• Industrials. Our portfolio clearly articulates our strong conviction in India’s significant industrialisation opportunity over the next decade or so. India now is where China was when it joined WTO in December 2001 and is positioned to benefit from efforts to relocate global supply chains away from China. All these thanks to its strong IP protection regime, low-cost engineering talent pool, labour reforms, and the recent Budget making explicit the Modi government’s commitment to infrastructure capex and job creation with spending on roads, rail, ports, clean water and irrigation projects, and in renewable energy and grid infrastructure, to facilitate an export-oriented economy, energy security and the green energy transition.
The Tantallon India Fund closed 2.16% lower in February as markets finally appeared to give up hope that the US Federal Reserve is close to being done with interest rate hikes and as the investors sidestep financials over the uncertainty of potential exposure to the Adani Group.
Amid the noise, by staying focused on the fundamentals driving sectors and stocks, our bottom-up convictions continue to underpin our portfolio construction, yielding a cogent narrative.
