PYN Elite Fund withdraws from long-term investments

April 20, 2020 | 17:39

(0) user say

PYN Elite Fund recently divested from a series of stocks they held for a long time like HUT, VNE, SVC, DIC, and MWG, in preparation for new opportunities once the pandemic passes.

Finnish equity fund PYN Elite Fund, which has invested in Southeast Asian stock markets for more than 20 years, has just sold 1.5 million shares of Ho Chi Minh City Infrastructure Investment JSC (code: CII) and reduced its ownership from 22.95 million (9.26 per cent) to 21.45 million shares (8.66 per cent).

PYN Elite Fund has been an investor in CII since 2016 and became a big shareholder in 2017. Currently, the fund is still the second-largest shareholder, following VIAC (No.1) Limited Partnership (holding 10.17 per cent), a subsidiary of Vietnam-Oman Investment. At the end of March, CII makes up the fifth-largest portion of Pyn Elite Fund's portfolio, making up 5.37 per cent.

Recently, PYN Elite Fund has divested from a series of stocks it had been holding for years, like HUT, VNE, DVC, DIC, and most recently MWG, where it sold 1.36 million shares to other foreign funds.

The fund could be restructuring its portfolio to later on seize new opportunities as the economy recovers from the pandemic. Share prices in Vietnam have dropped, making them more affordable, and PYN Elite Fund expects the economic outlook to brighten.

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional