Pangolin Asia Fund March 2006 NAV

  Date : 12th April 2006

At 31st March 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$109.42 net of all fees and expenses, up from US$106.69 in February.

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

The NAV was again boosted by strength in Asian exchange rates. This will lower Asian governments’ US$ returns thus making the dollar a less attractive currency in which to park their reserves. As it is Asian governments that have been strong dollar buyers, if they do change their views, then one would assume that the dollar will weaken rapidly. The gold bulls will be celebrating if this occurs.

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