tailieunhanh - Vietnam Opportunity Fund Limited Annual Report 2011

The smart money hypothesis states that investor money is “smart” enough to f low to funds that will outperform in the future, that is, that investors have genuine fund selection ability. 1 Research into smart money in the mutual fund context was initiated by Gruber (1996). His aim is to understand the continued expansion of the actively managed mutual fund sector despite the widespread evidence that on average active fundmanagers do not add value. To testwhether investors are more sophisticated than simple chasers of past performance, he examineswhether investors’money tends to f lowto the funds that subsequently outperform. Working with a subset of . equity funds, he finds evidence. | Vietnam Opportunity Fund Limited Annual Report 2011 ư VinaCapital Contents VinaCapital Vietnam Opportunity Fund Limited VOF Annual Report 2011 Section 1 Introduction Financial highlights 3 Performance highlights 4 Chairman s statement 6 Section 2 Manager s report Investment environment 9 Portfolio performance 11 Top holdings 16 Management team 22 Section 3 Financial statements and reports Board of Directors 26 Report of the Board of Directors 28 Governance report 30 Independent Auditors report 35 Consolidated financial statements and notes 36 Section 4 Additional information Investing policy 85 Historical financial information 89 Overview and details 91 Financial highlights VOF in FY2011 saw stable performance due to private equity divestments via trade sales at prices above carrying value. VOF turned the challenging macro conditions in Vietnam to its advantage entering new investments at good valuations and divesting several key holdings to overseas strategic buyers attracted by Vietnam s long-term potential. Performance summary FY2011 FY2010 FY2009 NAV per share Change on previous year Share price Change on previous year Discount to NAV at 30 6 VOF at the end of FY2011 held a total cash position of USD63 million which will allow the fund to aggressively pursue private equity deals at good valuations while leaving cash available for distribution to shareholders. Net asset value at 30 June 2011 NAV per share at 30 June 2011 USD752 million Contents Highlights Chairman s statement Manager s report Report of the Board Financial statements Fund information VOF Annual Report 2011