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V T H a lo ASIA GROWTH FUND
August 2026 Fact Sheet
All Data at 12.00 GMT 28 th August 202 6
FOR PROFESSIONAL INVESTORS AND THEIR ADVISORS ONLY
Halo Global Asset Management Ltd , Wades House , Barton Stacey , SO21 3RJ Tel : +44(0) 7769885127 Email: Francis Horn fh@h gamuk .com Web: www.hgamuk. com
Portfolio Description
The VT Halo Asia Growth Fund aims to achieve an annualised total return before fees of 7 - 11 % over the period of an economic cycle , typically 5 - 7 years . This will be achieved by investing in companies globally which are exposed to the growth of the Asian middle class and the corresponding rise in their consumption.
Fund Manager’s Comments The Fund (B £ Acc class) rose 2.1% for the month , driven by better performance from Indonesia and Vietnam. The key issue has been the resumed hostilities in the Middle East, which resulted in oil prices rising again . Brent , having dipped down to $79 , climbed back to $90 . Asia is perceived as v ulnerable to higher oil prices, with most countries being a net importer and historically most of the imports arriv ing from the Middle East. We saw US Treasury bond yields move up to 4.75% and the stronger upward drift into the month end reflects the resilience of US economic growth and the follow through of higher oil prices to inflation. Treasury Secretary Bessant also announced the buyback of 30 - year Treasuries, which smacked of panic in trying to supress rising yields, with the US failing to bring its fiscal deficit under control. This is relevant to Asia, as typically bond yields in Asia trade at a premium to US Treasuries, so putting upward pressure on their cost of financing. Although this announcement sent the Dollar tumbling against currencies around the world the spread between US and Asian bond yields actually narrowed , so rising bond yields in the US is not currently having a knock - on effect in Emerging Asia.
Indonesia produced strong GDP numbers for Q2 a t 5.3% above consensus estimates , with household spending and investment driving the growth. President Prabowo also presented his 2027 budget address, and this soothed investor concerns over the fiscal discipline with the fiscal deficit set to narrow and remain under the 3% limit. Stocks have rallied in response, and the market was up 4.7% for the month .
Vietnam had a better month with the index up 5.5% , the catalyst being the long - awaited upgrade from Frontier to Emerging Market status by the FTSE and a larger than expected weighting, with an estimated $2.5bn inflows to start after September this year. We had a number of shares exhibiting strong performance for the month such as FPT Digital Retail up 17.7%, on little news , but coming from oversold levels and numerous upgrades by brokers for 2026 and 2027 profit expectations. Tec hcom Bank rose 15.1% on rumours that BNP or Kookmin Bank were looking to take a 15% stake in the business at a price of 2x book value, which would equate to a 66% premium to the current share price. BNP later denied it. On the other side , F88, the consumer finance company, despite upgrading guidance for this year by over 20% saw its share price fall 7% as the take up of its capital raising had been poor. This was technical and now trades on a PE of 10x this year and expect s to see profits compound by at least 25% per annum over the next few years.
The Philippines ( - 5.7% ) and India ( - 2.8% ) were weak as they have negative current account b alances and suffer from higher oil prices. Although our stocks in the Philippines were broadly unchanged on the month, so outperforming. India is very much perceived as the anti AI trade and with the bounce back in AI related names and higher oil prices, foreign selling resumed and sentiment turned bearish.
On the results front, it was the turn of our Chinese holdings, with Alibaba and Tencent both punished for increasing AI capex as they both indicated demand was accelerating and so further investment was justified . Alibaba reiterat ed payback was under three years, and growth would accelerate to over 50% for its cloud business in Q3.
B £ Acc NAV 1 41.3 p
Investment Manager:
Halo Global Asset Management
Fund Manager: Andrew Williamson Jones
ACD: Valu - Trac Investment Management Ltd.
Fund Type: UK UCITS IV OEIC
Launch Date: 3 Nov 2014
Classes: B, C
Base Currency: Sterling
Dealing & Valuation: Daily 12.00pm
Year End: 3 0 th June
Management fee: B: 0. 9 5% p.a. C: 0. 7 5% p.a.
ISIN:
B $ Acc GB00BRWQWY25 B $ Inc GB00BRJTG867 B £ Acc GB00BRWQWX18 B £ Inc GB00BRGCDS71 B € Acc GB00BK9WNR45 B € Inc GB00BK9WNQ38 C $ Acc GB00BRWQX051 C $ Inc GB00BRJTG974 C £ Acc GB00BRWQWZ32 C £ Inc GB00BRGCDT88 C € Acc GB00BK9WNT68 C € Inc GB00BK9WNS51
Asset Under Mgt $ 21.7 m
Depository: National Westminster Bank PLC
Dealing Frequency: Daily
Daily NAV available: Bloomberg, Refinitive Morningstar & Valu - Trac
Issued and a pproved by Halo Global Asset Management Ltd Authorised and regulated by the Financial Conduct Authority.
Issued and approved by Halo Investment Management LLC. Authorised and regulated by the
Page 2
V T H a lo ASIA GROWTH FUND
August 2026 Fact Sheet
All Data at 12.00 GMT 28 th August 202 6
FOR PROFESSIONAL INVESTORS AND THEIR ADVISORS ONLY
Halo Global Asset Management Ltd , Wades House , Barton Stacey , SO21 3RJ Tel : +44(0) 7769885127 Email: Francis Horn fh@h gamuk .com Web: www.hgamuk. com
NB: performance numbers a re net of fees.
Where this communication constitutes a financial promotion/marketing communication it is issued and only made available to, a nd directed at, (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be co mmunicated, falling within Article 49(1) of the Order (all such persons togethe r being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is only avail able to relevant persons and wi ll be engaged only with relevant persons. This is for professional clients and eligible counterparties only. This is an Under taking for Collective Investment in Transferable Securities (UCITS) regulated by The Financial Conduct Authority (FCA) in the Unite d Kingdom. The information herein was obtained from various sources. We do not guarantee its accuracy. This information is for your private information and is for discussion pur poses only. A variety of market factors and assumptions may affect this analysis is, and this analysis does not reflect all possible loss scenarios. There is no certainty that the parameters and assumptions used in this analysis can be duplicated with actual investments. Any historical examples which appear are not nec essarily indicativ e of future investments. Neither the information, recommendations or opinions expressed herein constitutes an offer to buy or sell the sp ecified investment product. Foreign currencies denominated investments are subject to fluctuations in exchange rates th at could have a positive or adverse effect on the investor’s return. Unless otherwise stated, any pricing information in this presentation is indicative only and is subject to change. Pr ior to undertaking any investment, you should discuss with your profes sional tax, accounting or other advisor how such a particular investment(s) affects you and whether it is suitable. All analysis (whether in respect of tax, accounting, law or of any other nature), should be treated as illustrative only and not relied upon as accurate. Halo Global Asset Management is authorised and regulated by the Financial Conduct Authority, N o. 820966. This product may place your capital at risk; return figures quoted may not display all the short and long - term prospects for the investment
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