Pangolin Asia Fund October 2011 NAV

  Date : 11th November 2011

As at the 31st of October 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$278.31 net of all fees and expenses, up 6.85% from US$260.46 in September. YTD we’re up 3.28%. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 90% invested, with the split being approximately as follows:

Indonesia 34%
Malaysia 38%
Singapore 21%
Thailand 7%

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

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