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 up +6.73% in March, closing the quarter up +25.73% after expenses; US$8.9bn in foreign fund inflows in March into Indian equity and debt markets marked a fifteen year high, exceeding total foreign inflows for all of calendar 2016, as investors start to internalize both a positive re-set on earnings expectations and real legislative/reform momentum after the BJP’s stunning victory in the state elections in UP.
This has been an extraordinary quarter in the markets: reflation trades in the US, Japan, and Europe; multi-billion dollar hostile bids for 100 year old brands; jet-fueled Chinese recovery stories; the ‘hope’ of production discipline triggering significant energy and commodity stock price moves off the lows; significant asset allocation driven flows into Emerging Markets suggesting some mean reversion after years of serial underperformance; a sharp reversal of the panic selling in India at the end of last year; and even signs of complacency on US Treasuries!
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.