The Tantallon India Fund closed 2.02% higher in September with most of the high-frequency data we track indicating a continued “normalisation” in activity levels as the country reopens, underscored by the Purchasing Managers’ Index jumping from 52.0 in August to 56.8 in September, the highest monthly reading since January 2012.

As we head into the home straight of the US Presidential election, punctuated with the aftershocks of the Rose Garden Covid cluster and a sojourn at Walter Reed, global risk appetite continues to vacillate between trying to layer portfolio insurance against any number of potentially messy election/geopolitical outcomes, while simultaneously trying to project diminished tail risks in the event of successful Covid vaccine interventions.

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