Shareholder Information

Investment Managers

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LIONGLOBAL VIETNAM FUND

Investment Objective
The investment objective of the Fund is to provide investors with medium to long-term capital appreciation.

Investment Focus
The Fund shall invest in Authorised Investments which are equities, equity-related instruments (including, without limitation, interests in property funds) and securities in Vietnamese incorporated companies or institutions, as well as in companies or institutions which although not incorporated in Vietnam, have operations in, exposure to, or derive part of their revenue from Vietnam, and the Indo-China Region (which includes, but is not limited to, Cambodia, Laos and Myanmar). The Fund will not target any specific industry or sector but the Fund will target to invest at least 60% of its Deposited Property in companies listed in Vietnam and/or have operations in, exposure to, or derive part of their revenue from Vietnam. No assurance can be given that the Fund will at all or any time actually invest at least 60% of its Deposited Property in the manner as aforesaid. The Fund may also invest in short-term fixed income securities listed or traded on recognised markets within the Indo-China Region.

Investment Philosophy
The Managers believe in sustained long-term outperformance and achieve this through a rigorous research methodology and process aimed at uncovering high conviction ideas which are trading at significant discounts to fair value.
The Managers look to an objective and disciplined implementation of these ideas using sound portfolio risk controls and portfolio construction rules. The underlying investment philosophy is that securities prices will ultimately reflect  underlying  economic  fundamentals.  In  the  short  to  medium  term however, technical  factors  including  behavioural  factors  and  liquidity  may distort prices. By staying focused on the long term, the Managers believe they will avoid the common mistake of selling too early or overtrading the portfolio.

Investment Approach
The Managers will implement a research process that would identify businesses  that have most, if not all, of the following characteristics:

  • Clearly understandable business models and value add propositions
  • Proven track record of growth and profitability through both strong  and weak economic conditions
  • Sustainable competitive edge
  • Strong and forward looking management
  • Healthy corporate governance
  • Strong balance sheets
  • Sustainable top line and bottom line growth
  • Strong profitability in terms of net profit margin and return on equity
  • Strong free cash flows or have the potential to generate them in the future
  • Market values have yet to reflect the quality and growth potential

Through their research, the Managers believe that they can gain deeper insights into understanding the business fundamentals of investment targets and make better judgment on estimating their growth potential and the attractiveness of their market prices. The Managers will monitor closely all the investments made by the Fund.