Comment on Share Price vs

Saigon Asset Management NAV Performance YTD
(Ho Chi Minh City, October 27th, 2014)
Saigon Asset Management (SAM), the investment manager of two Stuttgart listed investment
funds, Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), is pleased to
announce the year to date performance through September 30, 2014 of its two funds. Both
VEH and VPH were in the top three best performing Vietnam focused funds, as calculated by
LCF Rothschild.
VEH saw NAV per share growth of 27% in US Dollar terms (38.5% in Euro and 28.3% in
Vietnam Dong), over 40% higher than the Vietnam Index, which increased 19.2%.
“We are pleased with the results as our strategy of balancing between the steady large caps
and performing midcaps paid off,” commented Louis Nguyen, CEO and Chairman of Saigon
Asset Management, the manager of VEH. “PVD and HPG were the two excellent performers
that led our large cap holdings. In the midcaps, NBB, DQC, and PVE contributed significantly
to the outperformance. We believe all these companies still have much upside potential as
they are all well managed firms led by experienced teams, who believe in continuous
improvements without sacrificing governance.”
Meanwhile, VPH has enjoyed NAV growth of 39% in US Dollar terms (48.9% in Euro and
40.3% in Vietnam Dong). This increase is more than double that of the Vietnam Index.
“We are delighted to see real estate as a sector demonstrating a major come back year to
date,” explained Louis Nguyen of SAM, also the manager of VPH. “Our star performers were
midcaps such as NBB, D2D, and DRH, which year-to-date returned 82%, 71% and 78%
respectively. We like these midcaps as they generally have favorable valuations but often lack
liquidity. This becomes a nonissue when the companies grow and liquidity improves.”
About Saigon Asset Management
Established in 2007, Saigon Asset Management (SAM) is investment manager of Vietnam
Equity Holding (VEH) and Vietnam Property Holding (VPH), both domiciled in the Cayman
Islands and listed on the Stuttgart stock exchange. SAM provides solutions in investment
management and advisory services that are performance focused while adhering to the
highest levels of business ethics. SAM maintains a representative office in Ho Chi Minh City
and employs over 20 investment professionals with diverse international financial backgrounds
and proven track records. For more information, please visit our website at
www.saigonam.com
Vietnam Focused Fund Dollar NAV Performances to 30th September 2014
Fund Name
Vietnam Property Holding
Lumen Vietnam Fund
Vietnam Equity Holding
Vietnam Holding Ltd
VF4 Vietnam Blue-Chips Fund
Vietnam Emerging Equity Fund
Fullerton Vietnam Fund
VF1 Vietnam Securities Fund
Vietnam Fund
JP Morgan Vietnam Opportunities Fund
Vietnam Index
Market Vectors Vietnam ETF
Vietnam Growth Fund
Vietnam Infrastructure
Blackhorse Enhanced Vietnam Inc
Vietnam Enterprise Investment Limited
Vietnam Opportunity Fund
MSCI FM
Manulife Progressive Fund
DWS Vietnam Fund
Vietnam Emerging Market Fund
Vietnam Azalea Fund
Vietnam Property Fund
Vietnam Resource Investments
Hong Leong Vietnam Fund
Vietnam Debt Fund SPC
Vinaland
Vinaland ZDP
Aseana Properties Limited
Fund Manager
Saigon Asset Management
CBR Investment AG
Saigon Asset Management
Vietnam Holding Asset Management
VietFund Management
PXP Asset Management
Fullerton Fund Management
VietFund Management
PXP Asset Management
JP Morgan Asset Management
Van Eck Associates
Dragon Capital
VinaCapital
Blackhorse Asset Management
Dragon Capital
VinaCapital
Manulife Asset Management
Deutsche Asset Management
Vietnam Asset Management Ltd
Mekong Capital
Dragon Capital
Dragon Capital
Hong Leong Asset Management
Dragon Capital
VinaCapital
VinaCapital
Aseana Management
% NAV growth
(USD)
Fund Size ($m)
39.0
21
27.4
22
27.0
87
24.4
134
23.9
40
23.7
41
20.9
38
20.8
104
19.5
90
19.3
122
19.2
19.2
431
18.9
321
18.3
233
15.4
18
15.3
568
13.5
809
13.1
12.2
10
11.0
350
7.6
9
6.0
64
5.5
69
4.2
4
3.3
4
2.6
28
0.0
415
-1.2
25
-2.5
155
Source: LCF Rothschild, 30th September

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