |
Statement of Financial Position | 55 |
Statement of Comprehensive Income | 56 |
Statement of Changes in Equity | 57 |
Statement of Cash Flows | 58 |
Notes to the Financial Statements | 59 |
Corporate Information | 75 |
Annual Report 2021 | Strategic Report |
Strategic Report
Annual Report 2021 | Strategic Report |
Highlights of the Year
Financial Highlights | Operational Highlights | |
- Net Asset Value ("NAV") rose during the period by USD 78.8 million to USD 196.1 million
- NAV per share (USD) increased by 99.3%
- Net Investment gain of USD 103.98 million versus a loss of USD 17.71 million in the corresponding 2020 period
- Fund is invested in 26 positions
- Top-tenpositions account for 68.8% of the NAV
- Estimated average carbon footprint of the portfolio is 35% lower than the index
Total Net Assets (USD) | 2021 | 196.1m | ||||||||||
196.1 m | 2020 | 117.3m | ||||||||||
Net Asset Value per share (USD) | 2021 | 4.600 | ||||||||||
4.600 | 2020 | 2.308 | ||||||||||
Net Asset Value per share (GBP) | 2021 | 333.0p | ||||||||||
333.0p | 2020 | 186.8p | ||||||||||
Share price | 2021 | 265.0p | ||||||||||
265.0p | 2020 | 154.0p | ||||||||||
Discount to Net Asset Value | 2021 | |||||||||||
20.4% | ||||||||||||
20.4% | 2020 | 17.6% | ||||||||||
As at 29 September 2021 (the latest available date before approval of the accounts), the discount to NAV had moved to 15.1%. The estimated NAV per share and mid-market share price at 29 September 2021 was 347.3p and 295.0p respectively.
Ongoing Charges
Ongoing charges for the year ended 30 June 2021 have been calculated in accordance with the Association of Investment Companies (the "AIC") recommended methodology. The ongoing charges for the year ended 30 June 2021 were 2.52%. Refer to page 75 for the definitions of Alternative Performance Measures ("APMs") together with how they have been calculated.
Year end 30 June 2021
Average NAV | a | USD 146,258,398 |
Operating expenses* | b | USD 3,684,981 |
Ongoing charges figure | b÷a | 2.52% |
(calculated using the AIC | ||
methodology) | ||
*Operating expenses per the financial statements less one off non-recurring charges of USD 136,860.
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Disclaimer
Vietnam Holding Ltd. published this content on 01 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2021 07:44:52 UTC.
