As of the 31st of March 2009, the NAV of the Class A shares of the Pangolin Asia Fund was U$98.12 net of all fees and expenses, up 1.81% from US$96.38 in February.

At the end of March the fund was just about fully invested, with the split being approximately as follows:

Indonesia - 48%
Malaysia - 38%
Singapore - 14%

Details of the individual holdings are always available to investors on request.

Overview
It’s a short letter this month as I’m in Switzerland seeing investors. Most of the private banks I have met with this week tell me their equity exposure in their clients’ accounts is in the region of 20% or less. This is low by any standard although, as yet, there doesn’t seem to be a hurry to significantly increase weightings.

The highly respected Mark Mobius reckons we’re in a bull market while the equally eminent Geroge Soros says it’s just a bear market rally. All I know is that at present we can buy profitable companies with net cash on their balance sheets, strong operating histories and decent dividend yields at fractions of the valuations we have paid in the past. Not only that, they still look cheap if we assume 2009 is another terrible year for the world’s economy. And if there is ever any pick up in economic activity, then they should do us rather well.

No names I’m afraid. For the moment we’d prefer prices to remain subdued.

James Hay.
8th April 2009.

I am always happy to talk to existing investors and those interested in the fund. If you have any questions, concerns, ideas, or just fancy an argument, please get in touch.