SINGAPORE (Feb 26): The Tantallon India Fund closed down 1.87% in January, after expenses. Volatility is back, in spades; the potential for significant interest rate, currency and equity market volatility as global central banks “normalise” monetary policy is being exaggerated by margin calls and the forced unwinding of leveraged, increasingly complex, supposedly uncorrelated, algorithm-driven trading strategies. In an India-specific context, the imposition of a 10% long-term capital gains tax in the budget served to further dampen investor sentiment.

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