(May 15): The Tantallon India Fund closed 8.23% higher in April, with the broad market narrative focused on looking beyond the current economic meltdown towards an eventual recovery.

The stark disconnect between economies in “lockdown” and equity markets rallying sharply off the March lows, reflect “relief” at global central banks seemingly committed to back-stopping risk assets through massive liquidity interventions, domestic investors anticipating further fiscal, monetary, and policy support, and a sense that Prime Minister Narenda Modi’s early decision on a national lockdown had allowed India to hopefully escape the worst.

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