Tantallon India Fund Report, June 2024
The Tantallon India Fund closed up +4.44% in June as markets quickly ‘digested’ the disappointment over the recently concluded General Elections yielding a coalition government for Modi, and the attendant risk of anticipated land, labor, and tax reforms stalling. To be honest, we have been surprised by the quick snap-back, with markets up 13% off the post-Elections lows, and the cash that we had been carrying as a buffer against market volatility, has been a drag over the last few weeks.