Uncovering Trusts by Edison Group
Aug 24, 2026 · 17 min · 10 segments
In this episode, our director of content for investment companies, Milosz Papst, talks about VinaCapital Vietnam Opportunity Fund (VOF), a FTSE 250 constituent investing across Vietnam's public and…
Milosz PapstGuest
Chloe WongHost
Vof is a FTSE 250 constituent listed on the main market of the London Stock Exchange.
It's managed by Wiener Capital with Canvu as lead portfolio manager and is domiciled in Guernsey.
Since inception, the fund has delivered an annualized NAV total return of around 11% in US dollar terms.
Its objective is medium to long-term capital appreciation from investments across Vietnam's public and private markets.
The portfolio is benchmark agnostic in construction, but WoF aims to outperform the FTSE Vietnam All Share Index over the long term.
The important point is that it applies private equity disciplines, not only to unlisted companies, but also to many listed investments.
Yes, so at the end of July, listed equities were at close to 80% of NAV, private equity 12.5% and cash and other assets at close to 8%.
But I would note that the distinction between listed and private does not tell the whole story.
A significant part of the listed portfolio was originally sourced through privately negotiated transactions.
For example, private placements or pre-IPO allocations rather than simply bought in the market.
That can give off access to entry prices or deal terms that ordinary secondary market investors cannot replicate.
It also means that the manager thinks in multi-year terms and is prepared to negotiate meaningful stakes and protections where appropriate.
That privately negotiated approach is an important part of the equity story, although the recent difficulties in some legacy private real estate holdings are also a reminder that well, liquidity can cut both ways.
Vof is a FTSE 250 constituent listed on the main market of the London Stock Exchange.
It's managed by Wiener Capital with Canvu as lead portfolio manager and is domiciled in Guernsey.
Since inception, the fund has delivered an annualized NAV total return of around 11% in US dollar terms.
Its objective is medium to long-term capital appreciation from investments across Vietnam's public and private markets.
The portfolio is benchmark agnostic in construction, but WoF aims to outperform the FTSE Vietnam All Share Index over the long term.
The important point is that it applies private equity disciplines, not only to unlisted companies, but also to many listed investments.
Yes, so at the end of July, listed equities were at close to 80% of NAV, private equity 12.5% and cash and other assets at close to 8%.
But I would note that the distinction between listed and private does not tell the whole story.
A significant part of the listed portfolio was originally sourced through privately negotiated transactions.
For example, private placements or pre-IPO allocations rather than simply bought in the market.
That can give off access to entry prices or deal terms that ordinary secondary market investors cannot replicate.
It also means that the manager thinks in multi-year terms and is prepared to negotiate meaningful stakes and protections where appropriate.
That privately negotiated approach is an important part of the equity story, although the recent difficulties in some legacy private real estate holdings are also a reminder that well, liquidity can cut both ways.
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