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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds begin to deploy an estimated USD 10 billion back into local equities."
The Pangolin Asia Fund's NAV fell 1.85% in September 2025, bringing its YTD performance to -7.70%. The fund remains 99% invested, with its largest concentration in Indonesia at 54%. Manager James highlights a significant contrarian opportunity in Indonesia, comparing it to historical arbitrage wins in Malaysia. Due to strict, state-loss legal liabilities that deterred domestic state funds from owning equities, domestic institutional ownership in Indonesia plummeted from 30% in 2018 to 12% in 2025. This structural selling has depressed valuations, leaving sectors like Consumer Staples trading at half their 15-year mean P/E and creating vast gaps between solid profit growth and share prices (such as AKR Corporindo). As regulators ease these rules and state funds like JAMSOSTEK begin targeted equity reallocations back to 20%, an estimated USD 10 billion in domestic institutional buying is poised to drive a substantial market correction, benefiting the fund's heavily concentrated positions.
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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: Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
Growth Outlook
Market outlook remains above average conviction: Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
Risk Appetite
Risk appetite posture is high conviction: Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
Forward Guidance
Forward guidance signal: Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
Language Signal
Tone analysis indicates high conviction language: Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
Time Horizon
Investment time horizon reflects a high conviction orientation. Pangolin Asia Fund remains 99% invested with a 54% allocation to Indonesia, capitalizing on a massive, regulation-driven valuation discount that is set to reverse as state funds be...
