VEH – VPH Monthly Report July 2010.pdf - Saigon Asset Management

Saigon Asset Management
172 Hai Ba Trung, 12 th Floor
Ho Chi Minh City, Vietnam
Tel: +84-8-5404-3488
Fax: +84-8-5404-3487
Email: IR@saigonam.com
Website: www.saigonam.com
Monthly Funds Update July 2010
NAV per
Share ( € )
Monthly
% Change of NAVPS Share Price
% Change of Share Price
YTD Since Inception (€ ) Monthly YTD Since Inception
Discount
(%)
NAV ( € )
VEH 2.56 -7.5 3.6 9.2 1.16 -4.1 -22.7 -56.2 -54.6 55,571,254
VPH 2.87 -5.4 11.8 22.6 1.33 0.0 12.7 -49.8 -53.7 36,355,876
Vietnam Equity Holding (VEH) Performance Since Inception
Portfolio by Sector and Asset Allocation of VEH
€ 3.0
€ 2.5
€ 2.0
€ 1.5
€ 1.0
€ 0.5
€ 0.0
€ 3.5
€ 3.0
€ 2.5
€ 2.0
€ 1.5
€ 1.0
€ 0.5
€ 0.0
Jan-08
Performance (%)
Jan-08
Jan-09
Jan-09
Jan-10
NAV Share Price Discount
1 Month
Prior
YTD
Year End
2008
Jan-10
NAV Share Price Discount
Jul-10
Jul-10
20.0%
0.0%
-20.0%
-40.0%
-60.0%
-80.0%
-100.0%
Inception
VEH NAV -7.5 3.6 40.8 9.2
VEH Share Price -4.1 -22.7 132.0 -56.2
VN Index -2.6 -0.2 62.2 -49.2
MSCI EM Index 8.0 0.2 74.8 -20.2
MSCI FM Index 5.7 2.4 9.6 -48.4
Historical Data
Total Feb-10 Mar-10 Apr-10 May-10 Jun-10
NAV (€) 53,598,140 54,063,491 57,336,116 58,869,897 60,084,722
NAV Per
Share (€) 2.46 2.49 2.64 2.71 2.76
Vietnam Property Holding (VPH) Performance Since Inception
Performance (%)
1 Month
Prior
YTD
Year End
2008
20.0%
0.0%
-20.0%
-40.0%
-60.0%
-80.0%
Inception
VPH NAV -5.4 11.8 23.7 22.6
VPH Share Price 0.0 12.7 0.8 -49.8
VN Index -2.6 -0.2 62.2 -49.2
MSCI EM Index 8.0 0.2 74.8 -20.2
MSCI FM Index 5.7 2.4 9.6 -48.4
Historical Data
Feb-10 Mar-10 Apr-10 May-10 Jun-10
Total NAV (€) 34,210,608 35,218,226 37,607,360 39,022,288 38,423,877
NAV Per
Share (€) 2.68 2.76 2.96 3.08 3.04
abc
F&B
17.0%
Luxury Goods
3.8%
Financial
12.3%
Oil & Gas
4.1%
Private
2.3%
Listed
79%
Infrastructure
12.2%
Mixed use
55.9%
Property
15.1%
Listed
54.6%
Tech
20.2%
Cash &
Others
3.3%
Residential
6.3%
& Cash
Others
3.3%
Real Estate
12.3%
OTC
15.4%
Cash & Others
16.8%
Cash &
Others
16.8%
Infrastructure
11.0%
Chemicals
7.0%
Pharma
9.0%
Portfolio by Sector and Asset Allocation of VPH
Commercial
8.8%
OTC
12.2%
Private
1.3%

Vietnam Equity Holding (VEH) is a closed-end fund listed on the
Frankfurt Stock Exchange. The objective of VEH is to maximize
capital appreciation by making equity investments in promising
listed, pre-listing and private companies in Vietnam. VEH was
ranked as the No. 1 performing Vietnam-focused equity fund in
2008 by LCF Rothschild. For more information, please visit
www.saigonam.com
Vietnam Equity Holding
40%
20%
0%
-20%
-40%
-60%
-80%
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
VN Index MSCI EM MSCI FM VEH
Vietnam Property Holding (VPH) is a closed-end fund listed on
the Frankfurt Stock Exchange. The objective of VPH is to maximize
capital appreciation by making investments in real estate projects and
companies in Vietnam. VPH was ranked as the No. 1 performing
Vietnam-focused real estate fund in 2009 by LCF Rothschild. For
more information, please visit www.saigonam.com
VEH and VPH Key Data
Vietnam Property Holding
40%
20%
0%
-20%
-40%
-60%
-80%
-100%
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Source: Reuters
Jun-10
VN Index MSCI EM MSCI FM VPH
About Saigon Asset Management
Source: Reuters
Structure
Cayman Islands registered closed-end funds
Funds launch November 30, 2007
Duration
5 Years (subject to shareholder vote for extension)
Fiscal Year End 31 December
Listed
Frankfurt Stock Exchange (FSE) and Xetra
NAV Frequency Monthly
Management Fee 2% of NAV
Performance Fee 20% of gains over 8% hurdle with high water mark
Investment Manager Saigon Asset Management
Auditor
Grant Thornton
Legal Counsel Reed Smith LLP / Appleby
Administrator
Custodian
Deutsche Bank (Cayman) Ltd
Deutsche Bank AG, Ho Chi Minh City Branch
Clearing/Settlement Euroclear or Clearstream
Marcel Winand, 886 AG
+49 6101 98861 18, marcel.winand@886AG.de
Market Makers
Hiroshi Funaki, LCF Rothschild
+44 207 845 5900, h.funaki@lcfr.co.uk
Judah L. Plotner, Jefferies
+44 207 898 7114, jplotner@jefferies.com
Bloomberg VEH: 3MS:GR VPH: 3MT:GR
Reuters VEH: 3MS.DE VPH: 3MT.DE
ISIN VEH: KYG936251043 VPH: KYG9361R1074
German Securities VEH: A0M12V VPH: A0M12W
Established in 2007 and based in Ho Chi Minh City, SAM employs
over 20 professionals with diverse international financial
backgrounds and proven track records. SAM currently has
approximately US$125 million in assets under management.
Louis Nguyen
Chairman & CEO
Michael Kokalari, CFA
Chief Investment Officer
For more information please contact:
Investor Relations Department
Saigon Asset Management
172 Hai Ba Trung, 12 th Floor
Ho Chi Minh City, Vietnam
Tel: +84-8-5404-3488
Fax: +84-8-5404-3487
Email: IR@saigonam.com
Website: www.saigonam.com
This document was prepared by Saigon Asset Management (SAM) and is for information only and does not constitute or form part of, and should not be construed as, any offer, inducement or an invitation to sell, acquire or issue, or any solicitation of any offer to purchase or subscribe
for, any shares or securities, including any ordinary shares, in VIETNAM PROPERTY HOLDING and/or VIETNAM EQUITY HOLDING (the “Funds(s)”) in any jurisdiction. No undertaking, representation, warranty or other assurance, express or implied, is made by either SAM or any
other person, in relation thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking
statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipate. All
information is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. SAM has not made any independent verification of any such information and makes no implied or express warranties on the
information provided. SAM does not guarantee the accurateness and completeness of statements made herein. Any opinions expressed herein are subject to change at any time without notice. Past performance of the Investment Manager and funds and any forecasts are not
indicative of the future or likely performance of the Investment Manager.