Tantallon Asia Impact Fund Report, July 2026

The Tantallon Asia Impact Fund closed down -16.02%, a trying month, with global risk markets wilting when confronted by July’s Chimera, the massive momentum unwind in leveraged tech and AI infrastructure positions, amplified by surging US Treasury yields, and unfortunately, the fragile truce in the Middle East falling apart yet again.

• With muscle memory instinctively devolving to 1998/2000/2008 analogies, it is tempting to ‘read the tape as oracle.’
• However, we did not see a ‘demand shock; we did see forced sellers in a crowded trade; and we ‘missed’ it, because we were far too focused on ‘earnings;’ and, actually, earnings have been ‘better than good,’ and arguably, set to improve even further.
• To be clear: we expect markets to remain volatile; but, to tread higher on the back of revenues and earnings across Asia, continuing to surprise positively, and, reassuringly, across multiple sectors. The ‘rally’ is broadening out