Fund Information

VEIL is traded on the Main Market of the London Stock Exchange (Ticker: VEIL.LN). There are no other exchanges or trading platforms on which VEIL has applied or agreed to have its shares admitted or traded.

Jefferies International Limited | Contact: Michele White; Phone: +44 207 898 7140; E-Mail:
Significant shareholders

The table below lists VEIL’s significant shareholders as of 13 Jul 2016:

Shareholders Number of voting shares %-Age of holding
Bill & Melinda Gates Foundation Trust 250,491,73 11.34%

Shareholders need to comply with the notification and disclosure requirements set out in Chapter 5 of the Transparency Rules of the UK Financial Conduct Authority.

directors' interest in shares

The interest of the Directos and senior managers of Dragon Capital in the shares of VEIL were as follows as at 06 Jul 2016:

Director Number of voting shares %-Age of holding
Gordon William Lawson 25,000 0.01%

If it comes to the attention of the Directors that a shareholder has not within the requisite period disclosed their holding in the Company, the Company may, inter alia, at the discretion of the Directors, notify the shareholder that their shares in relation to the holding shall not be entitled to a vote, either in person or in proxy, at any general meeting of the Company.

Vietnam Enterprise Investments Limited
US $ 936.7
GBP 713.1
US $ 4.24
GBP 2.7000
20/07/2016 12:00 AM UTC
market cap (m)
day high
2.7000 GBP
day low
2.6700 GBP
Fund Detail
country Cayman Islands
inception date 11 August 1995
issued shares 220,920,746
benchmark VFN Index / MSCI EM Index / VN 30 Index
nav frequency Daily
functional currency US$
fees Management fee of 2% of NAV / No incentive fee
For full details, download our Factsheet
What is VEIL’s investment strategy and process?

VEIL concentrates on value opportunities using a ‘bottom up’ approach based on Vietnam’s general economic story. The team managing the Fund includes a portfolio manager and two deputy managers overseen by an Investment Committee. All investment decisions are rigorouly screened by Dragon Capital’s in-house research team.

How do I invest in VEIL?

As VEIL is a listed fund, shares can be bought through Jefferies, VEIL's appointed broker, or any other broker.

What are VEIL’s management and performance fees, and total expense ratio?

VEIL’s management fee is 2%. There is no performance fee and the TER is approximately 2.35%

Does VEIL pay a dividend?

No. All dividends from holdings are reinvested in the fund to help cover on-going expenses.

How is VEIL’s NAV calculated?

It is calculated daily using the closing price of listed equities, the OTC price of the holdings on UPCOM, and any cash in the fund.

Why is VEIL’s share price different from its NAV?

As a freely traded fund its price is determined by the market, not by the holdings’ underlying value.

Is VEIL’s financial reporting in USD or GBP?

All reporting, both semi-annual and annual, is in USD.

In what currency is VEIL’s (daily) NAV issued?

Both USD and GBP.

As USD is the functional currency, will VEIL’s price performance be reported in GBP or USD?

Performance will usually be reported in both currencies (if space is limited, USD will have priority).

Will VEIL shares continue to be issued in USD?

Yes, nominal value will in USD.

Which currency will VEIL issue new shares in? Will VEIL receive USD in the primary market?

New primary shares will be issued in GBP, with proceeds converted into USD.

Will secondary trading be settled in GBP?


Should market makers carry VEIL shares in their books in USD or GBP?