Pangolin Investment Management founder and principal James Hay discusses:

The Fund:

- Positioning - value not small cap -- research house that "occasionally buys stocks";

- Pangolin is an absolute return fund - “sustainable” credentials - no timber or plantation companies - and no cyclicals;

- Why size - tiny - issues;

- Asset allocation; MY - ID - TH - SG;

- Investment details: > no. of companies invested > no of companies under analysis > preferred sectors> Growth drivers: MY/TH/SG;

- Investment conditions - two-month notice period for redemptions & fees - 1.5% annually - 15% performance fee above high watermark - ISSUES;

- Fund performance - Pangolin Asia Fund since 2004 - performance - annualised return;

Malaysian Market:

- Historically a Malaysian bull -- plus you live here (since 1993) - but has since 1998 been the most undervalued market in Asia .. as well as being the “least understood” - issues;

- Valuations - undemanding in small cap space - issues;

- Whether recent rise reflects dearth of opportunities;

- Small cap - value traps - thin liquidity - need for catalysts;

- "Patience" -- details -- investor patience - issues;

- Malaysia “undervalued” historically -- still so?

Company Management

- Management calibre quite critical for long-term holders like yourselves -- issue of major ownership and poor enforcement of market governance;

- How worrisome has the recent spate of privatisations and buyouts been;

- In the wake of Yeo Hiap Seng’s exercise you mentioned that you expect many more to follow - issues;

- Whether feels major owners have a duty to offer a fair price to minorities;

- Institutional framework: what more would you want and expect institutional funds to do on monitoring companies;
Elections

- Malaysia’s nuances - mud-slinging / shenanigans - "the norm" in developing nations - issues;

- How Pangolin irons out these concerns.

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