The Tantallon India Fund is a fundamental, long-biased, India-focused, total return opportunity fund, registered In the Cayman Islands and Mauritius. The Fund invests with a 3-5 year horizon, in a concentrated portfolio (25-30 unlevered positions), market cap/sector/capital structure agnostic, but with strong conviction on the structural opportunity, scalable business models, and in management’s ability to execute.
(Click on each month's data below to read the monthly pdf report)
The Tantallon India Fund closed down -1.2 % in May, after expenses; the Fund’s relatively sedate performance for the month did mask some significant intra-month volatility as the markets looked to balance, on the one hand, negative headlines on global terrorism, uncertainty over Trump’s socio-economic and tax-reform agenda, and uncertainty over the geo-political and economic implications of Brexit and the US withdrawal from the Paris climate accord, against, on the other hand, a perceptible improvement in global equity risk appetite, relief over the outcome of the French Presidential elections, recovering economic activity in China, signs of a sustained recovery in global trade, and the positive implications for emerging market currencies and commodity economies from a potentially weaker US$.
There is so little information on Iran you cannot even find the Teheran Stock Exchange on Bloomberg. Yet this is an exchange with a market cap of US170billion, turning over up to US150m/day with zero foreign participation, entirely on the back of domestic mutual fund and retail investors.
In Lv’iv on the morning of my departure I attended the funeral of one of the casualties of the “anti-terrorist operation” in Donetsk. Loudspeakers relayed polyphonic chant from impressively hirsute Orthodox clergy to a cluster of old women and an honor guard, smoking furiously and in no mood to be photographed, waiting to transport the hearse the short distance from the altar to a waiting ambulance.