Open-ended fund gets down to business
SSI Asset Management's first open-ended fund, SSI Sustainable
Competitive Advantage Fund (SSI-SCA) started its first trading day on
October 9.
SSI Asset Management's first open-ended fund, SSI Sustainable
Competitive Advantage Fund (SSI-SCA) started its first trading day on
October 9.
The fund on October 8 stopped receiving purchase orders with the minimum subscription amount of 2 million VND (94.79 USD).
SSI-SCA completed its fund certificate initial public offering on September 8 and raised nearly 112 billion VND (5.3 million USD), two times higher than the minimum charter capital of 50 billion VND (2.4 million USD).
The fund pursues long-term capital appreciation and regular return through investment in companies with sustainable competitive advantages and fixed income assets.
It focuses on listed companies which have competitive advantages, high market share, good corporate governance and healthy financial conditions. It will also invest in fixed incomes securities with high credit rating to preserve capital.
Under normal market conditions, the fund will invest up to 80 percent of the fund's asset in equities, of which 20 percent can be allocated in companies with lower market capitalisation and liquidity. However, they must meet the objectives of sustainable growth and potential development. The remaining 20 percent will be invested in fixed income assets, cash or cash equivalents.
When market conditions are considered favorable, the fund may invest up to 100 percent of its assets in equities.
Open-ended funds are available in most developed countries, but were launched recently in Vietnam by asset-management companies. Investors can purchase and sell shares directly with the fund, which is the opposite to closed-end funds that typically issue all the shares at the outset.
Open-ended funds are expected to attract both domestic and foreign investors, particularly foreigners, as their investments in fund certificates are not restricted by foreign ownership, like their direct investments in listed companies.-VNA
The fund on October 8 stopped receiving purchase orders with the minimum subscription amount of 2 million VND (94.79 USD).
SSI-SCA completed its fund certificate initial public offering on September 8 and raised nearly 112 billion VND (5.3 million USD), two times higher than the minimum charter capital of 50 billion VND (2.4 million USD).
The fund pursues long-term capital appreciation and regular return through investment in companies with sustainable competitive advantages and fixed income assets.
It focuses on listed companies which have competitive advantages, high market share, good corporate governance and healthy financial conditions. It will also invest in fixed incomes securities with high credit rating to preserve capital.
Under normal market conditions, the fund will invest up to 80 percent of the fund's asset in equities, of which 20 percent can be allocated in companies with lower market capitalisation and liquidity. However, they must meet the objectives of sustainable growth and potential development. The remaining 20 percent will be invested in fixed income assets, cash or cash equivalents.
When market conditions are considered favorable, the fund may invest up to 100 percent of its assets in equities.
Open-ended funds are available in most developed countries, but were launched recently in Vietnam by asset-management companies. Investors can purchase and sell shares directly with the fund, which is the opposite to closed-end funds that typically issue all the shares at the outset.
Open-ended funds are expected to attract both domestic and foreign investors, particularly foreigners, as their investments in fund certificates are not restricted by foreign ownership, like their direct investments in listed companies.-VNA
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