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Dragon Capital VEIL - what is the most powerful investment fund in the first half of 2018?

Wednesday - 13/06/2018 07:55
After a series of portfolio moves, the $ 1.6bn managed asset class is expected to be the most active in the group.
In 2017, the Vietnam Enterprise Investment Limited (VEIL), the oldest investment fund in Vietnam's stock market managed by Dragon Capital, has had a successful year with net asset value growth (NAV) up to 60%. This is the highest growth among investment funds currently on the Vietnamese stock market.

This impressive growth was attributed to the fact that MWG, VNM, ACB, ACV, VJC and MBB had a growth rate of 50-100% compared to 2016.

Looking for new growth drivers for 2018 as well as for the next few years, so far this year, the most influential investor in this market has had a lot of high value buy / sell transactions. to restructure the portfolio.

According to information released by Dragon Capital, VEIL's most notable acquisitions include VinHomes (VHM), Sabeco (SAB), Masan Group (MSN), PNJ, CEN Land, Binh Son Petrochemicals (BSR) ) ...

In particular, the most significant was Sabeco's investment in March and new investment in VinHomes at the end of May with disbursements for each investment of about $ 80 million. As of the end of May, these two investments accounted for 11% of NAV of the fund.

Because closed-end fund can not call for more capital from investors, VEIL has to sell a lot of other investments in order to invest in these big investments.
Top 10 stocks with the highest investment value in VEIL's portfolio
Top 10 stocks with the highest investment value in VEIL's portfolio

According to our estimates, VEIL has sold a large number of high value shares such as Vinamilk (3.5 million shares), ACV (3 million shares), GAS (5 million shares), VJC 2 million shares, VCI (3 million shares) and 15 million shares of MBB and 10 million shares of HSG. In general, these are the investments that have brought about high profitability and a high proportion in VEIL's portfolio so it is understandable that selling funds to look for new growth drivers.

By the end of May 2018, the 10 largest investments accounted for 50% of NAV of VEIL. These are the largest cap stocks in the market such as VHM, VNM, SAB, HPG, ACV.

As of May 31, VEIL's portfolio was only up 0.85 percent from the end of 2017, to $ 1.57 billion, or $ 7.12 per fund certificate. However, in the first week of June, the NAV of VEIL rose again to $ 100 million to $ 1.67 billion on June 8 - still less than $ 200 million compared to the previous level. reached on April 9.

Real estate occupies an overwhelming weight

After a series of portfolio movements, the real estate group now accounts for the largest share of VEIL's portfolio, accounting for 28.5% of NAV. Next came the banking stocks with 20% and food and beverage groups with 15.6%. At the beginning of the year, real estate was only the third with only 17%.

VEIL's portfolio includes most real estate stocks such as VinHomes, Khang Dien, Dat Xanh, CEN Land, Hai Phat, Kinh Bac City, Ha Do.
(Source:Tri Thuc Tre)

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