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This is the first monthly fall in VEIL’s NAV since June this year.
The average discount rate of the fund was 18.8% to the market prices.
MSN, the biggest stock in VEIL’s investment portfolios, increased 4.3% thanks to the successful buying offer of 51% stake in Vinacafé Bien Hoa JSC. (VCF), the biggest local instant coffee producer.
While other stocks including ACB, FPT, HAG, HPG, SJS and SSI continued to fall between 1% and 17% in which SJS plunged the most due to some legal issues related to its key project – Nam An Khanh.
Of note, VEIL no longer invested in bonds while this activity accounted for 2% of its NAV in the previous month.
VEIL’s assets structure
|
Key data |
%NAV |
Value ($ million) | ||
|
27-Oct |
29-Sep |
27-Oct |
29-Sep | |
|
Listed stocks |
68% |
67% |
256.35 |
256.03 |
|
Promissory note |
20% |
19% |
75.4 |
72.6 |
|
Private equity |
6% |
6% |
22.62 |
22.93 |
|
Cash |
3% |
3% |
11.31 |
11.46 |
|
OTC stocks |
3% |
2% |
11.31 |
7.64 |
|
Bonds |
0% |
2% |
0 |
7.64 |
|
Total NAV |
376.99 |
382.13 | ||
Top ten stocks held by VEIL as at October 20
Source: Dragon Capital
VEIL is one of the four funds managed by Dragon Capital including VEIL, VGF, VDeF, and VPF. VEIL and VGF are the two biggest funds specializing in stock investments while VDeF invests in bonds and VPF invests in real estate.
Total NAV of the four funds by the end of October was $678.25 million, down by $6.21 million from the previous month.
Vietnam Growth Fund Limited – VGF
Its NAV as at October 27 reached $199.59 million, down 0.01% on month and 6.9% year-to-date. The average discount rate was 18.5%.
VGF’s assets structure
|
Key data |
%NAV |
Value ($ million) | ||
|
27-Oct |
29-Sep |
27-Oct |
29-Sep | |
|
Listed stocks |
67% |
69% |
80.13 |
137.72 |
|
Promissory note |
28% |
27% |
33.49 |
53.89 |
|
Cash |
2% |
2% |
2.39 |
3.99 |
|
OTC stocks |
1% |
1% |
1.2 |
2 |
|
Other |
1% |
1% |
1.2 |
2 |
|
Total NAV |
119.59 |
199.6 | ||
Top ten stocks held by VGF as at October 20
Source: Dragon Capital
Vietnam Dragon Fund Limited – VPF
VPF’s NAV stood at $68.29 million as at October 31, down 1.67% on-month and down 20.08% year-to-date. Its average discount rate was 11%.
The fund claimed that present is not the good time to invest in the real estate market due to the market’s difficulties recently.
This fund is divided into 2 minor funds namely VDeF-A and VDeF-B investing in bonds.
As at October 31, VDeF-A’s NAV was $13.39 million, up 1.2% on month and up 8.1% year-to-date.