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HCM CITY (Biz Hub) — PXP Vietnam Asset Management Ltd Co has announced the merger of two of its funds, PXP Vietnam Fund (PXPVF) and PXP Vietnam Emerging Equity Fund (PXP VEEF).

The merger will take effect today, the company said.

PXP VEEF is an open-ended fund with a total net asset value (NAV) of US$36.6 million as of December 31, 2014, while PXP is a close-ended fund that is listed on the LSE Main Market in London.

The NAV growth of VEEF was 12.72 per cent last year, and that of PXPPVF, 8.07 per cent.

On merging, one PXPVF fund certificate will swap with nearly 1.08 PXP VEEF certificates. After the move, the merged fund, PXP VEEF, will have a total NAV of around $115.4 million.

PXP Vietnam Asset Management primarily invests in equities listed on the HCM Stock Exchange. The main shares in the PXP VEEF's portfolio after the merger include dairy giant Vinamilk (VNM), 18.7 per cent, steelmaker Hoa Phat Group (HPG), 10.3 per cent; and HCM Securities Co (HCM), 9.3 per cent.— VNS