VinaCapital Fund Reports Asset Value Down 6.5% to US$779M in Nov
VinaCapital, one of the leading investment fund managers in Vietnam, said the net asset value (NAV) of its Vietnam Opportunity Fund (VOF) fell 6.5% to US$779 million in November, compared to a decline of VN-Index at 14.1%.
This is the first month the NAV of the fund has shrunk after eight consecutive months of increase. The asset value of VOF at end-November still rose 28.7% from end-2008.
The NAV on each fund certificate decreased to US$2.4 at end-November from US$2.57 in October, VinaCapital said in its monthly report.
During the month, VOF’s equity portfolio lost 11.3%, of which listed shares lost 14.7% while the OTC shares gained 19.5% due to the performance of Halico Vodka and An Giang Protection JSC.
By the end of November, the fund allocated 39.9% of its NAV in listed equity, 27.1% in real estate, 6.2% in OTC stocks, 8.9% in private equity and 1.1% in bonds. It had US$105.9 million in cash and equivalents.
Its five major holdings comprise Eximbank, Vinamilk, Hoa Phat Group, DIC Corp. and PetroVietnam Fertilizer. (Vinacapital)
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