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Title : Pangolin Asia Fund March 2013 NAV

  Date : 9th April 2013
Description

As at the 29th of March 2013 the NAV of the Class A shares of the Pangolin Asia Fund was US$364.05 net of all fees and expenses, up 3.76% from US$350.86 in February. Please see the table at the end of this letter for further detail.

As of today, the fund is about 78% invested with the split being approximately as follows:

 

 Indonesia 22%
 Malaysia 39%
 Singapore 24%
 Thailand 15%






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


Overview

It was quite an exciting month – if fund management can ever be described as exciting. We had a crazy fortnight in Thailand with the market falling 7.6% one week before recovering 5.6% the next. Our one stock in that market fell about 20% before recovering and the fund’s NAV had a 6% swing during the month.

Apparently it was something to do with algorithms, whatever they are.

Live fast, die young. Who needs sex, drugs or rock ‘n’ roll when you’ve got emerging markets?


Malaysia

Parliament has been dissolved and the election date will be announced soon. If the opposition win we might see major change in Malaysia. If not, expect more of the same.

Whatever the result, people who actually do things for a living (unlike rockers and fund managers) will still have to get out of bed every morning and try to produce something and sell more than the bloke down the road. And whoever wins, I expect business conditions in Malaysia to remain favourable to those who wish to do just that.

Outlook

This is what regional markets and the US have done in the first 3 months.

Will Malaysia ever catch up and will it be soon? The possibility is that the overvaluation in other places will lead to a sell off before Malaysia ever really gets noticed.

Not that that would matter. If it remains cheap we’ll probably just buy some more.

We’re not only scratching around in Malaysia. I’m currently in Bangkok for the third time in as many weeks (and no, her name isn’t Tong Ting) seeing companies. As I’ve said before, in strong markets, such as we have now, it is hard to get what we want at the price we want. And in the size we want. It doesn’t stop us looking though.

James Hay
9th April 2013.

I don’t like to discuss stocks publicly but I am always happy to talk to existing investors and those interested in the fund. If you have any questions, concerns, ideas, or just fancy an argument, please get in touch.