• 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 2.8bn as at 30th June 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

    June 2016 Autocallables, Volatility Compression and Eurostoxx

    “Autocallables (or reverse convertible securities) are products that first gained popularity in Japan in the 1990s.  They are short-term coupon bearing notes, which are designed to enhance yields.  Autocallables can be fiendishly hard to understand, as they often have various barriers based on an index which will determine the payout.”

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  • Shannon McConaghy
    Portfolio Manager

    June 2016 Japan The Ultimate Hedge to Uncertainty

    "Japan remains an appealing short as both a hedge to further global “risk-off” and in its own right. Further gyrations within the EU or a global economic slow down would see Japan fulful its established roll as the “fall-guy” of global markets. Japan is also increasingly likely to face its own domestic banking crisis independent of global market trends.”

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  • John-Paul Burke
    Portfolio Manager

    June 2016 Real Value as the Canary Signals Danger

    "Korean trade data is widely regarded as a “canary in the coalmine” because of the timeliness of releases and the high correlation with the export growth of other economies. In this respect Korean exports to individual countries can serve as an indicator of their growth."

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  • Russell Clark
    Portfolio Manager

    June 2016 The Weak Fundamentals of Sterling - Regardless of the Referendum

    "The UK has by far the largest current account deficit of the G4 currencies.  Notably, it is the only one of the G4 nations with a current account deficit larger than pre financial crisis levels."

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  • Shannon McConaghy
    Portfolio Manager

    April 2016 Japanese Monetary Policy Monster

    “The most concerning thing in Japan yesterday was that bond yields fell, even as the BOJ decided not to enlarge its destructive policies. It’s existing “three dimensional” JGB eating monster continued to pound yields lower to feed the current ¥80tn program. Banks are bearing the brunt of the yield compression and many may not survive.”

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NB:  Investors must be "Professional Clients" as defined by the FCA.
Assets under management as at 30th June 2016.