Endurance Capital Vietnam I has outperformed
Endurance Capital Vietnam I’s concentrated portfolio of quality Vietnamese mid-caps has started 2022 by increasing in value by a gross 8.12% and also outperformed over a longer time horizon. At its latest quarterly report (end of Q1 2022), it had generated a gross return of 117.1% in the past 36 months - a period where the VN Index returned 54.2% and the relevant ETF generated 15.8%. Correspondingly, Endurance Capital Vietnam I’s result represents a gross annualised return of 29.5% for the same period. At the same time the beta value for the fund within this time frame was only 0.6 which means the return was generated at a significantly lower risk level than the market.
While we think that a comparison with the VN Index is the most appropriate comparison we can do, it is important to recognise that it is far from optimal. An investment into Endurance Capital Vietnam I essentially means exposure to ca 10 deep-researched and presumably misunderstood and undervalued Vietnamese mid caps which is very different from the risk exposure in the VN Index.
Sources: Bloomberg, Sinopac, Trustmoore