THE TANTALLON INDIA FUND

 

 

The Tantallon India Fund is a fundamental, long-biased, India-focused, total return opportunity fund, registered In the Cayman Islands and Mauritius.  The Fund invests with a 3-5 year horizon, in a concentrated portfolio (25-30 unlevered positions), market cap/sector/capital structure agnostic, but with strong conviction on the structural opportunity, scalable business models, and in management’s ability to execute.

 

Quarterly Fact Sheet

June 2020 (PDF)

 

 

Performance Since Inception

(Click on each month's data below to read the monthly pdf report)

 

 
Return
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Inception
+3.52%
                       
2020
-13.32%
2019
+2.94%
2018
-22.79%
2017
+59.14%
2016
-5.79%
2015
+0.24%
               

Latest Investment Report

Tantallon India Fund, July 2020

These are extraordinary times; we hope that you and your families are healthy and safe.

The Tantallon India Fund closed up +5.64% in July, as market sentiment and risk aversion waxed and waned between heightened concerns over further Covid-19 outbreaks and potential lockdowns compromising the real economy, buffered by expectations of even more aggressive policy relief and stimulus that would be supportive of underlying asset prices.

The tug-of-war being played out in real time captures the seemingly inexorable re-rating of tech, e-commerce, and the new ‘green’ superstars, and the palpable weakness in the US$, in part owing to the specific intent and policy actions by the US Federal Reserve, but, primarily, due to markets starting to internalize (i) concerns on rampant Covid infections in the US, (ii) myriad policy mis-steps as Congress, the White House and China indulge in cynical brinksmanship ahead of the elections in November, (iii) a burgeoning deficit as the spending spigot remains open, (iv) falling real bond yields juxtaposed against the tailwind for gold (for all the hope and the hype surrounding Covid vaccines and treatments, governments and central banks seem irrevocably committed to maintaining loose monetary and fiscal policies for the foreseeable future).

Read full report (pdf)

 

 

Last Three Months Reports (pdf)

 

For details and performance of our Funds, please check our other pages:

The Tantallon Fund

Tantallon Tech & Sustainability Fund

 

Other News

Post card from Iran

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.

News from Ukraine

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.

Previous Performance Data & Reports