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From Benedicte Gravrand, Opalesque London:

The Pangolin Asia Fund was up 35.77% in April (32.88% YTD), its best ever monthly performance since its Dec-04 inception. This is a massive bounce back from the 2008 lows of -38%. The fund returned around 27% in 2007, 31% in 2006 and -2.5% in 2005.

The fund is currently almost fully invested in Indonesia (54%), Malaysia (33%) and Singapore (13%). It invests in individual companies with a long-term, value approach, backed by fundamental analysis.

James Hay, co-owner and manager of Singapore-based Pangolin Investment Management, says in the fund's monthly report: "We were in the right places at the right time last month, what with strengthening regional currencies and rampant share prices. The realisation that the world is not ending, some companies (and countries) are actually doing OK, and a global underweighting in equities combined to give us our best ever month."

As Pangolin's strategy is to identify companies to invest in, the results came from opportunities to buy some of those very cheaply. "The markets do appear to have stabilised to the extent that fundamentals do have some relevance again, as opposed to the 'if it moves sell it' mentality we experienced for a while," writes Hay. He believes there are still many cheap stocks and many opportunities in Asia, which can be reason for optimism for ......................

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