As #CapTech2027 brings investors, fund managers and business leaders together across Australia, India and Singapore, the focus remains on identifying investment opportunities, connecting capital with markets, and building strategic relationships across Asia.
Aquis Lumen Vietnam Fund UCITS brings a focused investment proposition to this conversation: access to Vietnam’s equity market through an established, actively managed fund with a track record dating back to 2012.
Why Vietnam? Why now?
- Early in a multi-year shift. Only the first 10% of FTSE’s index weight has taken effect. The World Bank estimates the upgrade could bring US$3-5 billion of portfolio inflows in the first few years. It also expects most new foreign investment to come after MSCI inclusion, which is targeted from 2029.
- Growth. GDP grew 9.9% year on year in Q3 2026, the fastest pace in four years.
- Trade. Exports are accelerating as manufacturers diversify supply chains into Vietnam, and the trade balance has returned to surplus after nine months of deficits.
- Infrastructure. Public investment spending is up 19% on last year.
- Valuation. Excluding Vingroup-related stocks, the market trades at around 10 times earnings. Third-quarter earnings are expected to grow by around 20%.
A Different Kind of Exposure
Since launch, the fund’s correlation with major markets has been low:
- S&P 500 0.31
- MSCI World 0.34
- MSCI Emerging Markets 0.36
- EURO STOXX 0.29
- Sensex 0.26
- Shanghai Composite 0.24
Vietnam has no semiconductor exposure. Its earnings come from domestic industrialisation, rising consumption and a developing financial sector. For Australian portfolios weighted to Australian and US equities, that makes it a real diversifier. Correlations change over time and do not remove investment risk.
How the Fund is Run
- Manager: Mario Timpanaro has managed the fund since its launch in 2012. His career in markets, treasury, risk and derivatives began in 1987. See Riding the re-rating case for Southeast Asia’s standout story in The Inside Adviser (July 2026)
- On the ground: A 14-strong investment team in Ho Chi Minh City meets portfolio companies directly.
- Approach: Growth at a reasonable price. The fund focuses on Vietnamese small and mid caps, with tactical positions in large caps, and combines fundamental research with technical analysis for trading.
- Structure: UCITS, daily liquidity, SFDR Article 8. It was one of the first Vietnam equity funds worldwide to carry the UCITS label.
Bringing the Opportunity to #CapTech2027 Australia, India, Singapore
#CapTech connects investors, fund managers and decision-makers through a cross-border platform for investment dialogue, strategic connections and business opportunities.
The introduction of Aquis Lumen Vietnam Fund UCITS adds a Vietnam-focused equity proposition to these conversations, giving interested investors an opportunity to learn more about the fund, its investment process and its perspective on Vietnam’s evolving market.
Register your interest for an introduction to
Aquis Lumen Vietnam Fund UCITS.
#CapTech2027 Australia India Singapore | Connecting Capital with Investment Opportunities Across Asia
Important information: This communication is for wholesale clients only, as defined in section 761G of the Corporations Act 2001 (Cth). It is general information only. It is not an offer or invitation to invest, and it is not financial advice. The Lumen Vietnam Fund is a Liechtenstein-domiciled UCITS fund managed by AQUIS Capital AG. It is not registered in Australia and is not available to retail clients. Introductions in Australia are made by APAC Financial Services Pty Ltd (AFSL 540418). Past performance is not a reliable indicator of future performance. Returns are not guaranteed, and capital is at risk. Correlation figures are calculated from fund inception (2 March 2012) to 31 January 2026; source: Bloomberg, VNHAM. Economic data: AQUIS Capital / VNHAM, September 2026.
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