Tantallon Fund Report, 
March 2025

My optimism writing the February report in late March that we were recouping much of the losses of the first two months proved once again fatally premature. The fund slumped from +10% on the 20th March to close at the nadir -6.53% on the 31st. This leaves us -26.34% for the first quarter, not far off our worst drawdowns ever on an ANNUAL basis since inception in 2003.

My gut has been competing with my head for much of this year, with my gut becoming increasingly bearish while my head kept re-assuring me that in our biggest positions, in particular Bloom Energy, the foundation of much of last
year’s out-performance, we were long a massively under-valued and misunderstood play on the glaring imbalance of power supply for the US data centre explosion. Yet the more glaringly obvious this became to me, the higher the short base rose.