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 -1.07% in March, after expenses, bringing a challenging quarter to a close with protectionist, retaliatory rhetoric and bellicose brinksmanship certainly claiming the headlines, exacerbating the hyper-sensitivity in equity, fixed income and currency markets to global central banks signaling the ‘gradual’ tightening of monetary policy. In India specifically, despite sustained flows into retail equity mutual funds, and earnings continuing to surprise positively on the upside, the ‘risk-off’ was accentuated in the small and mid-cap space, anticipating a reversion to the mean after several quarters of significant out-performance.
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.