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Vietnam Enterprise Investments Ltd on Monday reported that it underperformed against its benchmark during October, as it saw a fall in net asset value.
The closed-end fund focused on investing in Vietnamese equities said NAV per share at October 31 fell 15% to $7.51 from $8.79 at September 30. Its benchmark, the Vietnam Index decreased by 13%.
The main reason for October's decline is the "erosion of liquidity due to growing risk aversion due to global news flow," said Portfolio Manager Dien Vu. He added that the market's daily trading liquidity has halved to $580 million in October from $1.2 billion in April.
Vietnam Enterprise shares were 1.7% lower at 520.00 pence each in London on Monday afternoon.
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