Vietnam Enterprise Investments (VEIL) is the UK’s largest and oldest listed Vietnamese equities closed-end fund. Despite Vietnam’s bright economic outlook, Vietnamese equities were hit hard in 2022 by a toxic mix of unwelcome domestic and global developments, creating a disconnect between Vietnam’s favourable economic fundamentals and equity valuations. VEIL underperformed over this period due to its quality growth bias, as investors fled to defensive sectors, but the fund has consistently achieved its objectives of capital growth and outperformance on a rolling three-year basis and over the longer term. VEIL’s managers are confident 2023 will be a better year, both for the market and for the trust.
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