• 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 1.2bn as at 31st January 2018.

    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

    February 2018 Semi Bad

    "The combination of a possible collapse in demand for semiconductors from cryptocurrency miners, and the entry of Chinese competitors into a consolidated sector, makes me suspect that the probability of semis going soft is high."

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  • Russell Clark
    Portfolio Manager

    January 2018 Korea, Semiconductors and a Volatility Shock

    "Volatility shocks are very dangerous for markets, as rising volatility tends to lead to deleveraging, which then leads to more volatility in a negative spiral.  Investors worried about market positions in short volatility products should keep an eye on cryptocurrencies, memory prices and Kospi VIX."

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  • Russell Clark
    Portfolio Manager

    January 2018 Cryptocurrencies - You Gotta Know When to Hodl 'em and When to Fodl 'em

    "Whilst there is no doubt that blockchain technology has huge potential, it is hard to not recognise the similarities to the dot.com boom in the late 1990s. Even stocks that went on to prosper saw their market cap fall by up to 95%, making many people forced sellers."

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  • Russell Clark
    Portfolio Manager

    January 2018 Where to Next for Yen?

    "Extreme Yen strength is likely given that on a trade weighted basis the Yen remains even weaker than it was in 2007, while the private and public sector positioning is even more extreme."

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  • Russell Clark
    Portfolio Manager

    January 2018 Trade Surplus and Foreign Reserves

    Chinese rebalancing away from exports has meant that for many of the countries that have been accumulating USD foreign reserves, they now have trade surpluses with China that are nearly as large or larger than their trade surpluses with the US.

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