Pangolin Asia Fund December 2011 NAV

  Date : 31st December 2011

As at the 31st of December 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$271.75 net of all fees and expenses, up 0.67% from US$269.95 in November. For 2011 the fund was up 0.85%. Not great but it might have been worse. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 92% invested with the split being approximately as follows:

Indonesia 34%
Malaysia 38%
Singapore 20%
Thailand 8%

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

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