As at the 31st of December 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$358.38 net of all fees and expenses, up 0.90% from US$355.19 in November. For the year we were down 4.76%.

As at the 30th of November 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$355.19 net of all fees and expenses, up 1.24% from US$350.84 in October.

Shunned markets make for interesting viewing

As at the 31st of October 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$350.84 net of all fees and expenses, up 5.19% from US$333.52 in September. As of today, the fund is about 83% invested with the split being approximately as follows: Singapore 20% Malaysia 26% Indonesia 31% Thailand 23% No names I’m afraid but some details of the individual holdings are always available to investors on request.

As at the 30th of September 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$333.52 net of all fees and expenses, down 0.06% from US$333.73 in August. Please see the table at the end of this letter for further detail.

As at the 31st of August 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$ 333.73 net of all fees and expenses, down 10.91% from US$374.61 in July. Please see the table at the end of this letter for further detail.

As at the 31st of July 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$374.61 net of all fees and expenses, down 1.62% from US$380.77 in June. Please see the table at the end of this letter for further detail

As at the 30th of June 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$380.77 net of all fees and expenses, down 2.28% from US$389.67 in May. Please see the table at the end of this letter for further detail.

As at the 31st of May 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$389.67 net of all fees and expenses, down 1.80% from US$396.82 in April. Please see the table at the end of this letter for further detail.

As at the 30th of April 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$396.82 net of all fees and expenses, up 1.88% from US$389.48 in March. Please see the table at the end of this letter for further detail.