Tantallon India Fund Report, March 2024
The Tantallon India Fund closed flat for the month, +0.02% in March, a month roiled by significant volatility with the sell-off in small and mid cap stocks (triggered by regulators looking to rein-in leveraged animal spirits) spilling over into the broad market, and local investors continuing to rotate into (more) ‘defensive’ consumer discretionary, pharmaceutical, energy, and public sector company stocks. Strikingly, the markets would seem to have stabilized into month-end on the back of bargain hunting by local institutional investors positioning for a Modi victory and policy continuity and accelerating reforms post the conclusion of the General Elections on June 4. The sustained domestic bid for domestic equities seems intact.
