What is VEIL’s investment strategy and process?
VEIL concentrates on value opportunities using a ‘bottom up’ approach based on Vietnam’s general economic story. The team managing the Fund includes a portfolio manager and two deputy managers overseen by an Investment Committee. All investment decisions are rigorouly screened by Dragon Capital’s in-house research team.
How do I invest in VEIL?
As VEIL is a listed fund, shares can be bought through Jefferies, VEIL’s appointed broker, or any other broker.
What are VEIL’s management and performance fees, and total expense ratio?
VEIL’s management fee is (a) 2.00% per annum on the first US$1,250,000,000 of the Net Asset Value; and (b) 1.75% per annum on the portion of the Net Asset Value in excess of US$1,250,000,000 and less than or equal to US$1,500,000,000; and (c) 1.50% per annum on the portion of the Net Asset Value above US$1,500,000,000. (Effective 1 August 2017)
With effect from 1 July 2021, the management fee will be amended to 1.85% per annum of Net Asset Value (“NAV”) for the first US$1.25 billion of the Company’s NAV, reducing to 1.65% per annum for NAV between US$1.25 billion and US$1.5 billion and further reducing to 1.50% per annum for NAV above US$1.5 billion.
There is no performance fee and the TER is approximately 2.35%
Does VEIL pay a dividend?
No. All dividends from holdings are reinvested in the fund to help cover on-going expenses.
How is VEIL’s NAV calculated?
It is calculated daily using the closing price of listed equities, the OTC price of the holdings on UPCOM, and any cash in the fund.
Why is VEIL’s share price different from its NAV?
As a freely traded fund its price is determined by the market, not by the holdings’ underlying value.
Is VEIL’s financial reporting in USD or GBP?
All reporting, both semi-annual and annual, is in USD.
In what currency is VEIL’s (daily) NAV issued?
Both USD and GBP.
As USD is the functional currency, will VEIL’s price performance be reported in GBP or USD?
Performance will usually be reported in both currencies (if space is limited, USD will have priority).
Will VEIL shares continue to be issued in USD?
Yes, nominal value will in USD.
Which currency will VEIL issue new shares in? Will VEIL receive USD in the primary market?
New primary shares will be issued in GBP, with proceeds converted into USD.
Will secondary trading be settled in GBP?
Should market makers carry VEIL shares in their books in USD or GBP?