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Announcement

Dragon Capital changes management fee structure for flagship fund

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Vietnam Enterprise Investments Limited (VEIL), Dragon Capital’s flagship fund, is changing its management fee structure. 

With effect from 1 August 2017, the annual management fee payable to the investment manager will be amended from the current 2.00 per cent of total net asset value per annum to: 2.00 per cent per annum on the first USD1.25 billion of the net assets; 1.75 per cent per annum on the portion of the net assets between USD1.25 billion and  USD1.5 billion; and 1.50 per cent per annum on the portion of the net assets above USD1.5 billion.
 
The most recent unaudited net asset value of VEIL was USD1.23 billion.
 
The change in the fee structure follows a recently conducted review of industry trends in management fees, duly considering fee structures of peers. This change in the management fee follows on from the removal of the incentive fee when VEIL merged with Dragon Capital’s second largest fund, Vietnam Growth Fund, prior to VEIL listing on the main board of the London Stock Exchange in July 2016.
  
With the underlying performance of VEIL and the narrowing of the discount, VEIL’s market capitalisation now exceeds USD 1.2 billion, making it large enough for entry into the FTSE 250 Index, which believes will take place from 18 July 2017.
 

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