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Pangolin Asia Fund April 2006 NAV

  Date : 11th May 2006

At 28th April 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$116.62 net of all fees and expenses, up from US$109.42 in March.

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

It feels rather odd to be sending out good news on a day in which Indonesia has fallen 10% in US$ terms, but I suppose it is better than sending out bad news. In April the fund again benefited from strong Asian exchange rates as well as robust performance in a couple of holdings, which outweighed the fallers.

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