Tantallon Fund Report, 
September 2026

The fund rose +8.76%, and we recover to +54.2% year to date.

Intra-month volatility remains high and, as with August, we finished well of the best. Strength in our major AI names, Intel, AMD and Bloom accounted for the bulk of
our gains while our European exposure detracted, as contagion from weakness in French OATS led to a broad markdown with sharp losses in Piraeus Bank, Holcim and Mittal. (We own nothing in France, having realized speedily the error of our ways in bottom fishing in LVMH in July). Overall, the long book rose +5.95%, and futures
and options gains (mostly realized) on Bloom Energy added a further +4%. Our short book detracted (-2.26%) as weakness in Australian banks on RBA tightening and
an earnings miss at Fortescue were offset by strength in the few tech sector shorts we run as a hedge against the dominant theme in the long book.