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 |
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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 |
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% |
October saw the biggest tech sell-off for the year, with the sector globally falling as much as 15% before bouncing back on the last day of the month. This drop not only outpaced the 12% and 11% drops in Jan-Feb and March, respectively, but also looks to coincide with peak earnings and therefore signals the start of a more substantial correction that could last at least several quarters. On average, the funds’ 14 holdings lost 14% during October but some fortunate selling of some of our holdings such as AMD and NVDA near their peaks limited the damage somewhat to a loss of 10.8%. The disappointing result highlighted that none of our holdings are immune to negative liquidity flows and multiple compression and forces us to anticipate trough multiples even for solid growers. We exited the month with 7 holdings, down from 14, and cash levels at 54%.
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.