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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian supermarket chains growing 7-8% versus industry 1.5%."
Pangolin Asia Fund declined 6.59% in March 2026 but remains up 0.27% year-to-date, with the portfolio 100% invested across Indonesia (49%), Malaysia (35%), Singapore (12%), and Philippines (4%). Despite regional headwinds from ongoing war affecting oil-dependent economies, the fund's companies continue demonstrating resilience with 15 of 17 earnings updates exceeding expectations. Two Indonesian supermarket chains posted 7-8% sales growth versus industry 1.5%, highlighting quality company selection. The fund trades at attractive 9.9x PE with 20% ROIC and 11.3% free cash flow yield, significantly below underlying value creation which has compounded at estimated 13% annually in local currencies. Manager actively pursues corporate governance improvements, pushing for director share ownership alignment across portfolio companies. While geopolitical tensions have temporarily reduced investor interest, the manager believes well-capitalized, profitable businesses will emerge stronger from current crisis, with Singapore authorities now focusing on companies with excess cash providing additional catalyst for value realization.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
Growth Outlook
Market outlook remains high conviction: Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
Risk Appetite
Risk appetite posture is moderate conviction: Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
Forward Guidance
Forward guidance signal: Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
Language Signal
Tone analysis indicates very low conviction language: Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Asian value fund trading at 9.9x PE with 20% ROIC despite strong underlying company performance. Portfolio companies significantly outperforming local markets with Indonesian super...
