• Horseman Capital Management is an investment company that provides money management expertise to eligible counterparties and professional clients.

    Total assets under management are over USD 2bn as at 30th November 2016.

    Founded by John Horseman in July 2000 the company provides money management expertise covering various equity strategies. We are owned entirely by the founding partners and directors …

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  • Russell Clark
    Portfolio Manager

    November 2016 Is China Running Out of Money?

    “If Chinese foreign reserves continue to fall and the PBOC wants to maintain control of the exchange rate, they will need to face some difficult choices.”

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  • Russell Clark
    Portfolio Manager

    November 2016 The Negative Side of Rising Yields

    “The problem with sharply higher US bond yield is that this tightens financial conditions. We have often seen rises in yield coincide with financial market crises.”

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  • Shannon McConaghy
    Portfolio Manager

    October 2016 Japanese REITS - Either Way, Fund Sell Downs Are Now Likely

    “If the current situation persists these funds will have to either sell underlying J-REIT holdings to pay the unsustainably high dividend or cut the dividend. Which would likely precipitate fund redemptions and J-REIT sales to pay for that. Either way, significant J-REIT holdings would be sold.”

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  • Russell Clark
    Portfolio Manager

    October 2016 Witwenmacher - How Low can 5-Year German Bunds Yields Go?

    "The idea of buying a negative yielding bond would seem ludicrous to most investors. By definition you are going to receive back less than you are going to pay. However at the moment we find large parts of the European bond market have negative yields out to 5 years."

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  • Shannon McConaghy
    Portfolio Manager

    September 2016 Japanese Regional Banks Fixed on a Course to Zero

    “The BOJ “comprehensive assessment” and move to "yield curve control" has fixed the Japanese regional banks on a course to zero; with the BOJ explicitly committing, over the“long-run”, to negative interest rates in the maturities most crucial for bank survival.”

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