Pangolin Asia Fund December 2004 NAV

  Date : 31st December 2004

At 31/12/04 the NAV of the fund was U$100.37 net of all fees and expenses.

As of 31st December the fund was approximately 20% invested. This does not reflect any bearishness on behalf of your manager but more a reticence to chase individual stock prices in the face of year-end window dressing and strong liquidity flows. Selecting suitable investments is hard enough and given the current wave of optimism surrounding Asian markets, paying the right price for them is proving harder still.

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