Finland’s Elite fund to make big splash in Vietnam

June 11, 2013 | 14:42

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Finland’s leading investment fund is muscling up its investments in Vietnam.

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PYN Elite fund manager Petri Deryng said: “Having realised substantial gains from our Thai holdings, we have utilised this opportunity to move funds from Thailand into other undervalued markets such as China and Vietnam. We have been aggressively adding positions in Vietnam, with the country allocation being 29 now and continually increasing. We also do hold a significant amount in cash and are well positioned to continue to outperform for the rest of the year.”

Petri Deryng, who manages 220 million euros ($285 million) in two PYN funds – Elite and Populus – has sold more than 100 million euros worth of Thai stocks during the past five months, while investing about 40 million euros in 51 different Vietnamese companies, according to Bloomberg.

His holdings in Vietnam include PetroVietnam Drilling and Well Services Company, and Dinh Vu Port Investment and Development Company

Bloomberg quoted an email by Deryng as writing: "As Vietnam's stock exchange is trading below historical average valuations and Thailand above them, it’s clear that the Vietnamese market has a more attractive growth potential."

Elite Fund holdings by country till end of the first quarter of 2013: Thailand 30 per cent; China 26 per cent; Vietnam 29 per cent; Cash 15 per cent (Source: Elite Fund)

By By Tuong Thuy

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