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1 Dec 15:
The Apollo Asia Fund NAV rose 0.6% in November to US$1,822.21; charts.

Northern Trust has been appointed as the new Custodian of the fund, and will take over from HSBC on 1 January. Apex Fund Services remains as Administrator.

3 Nov 15:
The Apollo Asia Fund NAV in October retraced part of the recent decline, rising 3.4% to US$1,811.09.

8 Oct 15:
The 3Q report has been posted.

2 Oct 15:
The Apollo Asia Fund NAV fell by a further 2.1% in September, to US$1,751.80: charts.

25 Sep 15:
APRIL has released its 2013-14 sustainability report. Like the earlier report by APP for 2013, it includes no data about their forest-based operations. Both companies have committed to zero deforestation, and we call on them to prove with hard data that they are living up to this commitment. Masya explains the deficiencies in the sustainability reports of APRIL and APP.

Meanwhile, with a choking haze covering Indonesia Malaysia and Singapore, APP has been blaming the smallholders, but NGOs have satellite evidence of many fires on the concessions of its suppliers, in apparent contravention of its zero-burning policies.

2 Sep 15:
The Apollo Asia Fund NAV fell by a further 4.7% in Aug, to US$1,790.13: charts.

4 Aug 15:
The Apollo Asia Fund NAV fell by 4.1% in July, to US$1,878.52, slightly outperforming a very weak market: charts. News flow has been providing little reassurance.

13 Jul 15:
The 2Q report has been posted - hastily, before too much else changes!

12 Jul 15:
Friday's FT noted that the written programme for today's graduation ceremony at Tsinghua University requires the students to 'follow the instruction and shout loudly the slogan: "Revive the A shares; benefit the people"'... a startling turn for a communist state. 'The prestige of the party takes a tumble in the Great Fall of China'.

9 Jul 15:
Clive Rigby comments on 'Capitalism with Communist Characteristics'.

3 Jul 15:
Aero Inventory went into administration in November 2009. Five and a half years later, the Financial Reporting Council notes in its settlement of one disciplinary case that the audited accounts for the periods to June 2006 onwards were not 'true and fair'. The former finance director, Hugh Bevan, has been fined £170,000 and barred from the accounting profession for three years, as his behaviour was deemed 'not dishonest or deliberate', just negligent and incompetent. There are tantalising mentions that the Garuda agreements of June 2006 were 'purportedly' reached, and of misapplication of a straight-line discount to some bulk purchases of inventory, but no detailed explanation. Maybe an analysis wil be forthcoming after completion of the ongoing disciplinary cases against Deloitte and its audit partner John Clennett? We can hope.

2 Jul 15:
The Apollo Asia Fund NAV fell 2.1% in June, to US$1,957.82; charts.

'Asia depends on Middle East for 66% of its oil imports' notes Matt Mushalik. His most striking chart shows the five-fold surge in Asia-Pacific's net imports since 1985, surpassing the whole of the Middle East's net exports since 2009. Import sources are gradually being diversified, but the availability of ongoing surpluses at affordable prices should not be taken for granted. 'All governments, banks, financial institutions and consultants who still plan new highways, toll-ways, road tunnels and airports for the 21st century are encouraged to draw Asia’s oil consumption and production curves for the next 20 years.... which countries should the oil come from?' The charts on this site distill and clarify: a real public service that deserves a wide readership, to inform the debate on choices and development.

24 Jun 15:
Gail Tverberg's analysis of global energy demand provides further clarity on key issues.

23 Jun 15:
The website crudeoilpeak.info has a useful summary of the oil squeeze in Asia with excellent charts: 'Asia's oil consumption at record high while production peaked in 2010'. The previous post on the site looked at China's difficulties in expanding its own offshore oil production since 2010, and the tensions over its political claims to the South China Sea.

Complementary charts on the Chinese energy situation have been provided by Euan Mearns. There is some discussion in the comment section about the magnitude of BP's annual revisions to data stretching back many years for many countries. These revisions remain unexplained, and are disconcerting for a subject of such importance.

10 Jun 15:
Recent media reports of G7 agreement to phase out fossil fuels by the end of the century seem delusional - and may have been exaggerated, since the G7 leaders' declaration noted only the desirability of 'deep cuts in global greenhouse gas emissions' and 'decarbonisation of the global economy over the course of this century'. Ill-informed debate is unlikely to result in sound policy. It would be more useful to reconsider patterns of energy usage and encourage conservation than to assume new sources without regard to the practicalities. One excellent contribution to energy literacy is this article by Roger Andrews: 'The difficulties of powering the modern world with renewables'.

3 Jun 15:
The Apollo Asia Fund NAV fell 1.3% in May, to US$1,995.51; charts.

14 May 15:
A second earthquake struck Eastern Nepal this week: I believe that donors can be very confident in the relief work of Karuna-Shechen, the regional humanitarian organisation founded by Matthieu Ricard.

4 May 15:
The Apollo Asia Fund NAV rose 4.5% in April, to US$2,022.68; charts.

30 Apr 15:
The 2014 report of income for UK Reporting Fund purposes is now available here; the page listing all reports (starting 2013) is www.apolloinvestment.com/UKreportingfund.html.

Apollo Asia Fund's Administrator has notified us of a change of postal address. Telephone and fax numbers are unchanged. With effect from 9 May 2015, the mailing address will be:

Apollo Asia Fund Limited,
c/o Apex Fund Services (Singapore) Pte. Ltd.,
10 Anson Road,
International Plaza #13-13A,
Singapore 079903

12 Apr 15:
A brief 1Q report has been posted.

2 Apr 15:
The Apollo Asia Fund NAV fell 1.6% in March, to US$1,935.80; charts.

3 Mar 15:
The Apollo Asia Fund NAV rose 2.4% in February, to US$1,968.08; charts.

25 Feb 15:
In Yangon over Chinese New Year, I was hugely impressed by the dedication, the achievements, and the good humour of Dr NiNi Tun and Dr Frank Smithuis at Medical Action Myanmar. Only afterwards did I see the comment by Prof Nick White, of the Oxford Asia Tropical Medicine Research Network, now working with Frank to counter the dangerous spread of artemisinin-resistant malaria. Nick White has been working on malaria in Asia since 1979 (here's a recent WSJ article, behind paywall). It is hard to imagine a more compelling endorsement than his, on the website of MAM's UK friends: "Medical Action Myanmar saves lives in difficult circumstances. It is the most effective health NGO I have ever encountered."

3 Feb 15:
The Apollo Asia Fund NAV rose 0.3% in January, to US$1,922.07; charts.

13 Jan 15:
A little over five years after our worst investment Aero Inventory went into administration, the UK's Financial Reporting Council will require the former finance director Hugh Bevan to face a disciplinary tribunal, along with Deloitte and the audit partner John Clennett. Better late than never. The total bill for KPMG as administrator now runs to about £100m. Will there at any stage be open reporting on the deficiencies found and the lessons to be learned?

9 Jan 15:
The 4Q report has been posted - and we look forward to a New Year.

5 Jan 15:
The Apollo Asia Fund NAV fell 3.2% in December, the fourth monthly decline in succession, to US$1,916.92; charts.

Claire Barnes

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