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Pangolin Asia Fund September 2005 NAV

  Date : 10th October 2005

At 30th of September 2005, the NAV of the Class A shares of Pangolin Asia Fund was US$96.99 net of all fees and expenses, up from US$94.90 in August.

At the end of September the fund was approximately 96% invested.

Bears of the US markets seem to think that they are likely to be proven correct fairly imminently with many technical analysts pointing to all sorts of sell signals, in addition to the obvious deficits concerns. ASEAN markets remain a side show when compared to the excitement of India, Korea (not North) and Japan. The markets remain obsessed with liquid investments, which continue to outperform, rather than with small companies’ low valuations.

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