VNI off to slow start up only 4.4% YTD at end of May but outperforming MSCI Frontier Index (down 5.4%). Valuation still undemanding at 2015 PER of 12.7x compared to Malaysia & Thailand at 20x, Indonesia & Philippines at 23x. 2015 P/E: Banks 14.0x, Consumers 12.4x, Industrials 8.3x, Oil & Gas 9.3x, Real Estate 16.3x. 2015 P/B: Banks 1.5x, Consumers 3.2x, Industrials 1.7x, Oil & Gas 1.7x, Real Estate 1.7x. Banks and auto stocks were best performers YTD, up 36% and 96% respectively.