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Fees
and Charges
1. Issuing charge
Issuing charge is equal of 3% of the Fund’s Unit price (Unit price at the Fund
Offering Period is VND10, 000). The Offering price of MAFPF1 is VND10, 300 per
Fund Unit.
2. Management Fee
Management fee is at the rate of 2% per annum of MAFPF1’s NAV, payable monthly
by MAFPF1 to MVFM for providing fund management services. Management fee is
fixed throughout the term of the fund management services provided by MVFM to
the Fund.
Management fee = 2% x NAV at the last Valuation Date of the month / 12 months.
3. Performance-related Bonus
MVFM is entitled to an annual performance-related fee payable by MAFPF1 if the
performance of the Fund at the end of any particular financial year is in excess
of the specified investment criteria. This bonus is therefore not always
applicable
4. Supervisory fee, registrar fee and settlement fee.
4.1 Supervisory fee:
Supervisory fee is payable monthly by MAFPF1 to the Supervisory Bank for
providing supervisory bank services.
Indicated supervisory fee = 0.065 % per annum x NAV at the last Valuation Date
of the month / 12 months.
4.2 Registrar fee and settlement fees:
Registrar fee and settlement fees shall be payable by MAFPF1 to the Supervisory
Bank for providing registrar services, settlement, conversions and transfers of
Fund Units and entering these transactions into the Register of Investors Book.
The fee rate and payment method shall be specified in the Supervisory Agreement.
5. Other fees and charges payable by MAFPF1 include:
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Brokerage
and transaction fees related to the transactions of the Fund’s assets;
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Expense
related to fund administration and valuation of the fund assets;
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Auditing
fee and Legal consultancy fee;
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Expenses
related to amendment of the Fund Charter as approved by the General Meeting
of Investors or under the provisions of the Prevailing Laws;
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Expenses
related to offering including, without limitation, expense for composition
of the Fund’s prospectus, amendment of the Fund Charter, submission of
application to the state regulators and other relevant costs;
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Expenses
related to listing of the Fund on the Stock Exchange including, without
limitation, submission of application to the Stock Exchange;
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Expenses
related to the organization, meeting and operation of the General Meeting of
Investors and the Fund Representative Board;
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Interest
payable for the Fund’s loans in accordance with the Fund Charter and the
Prevailing Laws;
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Tax,
fees related to the Fund’s operation in accordance with the Prevailing
Laws;
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Any
other reasonable fees approved by the Fund Representative Board.
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Total
fees listed in paragraph 5 above should not exceed 1% of the Fund’s NAV
per annum.
Investment
Strategy
MAFPF1 will invest in a diversified portfolio with progressive style; mainly
focus in equities of companies operating in Vietnam, with high quality earnings
growth and long term potential which have (i) good opportunity of growth after
the WTO accession: integrity, transparency, and position in their relevant
markets; and (ii) good corporate governance: strong senior management, solid
business strategies and sound balance sheets.
MAFPF1 may invest overseas subject to the approval of the SSC in accordance with
the prevailing laws.
Criteria for investment selection
Investment selection for equity
In selecting investments, MVFM will focus in companies listed or plan to be
listed in the Vietnam stock market. Company analysis then follows in order to
determine the portfolio holding.
The management style is broadly termed “value oriented growth” where growth
investments are made after careful consideration regarding the price level and
the timing of entry.
MVFM also emphasizes a bottom-up approach to selected individual stock and seeks
to identify companies that are regularly traded and appear most attractive in
terms of sustainable earnings growth and attractive valuation.
Fundamental financial analysis of individual companies could also be used to
identify those with substantial cash flows, reliable revenue streams and strong
competitive positions.
Investment selection for fixed income
Investment of fixed income shall be managed actively in the forms of term
deposits, government bonds or corporate bonds. The fund manager will pay
particular attention to quality when selecting investments and prospective
investments will be subject to careful scrutiny by the fund manager. However
investors should note that returns on the investment in fixed income would
depend on the credit standing of the issuer.
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