Pangolin Asia Fund May 2014 NAV

  Date : 6th June 2014

As at the 31st of May 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$423.38 net of all fees and expenses, up 3.04% from US$410.89 in April. Please see the table at the end of this letter for further detail.

As of today, the fund is about 87% invested with the split being approximately as follows:

Indonesia 30%
Malaysia 23%
Singapore 27%
Thailand 20%

No names I’m afraid but some details of the individual holdings are always available to investors on request.

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