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 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
2017 Gross Monthly Return |
+0.71% |
+0.61% |
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2017 Gross Cummulative Return |
+0.71% |
+1.31% |
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2017 Net Monthly Return |
+0.35% |
+0.34% |
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2017 Net Cummulative Return |
+0.35% |
+0.69% |
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2017 Equity Monthly Return |
+5.65% |
+2.91% |
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2017 Equity Cummulative Return |
+5.65% |
+8.56% |
The fund went live at the beginning of the quarter and started deploying funds after a big run-up of the technology sector in 2016. We exited the quarter with 10 positions and 50pct of cash deployed.
On the technology front, we built our positions in the cyclical names such as Micron, Hynix, Sumco and Global Wafers which all turned into contributors for the quarter. We believe this is one of those once in a decade opportunities for the tech cyclicals. We were more selective in the growth names as valuations here are stretched and focused on Japan turnaround opportunities.
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.