Tantallon Fund Report,
April 2025
The fund rose +11.68% and we reduce the year-to-date drawdown to -17.74%.
Having been +25% mid-month and the drawdown reduced to -7%, I am disappointed in this result. As I have a persistent tendency to do, I overstayed my hand on the short-side and watched with mounting incredulity as the markets rallied as Trump blinked, exasperatingly as the bulls had claimed he would. Jamie Dimon on late-night TV, an emergency trip to Mar a Lago by Bessent, out-manoeuvring Navarro and Lutnick, both serving to avert a collapse which seemed imminent when I wrote last month’s note.