Pangolin Asia Fund September 2014 NAV

  Date : 13th October 2014

As at the 30th of September 2014 the NAV of the Class A shares of the Pangolin Asia Fund was US$413.36 net of all fees and expenses, down 2.93% from US$425.85 in August. 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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