Pangolin Asia Fund July 2014 NAV

  Date : 8th August 2014

As at the 31st of July 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$436.67 net of all fees and expenses, up a negligible 2.96% from US$423.84 in June. Please see the table at the end of this letter for further detail.

As of today, the fund is about 86% invested with the split being approximately as follows:

Indonesia 28%
Malaysia 25%
Singapore 26%
Thailand 21%

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

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