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

New fact sheets equity funds available

Published on october 12, 2017

Vietnam on track for 6.5 GDP growth in 2017
Based on the strong economic performance in Q3 2017, Vietnam is on track to deliver growth of around 6.5% in 2017. Vietnam’s Q3 GDP growth rose by a strong 7... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Published on september 19, 2017

In August the Global Frontier fund share price declined 0.23% whereas the benchmark index rose 3.07% over the same period, both measured in euro and based on total return. This discrepancy can be expl... Read more

Semi-annual report 2017 available

Semi-annual report 2017 available

Published on august 24, 2017

The semi-annual report over the first six months of 2017 is now available.
In this report you can read more about the three high dividend equity funds focused on Frontier Markets and the four&nb... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Published on august 11, 2017

In the past month, the share price of the Africa fund has increased 3.15%. The benchmark index rose 1.39% over the same period, both measured in euro on the basis of total return. On balance the Asset... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Published on july 12, 2017

During the first half of the year the share price of the Africa fund rose by 8.10%. The benchmark index increased by 7.56%. Both measured in euro and based on total return. The outperformance of the f... Read more

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Equity Fund Vietnam

Fund profile

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

Vietnam on track for 6.5 GDP growth in 2017
Based on the strong economic performance in Q3 2017, Vietnam is on track to deliver growth of around 6.5% in 2017. Vietnam’s Q3 GDP growth rose by a strong 7.46%, while its 9 months GDP growth came in at 6.41% (5.99% in 2016). The fastest growth experienced since 2012. The relatively faster growth was attributable to the strong growth of industry and construction (7.17%), the strong growth in manufacturing and processing (12.8%) and the services sector which also rose by 7.25% (the highest rate since 2013). Meanwhile, the mining sector continues to press on Vietnam’s growth potential by declining 8% during the first 9 months.

Vietnam’s inflation has remained stable this year, with CPI staying under control at 3.79%. The relatively stable inflation environment will support loosening monetary policies. Export turnover rose by 19.8% during the first 9 months of this year.
Vietnam’s manufacturing PMI surged to 53.3 in September, compared to 51.8 in August, the top spot among other Southeast Asian nations. This marks the 22nd consecutive month that Vietnam's PMI has surpassed 50. Registered FDI increased by 29.7% and the actual FDI disbursement for the first 9 months reached $12.5 billion, increasing by 13.4%. The continued surge in registered FDI reflects Vietnam’s relative attractiveness compared to other countries, especially for manufacturing, which accounts for nearly half of the country’s FDI.
 
The fund experienced a positive month which resulted in a gain of 3.6%. The Vietnamese Dong gained 0.6% versus the euro. Strong performers were TNG Investment and Trading. The stock gained 32% on better than expected figures. The stock currently trades with at a 4% dividend yield and a P/E of 7.4. Another big gainer was Masan Group, the stock continued its strong performance since mid 2017. Our real estate investments in Ho Chi Minh City Infrastructure Investment JSC experienced some downward pressure (-8.2%) without a disturbing news flow. Lam Thao Fertilizer lost 6.6% after the strong performance in August.
The fund currently holds 55 positions across a number of sectors. Materials and Industrials are the main themes weighting 25.4% and 18.5%. Within these sectors we currently find the most high dividend stocks which meet our criteria. The weighting of a sector in the fund 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 2017-09

Factsheets archive
Factsheet Vietnam 2017-08
Factsheet Vietnam 2017-07
Factsheet Vietnam 2017-06
Factsheet Vietnam 2017-05
Factsheet Vietnam 2017-04
Factsheet Vietnam 2017-03
Factsheet Vietnam 2017-02
Factsheet Vietnam 2017-01
Factsheet Vietnam 2016-12
Factsheet Vietnam 2016-11
Factsheet Vietnam 2016-10
Factsheet Vietnam 2016-09

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

Legal information
Key Investor Information Document
IIF semi-annual report 2017
Financial-Report-2016-CACEIS
Trustus semi-annual report 2017
IIF annual report 2016
Trustus annual report 2016
Change of conditions 2016-12
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.