Tantallon Asia Impact Fund Report, March 2025

The Tantallon Asia Impact Fund closed down -1.60% in March, anticipating the disruption and chaos that “Liberation Day” and a full-blown tariff conflict  portends. What an extraordinary few days to start April, with muddled mixed metaphors on social media posts punctuating an algorithm-driven trading whiplash across ALL risk markets. Having deleted at least a dozen drafts over the last ten days, we would acknowledge that ‘muscle memory’ prompts us to try and pick a ‘bottom’ and catch a possible mean-reversion trade post the dramatic mark-down in asset prices. However, in unchartered waters, with consumer and business confidence badly shaken, we will be resolutely patient, carrying more cash than is our wont as we re-calibrate to a prolonged re-set on geo-politics, global trade, and growth. We are clear in our view that we need to be invested in
demonstrable, fundamental resilience in a tariffed world, in long-duration, sustainable business models, and in good visibility on revenue  conversion into margins and free cash flow. We are buckled in