Over the last few years on this website, I have explored in depth many of the characteristics of Vietnam managed funds, whether that be Vietnam ETFs, Closed End Funds (CEFs), or open-ended unlisted funds.
This post will simply follow up on the performance of such Vietnam funds I have discussed in the past. I will examine how Vietnam managed funds have performed in the past year to June 2023.
I do stress that I wouldn’t place too much emphasis on only the past 12-month Vietnam fund performance table I shall soon list further down. For context, I would see how they have gone in the last year whilst taking into account their longer-term histories and other features. In that respect I won’t cover the same ground again in this post. If you want to read my thoughts on the Vietnam fund product offerings in recent years from a longer term of view, I will note the following few links to my earlier Vietnam fund reviews.
If you are just interested in the last 12 months performance and already have background knowledge of the various Vietnam managed fund products, feel free to skip the below links.
vietnam etf reviews 2023
COMPLETE REVIEW OF ALL VIETNAM ETFs
vietnam closed end fund reviews 2023
BEST VIETNAM CLOSED END FUNDS (CEFs)
vietnam managed fund reviews 2023
HOW DID THE VIETNAM STOCK MARKET FUNDS PERFORM IN 2023?
At the halfway mark of 2023, let’s now get to it, exploring how Vietnam funds performed in the 12 months to June 2023.
For a bit more context, the often-quoted VN-Index fell about 8% in those 12 months to June 30, 2023. That is approximately the move in USD terms, of which the below table will measure. Having said that, the Vietnamese Dong was only marginally weaker against the USD over this time.
It was a tale of two halves. An extremely volatile past 12 months for the Vietnam stock market, with major declines of about 15% seen in the last 6 months of 2022. In 2023 calendar year to date, the Vietnam stock market has produced very good returns, with the VN-Index then bouncing by circa 10%.
| FUND NAME | FUND TYPE | % RETURN PAST 12 MTHS TO JUNE 2023 |
|---|---|---|
| AFC Vietnam Fund | Active unlisted open ended | +0.7% |
| Pyn Elite Fund | Active unlisted open ended | -2.4% |
| Amundi Vietnam Opportunities Fund | Active unlisted open ended | -4.6% |
| Vietnam Opportunity Fund (VOF LN) | Active listed closed end fund (CEF) | -4.8% |
| Vietnam Holding Ltd (VNH LN) | Active listed closed end fund (CEF) | -5.7% |
| VanEck Vectors Vietnam ETF (VNM US) | Passive ETF | -7.7% |
| JP Morgan Vietnam Opportunities Fund | Active unlisted open ended | -8.2% |
| Vietnam Enterprise Investments Ltd (VEIL LN) | Active listed closed end fund (CEF) | -11.3% |
| The Global X MSCI Vietnam ETF (VNAM US) | Passive ETF | -12.5% |
| The Dragon Capital VFMVN Diamond ETF (FUEVFVND HOSE) | Passive ETF | -12.9% |
| Lion Global Vietnam Fund | Active unlisted open ended | -13.5% |
| TCM Vietnam High Dividend Fund | Active unlisted open ended | -14.8% |
| Xtrackers FTSE Vietnam Swap UCITS ETF (XVTF LN) | Passive ETF | -15.9% |
| Premia MSCI Vietnam ETF (2804 HK) | Passive ETF | -17.6% |
CONCLUSION
In general, I have not seen much in terms of the past 12 months to change any of my earlier views I have made on this blog.
To summarize, I have felt that getting exposure to the Vietnam stock market via passive ETFs listed outside of Vietnam is not my preferred method. (Which differs to what I would argue with the S&P500 for example, where for most people a cheap index fund is probably the best option).
Of the unlisted Vietnam managed funds out there, in the past I have commented I have a healthy respect for fund managers Pyn Elite and AFC Vietnam. They seem to be continuing to do a good job.
I have been a holder in a Vietnam closed end fund (Vietnam Opportunity Fund VOF LSE) for the long term, and they have still held up ok. I continue to believe VOF LSE, and also Vietnam Enterprise Investments Ltd (VEIL LSE), can be good choices for Vietnam stock market exposure. They still trade at attractive discounts to NAV. If in the next few years we see another bull run in the Vietnam stock market, I expect such discounts to substantially close.
