VietNam Holding — First redemption tender a success

VietNam Holding (LSE: VNH)

Last close As at 25/12/2024

GBP4.14

2.00 (0.49%)

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GBP99m

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Research: Investment Companies

VietNam Holding — First redemption tender a success

VietNam Holding (VNH) delivered a 27.3% net asset value (NAV) per share total return over the last 12 months (ending 31 October) in sterling terms. The company outperformed a strongly appreciating market (Vietnam All Share Index (VNAS) at 20.6%), driven by the demand from retail investors. The economy showed robust growth, supported by a surge in exports, and investor confidence was reinforced by good H124 corporate earnings. Meanwhile, VNH executed its first share redemption tender, and investors representing only c 12.6% of total share capital decided to sell their shares at NAV. The strong performance and investors’ vote of confidence contributed to the narrowing of the discount to the current premium of 1.2%.

Milosz Papst

Written by

Milosz Papst

Head of Content, Investment Trusts

Investment Companies

VietNam Holding

First redemption tender a success

Investment companies
Vietnam

21 November 2024

Price

392.0p

Market cap

£92.8m

NAV*

£91.7m

US$1.26754/£

NAV per share*

387.5p

Premium to NAV

1.2%

*As at 20 November 2024.

Yield

0.0%

Ordinary shares in issue

23.7m

Code/ISIN

VNH/GG00BJQZ9H10

Primary exchange

LSE

AIC sector

Country Specialists

52-week high/low

408.0p

307.0p

421.3p

338.6p

Gearing

Net cash at 30 September 2024

13%

Fund objective

VietNam Holding’s investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of companies that have high growth potential and attractive valuations. The fund has been managed by Dynam Capital since July 2018.

Bull points

Portfolio size allows the manager to be nimble and swift with reallocations, resulting in meaningful alpha.

Shareholders have an option to redeem their shares at NAV.

ESG considerations are a key part of the manager’s approach.

Bear points

The relatively small market cap limits liquidity and the pool of potential investors.

Investments in frontier markets are inherently risky.

The trust has relatively high fees for an LSE-listed trust. Nevertheless, it delivers above-average returns post fees.

Analysts

Milosz Papst

+44 (0)20 3077 5700

Michal Mordel

+44 (0)20 3077 5700

VietNam Holding is a research client of Edison Investment Research Limited

VietNam Holding (VNH) delivered a 27.3% net asset value (NAV) per share total return over the last 12 months (ending 31 October) in sterling terms. The company outperformed a strongly appreciating market (Vietnam All Share Index (VNAS) at 20.6%), driven by the demand from retail investors. The economy showed robust growth, supported by a surge in exports, and investor confidence was reinforced by good H124 corporate earnings. Meanwhile, VNH executed its first share redemption tender, and investors representing only c 12.6% of total share capital decided to sell their shares at NAV. The strong performance and investors’ vote of confidence contributed to the narrowing of the discount to the current premium of 1.2%.

VNH one-year performance against VNAS, MSCI Frontier Markets and MSCI Emerging Markets

Source: LSEG Data & Analytics, Edison Investment Research. Note: Total returns in pounds sterling.

Why invest in Vietnam?

Vietnam’s growth continues to be fuelled by foreign direct investment (FDI) inflows, predominantly in manufacturing as global giants diversify their supply chains (GDP growth was 6.4% in H124, ahead of neighbouring countries). Strong economic growth paired with favourable demographics translates into rapidly growing domestic spending. We anticipate that a potential upgrade to emerging markets status by global index makers could result in a meaningful influx of new capital and investors to the market and a re-rating in the valuations on the Ho Chi Minh City Stock Exchange (HOSE) in the medium to long term.

VNH’s nimble investment strategy proves successful

VNH positions its portfolio to benefit from the three main macroeconomic trends it sees in Vietnam: industrialisation, the rise in domestic consumption and urbanisation. These accounted for 91% of the portfolio at end-September 2024 (including banks as a play on the broad economic growth and excluding cash). VNH’s manager has identified 60–80 investable stocks in Vietnam, within which the trust rotates its portfolio around 20–30 stocks. This approach and its small size allow VNH to quickly reposition its portfolio and the manager estimates that VNH can liquidate its portfolio within a month. It allows the manager to swiftly seize market opportunities, which we believe has been an important contributor to the trust’s outperformance versus the broader market.

Vietnam is on a long-term growth path

Vietnam’s solid economic growth is continuing, with 6.4% GDP growth in H124, which has prompted the government to increase its growth target to 7% for 2024, while the International Monetary Fund expects Vietnam to outperform most of its neighbours in 2024 (assuming 6.1% growth, as per its October 2024 publication). Stocks listed in Vietnam also reported strong earnings growth with 18% y-o-y net profit growth in H124 (VNAS), while corporate earnings on much smaller exchanges (Unlisted Public Company Market and Hanoi Stock Exchange) were even stronger.

Vietnam’s economy is fuelled by exports, which increased by 15% y-o-y in the first nine months of 2024 (9M24). This was driven by the US (up 26% y-o-y), Vietnam’s largest export market, representing 30% of the total exports in 9M24. The US’s approach to international trade is important for Vietnam, and the recent decisive victory by Donald Trump in the presidential election may bring about changes to US policies. The new administration (to be sworn in in January 2025) is expected to take a protective stance towards US-based businesses and impose new tariffs on imports to the country, which is likely to affect Vietnamese exporters. On the other hand, during Mr Trump’s previous term in office, the administration focused on reducing dependency on imports from China, which has proven beneficial for Vietnam as it encouraged global giants to start diversifying their supply chains. If this was repeated, Vietnam may experience additional FDI tailwinds.

Vietnam’s government is actively working towards attracting foreign capital into its stock exchanges. It recently removed the pre-funding requirement, which had been an obstacle in upgrading Vietnam to emerging market status on LSEG-created indices, and VNH expects the upgrade to be finalised in 2025. The upgrade into the much larger MSCI index, however, is further down the road.

VNH continues to outperform the market

Over the 12 months to 31 October 2024, VNH delivered a 27.3% NAV total return in sterling terms, ahead of a strongly appreciating VNAS, which showed 20.6% growth. The market is experiencing tailwinds from steadily increasing interest from retail investors (currently the main contributors to HOSE’s trading activity). The Vietnamese market has experienced an outflow of foreign investors, who sold c US$2.6bn of stocks on a net basis in the first eight months of 2024. However, the pace of the outflow is decelerating, and recent regulatory changes and a clear outlook for the index upgrade may increase the interest of foreign buyers.

Despite a strong performance, Vietnamese equities remain historically low-priced, trading at 10.1x forward earnings, based on LSEG consensus expectations of 25% y-o-y EPS growth. This implies a 23% discount to the 10-year average multiple and makes Vietnam one of the most inexpensive markets in the region. Based on reported earnings, Vietnamese equities trade at a 19% discount to their long-term averages, despite a good outlook for 2024 growth.

The strongest contributor to VNH’s NAV performance in 9M24 was its largest holding, FPT Corporation, which represented 10.5% of the portfolio at end-September (see our August note for details on its recent performance). It is important to highlight that while FPT is strongly oriented toward foreign customers, its main market of operations remains Japan, with a 39% share in 9M24 revenues, while the US represents 25%.

VNH’s exposure to banks also performed well in 9M24. VNH keeps a meaningful weighting to banks at 31% (the VNAS weighting in the financials sector stood at 46% at end-September) and five of its top 10 holdings are banks. According to the company, Techcombank and Sacombank saw large buy-ins in recent months, supporting their share price performance. The banks also showed strong results, with Techcombank reporting 34% PBT growth in 9M24 and Sacombank reporting 12% PBT growth in H124. VNH’s investment manager maintains its forecast of about 20% EPS growth across the banking sector for 2025.

The second-largest exposure in VNH’s portfolio is to retailer Mobile World Group, which operates over 5,000 points of sales throughout the country and makes up 7.8% of VNH’s NAV. The company showed strong operating performance, with net revenues increasing 15% y-o-y in 9M24 and reaching 80% of its 2024 target. The company is undergoing an operational restructuring and closed around 350 underperforming stores (net of new openings, 6% of total stores at end-2023), predominantly pharmacies and electronics stores, which also resulted in significant lay-offs. Profitability increased significantly and the company reported VND2.9tn net profit in 9M24, compared to VND0.1tn in 9M23. The stock price surged by 60% in 9M24 (in local currency).

Exhibit 1: VNH top 10 exposures at end-September 2024

Company

September 2024

December 2023

Exposure change

9M24 performance
(in Vietnamese dong)

FPT Corp

10.5%

14.9%

(4.4pp)

62%

Mobile World Group

7.8%

N/A

N/A

60%

Techcombank

6.4%

N/A

N/A

57%

MB Bank

5.7%

5.6%

0.1pp

41%

VP Bank

5.5%

N/A

N/A

10%

Asia Commercial Bank

5.4%

4.9%

0.5pp

28%

Sacombank

4.1%

5.0%

(0.9pp)

19%

Hoa Phat Group

3.6%

N/A

N/A

4%

HCM Securities

3.5%

N/A

N/A

36%

Sai Gon VRG Corp

3.4%

N/A

N/A

30%

Total top 10

55.9%

61.5%

(5.6pp)

-

Source: VNH, LSEG Data & Analytics, Edison Investment Research. Note: N/A when not in top 10 exposures at end-December 2023.

Exhibit 2: VNH’s discrete performance versus public markets (%)

12 months ending

VNH (equity)

VNH (NAV)

VNAS

MSCI AC World

MSCI EM

MSCI Frontier Markets

31/10/20

(19.0)

(8.0)

(1.6)

5.5

8.7

(3.0)

31/10/21

108.5

78.2

68.3

30.0

10.7

32.9

31/10/22

(22.5)

(21.3)

(25.7)

(4.3)

(17.5)

(14.5)

31/10/23

11.7

9.6

0.4

5.4

5.6

1.2

31/10/24

40.4

27.3

20.6

25.9

18.9

13.5

Source: VNH, LSEG Data & Analytics, Edison Investment Research. Note: Total returns in pounds sterling.

VNH outperformed the broad equity market of Vietnam, as well as its direct peers, ranking first in the one-, three- and five-year performance periods among LSE-listed funds investing in Vietnam. Compared to a broader group of funds focused on single Asian markets (ex-Japan), we note that India has fared better than Vietnam recently. VNH has a relatively high ongoing charge compared to peers, but we note that its outperformance is calculated post fees.

Exhibit 3: Selected peer group* as at 20 November 2024**

% unless stated

Market cap £m

NAV TR
1 year

NAV TR
3 year

NAV TR
5 year

NAV TR
10 year

Discount
(cum-fair)

Ongoing
charge

Perf.
fee

Net
gearing

Dividend
yield

VietNam Holding

92.8

27.3

9.8

80.0

195.6

1.2

2.97

No

100

0.0

VinaCapital Vietnam Opp Fund

623.1

9.1

(0.0)

60.8

218.6

(25.9)

1.65

Yes

100

2.6

Vietnam Enterprise Investments

1,032.5

16.1

(17.3)

35.0

237.9***

(23.5)

1.96

No

100

0.0

Vietnam funds average (excl. VNH)

827.8

12.6

(8.7)

47.9

228.2

(24.7)

1.8

-

100

1.3

VNH rank in subgroup****

3

1

1

1

3

1

1

-

1

2

Ashoka India Equity Investment Ord

468.8

25.7

47.0

160.1

N/A

2.0

0.46

Yes

100

0.0

Baillie Gifford China Growth Trust Ord

133.4

9.0

(36.3)

(26.1)

11.2

(12.8)

0.98

No

103

0.9

Fidelity China Special Ord

1,072.8

12.8

(21.1)

25.7

121.4

(14.4)

0.33

Yes

123

3.0

India Capital Growth Ord

156.0

20.3

55.1

128.0

188.4

(11.9)

0.37

No

100

0.0

JPMorgan China Growth & Income Ord

186.8

5.3

(45.2)

(6.7)

78.7

(14.9)

1.12

No

106

4.9

JPMorgan Indian Ord

670.7

17.5

25.6

49.6

123.4

(19.3)

0.81

No

109

0.0

Weiss Korea Opportunity Ord

102.9

6.7

(26.7)

31.9

67.3

(2.7)

2.22

No

100

3.5

Full peer group average (excl. VNH)

494.1

13.6

(2.1)

50.9

130.8

(13.7)

1.1

-

1045

1.7

VNH rank in peer group****

10

1

4

3

3

2

1

-

5

6

Source: Morningstar, Edison Investment Research. Note: *Country Specialist funds focused on Asian markets (ex-Japan). **Performance in sterling to end-October 2024 based on cum-fair NAV. ***9.8-year period since December 2014 due to availability of data. ****Rank based on arithmetic value: 1 = the highest. TR, total return. Net gearing is total assets less cash and equivalents as a percentage of net assets. 100 = ungeared.

Investors confirm their confidence in VNH’s strategy

In September 2024, investors had the opportunity to tender their shares at NAV for the first time, and going forward they may elect to do so once a year. There is no limit on the amount of shares to be tendered, as the manager remains confident in its ability to liquidise the portfolio within a month, and theoretically investors may elect to effectively wind down the fund. We believe the fact that only 12.57% of the shares were tendered shows strong support for VNH’s investment case. Furthermore, VNH successfully issued £40k equity on 20 November, at a 0.4% premium to the previous closing price.

The fund amended its investment policy during the recent AGM, increasing its concentration thresholds. It may invest up to 20% of the portfolio in a single asset and 40% in a single sector, compared to 10% and 30%, respectively, previously. The manager has assured investors that there is no intention to change VNH’s investment strategy, and the change simply grants the manager greater flexibility in pursuing opportunities.

VNH continues to position its portfolio to benefit from three main themes (see Exhibit 5), supplemented with meaningful exposure to banks, which is a play on the broad economic growth. At end-September 2024, VNH had a significant cash position of 13% of the portfolio, as it had liquidated part of the portfolio to grant the tendered shares. Importantly, the manager sold more than 10% of VNH’s portfolio, which did not affect NAV outperformance, as described above.

Exhibit 4: VNH’s portfolio split by industry (Sep 2024)

Exhibit 5: VNH’s portfolio split by theme (Sep 2024)

Source: VNH

Source: VNH

Exhibit 4: VNH’s portfolio split by industry (Sep 2024)

Source: VNH

Exhibit 5: VNH’s portfolio split by theme (Sep 2024)

Source: VNH

The shares trade close to par

With the introduction of the annual redemption facility, VNH’s discount narrowed meaningfully and, following the results of the tender and strong performance, narrowed further to the current level of a 1.2% premium, compared to a one-year average discount of 5.7% and a three-year average of 11.4%. The shares trade close to par, despite the relatively high ongoing charge resulting from VNH’s small size (higher share of fixed costs), which, in our opinion, underlines investors’ confidence in VNH’s strategy.

Exhibit 6: Discount to NAV over three years

Source: VNH, LSEG Data & Analytics

General disclaimer and copyright

This report has been commissioned by VietNam Holding and prepared and issued by Edison, in consideration of a fee payable by VietNam Holding. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

General disclaimer and copyright

This report has been commissioned by VietNam Holding and prepared and issued by Edison, in consideration of a fee payable by VietNam Holding. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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