• 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 2.7bn as at 31st January 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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  • Shannon McConaghy
    Portfolio Manager

    February 2016 Japanese Bank Non Performing Loan Time Bomb

    "Whilst I have recently highlighted many serious issues at regional banks. It is the vast amount of hidden non-performing loans that worry me most. The ignition point for this time bomb will likely come with the mass retirement of bankrupt “baby boomer” SME owners that just started turning 70".

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  • Shannon McConaghy
    Portfolio Manager

    January 2016 BOJ Bazooka: Blasts regional Banks and Households

    “When learning to fire shoulder launched rockets in the Australian military, the most repeated message from my instructor was to check the back blast danger area for friendlies. It seems to me the Bank of Japan will create significant collateral damage firing its latest bazooka. The regional banks and households standing right behind them are not going to enjoy this.”

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  • Shannon McConaghy
    Portfolio Manager

    January 2016 Japanese Bank Markets Shrink as Japan Post Steps in the Ring

    “Japan’s regional banks face an accelerating population decline. Some will see their key mortgage market (30-49 year olds) decline by over 20% over the next 10 years. As the playing field shrinks, regional banks will also now face a reinvigorated Japan Housing Finance Authority and a new mega contender in Japan Post Bank. Many will not be able to stay in the ring.”

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  • Shannon McConaghy
    Portfolio Manager

    January 2016 Japanese Banks Overstating Core Recurring Earnings

    “There is something funny going on with Japan’s regional banks, somehow they have reported an increase in “Interest and Dividends on Securities” over the last four years whist interest rates have collapsed. The “Interest and Dividends on Securities” last year equates to almost all of the ¥821bn total Net Profits of the regional banks.”

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  • John-Paul Burke
    Portfolio Manager

    January 2016 Renminbi and Capital Destruction

    “If authorities eschew devaluation, financial stress will build within the economy, if they embrace it, the fallout is global. Either way, emerging market equities and currencies remain under pressure.”

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