• Tender offer for 30 per cent of shares in issue at 2 per cent discount to NAV.
• Excess application facility enables tenders for more than basic entitlement.
• Tender payments to be made in mid-September.
• Fund up 42.1 per cent in 2021, or 8.7 percentage point outperformance of Vietnam All-Share index.
Vietnam Holding (VNH:263p), a little known closed-end fund that holds a concentrated portfolio of mid to small-cap companies to play secular growth trends in Vietnam, has produced eye-catching investment returns this year, even if this is yet to be fully reflected in the company’s rating.
The share price of the £112m market capitalisation company is up 30 per cent on an offer-to-bid basis since I included the shares, at 206p, in my market beating 2021 Bargain Shares Portfolio, but this lags behind the 39 per cent gain in the fund in the same six-month period. The fund has outperformed the Vietnam All-Share index by almost nine percentage points in the calendar year to date, too.