The Vietnamese market has become too cheap relative to the earnings growth forecasts for this year and next. Although the earnings growth of Vietnamese banks slowed in 2022 and 2023,
The Vietnam stock index has gained about 15% since the beginning of the year, and the market sentiment is cautiously optimistic. Macroeconomic figures have supported the sentiment, and we expect
At the beginning of February, the PYN Elite fund celebrated its 25th anniversary. For the past ten years, the fund has been operating in Vietnam, and during that time NAV
The last Investor Letter of the year is a new edition of Portfolio Manager’s Q&A. This time, the portfolio manager reflects on the fund’s modest returns, but also offers a
Vietnam’s economy is on the right track, even though it may not be evident from the recent decline in stock prices. In this Investor letter, we will take a closer
Several of PYN Elite’s top holdings companies reported very strong earnings for the first quarter, in spite of earnings growth in the stock market being generally subdued. The mall operator