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  • VietNam Holding Asset Management Ltd.:
    Penetrating the Vietnamese Market


    Juerg Vontobel of VietNam Holding Asset Management Ltd., a sponsor company at the upcoming marcus evans Elite Summit 2011, on the opportunities available for foreign investors in the Vietnamese market. 

    Interview with: Juerg Vontobel, Founder, VietNam Holding Asset Management Ltd.


    Consistent out-performance of the market requires a dynamic asset allocation process which in turn must be based on a thorough understanding of the key drivers in the economy and stock market, says Juerg Vontobel, Founder, VietNam Holding Asset Management Ltd. This has resulted in a portfolio with an emphasis on agriculture and domestic consumption investment themes. VietNam Holding’s objective is to generate high risk-adjusted returns by combining rigorous financial analysis with interactive sustainability research.

    From a sponsor company at the marcus evans Elite Summit 2011, in Montreux, Switzerland, 21 - 23 November, Vontobel discusses the importance of having a disciplined approach when investing in an uncertain market such as Vietnam.

    What is unique about your approach to asset management?

    Juerg Vontobel: When VietNam Holding was launched five years ago, we reviewed the global mega trends as well as the domestic growth drivers to build a portfolio through a dynamic asset allocation process. This resulted in a strong portfolio focus on agriculture and domestic consumption as our two main investment themes. As a value investor, we searched for undervalued companies, with the objective to hold them as long as the fundamentals are intact. As a result, 80 per cent of our portfolio was sourced in the over-the-counter market.

    Engagement with our portfolio companies on corporate governance issues was important from the outset as 80 per cent of the listed companies are former state owned enterprises. Once we saw our efforts rewarded with tangible results, we expanded out scope by fully incorporating the UN’s Principles for Responsible Investments

    What impact did your Environmental, Social and Governance (ESG) approach have on your investment performance?

    Juerg Vontobel: Companies with a higher level of environmental and social awareness tend to be better managed, which typically translates into good economic performance. That is how we discovered that ESG principles match very well with our value approach. 

    What are the opportunities in the equity market right now?

    Juerg Vontobel: Over the past 20 years, Vietnam has produced the second highest economic growth record after China. However, its stock market has been underperforming for many years. Investors have been spooked by see-sawing inflation rates caused by inconsistent monetary policies. After much criticism from the domestic parliament, the government revised its economic policy for the next five years from growth for the sake of growth to a focus on sustainable growth and the reduction of inflation rates. This has brought renewed confidence to domestic investors.

    Foreign investors have largely been absent from Vietnam for the past five years. Now is a good time to start looking again. The valuation of the Vietnamese stock market is over 30 per cent lower than those of all of its Asian peers and the corporate earnings growth continues to be well above 20 per cent p.a. Our own portfolio P/E is 20 per cent below the market’s and our investee companies have produced an earnings-per-share growth rate of almost 30 per cent during the first half of the year.

    How do you identify which assets are likely to perform well?

    Juerg Vontobel: Traditional quantitative methods help us to identify companies which outperform their industry. Our subsequent 360 degree review then combines our ESG assessment with our asset allocation discipline. This has enabled us to build a portfolio which is well positioned to continue to produce excellent results for our investors.   

    Stacey Melvin
    marcus evans, Summits Division
    Tel: + 357 22 849 400

    About the Elite Summit 2011

    This unique forum will take place at the Fairmont Le Montreux Palace, Montreux, Switzerland, 21 - 23 November 2011. Offering much more than any conference, seminar or trade show, this exclusive meeting will bring together esteemed thought leaders in institutional investing and market leading solution providers for a highly focused and interactive networking event. The summit addresses the ongoing evolution of alternative investing trends and provides attendees with fresh perspectives on adapting active management methods for a profitable investment portfolio despite market uncertainty.

    For more information please send an email to info@marcusevanscy.com or visit the event website at www.elitesummit.com 

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    Complementing our summit format, the Investment Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations. Lend an ear to fellow experts and live news from our events on our LinkedIn and Twitter accounts!



    About VietNam Holding Asset Management Ltd.

    VietNam Holding Ltd. (VNH) aims at long-term capital appreciation from well selected investments in Vietnamese equities. Financial analysis and portfolio development consider sustainability issues and opportunities for positive engagement. The fund is an attractive investment opportunity to participate in Vietnam’s remarkable growth and strong future prospects.


    About marcus evans Summits

    marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings. For more information, please visit www.marcusevans.com

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