James Hay founded Pangolin Asia Fund in December 2004 and has been involved with Asian financial markets since 1986. He has managed his own investment portfolio since 1998, managing the Fund in a similar style to his private investments. The management team includes Vinchel Budihardjo serving as CEO, Gerald Ambrose as director with sixteen years of experience in Asian equity sales specializing in small and medium-sized companies within ASEAN and previously served as a submariner in the Royal Navy during the Falklands War, and Fiona Somerville as director who formerly managed Asia ex-Japan markets with Invesco MIM Asset Management and now operates her own financial headhunting company based in Switzerland. Management owns 8% of the fund, demonstrating significant alignment with investors.

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Our investment style is based on fundamental analysis, for which we believe there is no substitute. Pangolin Asia Fund is a long-term value fund with a primary focus on South East Asia. The Fund invests primarily in listed securities of companies which, in the view of the Investment Manager, are trading below their true and realisable value. Stock selection is based on a bottom-up approach and is supported by fundamental research and company visits. The Investment Manager places a high emphasis on management quality, cash-flow, pricing power, returns on equity and capital, earnings history and the treatment of minorities. The typical investment horizon is 3-5 years although it may be sold earlier if an investment appreciates within that time period to its perceived value. The fund seeks absolute returns rather than to perform in relation to any benchmark equity index and adopts a value-driven, bottom-up approach with at least a three year view.

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