SINGAPORE (Jan 22): The Tantallon India Fund closed +4.21% in December, after expenses. For the year, the fund was up 59.14% versus MSCI India’s 36.84%.

It has been a good year, with the markets responding positively to the BJP continuing to strengthen its hand politically, Prime Minister Narendra Modi’s steadfast anti-corruption/pro-reform agenda, the real economy absorbing and then rebounding from the disruptions from demonetisation and GST implementation, the recapitalisation of the government banks, the surprise Moody’s sovereign upgrade, sustained flows into domestic equity funds and, importantly, our portfolio companies delivering on top-line growth, margin uplift and earnings growth.

Over the next two to three years, without doubt we should expect volatile markets — multiple geopolitical flash points; ongoing Brexit angst; China “slowing” to deal with its banking-sector challenges; the potential for significant interest rate, currency and equity market volatility as global central banks normalise monetary policy; trade wars; spiking crude prices… the list is long!

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