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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Pangolin Asia Fund is deploying into ASEAN market weakness, particularly Indonesia, where MSCI downgrade fears have created compelling entry points. The portfolio trades at 8.9x forward PE with 20% ROIC and estimated 30% free cash flow yield by 2030."
The Pangolin Asia Fund declined 1.04% in June and is down 4.60% year-to-date, with the portfolio 98% invested across Singapore (7%), Malaysia (40%), Indonesia (49%), and Philippines (4%). The manager is actively deploying into Indonesian market weakness, believing headline fears around MSCI's potential downgrade to Frontier status are creating opportunities for long-term investors. The fund's holdings have outperformed the broader market decline, suggesting others recognize the value. The letter provides extensive analysis of MSCI-based ETFs, demonstrating that passive strategies in Indonesia have been unprofitable since 2010 while the fund has significantly outperformed through bottom-up stock selection. Allianz Malaysia, one of the largest positions, exemplifies the approach: the country's leading general insurer with an 88% combined ratio, trading at 7.6x forward PE despite delivering 16.8% annualized returns since 2020. The manager estimates the portfolio will generate a 30% free cash flow yield by 2030, with local broker price targets for Indonesian holdings averaging 82% above current levels. Political uncertainty in Malaysia and regulatory pressures in Indonesia are acknowledged but viewed as temporary headwinds for fundamentally sound businesses purchased at compelling valuations.
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