oktober 2009
Factsheet
cijfers per 30-10-2009
February 2015
The Fund Manager writes
Despite the long Tet holidays, the stock market in Vietnam continued to rally. The bank stocks were among the best
performers in February after merger news, positive earnings reports and strong foreign interest. The Central Bank
said to raise the industrial credit growth target from 13-14% to 17%.
As a result the FY2015 profit expectations for lenders were raised as well. Since the start of the year the FTSE
Vietnam Index TR gained 8.02%. Compared to that, the Intereffekt Frontier Vietnam fund rose 14.74% in the same
period. This amounts to an outperformance of 6.72%.
Within the fund, we took our profit by selling the position in the VF4 fund against NAV. Earlier we managed to buy
this fund with a huge discount. Now the discount has disappeared as expected, we used the proceeds to invest in
new individual stock positions.
As an example, we bought Hoang Huy Investment based in Hai Phong City in February. The company operates in
real estate and auto parts and currently trades at 7.3 times earnings and a dividend yield of 5.61%.
Meanwhile, the economy is still looking strong. The HSBC PMI, published in February came in at 51.7 versus 51.5
in January and showed an expansion of 18 consecutive months.
Furthermore, retail sales climbed 3.7% MoM and rose 11.6% YoY. Industrial production, however, fell 19.2% MoM,
but the figure was affected by almost two weeks holiday in which most producers were down.
Key figures
Net Asset Value:
Euro 17.81
Stock Price:
Euro 17.90
Fund Capital:
Euro 11.0 million
Shares outstanding:
615.406
Start Date: 12 January 2009
Structure: open end
Fund Performance
Ongoing Charges Figure:
2.31% (budget 2015)
230
ISIN Code: NL0006489189
210
Trading:
IFV is listed on Euronext, which
190
means that the fund can be traded on
trading days through any bank or
150
broker. On trading days the fund will
%
170
sell shares against NAV with a
130
positive deviation of 0.5% and buy
back shares against NAV with a
110
negative deviation of 0.5%.
90
Managing Company:
70
TRUSTUS Capital Management
50
Frontier Vietnam
31-01-2015
31-08-2014
31-03-2014
31-10-2013
31-05-2013
31-12-2012
31-07-2012
29-02-2012
30-09-2011
30-04-2011
30-11-2010
30-06-2010
31-01-2010
31-08-2009
31-03-2009
Fund Management:
Frontier Markets Team:
Wytze Riemersma
Marco Balk
Tau van Ngo (Vietnam)
FTSE Vietnam TR Index
The Fund Managers received an Arating from Rating Agency Citywire.
Return in euro's*
Intereffekt Frontier Vietnam
FTSE Vietnam Index TR
DB-X FTSE Vietnam ETF
Ho Chi Minh Stock Index
Hanoi SE Equity Index
Since
inception**
122,56%
9,60%
-4,63%
127,82%
6,67%
2011
-33,75%
-48,73%
-48,76%
-28,06%
-47,92%
2012
17,57%
15,31%
18,03%
21,99%
4,00%
2013
37,85%
9,99%
6,83%
20,35%
17,46%
2014
27,39%
25,54%
24,77%
26,37%
43,43%
2015
14,74%
8,02%
9,15%
17,90%
11,63%
3 mnths
11,46%
7,15%
7,98%
16,85%
9,58%
1 mnth
2,34%
2,72%
5,37%
2,97%
0,85%
-4,34%
1,02%
-5,81%
10,94%
7,67%
10,21%
0,55%
Contact Information:
Intereffekt Investment Funds N.V.
Sewei 2, 8501 SP Joure
The Netherlands
+31 (0) 513 48 22 22
info@intereffektfunds.nl
Dong
-1,92%
* Based on Total Return (Bloomberg data)
** Data from the start date of the fund: 12-01-2009
Fund Profile
Intereffekt Frontier Vietnam (IFV) is a subsidiary fund of Intereffekt Investment Funds N.V. (IIF), established with a so-called umbrella
structure. IFV is an equity fund. At least half of the fund capital will be invested in listed shares on the exchanges of Ho Chi Minh City
and Hanoi. At the most 20% of the fund can be invested in the Vietnamese OTC market. This depends on the liquidity of this market.
IFV investment policy will be aimed at achieving capital growth as well as dividend pay outs. The risk profile is high, due to
investments being channelled into frontier markets in Vietnam. The manager will not use a benchmark as a gauge for the purposes
of determining investment policy or comparing the results achieved by the fund. The relationship between global financial markets
and the Vietnamese markets is low, because the latter are less sensitive to international developments.
www.intereffektfunds.nl
Twitter: @intereffekt
Sector Allocation
Top 10 Holdings
Position
Funds
29,13%
Consumer Staples
14,01%
Cash
12,56%
Materials
16,92%
Vietnam Equity Hdlg
11,19%
Petrolimex Petrochemical
6,14%
Petrovietnam Technical Servi
4,55%
Bao Viet Holdings
4,17%
Fpt Corp
4,11%
Sao Ta Foods Jsc
4,04%
Vietnam Js Commercial Bank F
3,95%
Vinacontrol Group Corp
3,85%
Petrovietnam Gas Joint Stock
2,93%
Weightings Top 10 in portfolio
61,85%
8,73%
Energy
Information Technology
Dws Vietnam Fund Ltd
11,29%
Financials
Industrials
7,84%
6,61%
4,11%
Utilities
2,93%
Consumer Discretionary
2,80%
Exchange Allocation
Fund Characteristics
Ho Chi Minh
36,11%
Characteristics
Number of positions
Other Exchanges
Fund
FTSE
Vietnam
31
19
6,24%
2,90%
Price/Earnings Ratio *
10,32
13,50
Price to Book Ratio *
1,49
1,86
29,13%
Dividend Yield *
Hanoi
Cash
Weightings
22,21%
12,56%
* source: FTSE/IIF/Bloomberg
Disclaimer
No rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions. These
documents may be obtained from the website or the address mentioned above. The manager of IIF has obtained a licence for this fund from the Netherlands Authority
for the Financial Markets in accordance with the provisions of the Financial Supervision.