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The Pangolin Asia Fund, managed by James Hay, is up 27.19% after returning 1.95% in December, according to an investor communication obtained by Opalesque. Hay said that at the end of December the fund was almost fully invested, with the split being approximately Indonesia 39%, Malaysia 39% and Singapore 22%.
Hay added he "always seems to be writing the monthly report the day after Wall Street has fallen 2% and when all those CNBC sages are rather gloomy. In Asia, by contrast, all the talk is of Chinese New Year and election rallies, especially in Malaysia where many of the politically linked stocks have bounced in recent days....From a bottom-up perspective our company visits continue to unearth plenty of potential new investments in well managed and undervalued companies. Americans might get poorer but Middle-Easterners are snapping up assets in the region (and elsewhere) as the oil price booms."
"The commodities story is also at worst a mixed blessing for Malaysia and Indonesia whose oil, palm oil and other natural resources sectors are soaring. If it wasn’t for the costly government subsidies of oil, flour, cooking oil etc. then it really would be boom time."
"What can go wrong? Forget about the US economy for a moment. Events in Kenya and Pakistan are a stark reminder of how quickly things can go awry in developing nations (and elsewhere). Low taxation, business friendly politicians, a strong urge to improve one’s lot, cheap labour and virtually no welfare st...................... To view our full article Click here
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