Pangolin Asia Fund July 2015 NAV

  Date : 17th August 2015

As at the 31st of July 2015 the NAV of the Class A shares of the Pangolin Asia Fund was US$374.61 net of all fees and expenses, down 1.62% from US$380.77 in June.

Please see the table at the end of this letter for further detail.

As of today, the fund is about 85% invested with the split being approximately as follows:

Singapore 22%
Malaysia 27%
Indonesia 32%
Thailand 19%

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

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