Pangolin Asia Fund December 2006 NAV

  Date : 31st December 2006

At 31st December 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$128.83, net of all fees and expenses, up 2.40% from US$125.81 in November.

At the end of December the fund was approximately 98% invested.

I began the New Year with a trip to Jakarta, via Bali, and both locations are obviously busier than on my last visit. Bali is slowly recovering from the 2005 bombs and Jakarta is bustling in line with the economy. There even seemed to be a few tourists in Jakarta, although I’m not sure why. Other than the Dutch with an interest in colonial history, there is little to attract holidaymakers. However the stylish Café Batavia was full of Dutchmen enjoying a cooling beer, presumably after an interesting trip around the (not air-conditioned) museum opposite in which the entrepreneurial curator will have explained to them the various methods of torture their forefathers used in order to civilise the local population. Death by leeches was apparently an effective deterrent against those considering organising protests…..

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