In another brutal month for Asian markets returns were very mixed. Pangolin Asia was up 0.74% on the month to leave three-month numbers at 12.1%. Stock selection paid off during the month, with one of fund manager James Hay's Indonesian finance companies up over 60% in February.
Akamai Pan Asia was up 2.52% on the month to bring three-month numbers to 3.94%. The major contributor to February performance were shorts in Australia, Hong Kong and Japan. The managers recently added a holding in Chaoda Modern Agriculture as it fell to trading on 4x earnings.
JF Asia Absolute Return was