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 -1.47% in August, after expenses. No question, we face uncertainty – from bellicose rhetoric invoking fire and brimstone in the face of North Korean provocation, posturing over the debt ceiling limits in Washington, and two extraordinarily damaging hurricanes (that might well impact US domestic output enough to give the Fed some pause as they ‘normalize’ monetary policy), to (increasingly) strident postulation on “haven” currencies and gold, (increasingly) acrimonious Brexit negotiations, and (increasing) confusion on ECB tapering, and Chinese measures to clamp-down on shadow banking, excessive domestic leverage, and currency outflows.
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.