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Alternative Market Briefing

Pangolin�s exposures continue to rise as its main fund ended June up +3.41 (+14.88 YTD)

Monday, July 16, 2012

James Hay
From Precy Dumlao, Opalesque Asia:

The markets in which Singapore-based hedge fund manager Pangolin Investment Management are invested continued to attract some buying interest last in June and that brought a positive return of 3.41% (a gain of 14.88% year to date) to its main fund, the Pangolin Asia Fund.

Pangolin Director James Hay said, "I�m happy to say that our largest positions remain reasonably cheap. We estimate the portfolio�s 2012 PE to be around 9X with a dividend yield of 4.5% and an ROE of 25%. Furthermore, most of our companies have cash rich balance sheets. Our aim is to find investments that lower the average PE while simultaneously raising the fund�s yield and ROE. Simple really."

As he has exposures in Indonesia, Hay advised his investors to keep an eye on the political situations in Irian Jaya or West Papua. Hay reported that the movement in the troubled Indonesian region is gaining momentum "and it is surely only a matter of time before it leaves (and perhaps merges with PNG)."

Early this month, industry analysts claimed that pro-independence sentiments in the resource-rich Papua are being fuelled by allegations that the spate of shootings in the region over the past months are cause by trigger-happy Indonesian soldiers assigned to keep Jakarta�s grip ......................

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