Title: 242268755.pdf URL Source: https://documentscdn.financialexpress.net/Literature/169A88C6DC3C820B0CDAFF5F20D1F212/242268755.pdf Number of Pages: 3 Markdown Content: VinaCapital Vietnam Opportunity Fund (VOF) Monthly Report - April 2026 Best Factsheet Award Winner : > 0.0% 0.8% 2.6% 4.1% 4.9% 7.7% 9.3% 14.7% 23.9% 32.1% Cash & Others Energy Information Technology Consumer Staples Healthcare Materials Industrials Consumer Discretionary Real Estate Financials GBP USD NAV Per Share: 5.76 7.77 Net Asset Value (mn): 708.7 956.3 Share Price: 4.61 6.21 Market Capitalization (mn): 566.7 764.7 Premium/(Discount): -20.1% -20.1% GBP/USD exchange rate as of 30 April 2026: 1.3494 GBP/USD exchange rate as of 31 March 2026: 1.3205 Source: Bloomberg VOF VN Index 2026 Forward PER (x) 10.1 13.2 2026 Forward EPS Growth (%) 17.9 16.3 Beta 0.66 1.00 NAV Allocation By Sector4 NAV Performance Overview : VOF is a FTSE 250 constituent and a closed-ended listed investment company whose shares trade on the Main Market of the London Stock Exchange (LSE: VOF). Since inception 3, it has delivered an annualised NAV total return of 11% in USD terms. Objective : VOF invests in the best opportunities available in Vietnam's public and private markets, using the principles of private equity to generate superior risk-adjusted returns, focusing on sectors benefitting from Vietnam’s rapidly growing economy. Outreach : The Portfolio Manager will be in the UK on June 29 - July 3 to meet investors. Please e-mail us to arrange a meeting. Online : Video and Audio Podcast 4. Based on Global Industry Classification Standards (GICS) 5. Financials include Banks (26.1%) and Non-Banks (6.0%) 1. Based on monthly total return, USD terms in 5 years; risk-free rate is the 5-year G-bond yield. VOF is benchmark agnostic; VN Index is used as a reference. Price And NAV Summary Key Metrics¹ Note: Financial Year ending 30 June NAV By Entry Method 1M FYTD CYTD 1Y 3Y 5Y 10Y Since³ Inception Share Price (£) 2.1 12.0 -0.4 20.0 18.2 15.1 204.7 971.0 NAV/Share (£) -1.2 12.9 -2.0 16.9 20.3 23.7 188.0 1,240.4 NAV/Share ($) 0.9 11.1 -1.6 17.7 29.2 20.8 166.6 922.8 VN Index ($) 10.7 34.9 3.9 51.7 65.6 41.7 218.2 1,003.6 MSCI EM ($) 14.7 33.2 14.6 47.5 78.3 37.2 152.4 569.1 MSCI VN ($) 17.0 53.4 5.6 77.0 72.2 8.7 103.7 N/A 2. Inclusive of dividend distributions 3. 31/12/2003 Cumulative Total Returns² (%) 3 Years 5 Years 24 Listed Companies 7 Private Companies with 59% of NAV in Top-10 Holdings NAV By Asset Class GBP 708.7m USD 956.3m Net Asset Value Holdings 11.8% in GBP 11.0% in USD 10-Year Annualised Total Return terms 11.2% in GBP 10.3% in USD 10-Year Annualised Total Return terms Compounding Growth - NAV Long-term Share Price Performance GBP 492mn USD 680mn Equivalent to 62% of Outstanding Shares GBP 66mn USD 89mn Equivalent to 11% of Outstanding Shares Share Buyback - Last 12 Months Share Buyback - Since Inception GBP 155mn USD 200mn First dividend declared in 2017 GBP 11.00p USD 14.50c The only Vietnam fund to pay dividends Dividends - Last 12 Months Dividends - Since Inception GBP 647mn USD 880mn Consistently returned capital to shareholders since 2011 2.3% on Share Price 2.0% on NAV per Share Annual yield, paid out twice per year Dividends Yield Total Capital Returned Portfolio > 34% > 41% > 4% > 21% > 0% > 10% > 20% > 30% > 40% > 50% > 60% > Private Equity Private Placement & PIPE Government Privatization Stock purchased on Stock > Exchange > FY21 FY22 FY23 FY24 FY25 Portfolio Manager Khanh Vu ⁵ > 88.6% 11.4% 0.0% Listed Equity (88.6%) Private Equity (11.4%) Cash & Others (0.0%) > -40% -20% 0% 20% 40% Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 VOF NAV ($TR) VOF Share price ($TR) 0% 5% 10% 15% 20% 25% 30% 35% 40% Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 # VinaCapital Vietnam Opportunity Fund (VOF) Monthly Report - April 2026 Best Factsheet Award Winner : Portfolio Manager's Commentary "Don't go chasing waterfalls" — TLC, Waterfalls Performance In April, the Fund's NAV rose 0.9% in USD total return terms (USD TR). Calendar year-to-date, NAV stands at -1.6%, reflecting the drag from the US–Iran conflict, while the fiscal year-to-date return (FYTD, from 30 June) stands at 11.1%, primarily driven by Vinhomes and other holdings in the banking and industrial sectors. The share price gained 4.9% in USD terms (2.1% in GBP terms). During the first half of the month, the share price advanced as much as 10.6% in USD (7.8% in GBP) before partially retreating in the second half. Consequently, the discount to NAV narrowed to 16% intra- month before widening to 20% by month-end. The share buyback (SBB) programme remains active: FYTD, we have deployed USD 77m on buybacks, bringing the average FYTD discount to 18.7% — a meaningful improvement from the prior fiscal year's average of 22.4%. We remain disciplined in our approach to narrowing the discount through a combination of share buybacks, proactive marketing, and improved investment performance. A One-Conglomerate Stock Market Headline figures suggest a strong month for the VN Index, which returned 10.7% USD TR in April. Stripping out Vingroup (ticker: VIC), Vietnam's largest conglomerate, the Index was flat for the month. The concentration is equally striking on a FYTD basis: VIC alone contributed 75% (or 26.1 percentage points) of the Index's 34.9% rise; the VN Index ex-VIC has returned just 8.8% over the same period. We have written extensively in previous reports about the "Vingroup phenomenon" and our reasons for not holding the stock. Our closest proxy exposure to the group is through its largest subsidiary, Vinhomes (ticker: VHM), a profitable real estate business with strong and visible cash flows. Nonetheless, VIC exerts an outsized influence on the market, accounting for approximately 16% of total market capitalisation in an index that is market-cap weighted without free-float adjustment. Solid Foundations, Cautious Consumers The broader market traded sideways against a backdrop of mixed macroeconomic signals. The economy remains resilient, underpinned by robust infrastructure spending and continued strong electronics export orders driven by global demand for AI-related hardware. Consumer spending, however, remained softer than expected, as households exercised caution in response to rising inflationary pressures and elevated interest rates. Inflation is currently at 5.5% (top- end of the Government's target), while interest rates have stabilised at 7-8%. The Government has introduced petrol subsidies to ease the burden on consumers (which lowered inflation by 1% point), while taking steps to secure adequate oil supply to protect daily economic activity and keep manufacturing hubs running at full capacity. We continue to monitor the impact of inflationary pressures on retail sales across our consumer holdings, and the effect of elevated borrowing costs on real estate developers' funding structures, sales activities and new unit absorption rates. Current mortgage rates have risen to 12–14%, which are broadly in line with historical averages, but represent a sharp reversal from the unusually low rate environment of 2023–2024, weighing on buyer sentiment and developer sales volumes. Structural Growth Boosted By Cyclical Tailwinds Industrials — one of our four core portfolio sectors, encompassing Materials and Energy — staged a strong recovery in 2025, with year-on- year earnings growth broadly in the 20–30% range across logistics, steel, and manufacturing. This momentum has carried into 2026, with Q1 earnings growth tracking approximately 30% year-on-year, which is in line with broad market earnings results of 35%; the standout performer in our Industrials portfolio was Hoa Phat Group (HPG), which delivered 170% growth, aided by one-off gains (49% if adjusted for one-off gain). During the FYTD period, we restructured the sector by fully exiting our long-term holding in Airports Corporation of Vietnam (ACV), which generated a USD IRR of 18% over a ten-year holding period, and right- sizing our position in HPG — held for 19 years at a USD IRR of 17% — by taking profits at attractive levels. These proceeds have been redeployed into two high-conviction new positions in the sector: Gemadept (GMD) and Gelex Infrastructure (GEL). GMD experienced minimal disruption from US tariff measures and has benefited from higher freight rates in the wake of the US–Iran conflict. The company is targeting 15–20% CAGR over the next five years, driven by port expansion; calendar year-to-date it has delivered 18% return. GEL is our latest pre-IPO investment that listed in February 2026 and is well-positioned to benefit from the Government's long-term infrastructure spending agenda, with a strong pipeline of project wins. Notably, GEL has taken a 20% equity stake in the construction of the new Gia Binh International Airport near Hanoi; recently the share price corrected and calendar year-to-date performance is flat. Overall, the sector continues to benefit from both structural growth tailwinds and a cyclical recovery, supported by strong earnings momentum. Dividend Paid Since launching the dividend programme in 2017, the Fund consistently pays dividend and has returned USD 200m to shareholders. In early May, the Fund paid a dividend of USD 9m (7.25 US cents per share), bringing total distributions for the current fiscal year to USD 18.5m (14.50 US cents per share), representing a yield of 2.3%. > Top 10 Holdings > Company (Ticker) Sector Market > Cap. > (USD bn) NAV 1M Price > Change Why We Own > Khang Dien House (KDH) Real Estate 1.1 7.6% -2.3% Urban landbank, prudent balance sheet, disciplined project delivery > MB Bank (MBB) Financials 8.0 7.1% -1.5% Strong retail and corporate franchises, leading digital platform > Mobile World (MWG) Consumer Disc. 4.7 6.9% 2.7% Market leader, proven modern trade retailer, integrated logistics > Vinhomes (VHM) Real Estate 22.9 6.7% 41.7% Proven megaproject execution, quality land bank, strong sales culture > Gemadept (GMD) Industrials 1.2 6.0% -5.3% Strategic position of key ports, capacity expansion as catalyst > Phu Nhuan Jewelry (PNJ) Consumer Disc. 1.3 5.8% -6.5% Market leader, efficient inventory management, wide distribution > Hoa Phat Group (HPG) Materials 8.1 5.3% 3.2% Market leader, cost-competitive advantage due to vertical integration > Vietinbank (CTG) Financials 10.4 5.1% 1.0% Strong corporate franchise, state-owned with a private-bank mindset > Asia Commercial Bank (ACB) Financials 4.6 4.4% -0.2% Best-in-class asset quality, strong SME and retail franchise > Thu Cuc Hospital (Private) Healthcare Private 4.3% Private Trusted brand with a strong clinic network in the north of Vietnam > Top 10 Holdings 59.2% Insights Into Vietnam's Economy Vietnam's economy is navigating a confluence of headwinds — surging oil prices due to US - Iran conflict, rising inflation, and a widening trade deficit — yet the Vietnamese Dong has barely budged. VinaCapital's Chief Economist explains the surprising resilience behind these headline risks and reveals why China's oil diplomacy and stronger-than-expected global demand destruction are quietly shielding Vietnam from the worst. April Macro Report > Chief Economist > Michael Kokalari, CFA Investor Relations/Communications vof@vinacapital.com +84 28 3821 9930 www.vinacapital.com Joint Corporate Broker Barclays Bank PLC +44 207 623 2323 BarclaysInvestmentCompanies@barclays.com Deutsche Numis +44 20 7260 1000 funds@numis.com Marketing Cadarn Capital +44 20 7019 9042 info@cadarncapital.com Important Information This document, and the material contained therein, is not intended as an offer or solicitation for the subscription, purchase or sale of securities in VinaCapital Vietnam Opportunity Fund Limited (the “Company”). Any investment in any of the Companies must be based solely on the Admission Document of that Company or other offering document issued from time to time by that Company, in accordance with applicable laws. The material in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice or investment recommendations. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in either of the Companies and legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. The securities of the Companies have not been and will not be registered under any securities laws of the United States of America nor any of its territories or possessions or areas subject to its jurisdiction and, absent an exemption, may not be offered for sale or sold to nationals or residents thereof. No undertaking, representation, warranty or other assurance, express or implied, is given by or on behalf of either of the Companies or VinaCapital Investment Management Ltd or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise. No warranty is given, in whole or in part, regarding the performance of either of the Companies. There is no guarantee that investment objectives of any of the three Companies will be achieved. Potential investors should be aware that past performance may not necessarily be repeated in the future. The price of shares and the income from them may fluctuate upwards or downwards and cannot be guaranteed. This document is intended for the use of the addressee and recipient only and should not be relied upon by any persons and may not be reproduced, redistributed, passed on or published, in whole or in part, for any purposes, without the prior written consent of VinaCapital Fund Management Ltd. Board of Directors VinaCapital Investment Management Ltd VOF’s Board of Directors is composed entirely of independent non-executive directors: Investment Manager's senior management team: Name Role Name Role Kathryn Matthews Non-executive Chairman Don Lam Group CEO Julian Healy Non-executive Director Brook Taylor Group COO Peter Hames Non-executive Director Alex Hambly Group CIO Hai Trinh Non-executive Director Tuan Ngo Managing Director Charlotta Ginman Non-executive Director Khanh Vu Managing Director Fund information LEI 2138007UD8FBBVAX9469 ISIN GG00BYXVT888 Ticker VOF Fund summary Fund Launch 30 September 2003 Term of Fund Five years subject to shareholder vote for liquidation (next vote to be held by December 2028) Fund Domicile Guernsey Investment Manager VinaCapital Investment Management Ltd, with sub-delegation to VinaCapital Fund Management JSC an entity regulated by the State Securities Commission of Vietnam Joint Corporate Brokers Barclays Bank PLC, Deutsche Numis Management and Incentive Fee (Effective From 01 July 2023) A tiered management fee structure with the following annual rates applied to net assets: - 1.30% of net assets, levied on the first USD1,000 million of net assets - 1.00% of net assets, levied on net assets between USD1,000 million and USD1,500 million - 0.75% of net assets, levied on net assets between USD1,500 million and USD2,000 million - 0.50% of net assets, levied on net assets above USD2,000 million The incentive fee is 10% of any increase in NAV above an 10% per annum hurdle rate, with the cap on incentive fees paid out in any year at 1.5% of weighted average of month-end net assets. Excess fees are still carried forward, but can be clawed back if NAV declines after the year end. The Investment manager must use 25% of any incentive fee paid to buy VOF shares via open market purchases, subject to a mini - mum holding period of 5 years. ESG VinaCapital's Responsible Investment Policy , alongside details of VOF's ESG Reporting and Voting, and other publications are available on the Company's website .” 2026 VinaCapital Group. All rights reserved.