• 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 2.6bn as at 30th April 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 …

    > Read more

  • 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.”

    > Read more

  • Russell Clark
    Portfolio Manager

    March 2016 Why does the Nikkei always start falling before the S&P 500?

    "One of the curious things over the last few years, is that despite the last two bubbles in markets being mainly US centred (dot com bubble and US housing) it has been the Japan based Nikkei that has peaked 3 to 6 months before the S&P 500".

    > Read more

  • Russell Clark
    Portfolio Manager

    March 2016 Is Saudi Arabia Still The Swing Producer?

    "Saudi Arabia is the world’s largest exporter of oil, and since 1970 has been the linchpin within OPEC, increasing and decreasing supply to support oil prices.  Since late 2014, Saudi Arabia has committed to increasing production to force lower oil prices and reclaim market share."

    > Read more

  • Russell Clark
    Portfolio Manager

    February 2016 Aircraft Financing - adopting the brace position

    "One growth area for the finance sector over the last few years has been aircraft financing.  High oil prices encouraged many airlines to upgrade their fleets to the more fuel efficient new aeroplanes, while strong demand from emerging markets had seen huge growth in aircraft orders."

    > Read more

  • Stephen Roberts
    Portfolio Manager

    February 2016 Italian Banks

    "It has never been a secret that Italian banks have a larger proportion of NPLs (Non-Performing Loans) than most of their European peers. Intesa Sanpaolo’s gross NPLs are around 18% of total loans outstanding. In an attempt to allow banks to de-leverage out of their non-performing loans at a quicker pace, Prime Minister Renzi tried to create a bad bank, where the NPLs could be off-loaded.”

    > Read more