The VNH portfolio was initially developed from 2006 to 2007 with funds raised it its initial offering in June 2006. From the beginning, it was the goal of the Fund to identify promising, well managed companies that would benefit from the additional exposure and liquidity of privatization. The emphasis was on State Owned Enterprises (SOEs). Diversification across strong business sectors was an essential part of the investment philosophy. The portfolio soon grew to 30- to 35 companies and the total number of investee companies has remained in or near this range. Portfolio changes have been made due to developments in the growing Vietnam market, new opportunities, additional research by an expanding team of professional analysts, and the changing fortunes of individual companies and the sectors they operate in. A significant new focus of the portfolio has been made since November, 2009 when shareholders voted to direct the Fund’s growth to sustainability and the careful analysis of environmental, social and governance factors in both current holdings and pipeline companies.