Managing Director, Leaf & Ledger Limited

Evan Campbell, CFA

Evan Campbell, CFA, is a senior buy-side investor with 20+ years across private markets, real assets, and credit. He led portfolio management for a +€3bn European platform at Kennedy Wilson, with earlier front-office roles at Ontario Teachers’ Pension Plan, a listed North American REIT, and a pan-European private equity real estate platform. He is leading voice in private markets and special situations, with broad depth of experience across real assets, portfolio strategy, and risk management. Credentials include the CFA charter and the CFA Institute Climate Risk, Valuation & Investing Certificate, with additional training in credit analysis and advanced LBO and M&A modelling through Moody’s and a leading financial-modelling platform. Coverage spans Europe and the Americas.

Managing Director

Vietnam: Global Index Inclusion & Passive Flows

Smartkarma Webinar | ASEAN Markets Outlook:  Drivers, Policies & Risks in 2025

Banking Sector - 2Q25 Update and Outlook - Dual Mandate

MarketVector Vietnam Local Index Rebalance: 4 Adds; 9.5% Turnover; US$112m Trade

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

Military Commercial Joint Stock Bank (MBB VN)

<ul>
<li>
 Release sparks sell-off: Vietnam’s government inspectorate released findings October 17th. Despite widespread anticipation of the findings, Vietnamese equities were down sharply following the release.</li>
<li>
 Fault lines and risk nodes: 5 listed banks, Masan entities, T&amp;T Group, project vehicles, and Novaland affiliates. Issues include disclosure failures, off-plan proceeds use, arrears, and single-buyer concentrations.</li>
<li>
 Signal and policy path: Expect a stricter rulebook and more active supervision. The core system remains intact, but governance discounts rise, and issuance windows narrow as controls are rebuilt.</li>
</ul>



 Release sparks sell-off: Vietnam’s government inspectorate released findings October 17th. Despite widespread anticipation of the findings, Vietnamese equities were down sharply following the release.

 Fault lines and risk nodes: 5 listed banks, Masan entities, T&amp;T Group, project vehicles, and Novaland affiliates. Issues include disclosure failures, off-plan proceeds use, arrears, and single-buyer concentrations.

 Signal and policy path: Expect a stricter rulebook and more active supervision. The core system remains intact, but governance discounts rise, and issuance windows narrow as controls are rebuilt.


Orient Commercial Joint Stock Bank (OCB VN)

Vietnam Equities: GI Bond Probe Triggers 8% Index Slide