Pangolin Asia Fund July 2010 NAV

  Date : 12th August 2010

As at the 31st of July 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$234.62 net of all fees and expenses, up 3.15% from US$227.45 in May. The fund is up 19.78% YTD. Please see the table at the end of this letter for further detail.

At the end of July the fund was about 75% invested, with the split being approximately as follows:

Indonesia 55%
Malaysia 28%
Singapore 17%

Details of the individual holdings are always available to investors on request.

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