Tantallon Fund Report,
November 2024
The fund rose +43.6%, and we are +102.5% for the year, and a new high-water mark. FIGJAM (work it out), if I can carry this through to year-end.
Our Asian positions proved costly, with Korean defense names alone detracting -4.8% as domestic opposition to direct support for Ukraine precipitated a sharp sell-off. Exiting RheinMetall and Leonardo to increase our exposure here has been a mistake. Our Taiwanese names continued to prove lacklustre. However, we profited mightily from a dramatic re-rating of Bloom Energy, and excellent results from SiTime. Our US names contributed +49% to NAV, and although such hedges as we ran against the positions detracted -1.95%, modest gains on our short book (LVMH) and gains of +1.07% from our re-initiated long JPY position in aggregate combined to leave us with the best month since the fund’s inception in 2003.
