• 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 1.1bn as at 31st December 2017.

    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

    January 2018 Japanese Banks Facing a New Barrage of Problems

    "Japan’s regional banks face a destructive barrage on their earnings and capital. Many experts now think some banks may not survive and shareholders are likely to be zeroed. This creates appealing short opportunities as regional banks trade on ~15x earnings, it is clear their earnings and book value will be laid to waste. Problems will likely spill over to related areas such as mega-banks and real estate.”

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  • Russell Clark
    Portfolio Manager

    January 2018 The Short Selling Cycle and its Profit Centres

    “There are three profit centres of short selling: the profits or losses from the movement in the share price; the cost of carry; and foreign exchange gain. All three of these profit centres have been headwinds for the last few years. The intriguing aspect for me is that all three separate profit centres are beginning to show signs of turning from headwinds to tailwinds...”

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  • Russell Clark
    Portfolio Manager

    December 2017 US Dollar and US Net International Investment Positions

    Do changes in NIIP even matter? In my experience, they tend to be good signs of potential currency weakness or of potential weakness in bonds where currency cannot make the adjustment.

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  • Stephen Roberts
    Portfolio Manager

    November 2017 The Electric Vehicle Revolution

    "The motor industry has committed to the mass production of electric cars. As sales volumes ramp up, and with the support of governments across the world, production costs will fall, making it a very profitable industry."

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  • Russell Clark
    Portfolio Manager

    November 2017 Russell Clark's Short Selling Strategy

    "Being profitable at short selling requires the ability to pre-position in a stock before it moves lower, so timing is key. Having run a net short strategy for over half my investing career, I have found the following ideas and techniques help to maximise the chance of a short sale being profitable."

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