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The Pangolin Asia Fund was up 0.13% in July, 23.85% YTD and 59.56% since inception (2005). The fund is currently 91% invested in Indonesia, Malaysia and Singapore. The fund has been up in the last 13 months. James Hay, Pangolin’s fund manager communicated the following to investors: “The last couple of weeks have been rather unstable and I still suspect that stocks everywhere will be cheaper at some point than they are now. As long term investors, we at Pangolin believe that falling markets result in equities becoming less rather than more risky, and we always welcome the chance to buy more stock for less. Although this sounds obvious to me, most investors take the opposite view, which is what creates the opportunities for the longer term players to profit.
It is in the interests of most to keep the party going and much of the comment I receive still gives reasons to be buying and explaining why Asia will decouple from the US. This may well be Asia’s century but I don’t believe the excesses of the global liquidity boom have been confined solely to the West; the most recent leg of the rally (in the markets we look at) has involved, in many cases, rubbishy companies with shareholders I wouldn’t touch with a barge-pole.
We are not concerned about underperforming in such circumstances and remain hopeful that not only will the businesses in which the fund is in invested will be able to see any out tough times, but also that we will be able to pick up more shares at eve...................... To view our full article Click here
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