Pangolin Asia Fund August 2014 NAV

  Date : 8th September 2014

As at the 31st of August 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$425.85 net of all fees and expenses, down 2.41% from US$436.67 in July. Please see the table at the end of this letter for further detail.

As of today, the fund is about 79% invested with the split being approximately as follows:

Indonesia 29%
Malaysia 24%
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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