Vietnam Consumer Discretionary - Phu Nhuan Jewelry: Hedge Against Rising Inflation Rates

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Equity Bottom-Up

<p>Investment funds have been investing in and developing&nbsp;Phu Nhuan Jewelry prior to its IPO in 2009, and the company is still poised for further growth in the future. &nbsp;Valuation is still reasonable, and may become lower if gold prices drop further in the future. &nbsp;In the long run, gold jewelry demand will increase and the price of gold will recover. &nbsp;Phu Nhuan Jewelry has been successful amid low gold prices, and has tremendous upside potential, based on its aggressive retail expansion and the future recovery of gold prices.</p>

Investment funds have been investing in and developing&nbsp;Phu Nhuan Jewelry prior to its IPO in 2009, and the company is still poised for further growth in the future. &nbsp;Valuation is still reasonable, and may become lower if gold prices drop further in the future. &nbsp;In the long run, gold jewelry demand will increase and the price of gold will recover. &nbsp;Phu Nhuan Jewelry has been successful amid low gold prices, and has tremendous upside potential, based on its aggressive retail expansion and the future recovery of gold prices.

Phu Nhuan Jewelry: Another Gem in Vietnam