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)
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 Fund fell 1.7% in December as global markets fell 7.7%. Our cash position at over 60% helped cushion the fall and our top-2 positions were flat for the month.
While the December result improved our relative result for the year somewhat, 2018 was a poor year for the fund with a 14.1% decline in NAV on the back of negative gross returns of 11.4%, which were no better than the global stock market decline of 11.2%.
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.