IN BRIEF: VinaCapital Vietnam Opportunity Fund agrees reduced fees
VinaCapital Vietnam Opportunity Fund Ltd - Guernsey, Channel Islands-domiciled investor in public and private Vietnamese companies - Agrees new fee arrangements with VinaCapital, its Ho Chi Minh City and Hanoi based manager, that the fund says will reduce costs and improve alignment with long-term investment results. The new arrangement follows a strategy review by Khanh Vu, who was appointed as portfolio manager for the fund early last year.
The new base fee will be 1.2% on the first USD500 million of net assets under management, 0.8% on net assets from USD500 million to USD1.5 billion, and 0.5% on net assets over USD1.5 billion. VOF currently has USD930 million in net assets, and based on this, it says the new effective base fee will be 1.0%, down 30 basis points from the previous agreement. In addition, a revised performance fee will be calculated based on the rolling five-year fund performance compared to the FTSE Vietnam All-Share Index, a benchmark that applies investability criteria such as foreign ownership limits and liquidity. The total fee cap, including both the base fee and the performance fee, will be 2.5%.
"The board continues to have high conviction in VOF's strategy and believes VinaCapital is well positioned to execute on it and deliver long-term market outperformance through its unique public and private market access, experienced team, and extensive track record," says VOF Chair Kathryn Matthews.
Current stock price: 461.40 pence, down 0.6% on Monday morning in London
12-month change: up 9.6%
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