Till January 31, 2012, the total net asset value (NAV) of VinaCapital-run Vietnam Opportunity Fund (VOF) reached $716 million. By the end of January, the NAV per each fund certificate reached $2.23 per unit, rising 2.2 percent from $2.18 per unit in the end of December 2011.
VOF’s market capitalisation value increased 5.7 percent; lower than the rise of 10.6 percent of the VN Index of Hochiminh Stock Exchange (STC) in month.
The increase in the fund’s NAV was mainly attributable to the gain of stocks such as KDC, EIB, DPM, Pho 24 and Olympus in month.
However, the fund’s investment value in VinaCapital-run VinaLand (VNL), which specialises in investing in real estate and lists on London Stock Exchange, decreased nearly 13.5 percent.
The price of VOF fund certificate at the end of January closed at $1.36 per fund certificate, rising 8.8 percent against $1.25 per unit by the end of December 2011.
The price of VOF fund certificate surged sharply because VOF continued its programme to buy back fund certificate totalled 3.8 million fund certificates as of January 31, 2012.
Thanks to the fund’s fund certificate price increased faster than the rise of NAV, the discount ratio till the end of January 2012 declined to 39.2 percent against the level of 42 percent in the end of 2011. The discount ratio indicates the price of fund certificate in the market lower than the fund’s NAV.
Till the end of January 2012, the fund’s asset structure included 8.7 percent for cash and cash equivalents (lower than 12.3 percent in the end of 2011), 1.3 percent for bonds, 7.5 percent in Private Equity, 8.2 percent for OTC stocks, 34.9 percent for listed shares, 35 percent for real estate and 4.4 percent for other investments.
Thus, VOF’s cash and cash equivalents declined from $86.5 million in December 2011 to $62.3 million in January 2012, down $24.3 million. This amount of money was likely used partly to buy fund certificates.
Five biggest listed shares in the fund’s portfolio as of January 31, 2012 were Vinamilk (VNM) with 7.8 percent of its NAV, Eximbank (EIB) with 6.1 percent of its NAV, VNL at 2.9 percent, KDC at 3.4 percent and Hoa Phat Group at 1.9 percent of its NAV.
Five biggest OTC stocks in the fund’s portfolio were An Giang Plant Protection Joint Stock Co (4.3 percent), Halico (1.4 percent), Nam Viet Oil (0.9 percent), Lam Thao (0.5 percent) and Binh Dien fertiliser firm (0.4 percent) of its NAV.
Regarding investments in real estate sector, five projects accounting for the fund’s biggest investment proportion were Sofitel Metropole with 8.1 percent, Century 21 with 4.1 percent, Dai Phuong Lotus (3.2 percent), VNL (2.9 percent) and Da Nang Beach Resort with 2 percent.