Fund objective

VEIL aims to provide investors with medium to long-term capital growth from Vietnam’s equity markets. VEIL invests in companies the portfolio management team identifies as displaying attractive growth and value metrics, good corporate governance, and that align with Vietnam’s underlying economic growth drivers.

Investment strategy

VEIL’s core holdings are market leaders and companies with the potential to cement competitive advantages over the long term. The fund’s size and fixed capital structure enables utilisation of structured deal opportunities including IPOs and large private transactions. VEIL also invests a small allocation to ‘incubator stocks’ with the potential to double or triple in a three year period. The closed-end structure allows a long-term investment horizon without liquidity concerns, with the average holding period of top ten positions over ten years.

Key facts

Investment
manager
Dragon Capital Management (HK) Limited
Assets class
Vietnam Equities & pre-IPOs
Listing
LSE (FTSE 350 member)
Fund launch date
11 August 1995
Trading currency
GBP
Bloomberg code
VEIL LN
ISIN code
KYG9361H1092
Reuters code
KYG9361H1092
Management Fee
Flat 1.50%

Portfolio managers

  • Le Anh Tuan

    Lead Portfolio Manager

    20 years

    years in industry

    2 years

    managing this fund

  • Thao Veil 1.jpg

    Ngo Thanh Thao

    Co-Portfolio Manager

    18 years

    years in industry

    11 years

    managing this fund

  • Amie Vuhoangviet 3 1

    Vu Hoang Viet

    Co-Portfolio Manager

    18 years

    years in industry

    2 years

    managing this fund

Product specialist

  • Nguyen Thuy Anh Sqaure

    Nguyen Thuy Anh

    Product Specialist

Key facts

Investment
manager
Dragon Capital Management (HK) Limited
Assets class
Vietnam Equities & pre-IPOs
Listing
LSE (FTSE 350 member)
Fund launch date
11 August 1995
ISIN code
KYG9361H1092
Trading currency
GBP, USD
Bloomberg code
VEIL LN, VEID LN
Reuters code
VEILV.L, VEID.L
Management Fee
Flat 1.50%

Product specialist

  • Nguyen Thuy Anh Sqaure

    Nguyen Thuy Anh

    Product Specialist

NAV Performance

3 Months 1 Year 3 Years 5 Years 10 Years
VEIL ? Info As of 03/12/2025 -2.8 19.0 35.5 54.5 277.1 -3.6 25.2 47.7 52.4 233.1
VNI TR$ ? Info As of 03/12/2025 3.6 35.8 57.1 61.6 213.6
2021 2022 2023 2024 YTD
VEIL ? Info As of 03/12/2025 48.4 -27.5 4.1 14.3 14.5 47.1 -35.7 10.4 12.2 21.9
VNI TR$ ? Info As of 03/12/2025 39.0 -34.1 11.1 8.8 34.2

Historical prices

Price

VEILVNI TR$Volume

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID. Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Price

VEILVolume

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID. Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Relative prices (%)

VEILVNI TR$Volume

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID. Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Relative prices (%)

VEILVolume

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID. Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Premium/Discount to NAV (%)

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID. Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Premium/Discount to NAV (%)

You are currently viewing monthly data.
To view daily data, please select a date range of 1 year or less.
From 27th March 2025 onwards, data is from TIDM: VEID. Prior to that date, data is from TIDM: VEIL. Data presented is from VEIL’s listing on the LSE.

Top 10 holdings

As of 28/11/2025

Company Sector Weight VNI Weight
Vingroup ? One of the biggest conglomerate and market leader in real estate Real Estate 8.3% 13.4%
Vinhomes ? Vietnam’s biggest residential property developer Real Estate 8.0% 5.6%
Mobile World ? Top CE & phone retailer with promising grocery chain BHX a key driver for future growth Consumer Discretionary 6.6% 1.6%
VPBank ? Commercial bank with 60% of consumer lending sector and largest customer base Financials – Banks 5.2% 3.1%
BIDV ? Vietnam’s big four SOE banks, top 3 bank networks Financials – Banks 4.4% 3.5%
Vietcombank ? Top state-owned commercial bank with strong fundamentals and risk management Financials – Banks 4.0% 6.4%
Techcombank ? Leading bank for the affluent, best in class in optimising COF through digital innovations Financials – Banks 3.9% 3.2%
Hoa Phat ? Largest vertically integrated steel producer with leading domestic market share Materials 3.8% 2.7%
Khang Dien House ? Leading residential developer in HCMC. Well known for fast execution & timely handover Real Estate 3.5% 0.5%
Vietinbank ? Vietnam’s second-largest bank, with the highest growth among the big 4 SOE banks. Financials – Banks 3.2% 3.5%

Asset allocation

As of 28/11/2025

Hover over any segment to see more details
Asset Class Weight VNI Weight

Portfolio characteristics

As of 31/10/2025

3 Years 5 Years Since inception of VNI (31/07/2000)
Correlation 96.0 94.1 72.3
Annualised Alpha % -2.4 -0.7 3.9
Beta 1.1 1.1 0.7
Annual volatility % 21.4 22.9 24.5
Sharpe ratio 0.5 0.3 0.4
Annual tracking error % 4.3 6.0 17.3
Average annual return % 15.9 11.0 11.0

All calculations based on NAVps monthly data in USD. Reference benchmark is VNINDEX total returns in USD.

Our approach

Dragon Capital seeks to optimise risk-adjusted performance by integrating ESG factors at every stage of the investment process; from pre-investment screening through to post investment monitoring and active shareholder engagement.

ESG team

Pham Nguyen Vinh

Pham Nguyen Vinh

Head of Corporate Communications

Dr. Nguyen Nhat Ha Chi

Dr. Nguyen Nhat Ha Chi

ESG Manager

Le Nguyen Bao Tran

Le Nguyen Bao Tran

ESG Analyst

Our ESG management system

A six-step process

Initial Screening

Refrain from investing in or financing companies and activities on Dragon Capital’s exclusion list.

E&S Risk Rating

Assign risk scores to each company.

Group Of Asianbusiness People With Casual Suit Working And Brain

Governance Rating

Assess the investee company’s governance practices and identify opportunities for systematic improvement.

Asian Business People Meeting Conference And Brainstorming In Mo

Investment Decision

Results of ESG rating are presented to Investment Committee for making decision on investment.

Young Asian Woman Leading Business Creative Team In Mobile Appli

Portfolio Management

Monitors the ESG factors periodically at the portfolio level. Regularly review the portfolio to evaluate an increase or decrease of positions.

Women Asian Working Together, At Office . Businesswomen Having I

Monitoring & Reporting

Document all findings from the screening. Monitor closely investee companies and engage immediately on ESG issues.

Multiracial Group Of Young Creative People In Casual Wear Meetin

ESG documents

Download key documents

Documents Year
Dragon Capital Responsible Investment Report 2024 2024 Download Dragon Capital Responsible Investment Report 2024
VEIL ESG Report 2024 2024 Download VEIL ESG Report 2024
VEIL ESG Report 2023 2023 Download VEIL ESG Report 2023

Reports & documents

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