Pangolin Asia Fund September 2016 NAV

  Date : 7th October 2016

As at the 30th September 2016 the NAV of the Class A shares of the Pangolin Asia Fund was US$410.02 net of all fees and expenses, down 0.29% from US$411.20 in August.

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

As of today, the fund is about 89% invested with the split being approximately as follows:

Singapore 13%
Malaysia  36%
Indonesia 32%
Thailand  19%

We don't disclose our names but some details are always available to investors on request. I’m often asked why we are less than transparent. It’s simple really; as investors our life is much easier if others don’t jump on our ideas. And if we’re right, the market will discover and revalue our ideas in good time anyway.

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