On Tuesday I sold the rest of my holding in Shell and, sticking to the plan, reinvested in Vietnam. Previously I bought VinaCapital Vietnam Opportunities Fund (VOF) despite its high charges: 1.5% plus a performance fee.
Now I have plumped for Vietnam Enterprise Investments, somewhat bigger than VOF (£900 million), Vietnam Enterprise Investments Ltd (VEIL) has assets of £1,212 million, enough for it to be listed in the FTSE 250. It has no performance fee (hurrah) but charges 2% a year. There is an opportunity here for an emerging markets fund manager to launch a Vietnam fund and charge an honest fee. We will not draw a veil over VEIL’s management fee: it is more than £24 million every year; nice money if you can get it.
You may wonder how much due diligence I do in picking funds. Good question and the answer is not much but I do like to see who else is swimming in the pool before I take a dip. VEIL’s biggest investor owns 11% of the company and is the Bill and Miranda Gates Foundation. (Unless they have negotiated a discount they are paying £2.3 million in annual charges.)
Now I must sit back and await developments. It may be a bumpy ride. If a Vietnam fund comes along with lower fees I may switch. Having disposed of Shell I only have shares in six single companies. In decreasing order of value they are: MP Evans, Glaxo, Astra Zeneca, Urban & Civic, Geopark and Vodafone.
Actually I don’t know why I bother with the stock market when there’s a short cut to riches. Here is a recent e mail:
My Ex wife and I won 148.6 Million Pounds on the 08/10/2012 Euro Millions Lottery jackpot.
In 2013 we divorce and go separate ways due to her greed and since then I have done a lot of charity donation from my own share of the winning.
I have decided to give out £ 2,000,000.00 British Pounds Each to 5 lucky people this 2018, Lucky for you, your email address was given to me by random Internet search as One of our lucky recipients.
Aren’t I the lucky one.