Tantallon Fund Report, 
March 2024

The fund rose +1.68% and we are +11.09% YTD.

In a month in which Impinj announced a settlement on excellent terms in their patent litigation with NXPI, and our European defense stocks in aggregate performed extremely strongly I am again frustrated by the lack of traction in our
overall performance. Although Impinj contributed +3.5% to NAV, and the European defense names (led by Renk and RheinMetall) a comparable percentage, the overall long book returned a lackluster +.25bps, and we made comfortably more on our short book, +1.2% (principally Tesla), and a small
positive contribution from our futures. Our Taiwanese and Korean names took a breather, and our large positions in Hynix and Micron (into which I bought belatedly), after rallying sharply mid-month on the back of dovish commentary
from Chairman Powell, surrendered the majority of their gains. Recent entrants, SEA and Navitas (which I have cut) detracted, as did January’s winner ETX. For the quarter I note that the long book overall rose +17.6%, with Impinj accounting for roughly 50% of the increase, followed by ARM, the German defense plays and Kiwoom Securities in Korea. The short book cost -1.15%, entirely due to a knuckle-headed short in Alchip, offset by gains in Tesla, Nio and Xpeng. The
biggest detractor from what would otherwise have been an acceptable Q1 number was long JPY, -3.1%