As at the 31st of July 2013 the NAV of the Class A shares of the Pangolin Asia Fund was US$382.69 net of all fees and expenses, up 1.78% from US$375.98 in June. Please see the table at the end of this letter for further detail.
As of today, the fund is about 83% invested with the split being approximately as follows:
No names I’m afraid but some details of the individual holdings are always available to investors on request.
To put this year’s performance into context, we’re lagging the Dow but beating the region:
It’s August, I’m in Italy and there is no chance of a long newsletter this month. Our emerging market currencies are weak and there seem to be no end of commentators writing off emerging markets, especially Indonesia. And Malaysia’s government debt has been downgraded by Fitch.
We have been trimming the portfolio, gradually selling a couple of stocks that we think have reached their potential. We think we can do better elsewhere and have added another new name in Indonesia. Yes, Indonesia. Despite, or more likely due to the bearish sentiment, there are still cheap companies there.
Eing Kar Mei has decided to leave us to return to Malaysia and broking. We’re quite close to announcing a replacement but should you wish to join Pangolin as an analyst, you’d better let me know very quickly as we already have a short-list of suitable potential employees.
Selamat Hari Raya...
Which, in Malay, more or less means Happy Holidays to all the Muslims who, by Thursday, will have finished a month’s fasting. Well done and have a great Eid.
6th August 2013.
I don’t like to discuss stocks publicly but I am always happy to talk to existing investors and those interested in the fund. If you have any questions, concerns, ideas, or just fancy an argument, please get in touch. Otherwise, just send money.