Tantallon India Fund Report, August 2026

The Tantallon India Fund closed up +1.16% in August with markets trading circumspectly on heightened Crude (oil) anxiety with the escalation of hostilities in the Persian Gulf, and US Treasury yields breaking higher following Warsh’s hawkish Jackson Hole pivot putting the risk of rate hikes back on the table. In contrast, the June quarter results amplified our confidence in the capex and the corporate earnings cycle having inflected positively, in restored macro and external account stability, in the high frequency data we track validating a
sound, sustainable growth trajectory, and in valuations that would appear to be
under-estimating fundamental earnings resilience and the sustained conversion
of idiosyncratic revenue opportunity into earnings and free cash flow.