As at the 31st of December 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$269.47 net of all fees and expenses, up 3.43% from US$260.53 in November. For 2010 the fund was up 37.58%. Please see the table at the end of this letter for further detail.
As of today, the fund is just about 74% invested, with the split being approximately as follows:
Details of the individual holdings are always available to investors on request.