Pangolin Asia Fund November 2009 NAV

  Date : 11th December 2009

As at the 30th of November 2009 (the fund’s year end), the NAV of the Class A shares of the Pangolin Asia Fund was US$182.60 net of all fees and expenses, up 4.65% from US$174.49 in October. YOY the fund is up 112% and YTD 82%. Please see the table at the end of this letter for further detail.

At the end of November the fund was just about 86% invested, with the split being approximately as follows:

Indonesia 48%
Malaysia 38%
Singapore 14%

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

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