Thursday, 21 August 2014
Last updated 3 hours ago
Nov 10 2008 | 3:18pm ET
PXP Vietnam Asset Management, a US$225 million asset management shop based in Ho Chi Ming City, Vietnam, plans to start a hedge fund by early next year to invest in undervalued stocks in the country.
The PXP Vietnam Value Fund will raise as much as US$200 million, Bloomberg News reports. The fund will be firm’s first open-ended vehicle, allowing investors to withdraw their money after a one-year lock-up, with restrictions on what can be redeemed at once. It will have the “flexibility to use hedging when and where available, and if the manager feels it appropriate taking pricing and market conditions into account,'” according to CEO Kevin Snowball.
“There are some very cheap stocks here; there are also some extremely badly run companies,” said Snowball, in an interview. “We're at the beginning of the rally so that almost everything is going up; as we go higher there'll be more discrimination.'”
Snowball, formerly of ABN Amro Holding and Deutsche Morgan Grenfell, and Jonathon Waugh founded PXP in 2002. The firm currently manages three closed-end funds listed in Ireland that invest in publicly traded Vietnamese companies.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note