IES Holdings Ltd.

Fund Information / Factsheet • Mar 13, 2019

National Storage Mechanism | Additional information

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RNS Number : 7092S

VietNam Holding Limited

13 March 2019

VietNam Holding Limited ("VNH" or the "Company")

Monthly Investor Report

A report detailing the activities of the Company for the month February 2019 has been issued by Dynam Capital Limited, the investment manager of the Company. Electronic copies of the report have been made available to shareholders on the Company's website at http://www.vietnamholding.com/publications/investor-reports and a summary of the report is included below.

Investor Report Summary

Vietnam celebrated Tet - Lunar New Year - during the month and welcomed the Year of the Pig, and then welcomed President Trump and Chairman Kim to Hanoi for the second US-N Korea summit. Despite the short month, with the stock exchanges closed for a week, Vietnamese equities performed generally well with the main index rising 5.5%. During the month the Fund delivered a 4% increase in NAV per share. Key contributors to the performance were Hoa Phat Group (+21.3%), Viet Capital Securities JSC (+21.9%), and Vincom Retail (+13%). Key detractors to performance were Vietjet Air (-3.6%), Van Phu - Investment (-2.5%), and Military Bank (-1.8%). Much of the increase in the main index was due to foreign capital flowing back to Vietnam via P‑Notes and ETFs, so the rise was not uniformly felt.

The Vietnam Macro picture remains robust, although there was a trade deficit for a second month of 2019: this is probably due to the effect of the Lunar new year. Despite this the VND was stable against the USD.

On March 8 the Fund's shares were listed on the Premium Segment of the main market of the London Stock Exchange. It is hoped that the move to the main market will help improve the liquidity for the Fund's shares over time. Please note the new ISIN, and also note that the share price and NAV are also now quoted in Pounds Sterling. The Fund's domicile has also been moved from the Cayman Islands to Guernsey.

Now that all the resolutions passed at the EGM/AGM on 31st October 2018 have been implemented, the focus is very much on improving the performance of the Fund's portfolio and carefully selecting new growth positions to add to over the next few months. Our review process is robust, and includes a strong focus on ESG, and we look for both financial returns and a positive impact from responsible investing.

We thank all investors for their continued support.

For more information please contact:

Dynam Capital Limited                  

Craig Martin                                                                                       Tel: +84 28 3827 7590

info@dynamcapital.com |www.dynamcapital.com

www.vietnamholding.com

finnCap

Nominated Adviser and Corporate Broker                                         Tel: +44 20 7220 0500      

William Marle / Giles Rolls

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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