VinaCapital Vietnam outperforms benchmark in first half
VinaCapital Vietnam outperforms benchmark in first half
VinaCapital Vietnam Opportunity Fund Ltd outperformed the Vietnamese Index in US dollar terms during its first half to end-December 2014.
It posted a total return on net asset value of 0.9%, compared with a decline of 6.0% from the Vietnamese Index.
The fund said its results reflect its underweight position in oil and gas, which fell sharply during the fourth quarter of 2014.
During the period it sold its 23.6% interest in An Giang Plant Protection for USD63.1 million, and made a USD34.5 million investment for a 56% stake in Vietnamese diary business International Dairy Products.
Additionally, it reduced its holding in its largest position Vinamilk.
"It is well known that economic growth does not necessarily correlate with stock market returns but given a market which does not look as overvalued as some, and some foreign investor interest, the prospects for the year ahead are reasonably positive," the company said in a statement.
Shares in the fund closed down 2.4% at USD2.43.
