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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager remains highly constructive, arguing that underlying business fundamentals remain robust and valuations across ASEAN represent generational buying opportunities."
The Pangolin Asia Fund's June 2025 investor letter reports a 3.50% decline in NAV for the month, bringing year-to-date performance to down 6.92%. Managers James, Bill, and Vinchel express frustration with recent underperformance, which they attribute largely to an overweight position in Indonesian consumer companies and a significant share price decline in Malaysia's Bermaz Auto (BAUTO). Despite a substantial paper loss on Bermaz, the managers articulate a strong bottom-up thesis for retaining the holding, noting its net-cash balance sheet, single-digit PE ratio, and expected dividend yield of 8.6%. They compare this situation to their prior successful, yet initially painful, investment in IGB Berhad, which ultimately realized substantial value. Furthermore, the managers highlight PT Map Aktif Adiperkasa (MAPA) as a prime example of the disconnect between robust corporate earnings growth (expecting 15% profit growth in 2025) and declining share prices (down 39% YTD). Pangolin asserts that top-down allocators are missing these highly profitable, net-cash ASEAN opportunities due to macro-driven selling, comparing the current ASEAN valuation landscape to the Dow Jones in 1951, presenting a rich environment of high opportunity density where the fund has more ideas than capital.
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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's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
Growth Outlook
Market outlook remains high conviction: Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
Risk Appetite
Risk appetite posture is high conviction: Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
Forward Guidance
Forward guidance signal: Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
Language Signal
Tone analysis indicates high conviction language: Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
Time Horizon
Investment time horizon reflects a high conviction orientation. Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager rem...
