The Tantallon Tech & Sustainability Fund is a Cayman Island vehicle that invests in listed equities globally. The fund targets a concentrated portfolio of around 20 names seeking returns from long-term growth companies as well as cyclical opportunities.
(Click on each month's data below to read the monthly pdf report)
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2019 Gross Monthly Return |
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2019 Gross Cumulative Return |
- |
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2019 Net Monthly Return |
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2019 Net Cumulative Return |
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2019 Equity Monthly Return |
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2019 Equity Cumulative Return |
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2018 Gross Monthly Return |
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2018 Gross Cumulative Return |
-3.9% |
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2018 Net Monthly Return |
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2018 Net Cumulative Return |
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2018 Equity Monthly Return |
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2018 Equity Cumulative Return |
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2017 Gross Monthly Return |
+0.50% |
+0.40% |
-0.20% |
+4.80% |
+1.30% |
+1.77% |
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2017 Gross Cumulative Return |
+0.50% |
+0.90% |
+1.50% |
+6.40% |
+7.70% |
+9.60% |
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2017 Net Monthly Return |
+0.35% |
+0.34% |
-0.38% |
+4.68% |
+1.06% |
+1.54% |
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2017 Net Cumulative Return |
+0.35% |
+0.69% |
+0.93% |
+5.66% |
+6.78% |
+8.42% |
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2017 Equity Monthly Return |
+5.65% |
+2.91% |
-0.20% |
+7.37% |
+1.64% |
+2.42% |
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2017 Equity Cumulative Return |
+5.65% |
+8.70% |
+10.64% |
+18.79% |
+20.73% |
+23.66% |
The tech bounce off the 12/18 and early 1/19 lows made sense given the rate of share price collapse in 2018Q4. The rapid recovery close to AT highs has come as a surprise – a positive one for many of our holdings, a less pleasant one given our continuous high cash level.
A couple of indexes have renewed their AT highs in 2019: most notably the MSCI World Consumer Discretionary index, MSCI US Tech index as well as the SOX. In addition, the MSCI Utility index has also moved well beyond its post GFC high set in 9/17 during so far this year.
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.