Tantallon India Fund closed 4.39% higher in August with a strong set of earnings results and global equity managers reallocating away from Chinese Internet stocks and into laggard large cap stocks in India.

Taking a step back, we would acknowledge the stark polarisation of market “views” over the last several weeks as media talking heads, strategists and buy-side analysts have become increasingly strident on the imminent demise of the private entrepreneur in China, the persistent pandemic drag on global supply chains, inflationary expectations, fading fiscal stimulus, and tapering and its implications for the US$, and by extension, for commodities, crypto assets and non-US stocks.

Trying to keep things simple, we would make the following points:

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