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VietNam Holding Ltd. (VNH) is a closed end investment fund founded in 2006 to provide institutional investors and individuals an attractive opportunity to participate in the potential growth of Vietnamese equities. The fund’s investment manager is VietNam Holding Asset Management Ltd. (VNHAM). Both companies are domiciled in the Cayman Islands, and adhere to this jurisdiction’s applicable rules and regulations. VNH, additionally, observes all AIM rules of the London Stock Exchange as administered by a designated Nominated Advisor.
The investment focus of VNH is on Vietnamese companies that demonstrate strong long-term investment potential. Most investee companies are listed on one of the two Vietnamese stock exchanges. Exceptional investments through over-the-counter purchases typically take place when state owned enterprises are partially privatized and in the process of meeting listing requirements. Reflecting the fund’s value investment approach, the majority of the investments are mid-cap companies. For the sake of risk diversification, VNH limits individual investments to a maximum 10% of the fund’s Net Asset Value (NAV) at the time of purchase.
VietNam Holding Ltd. is a sustainable investor and is driven by shareholder value and the goals of Environmental, Social and Corporate Governance (ESG) principles and best practices. VNHAM’s ESG investment system includes 36 specific criteria that have been developed in a detailed evaluation system. No benchmarks are used in this system and no rankings are created. Rather, evaluations compare an investee company’s ESG improvement over time. To achieve this, VNH and VNHAM board members, together with VNHAM’s analysts and senior management, hold annual meetings with the leadership of each investee company during which the strengths, weaknesses and development of the company’s financial and ESG goals are discussed.
VietNam Holding Ltd. complements this company-specific approach through various other activities. These include an annual VNH Forum, which serves as a discussion platform to present investee company leaders with select ESG themes. VNH also conducts regular industry specific ESG workshops. The VNH Foundation, supervised by a separate board, provides charitable aid to underprivileged and handicapped children in and around Vietnam.
The VNHAM Investment Committee assists the board in making all fund investment decisions. The committee bases its investment strategy on a time-proven process that puts equal weight on financial analysis and interactive sustainability research. Members of the boards of the two companies meet quarterly to review all investment decisions. An independent Advisory Council, which includes experts from Vietnam and Switzerland, provides guidance to the committee.
The Investment Committee is guided by a careful classification of portfolio companies according to the degree of conviction associated with each investment. Corresponding portfolio weightings are assigned based on both general macro-economic factors and company or industry specific trends or events.
In the interests of good corporate governance, the board of VietNam Holding Ltd. utilizes two oversight committees. The Audit Committee provides ongoing control over the company’s finances. The Corporate Governance Committee supervises all areas of management practices and assesses the work done by the Board of Directors at every meeting.
These organizational and operational features demonstrate the importance of the teamwork that has been a key success factor in all VNH decisions and activities since its founding.
From its earliest days, VNH and its investment manager have professed and demonstrated the highest standards of transparency and integrity. A formal Code of Ethics guides the activities and decisions of all staff, directors and advisors. As it pursues the continuation of its historic record of pace-setting performance, VNH remains a notable example for funds in Vietnam and in emerging markets throughout the world.