**Summary of VinaCapital Vietnam Opportunity Fund Limiteds Half-Year Financial Report (March 16, 2026):**
**Overview**
VinaCapital Vietnam Opportunity Fund Limited (VOF) released its unaudited half-year financial report for the period from July 1, 2025, to December 31, 2025. The report highlights the funds performance, investment strategy, and outlook for the Vietnamese market.
**Financial Performance**
**Net Asset Value (NAV) per share** Increased by 11.9% to USD 7.97, resulting in a total return of 12.8% in USD terms.
**Share Price** Increased by 10.3% on a USD total return basis.
**Dividend** Paid 7.25 US cents per share in December 2025, with the next dividend of the same amount payable on May 6, 2026.
**Investment Strategy and Portfolio**
**Benchmark Agnostic** VOF does not follow a specific index but notes the strong performance of the VN Index (up 29.8%) driven by Vingroup (VIC), which the fund does not hold due to valuation and transparency concerns.
**Portfolio Repositioning** The fund actively repositioned its portfolio, trimming long-term holdings and reinvesting in new opportunities, adding 4.4% to the calendar year return.
**Private Investments** Progress was made in distressed privately negotiated investments, including restructuring the holding in Dat Xanh Real Estate Services (DXS) into listed shares in Dat Xanh Group (DXG), resulting in a USD 6.7 million uplift.
**Sector Focus** Key sectors include Financials (29.9% of NAV), Real Estate (25.4%), Industrials (17.4%), and Consumer (24.2%).
**Market and Economic Outlook**
**Vietnamese Economy** Expected to grow over 8% in 2026, driven by infrastructure development and real estate market stimulation.
**Challenges** Potential impact of Middle East tensions on inflation and interest rates, and the need for continued economic reforms.
**Investment Opportunities** The fund sees opportunities in both public and private markets, particularly as Vietnam moves towards Emerging Market status, which should improve market liquidity and breadth.
**Corporate Actions and Governance**
**Board Changes** Charlotta Ginman took over as Chair of the Audit Committee and Management Engagement Committee. Julian Healy remains on the Board focusing on private equity investments.
**Share Repurchase Program** 7.0 million shares were bought back at a cost of USD 44.3 million, helping to control the discount and increase NAV.
**Management Fees** The Board is reviewing management fees to align them more closely with market levels.
**Conclusion**
VOF remains optimistic about the Vietnamese market, despite short-term challenges. The funds strategy focuses on identifying undervalued opportunities in both listed and private markets, leveraging its expertise in privately negotiated investments. The Board and Investment Manager are committed to enhancing shareholder value through active portfolio management, dividend payments, and strategic corporate actions.
| Metric | 2024 (Year ended 30 June) | 2025 (Six months ended 31 December) |
|---|---|---|
| Total Assets (USD'000) | 965,992 | 1,060,755 |
| Total Liabilities (USD'000) | 1,821 | 38,466 |
| Shareholders' Equity (USD'000) | 964,171 | 1,022,289 |
| Net Asset Value (NAV) per share (USD) | 7.13 | 7.97 |
| Profit for the period (USD'000) | 25,824 | 111,640 |
| Earnings per share (USD) | 0.17 | 0.85 |
| Dividends paid (USD'000) | 10,657 | 9,470 |
| Dividend per share (USD) | 0.0725 | 0.0725 |
| Loans and other borrowings (USD'000) | 0 | 25,000 |