The net asset value of the A shares was US$108.82 at the end of the period. Please note that the fund has a November year end, thus the first half ended on May the 31st.
The Net Asset Value of the A shares was U$106.09 at the end of the period. Please note that the fund has a November year end, thus the first quarter ended on February the 28th.
At 27th of January 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$104.53 net of all fees and expenses, up from US$97.79 in December. Due to various holidays including the Year of the Dog celebrations, the valuation was taken a few days earlier than usual.
I was assured by all service providers when setting up the fund that it would be much better not to have a December year end if possible. Thus this is the report to investors for the fund’s first year which ended on 30th November 2005. The value of the Class A shares was down 3.86% for the year finishing with a final NAV of U$96.14. This is not the audited number but the value calculated by the fund’s administrator, HSBC, as are all the monthly values. The audit should be complete some time in January (by PWC) and it shouldn’t differ – but it might – and the final report and accounts will be sent out thereafter.
At 30th of November 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$96.14 net of all fees and expenses, down from US$97.05 in October.
