Tantallon India Fund Report, November 2024
The Tantallon India Fund closed down -2.18% in November with the uncertainty over the US Presidential Elections quickly giving way to concerns on sustained foreign portfolio outflows and headwinds for the Indian yield curve/rupee from higher US interest rates and a stronger US$, temporary growth headwinds as government spending was ‘restricted’ in the build-up to national and state elections, potentially disruptive tariffs and geo-political (re)alignments, and stubborn inflationary expectations limiting the RBI’s options. It’s been a very ‘noisy’ few weeks. We have stayed focused on fundamentals and have tried to take advantage of stock price volatility to buy into high conviction names where valuations are compelling.
