Specialists in frontier and emerging markets
New fact sheets equity funds available

New fact sheets equity funds available

Publiced on february 16, 2017

In January the Africa fund share price rose 1.43% while the benchmark index fell 1.90%, both measured in euro and based on total return. The amount of outstanding shares declined slightly to 586,081 s... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Publiced on january 18, 2017

Over the year 2016 the share price of the Africa fund declined 1.91% while the benchmark index fell 5.12%, both measured in euro and based on total return. The fund had a net inflow and issued 27,199 ... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Publiced on december 15, 2016

Since the start of the year the share price of the Global Frontier fund rose 6.2% and thereby it outperformed the iShares Frontier 100 ETF that gained 3.76% over the period, both measured in euro and ... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Publiced on november 15, 2016

Since the start of the year the TCM Global Frontier High Dividend fund share price rose 4.4% and thereby it outperformed the iShares Frontier 100 ETF that gained 0.68% over the period, both measured i... Read more

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Equity Fund Vietnam

Fund profile

Intereffekt Frontier Vietnam is called TCM Vietnam High Dividend Equity since November 2015.

TCM Vietnam High Dividend Equity is an equity fund. At least half of the fund capital will be invested in listed shares on the exchanges of Ho Chi Minh City and Hanoi. At the most 20% of the fund can be invested in the Vietnamese OTC market. This depends on the liquidity of this market. The funds investment policy will be aimed at achieving capital growth as well as dividend pay outs. The risk profile is high, due to investments being channelled into frontier markets in Vietnam. The benchmark of the fund is the FTSE Vietnam Index (Total Return). The relationship between global financial markets and the Vietnamese markets is low, because the latter are less sensitive to international developments. 
TCM Vietnam High Dividend Equity is a subsidiary fund of Intereffekt Investment Funds N.V. (IIF), established with a so-called umbrella structure.

Sustainability
TCM has entered into an agreement with Sustainalytics for the screening of the portfolios of the TCM equity funds on ESG criteria (UN Global Compact and Controversial Weapons).

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Fund performance

grafiek vietnam apr

The Fundmanger writes

At the end of January the Government announced that is determined to take drastic measures to improve business climate and competiveness indicators to reach the average level of ASEAN top 4 countries by the end of this year.
The ratio behind the steps is that despite continuous efforts made by the Government, ministries, agencies and localities to tackle difficulties for businesses and create favourable conditions for investors, most of the indices of business environment have not reached the level of the top 4 countries Singapore, Malaysia, Thailand and the Philippines.

Next to this reaching the level of the top 4 countries in terms of business environment, Vietnam wants to become one of the top 70 or 80 countries in terms of startups and protection of minority investors, respectively, and being among the top 30 countries listed by the World Bank in transparency and access to credit. The renewed targets hold also very practical targets like shorten the time a company has to spend on doing tax and social insurance procedures to a maximum of 168 hours per year.

By 2020, the country is also striving to achieve the average level of ASEAN 5 countries (Singapore, Malaysia, Indonesia, Thailand and the Philippines) in terms of the Global Innovation Index released by the World Intellectual Property Organisation. In short; no lack of ambition from the Governments point of view, the coming years will prove if this targets can be reached.

The TCM Vietnam fund showed a positive return of 0,98% during the month of January. The benchmark increased by almost 2%. The Vietnam Phoenix Fund will be split up in 2 types of shares after the EGM resolution in December last year. The fund will split into B shares (“liquidation shares”) and C shares (“private equity shares”). The B shares will liquidate within 6 months and return cash to the shareholders. The C shares have a 3 year mandate to liquidate the portfolio, the C shares are currently trading with a discount of 30%.
The TCM Vietnam fund holds 44 positions at the end of the year across a large number of sectors. Basic Materials and Industry are the main themes weighting 23.77% and 15.26% respectively. Within these sectors we currently find the most high dividend stocks that meet our criteria. The weighting of a sector depends mainly on the relative attractiveness of a stock/sector versus other stocks/sectors. The fund allocation can therefore deviate strongly from the Vietnamese benchmark indices.

Downloads

Latest factsheet
Factsheet Vietnam 2017-01

Factsheets archive
Factsheet Vietnam 2016-12
Factsheet Vietnam 2016-11
Factsheet Vietnam 2016-10
Factsheet Vietnam 2016-09
Factsheet Vietnam 2016-08
Factsheet Vietnam 2016-07
Factsheet Vietnam 2016-06
Factsheet Vietnam 2016-05
Factsheet Vietnam 2016-04
Factsheet Vietnam 2016-03
Factsheet Vietnam 2016-02
Factsheet Vietnam 2016-01

Additional information
information sheet fundmanagement 2016-07
Citywire AAA ranking 2014-01

Legal information
Key Investor Information Document
Change of conditions 2016-12
IIF semi-annual report 2016
Trustus conflict of interest policy 2016-07
Trustus annual report 2015
IIF annual report 2015
Change of conditions 2015-11
Name change funds 2015-10
Certificate of Incorporation TRUSTUS
Certificate of Incorporation Intereffekt
Prospectus
Licence

Disclaimer

No rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions. These documents may be obtained from the website or the address mentioned below. The manager of IIF has obtained a licence for this fund from the Netherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision.