SINGAPORE (Aug 27): The Tantallon India Fund closed 1.29% higher in July, after expenses. The broad market recovery and the rotation into large-cap stocks mask the continued risk-off in the smaller and medium-sized companies. However, the nascent earnings season affirms that the recovery in the real economy is underway, and as operating leverage kicks in, revenue growth and margin uplift would appear set to surprise positively on the upside.

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