Tantallon Fund Report,
January 2025
The closing week of the Year of the Dragon toasted us amidst some of the wildest volatility I have seen in over 20 years, and the fund ended January -10.9%.
At the close of business on Jan 24th we were +10%, well on the way to recouping the losses of December. The blind panic triggered by DeepSeek then sparked the biggest one day fall in the fund’s history, with falls of 25-30% common across all
our major holdings. I watched with incredulity as the AI narrative was upended by Andreessen’s “Sputnik moment” tweet, and the consensus abruptly switched to outright bearishness on Nvidia, the CSP’s and the associated power thematic.