Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
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. Bottom-up stock selection focuses on quality businesses like Allianz Malaysia that passive ETF strategies miss, with local broker targets averaging 82% upside for Indonesian holdings.
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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. Bottom-up stock selection focuses on quality businesses like Allianz Malaysia that passive ETF strategies miss, with local broker targets averaging 82% upside for Indonesian holdings.
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%. Fund 100% invested across quality businesses in Indonesia, Malaysia, and Singapore. Manager actively driving corporate governance improvements while geopolitical headwinds create temporary buying opportunities in undervalued regional markets.
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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%. Fund 100% invested across quality businesses in Indonesia, Malaysia, and Singapore. Manager actively driving corporate governance improvements while geopolitical headwinds create temporary buying opportunities in undervalued regional markets.
Stone Sentinel Capital delivered 45.3% YTD returns through concentrated deep value investing, screening 80,000 stocks for 5-6 positions. Recent additions include Hong Kong construction company Able Engineering trading below cash at 6x earnings, and Malaysian conglomerate Protasco at 2.4x PE with valuable land assets worth entire market cap. Manager emphasizes practical wisdom and adaptability.
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Stone Sentinel Capital delivered 45.3% YTD returns through concentrated deep value investing, screening 80,000 stocks for 5-6 positions. Recent additions include Hong Kong construction company Able Engineering trading below cash at 6x earnings, and Malaysian conglomerate Protasco at 2.4x PE with valuable land assets worth entire market cap. Manager emphasizes practical wisdom and adaptability.
Pangolin Asia Fund remains highly committed to ASEAN equities, maintaining a 98% invested posture despite a disappointing 2024 performance drag from core holdings. The manager views the massive influx of foreign direct investment into Malaysia and attractive regional valuations as powerful, underappreciated catalysts that will eventually drive a massive market re-rating.
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Pangolin Asia Fund remains highly committed to ASEAN equities, maintaining a 98% invested posture despite a disappointing 2024 performance drag from core holdings. The manager views the massive influx of foreign direct investment into Malaysia and attractive regional valuations as powerful, underappreciated catalysts that will eventually drive a massive market re-rating.
