Pangolin Asia Fund September 2011 NAV

  Date : 10th October 2011

As at the 30th of September 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$260.46 net of all fees and expenses, down 9.89% from US$289.05 in August. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 88% invested, with the split being approximately as follows:

Indonesia 35%
Malaysia 36%
Singapore 23%
Thailand 6%

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

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