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 -2.30% in August, after expenses. The rupee weakness is the primary culprit (the rupee, -10% y-t-d versus the US$, is now Asia’s worst performing currency this year), caught up in contagion risk across Emerging Markets broadly, framed against the backdrop of US$ strength, and market concerns over higher energy prices being manifest in rising inflationary expectations, and Central Banks globally being forced to raise rates as the Fed continues down its path of “normalization.”
Somehow, lost in the general market malaise and the currency taking it on the chin, is the fact that India’s real economy grew 8.2% in the April-June quarter, the best quarter posted in the last nine, well ahead of consensus expectations of around 7.6% growth!
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.