Pangolin Investment Management is a specialised fund management company that currently manages the Pangolin Asia Fund and the Pangolin Aviation Recovery Fund.
Pangolin Asia Fund invests in Asia with a long-term, value approach. Our investment style is based on fundamental analysis backed by company visits, for which we believe there is no substitute. The fund was launched on 1st December 2004 by James Hay.
About the Fund
Investment Approach and Objectives
The Fund’s investment objective is to achieve long term capital growth through capital appreciation and income. The Fund seeks absolute returns rather than to perform in relation to any benchmark equity index.
The Fund invests primarily in listed securities of companies which, in the view of the Investment Manager, are trading below their true and realisable value. Stock selection is based on a bottom-up approach and is supported by fundamental research and company visits. The Investment Manager places a high emphasis on management quality, cash-flow, pricing power, returns on equity and capital, earnings history, treatment of minorities and other factors when considering investments. The Fund may invest in companies of lesser quality if it is felt that their securities are attractively priced.
At all times, the Investment Manager will be seeking to identify value. This often entails investing in out of favour companies, industries and markets, and such investments can remain unpopular for some time. Hence the typical investment horizon may be 3-5 years although if an investment appreciates within that time period to its perceived value, if things change, or if other investments offer superior returns, then it may be sold earlier.
The Investment Manager may seek to take advantage of trading opportunities, in which case, the Fund may invest in the securities of companies that do not meet the criteria described above.
Little account will be taken of either index or geographical weightings. This methodology may result in a portfolio which is concentrated, volatile and not diversified.
InvestorsThe fund is suitable for those willing to bear a substantial risk by investing in a fund whose performance will be dependent on the performance of Asian equity markets and the investments selected by the investment manager.
The fund is not suitable for investors with a short-term view.