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Pangolin Asia Fund First Half 2005 Report

  Date : 17th June 2005

The NAV of the A shares was U$96.77 at the end of the period. Please note that the fund has a November year end, thus the first half ended on May 31st.

At the half’s end the fund was approximately 60% invested, but as I write that has increased to about 85% due to weakness in the targeted investments. The fund is seeing new subscriptions (I am adding to my holding and new investors have also come in) and I maintain that the recent sell-down in Asian markets is good news for the fund.

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