• 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 1bn as at 31st December 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

    January 2019 Autocallables, Eurostoxx 50 and Suppressed Volatility

    "Autocallables are a service, where banks will offer to sell insurance on the stock market on your behalf, and you will receive premiums in return. So, rather than buying an autocallable, it’s better to think of an investor as posting collateral for a bank to sell puts on their behalf."

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  • Russell Clark
    Portfolio Manager

    November 2018 Price War

    "While defense stocks have been great outperformers, many of the tailwinds are beginning to turn to headwinds. Could a price war on the price of war be imminent?"

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  • Shannon McConaghy
    Portfolio Manager

    November 2018 JGBs May Be Attractive at -1%

    "If the Fed raises rates such that 3 month USD Libor rises by 1% then 10 year JGB yields could sink below -1% and still offer more currency hedged yield for US investors than current 10 year UST yields. This US investor ‘bonus’ comes as Japan’s investors pay an increasingly dear ‘cost’."

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  • Shannon McConaghy
    Portfolio Manager

    October 2018 Japan's Credit Cycle Coming to an End?

    "We see increasing signs that Japan’s domestic credit cycle is coming to an end, while its weak financial system is in poor shape to handle any slow-down. Japan has been an ideal short-sellers’ market as its cycle has turned in the past, falling harder than other major markets, at times falling even as other markets rose."

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  • Russell Clark
    Portfolio Manager

    October 2018 Will the End of the Shale Boom Coincide with the End of US Outperformance?

    "It seems likely to me that, if the US oil industry begins to have problem, then the dramatic outperformance of US assets could begin to reverse."

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