Dragon Capital’s largest fund reports high cash holdings
Vietnam Enterprise Investments Limited (VEIL), Dragon Capital’s largest fund, has reported a 7.34% cash-to-asset ratio, or $140 million, the highest since November 10, 2022.
VEIL is a closed-end fund trading on the London Stock Exchange’s Main Market. Launched in 1995, it is the longest-running fund focused on Vietnam and one of the largest investing primarily in listed and pre-IPO companies in Vietnam.
As of August 10, VEIL’s net asset value (NAV) was $1.9 billion, the firm reported recently.

Logo of Dragon Capital, a leading fund management company in Vietnam. Photo courtesy of Dragon Capital.
By the end of August 10, VPB shares of Vietnam’s largest bank by charter capital VPBank ranked among the top 10 largest investments in the portfolio of Vietnam Enterprise Investments Limited (VEIL), the largest member fund managed by Dragon Capital with a weight of 11.54%.
It was followed by HPG shares of Vietnam's largest steelmaker Hoa Phat Group with 8.57% and ACB of Asia Commercial Joint Stock Bank with 7.46%.
In the August 3-10 period, VEIL lowered its ownership in ACB from 12.54% to 7.46%.
Specifically, Dragon Financial Holdings Limited, a foreign fund owned by VEIL, announced that it has sold 120.98 million ACB shares on August 7. After the transaction, the ownership rate of the foreign fund decreased to 3.8%, equivalent to 147.77 million units. As such, the fund is no longer a major shareholder.
The transaction marked an increase in VEIL's cash holdings by VND2.86 trillion ($120 million).
Overall, banking had the greatest share of VEIL's portfolio, accounting for 35.46%. Real estate came second with 19.67%, followed by food and beverage with 7.33%.
As of August 10, VEIL’s NAV/shares reached $9.33, up 0.11% from the previous week and 18.85% from the beginning of the year.
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