Вы находитесь на странице: 1из 8
VIETNAM September 2009 Update DRAGON CAPITAL FUNDS - NAV PERFORMANCE
VIETNAM September 2009 Update DRAGON CAPITAL FUNDS - NAV PERFORMANCE

VIETNAM September 2009 Update

DRAGON CAPITAL FUNDS - NAV PERFORMANCE

DC Funds

Audit

Date

NAV/

Share

MTD

Return

2009

YTD

2008

Return

12-Month

Rolling

Compounded

Annual Return

Inception

Date

 

Return

Return

Since Inception

VEIL

1 Oct

$3.260

5.5%

55.2%

-63.2%

9.0%

8.7%

Jul 1995

VGF

1 Oct

$19.110

7.2%

43.9%

-61.5%

4.1%

13.9%

Oct 2004

VDF

1 Oct

$11.155

8.7%

40.0%

-59.6%

5.7%

3.3%

Dec 2005

VDeF-A

30 Sep

$1,001.65

1.3%

8.2%

-7.6%

23.8%

0.0%

Dec 2007

VDeF-B

30 Sep

$1,264.55

1.5%

6.7%

18.1%

22.0%

13.5%

Dec 2007

VPF

30 Sep

$1.021

1.4%

8.7%

n/a

5.4%

4.4%

Apr 2008

Index

1 Oct

568.99

8.0%

80.3%

-66.0%

21.0%

n/a

2000

MARKET REVIEW

Market motors on huge volume, thanks to stepped- up liquidity and expanded margin facilities

Prices briefly corrected at mid-month but then carried on surging, led by property stocks

Foreigners net sellers on growth / value concerns, but for now liquidity trumps all

The Index rose 8% in the month to 1 Oct, to 569, on very strong daily volumes of US$250-350m. And it has continued to motor since, gaining a further 3.6% to 590 as of press time. Partly this has been on the back of the continuing world equity rally, but it also reflects high levels of liquidity in the domestic market. The SBV has been pumping cash in with generous open-market operations, while banks and brokers have been weighing in with more margin, repo and futures products. Investors have used the wall of money to speculate, with the immediate focus of activity being a second stimulus package and strong 3Q results. The latter seem inevitable given that P&L’s this year are market-driven, so there is the enjoyable phenomenon of a self-fulfilling prophecy.

Prices haven’t moved up in a straight line: at mid-month they retreated when punters began to fret about the huge spike in credit-fuelled trading volumes. But then they re- turned to their punting ways. The main feature has been the property sector, making up for lost time on the back of various deals and exceptional gains being announced. These stocks have generally been up 20-50% since the end of August. Brokers re- main ever-popular and small companies have had periodic flurries too. Blue chips were mixed and banks have continued to flatlined on concerns about the 2H outlook.

Foreigners have been more consistently cautious than locals, selling a net US$135m during September and US$10-15m so far in October. They are getting way of a market which, on a growth/value basis going into 2010, is looking expensive regionally. For the moment there is no gainsaying liquidity, the question is how long it carries on for.

13 Oct - VNI 590

Unit

2007

2008E

2009F

2010F

P/E Ratio

x

16.7

25.5

17.1

16.1

EPS Growth

%

52.9

-39.5

58.5

7.3

PEG Ratio

x

0.3

neg

0.3

2.2

Sales Growth

%

40.0

30.4

9.0

21.2

EBIT Growth

%

53.4

23.5

37.3

25.5

PBT Growth

%

94.3

-17.2

69.9

15.4

NPAT Growth

%

87.4

-19.2

64.0

12.3

Net DER

x

0.19

0.39

0.42

0.37

INDEX to 13 Oct 1,200 400 Volume Index VN Index $m 1,100 350 1,000 300
INDEX to 13 Oct
1,200
400
Volume
Index
VN Index
$m
1,100
350
1,000
300
900
250
800
700
200
600
150
500
100
400
50
300
200
0
J-07
M-07
A-07
J-07
A-07
O-07
D-07
F-08
A-08
J-08
A-08
O-08
D-08
F-09
A-09
J-09
A-09
O-09

HOSE CONSTITUENTS

HASTC CONSTITUENTS

Capital Goods 2.3%

Software & Svc's 3.1% Transports 4.0%

Goods 2.3% Software & Svc's 3.1% Transports 4.0% Real Estate 21.9% Energy 4.3% Utilities 4.6% Insurance

Real Estate 21.9%

Energy 4.3%

Utilities 4.6%

Insurance 6.1%

Others 7.1%

Materials 15.2%

Banks 8.1%

F&B 13.9%

Diverse Fin's 9.4%

Utilities 2.5%

Insurance 4.1%

13.9% Diverse Fin's 9.4% Utilities 2.5% Insurance 4.1% Others 6.4% Banks 27.8% Energy 7.8% Diverse Fin's

Others 6.4%

Banks 27.8%

Energy 7.8%

Diverse Fin's 9.0%

Materials 11.1%

Real Estate 18.2%

Capital Goods 13.2%

VIETNAM September 2009 Update ECONOMIC OVERVIEW
VIETNAM September 2009 Update ECONOMIC OVERVIEW

VIETNAM September 2009 Update

ECONOMIC OVERVIEW

The macro numbers are recovering as expected

Manufacturing still weak, but we expect a rebound

Bearish noise on BoP and currency due to reported drop in forex reserves

Low short-term external debt and high private FX holdings remain hidden virtues

A quick skim over the September macro data is a reminder of pre-2008 salad days.

Growth surprised on the upside, raising our expectation of real GDP to +5.1% for the year - translating into a hefty +6.7% yoy for 4Q. Prices bounced off the recent low, with

the CPI moving from 2.0% to 2.5% yoy, which was no surprise. The trade deficit ex- panded by US$1.6bn to US$4.8bn ytd, which we interpret as more capital and con- sumption-intensive imports. Retail sales remain stellar at +20% qoq, as plucky Vietnam- ese small businesses and farmers provide the solid backbone of growth.

The only blight is sub-optimal industrial production and manufacturing growth; expand- ing yoy 6.5% and 1.7% respectively. However, we suspect this is not as bad as it

seems. The huge inflows of FDI in 2007 (a 140% increase over the previous year) were overdone, creating excess capacity prior to a dramatic drop in global demand. But with

a stock of new shiny plant now pairing up with a young and industrious population, a

developing theme is Asian manufacturing consolidating in Vietnam. Vietnam’s manufac- tured exports to the US are down by about 2% qoq (which is probably just price factors), versus the regional average of -24%. With the VND as the only major regional currency depreciating against the dollar, the strategic play for manufacturers has to be setting up production somewhere along Vietnam’s 3,444 km of coastline.

But before getting too excited about the future, we must beware of the past repeating itself with calls for a BoP doomsday. The ADB announced FX reserves at US$17.6bn, which at 3.5 months’ import coverage is closing in on the three-month “rule of thumb”. But using the current account to measure reserve adequacy fails to deal with the issue that drives modern BoP crises - short-term external debt.

When similar anxiety was expressed in 2Q08, our call was that the US$5bn of foreign- held bonds would not break the US$20bn of reserves. We were right, but failed to pre- dict the lemming-like panic sentiment and resulting short-term liquidity squeeze. Now that offshore investors hold less than US$500m of government paper, another exodus would cause no more than a blip in bond yields that domestic banks would happily buy into. And the domestic banks are a critical source of resilience in Vietnam’s BoP. Some 25% of all deposits are FX held by residents. That these deposits are growing suggests that reported reserve movements could be misleading. To the extent reserves have fallen, only a portion is being used to plus BoP gaps and support the currency.

ECONOMIC FORECASTS

 

Unit

2007

2008E

2009F

2010F

Nominal GDP Real GDP Growth CPI Exports Imports Trade Balance FDI Approved FDI Disbursed IP growth VND

$bn

71.4

88.0

89.9

93.3

%

8.5

6.3

5.1

5.7

%

12.5

22.4

6.2

6.6

$bn

48.6

62.9

53.5

57.7

$bn

58.9

75.1

60.1

63.1

$bn

-10.4

-12.2

-6.6

-5.3

$bn

21.3

63.6

12.0

15.2

$bn

6.5

8.8

4.0

6.0

yoy

20.7

14.6

8.3

12.3

$1

16,016

16,800

18,300

19,800

CURRENCY

15,500 VND/US$ 16,500 17,500 18,500 Official Rate Free Mkt Rate Anchor Rate 19,500 Dec-07 Apr-08
15,500
VND/US$
16,500
17,500
18,500
Official Rate
Free Mkt Rate
Anchor Rate
19,500
Dec-07
Apr-08
Aug-08
Dec-08
Apr-09
Sep-09

STOCK OF FOREIGN EXCHANGE

45

40

35

30

25

20

15

10

5

0

US$ bn Official Reserves Commercial Bank Deposits Total
US$ bn
Official Reserves
Commercial Bank Deposits
Total
J-06 J-06 N-06 A-07 S-07 F-08 J-08 D-08 M-09 TRADE WEIGHTED FX RATE (5)% 0%
J-06
J-06
N-06
A-07
S-07
F-08
J-08
D-08
M-09
TRADE WEIGHTED FX RATE
(5)%
0%
5%
10%
15%
VND/US$
Trade Weighted FX (ex-US$)
20%
O-08
D-08
F-09
A-09
J-09
A-09
O-09
VIETNAM September 2009 Update VIETNAM ENTERPRISE INVESTMENTS LIMITED - VEIL NAV - 1 Oct 2009
VIETNAM September 2009 Update VIETNAM ENTERPRISE INVESTMENTS LIMITED - VEIL NAV - 1 Oct 2009

VIETNAM September 2009 Update

VIETNAM ENTERPRISE INVESTMENTS LIMITED - VEIL

NAV - 1 Oct 2009

NAV/

NAV Change

 

Price

Price Change

Net

Sh

Monthly

YTD

Bid

Offer

Monthly

YTD

Assets

$3.26

5.5%

55.24%

$1.90

$2.10

15.94%

23.08%

$566.67m

COMMENTARY Initially diffident, the market closed the month 8%, supported by keen investor specula- tion over strong Q3 earnings - sufficiently so to notch a record high daily turnover of US$250m, with averages exceeding US$180m. VEIL closed 5.5%. Sector specific, pro- digious earnings and new project announcement from Real Estate holdings, underlined by upbeat releases from senior executives helped drive overall gains to 28%. Even more compelling performance came from Transportation, 50%, and to a lesser extent, the F&B sector, 14%, following profit and bonus issue announcements. VEIL’s perform- ance was hampered by its bank holdings, which remained flat throughout the period, and an uncorrelated index weighting in natural resources. The Fund’s cash position re- duced from 9% to 5%, as we continue to add to our blue-chip holdings in anticipation of market uplift in the near term.

STRATEGIC ALLOCATION

SEGMENT

SECTOR

Others 1% BondsBonds 1%1% OTC Equities 4% Cash 5% Capital Goods 2% Energy 3% Software/Svc's
Others 1% BondsBonds 1%1%
OTC Equities 4%
Cash 5%
Capital Goods 2%
Energy 3%
Software/Svc's 3%
Transports 3%
Diverse Fin's 3%
Utilities 4%
Private
Banks 36%
Equities
Cash 5%
16%
F&B 11%
Listed
Equities
73%
Material/Resources
Real Estate 14%
16%

PERFORMANCE SINCE INCEPTION ($)

% VEIL VN Index - D-02 F-04 A-05 M-06 J-07 A-08 O-09
%
VEIL
VN Index
-
D-02
F-04
A-05
M-06
J-07
A-08
O-09

600

500

400

300

200

100

(100)

TRADING STATISTICS

 

Current

3 Years

5 Years

Since Inception

Avg Premium/Discount (%)

-38.7

-10.4

-4.3

-2.1

RISK STATISTICS

Standard Deviation: 23.8%

Sharpe Ratio: 0.1126

 

NAV PERFORMANCE DATA

Returns (%)

VEIL

VNI

12-Month Rolling

9.0

21.0

Current Month

5.5

8.0

Positive Months

44.4

51.8

YTD

55.2

80.3

2008

-63.2

-66.0

2007

31.6

23.3

2006

156.2

144.5

Two-Year Annualized Three-Year Annualized Since Inception Annualized

 

-24.8

-25.1

1.9

2.6

8.7

-

VIETNAM September 2009 Update VIETNAM GROWTH FUND LIMITED - VGF NAV - 1 Oct 2009
VIETNAM September 2009 Update VIETNAM GROWTH FUND LIMITED - VGF NAV - 1 Oct 2009

VIETNAM September 2009 Update

VIETNAM GROWTH FUND LIMITED - VGF

NAV - 1 Oct 2009

COMMENTARY

STRATEGIC ALLOCATION

PERFORMANCE SINCE INCEPTION ($)

NAV/

NAV Change

 

Price

Price Change

Net

Sh

Monthly

YTD

Bid

Offer

Monthly

YTD

Assets

$19.11

7.20%

43.90%

$9.25

$11.00

u/c

-7.95%

$299.09m

Following volatility earlier in the month, the Index closed 8% with VGF close on its heels, 7.2%. Sector wise, we saw strong gains in Transportation, 33% derived from strong earnings announcements, and efforts to curry investor confidence through a series of company seminars. Earnings expectations helped buoy Real Estate holdings, 29%, as investors responded to new project announcements. Banks remained flat as uncertainty prevailed on how to interpret Vietnam’s macro data. Stock specific, a strengthening of gold prices resulted in compelling gains for Olympus Pacific, 46%, and Vinamilk, signifi- cantly beat earnings forecast due to strong sales being 121% higher YTD than forecast. The stock has been actively traded in high volumes ever since. The Fund’s cash posi- tion has considerably reduced, from 15% to 8%, on account of a series of acquisitions in oil and commodity related stocks; a sector in which we anticipate great potential.

SEGMENT

SECTOR

OthersOthers 1%1% OTC Equities 1%

CapitalCapital GoodsGoods 2%2%

Transports 3% Pharma 3% Diverse Fin's 4%

Banks 4%

2%2% Transports 3% Pharma 3% Diverse Fin's 4% Banks 4% Cash 8% 25% Material/ Resources Software/Svc's

Cash 8%

3% Pharma 3% Diverse Fin's 4% Banks 4% Cash 8% 25% Material/ Resources Software/Svc's 5% Energy

25%

Material/

Resources

Software/Svc's 5%

Energy 5%

Utilities 6%

Cash 8%

Private

Equities

17%

Listed

Equities

72%

F&B 22%

Real Estate 14%

400

350

300

250

200

150

100

50

-

(50)

% VGF VN Index
%
VGF
VN Index

D-04

O-05

A-06

M-07

M-08

D-08

S-09

TRADING STATISTICS

 

Current

3 Years

Since Inception

Avg Premium/Discount (%)

-47.0

-13.5

-6.9

RISK STATISTICS

Standard Deviation: 35.5%

Sharpe Ratio: 0.30.56

NAV PERFORMANCE DATA

Returns (%)

VGF

VNI

12-Month Rolling

4.1

21.0

Current Month

7.2

8.0

Positive Months

54.2

51.8

YTD

43.9

80.3

2008

-61.5

-66.0

2007

37.0

23.3

2006

121.0

144.5

Two-Year Annualized Three-Year Annualized Since Inception Annualized

-25.2

-25.1

4.2

2.6

13.9

19.6

VIETNAM September 2009 Update VIETNAM DRAGON FUND LIMITED - VDF NAV - 1 Oct 2009
VIETNAM September 2009 Update VIETNAM DRAGON FUND LIMITED - VDF NAV - 1 Oct 2009

VIETNAM September 2009 Update

VIETNAM DRAGON FUND LIMITED - VDF

NAV - 1 Oct 2009

COMMENTARY

STRATEGIC ALLOCATION

PERFORMANCE SINCE INCEPTION ($)

TRADING STATISTICS

RISK STATISTICS

NAV PERFORMANCE DATA

NAV/

NAV Change

 

Price

Price Change

Net

Sh

Monthly

YTD

Bid

Offer

Monthly

YTD

Assets

$11.155

8.73%

39.96%

$6.00

$8.00

u/c

27.27%

$194.10m

After a cautious start to the month, the Index closed 8%, with VDF slightly outperform- ing, 8.7%. Across the sectors, market optimism borne out of Q3 earnings results, bonus announcements and the recovering economy, helped deliver gains in Real Estate, F&B, Pharma and Transportation, with the Fund’s respective holdings being the main con- tributors to performance. For the financials, SSI jumped 30% as investors acknowl- edged strong performance resulting from a healthy investment portfolio, improving cor- porate results and talk of a bonus issue. Utilities slipped as forecasted, taking a slight edge off overall gains. Company specific, a strengthening in gold prices resulted in in- credible gains for Olympus Pacific, closing 46%. The Fund’s cash position has now re- duced from 13% to 5% following cumulative acquisitions in oil and commodity related stocks; a sector in which we anticipate great potential.

SEGMENT

SECTOR

BondsBonds 2%2%

Cash 5%

Others 2%

Utilities 2%

SECTOR BondsBonds 2%2% Cash 5% Others 2% Utilities 2% Material/ Resources 21% P h a r
SECTOR BondsBonds 2%2% Cash 5% Others 2% Utilities 2% Material/ Resources 21% P h a r

Material/

Resources

21%

Pharma 9%

Energy 3%

Transports 3% Diverse Fin’s 4%

Cash 5%

Capital Goods

6%

Software/Svc' 7%

Banks 7%

OTC Equities 8%

Private

Equities

14%

F&B 17%

Real Estate 14%

Listed

Equities

71%

300

250

200

150

100

50

(50)

% VDF VN Index - D-05 A-06 A-07 N-07 J-08 F-09 S-09
%
VDF
VN Index
-
D-05
A-06
A-07
N-07
J-08
F-09
S-09
 

Current

3 Years

Since Inception

Avg Premium/Discount (%)

-37.2

-9.3

-6.7

Standard Deviation: 29.7%

Sharpe Ratio: -0.0245

 

Returns (%)

VDF

VNI

12-Month Rolling

5.7

21.0

Current Month

8.7

8.0

Positive Months

53.3

51.8

YTD

40.0

80.3

2008

-59.6

-66.0

2007

25.2

23.3

2006

59.9

144.5

Two-Year Annualized Three-Year Annualized Since Inception Annualized

 

-23.2

-25.1

-2.6

2.6

3.3

11.1

VIETNAM September 2009 Update VIETNAM DEBT FUND SPC - VDeF
VIETNAM September 2009 Update VIETNAM DEBT FUND SPC - VDeF

VIETNAM September 2009 Update

VIETNAM DEBT FUND SPC - VDeF

NAV - 30 Sep 2009

COMMENTARY

STRATEGIC ALLOCATION

PERFORMANCE SINCE INCEPTION ($)

YIELDS

 

Net

NAV/

VND Returns

US$ Returns

Assets

Sh

Month

YTD

Launch

Month

YTD

Launch

VDeF-A

US$13.3m

$1001.65

1.4%

10.4%

11.4%

1.3%

8.2%

0.2%

VDeF-B

US$20.1m

$1,264.55

1.5%

8.9%

40.6%

1.5%

6.7%

26.5%

DCB Ind

114

-

0.9%

7.5%

14.0%

0.8%

5.4%

2.5%

There were no big moves in the bond market during the month; liquidity has yet to im- prove as bond demand remains weak, pending something significant to drive the market in one direction. Lack of optimism has exerted some widening pressure on credit spreads. The Funds’ performances for September mostly come down to carry from short term government bonds and mark-ups of US$ based assets, as sovereign CDS slid some 50 bps. Corporate bond holdings showed small capital losses which were more than offset by large carries. With a quiet September, YTD turnover for the A and B shares has been 430% and 330% with the main action in government bonds. For the B shares, the total amount of corporate bonds sold in 2009 is close to US$7m while the total amount bought is nearer US$8m.

Gov't 47%

VDeF-A VDeF-B Cash 3% Cash 13% VDB 17% VDB 17% Gov't 47% Corporate 33% Cash
VDeF-A
VDeF-B
Cash 3%
Cash 13%
VDB 17%
VDB 17%
Gov't 47%
Corporate 33%
Cash 23%
50% A-shares 40% B-shares DC Vietnam Liquid Bond Index 30% Overnight index 20% 10% 0%
50%
A-shares
40%
B-shares
DC Vietnam Liquid Bond Index
30%
Overnight index
20%
10%
0%
(10)
(20)
(30)
Dec-07
Mar-08
Jun-08
Aug-08
Nov-08
Jan-09
Apr-09
Jul-09
Sep-09
VGBs
REGIONAL CDs
22
5yr Gov
%
1400
%
15yr Gov
VN 5yr CDS
Indo 5yr CDS
20
1200
2yr Gov
18
Tha 5yr CDS
Phil 5yr CDS
1000
16
800
14
600
12
400
10
200
8
6
0
Feb-08
Jul-08
Dec-08
May-09
Oct-09
Feb-08
Jun-08
Oct-08
Feb-09
Jun-09
Oct-09
Page 6 of 8
VIETNAM September 2009 Update VIETNAM PROPERTY FUND LIMITED - VPF NAV - 30 Sep 2009
VIETNAM September 2009 Update VIETNAM PROPERTY FUND LIMITED - VPF NAV - 30 Sep 2009

VIETNAM September 2009 Update

VIETNAM PROPERTY FUND LIMITED - VPF

NAV - 30 Sep 2009

COMMENTARY

STRATEGIC ALLOCATION

PERFORMANCE SINCE INCEPTION ($)

RISK STATISTICS

NAV/

NAV Change

Mid-Market

Price Change

Net

Sh

Monthly

YTD

Price

Monthly

YTD

Assets

$1.021

1.4%

8.7%

$0.72

0.7%

14.3%

$91.89m

September was a productive month for VPF. NAV/sh rose slightly to US$1.02, following further returns on our stock positions. We sold a further tranche in Sudico for an aver- age gain of 232%. Whilst extremely compelling as a realised gain, the sale accounted for barely 1% of total NAV. We expect to trade this stock further into October, subject to market movement. Upward, we will exit fully; sufficiently downward, we buy back in.

We also signed a sale-and-purchase agreement in a substantial residential develop- ment in District 2 of HCMC. Already under construction and engaged in pre-sales, it consists of 700 apartments on a retail podium. A number of conditions must be satisfied before funds are committed, but as VPF’s first major investment in 2009, we believe our patience is being rewarded. The market is beginning to show signs of improvement at a

point where we are well progressed on potential deals. So much so, that our expectation

of having the majority of the fund invested prior to the end of 2009 is looking realistic.

We are underway with legal and project due diligence on two further investments. First,

a residential development of 1,000-plus apartments in the south of HCMC, partnered

with a trusted and experienced developer. Secondly, a three-star business hotel site in the north of HCMC, servicing industrial parks woefully undersupplied with this kind of

product. Our market research has revealed strong demand from travelling middle- management executives, tired of the arduous commute from the centre of HCMC to in- dustrial park zones, against a tide of ever-worsening traffic.

Property

Stocks 9% Property Projects 19% Cash 72%
Stocks 9%
Property
Projects 19%
Cash 72%
1.0 US$m US$ Value Traded (LHS) NAV (RHS) Price (RHS) 0.5 0.0 May-08 Jul-08 Sep-08
1.0
US$m
US$
Value Traded (LHS)
NAV (RHS)
Price (RHS)
0.5
0.0
May-08
Jul-08
Sep-08
Nov-08
Jan-09
Mar-09
May-09
Jul-09
Sep-09
Standard Deviation: 4.3%
Sharpe Ratio: -0.9431

1.5

1.0

0.5

0.0

NAV PERFORMANCE DATA

Returns (%)

Current Month Positive Months YTD Since Inception Annualized

1.4

47.1

8.7

4.4

VIETNAM September 2009 Update DEALING
VIETNAM September 2009 Update DEALING

VIETNAM September 2009 Update

DEALING

Fund

Bloomberg

ISIN

SEDOL

CUSIP

 

Listed

VEIL

VIETENI KY Equity

KYG9361H1092

0933010

G9361H109

Ireland

VGF

VIETNGF KY Equity

KYG9361F1037

B01H2V4

G9361F103

Ireland

VDF

VIETVDF BH Equity

BMG9361A1045

B0QJY19

G9361A104

Ireland

VRI

VIETRES KY

KYG9362V1077

B23JKK7

G9362V107

Luxembourg

VRI Warrant

VIETREW1

KYG9362V1150

n/a

G9362V115

n/a

VDeF-A

VNDEBTA

KYG936151052

B3K9223

G93615105

Ireland

VDeF-B

VNDEBTB

KYG936151136

B3K9234

G93615113

Ireland

VPF

VPF LN Equity

KYG9362H1083

B2NHWFO

G9362H108

London - AIM

Price Providers

Funds

Bloomberg

Reuters

Contact

Dragon Capital Markets

All funds

DGCP

DRAGON1

Fabian Salvi +84 8 3825 0386 fabiansalvi@dragoncapital.com dealing@dragoncapital.com

*LingBridge Limited is a registered appointed representative of Dragon Capital Markets (Europe) Limited which is authorised and regulated by the Financial Services Authority.

 

John Bridgman / Gopi Lingam* +44 207 935 0288 john@lingbridge.com gopi@lingbridge.com

Jefferies International

VEIL, VGF, VDF, VRI, VPF

JJFD

n/a

Peter Regan / Michele White +44 207 898 7140

Capital Partners Securities

VDF

CPSV

n/a

+81 3 4543 1000

 

Winterflood Securities

VPF

n/a

n/a

+44 207 663 6624

Seymour Pierce

VPF

VPF LN

VPF.L

Leti McManus / Sam Tully +44 207 107 8095

Numis Securities

VEIL, VGF, VDF, VRI, VPF

NUMI

n/a

Dave Cumming +44 207 260 1380

 

Dexion Capital

VEIL, VGF, VDF

DEXA

n/a

Richard Crawford +44 207 832 0999

LCF Rothschild

All funds

LCFR

LCFR03

Johnny Hewitson +44 207 845 5960

Operational

Trading

Shares trade OTC on a matched-market basis except for VPF on London’s AIM

Clearing

Euroclear or Clearstream

 

Settlement

HSBC Hong Kong (Euroclear no. 20737)