In line with the yield curve inversion, the likelihood of a US recession would seem to have risen meaningfully over the last six weeks with the smaller regional banks under duress, and the debt refinancing schedule for US commercial real estate starting to loom ominously into the second half of the year.
The Tantallon India Fund closed 4.65% higher last month, reflecting improving fundamentals on the ground and the start of a strong earnings season.
This happened even as markets globally continued to be roiled by the sell-off crisis of “small banks” in the US, increasingly confrontational posturing between the US and its allies on the one side and Russia and China on the other, and fragile market positioning and flows, schizophrenically alternating between recession concerns and persistent inflationary expectations.
