VietNam Holding Ltd (LON:VNH) continued to post record-high gains for another month, said Dynam Capital Ltd, the investment manager of the trust, in a trading update for June.
Despite the latest wave of COVID-19 cases slowing down some of the momentum seen in Vietnam's manufacturing sector this year, gross domestic product was still higher than expected in the second quarter, with the industry and construction sector outperforming the wider economy.
“VNH continued to post record-high gains for another consecutive month and ended the financial year up almost 100%,” said Dynam Capital.
“Also, with its NAV up +4.8%, it outperformed the VNAS [The Vietnam All Share Index] amongst record index levels and domestic daily volumes, thanks mainly to notable gains in the securities brokerage and industrial sectors.”
“July has started off with heightened volatility in the equity markets due to profit taking, and as Vietnam continues to deal with the increase in COVID-19 cases. Ho Chi Minh City was placed under lockdown on 9th July,” it said.
Last month, the investment trust exited its position in private logistics company ABA and now only holds liquid quoted securities and cash.