VinaCapital Vietnam Opportunity Fund — Promising pipeline of private transactions

VinaCapital Vietnam Opportunity Fund (VOF) posted a 12-month NAV total return (TR) in sterling terms to end-February 2026 of 5.4%, bringing its annualised five- and 10-year returns to 7.5% and 12.2%, respectively. The VN Index’s return of 33.8% in the 12 months to end-February 2026 remains distorted by the exceptionally strong return of stocks related to the Vingroup conglomerate. VOF’s manager highlights that recent team changes led to improved private deal origination, allowing VOF to secure rights to four privately negotiated deals and pre-IPO investments (worth over $70m) in the six months to end-2025, all of which have added to returns as of end-March 2026. VOF also made progress in restructuring some of its private investments that defaulted amid the 2022 property crisis.