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 flat (+0.23%) in June (+5.5% for the quarter), after expenses. The volatility over this past month is certainly reminiscent of the ‘taper tantrum’ from 4 years ago, as hypersensitive markets look to (re)calibrate the Fed’s, the ECB’s, and the Bank of England’s respectively muddled messages on ‘normalization’ and an exit from prolonged monetary accommodation. We would also make the point that the significantly heightened volatility would suggest that the markets seem to be poorly positioned for 1) the extent of the Chinese crack-down on on-shore liquidity and leverage, 2) the forced unwinding of the long technology/short energy trade, and 3) Central Bankers who seem to be signaling an intent to lookthrough ‘transitory’ declines in key inflation measures given their concerns on tight labor markets and elevated asset prices.
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.