• 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 28 February 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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  • Shannon McConaghy
    Portfolio Manager

    April 2018 Ohh No Mr Roboto

    “Major growth drivers behind enhanced robot sales this decade, such as Chinese auto sales, the robotization of its auto plants and global smart-phone sales, are stalling. Meanwhile, Chinese robot suppliers are being supercharged by the state to take on foreign robots. It appears that heightened expectations in robot themed stocks, which are often traditional machinery stocks, may be flawed.”

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  • Russell Clark
    Portfolio Manager

    April 2018 Fragfest

    "The video game industry has had a huge tailwind as the growth in smartphones brought in many new users. But smartphones now look mature, and the gaming industry has seen a huge number of new entrants. From a profitability point of view, the gaming industry seems to be moving from “Novice” level to “Legendary."

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  • Russell Clark
    Portfolio Manager

    March 2018 VIX ETFs and short volatility strategies

    "From an investing perspective, I am only interested in whether the market is long or short VIX, as VIX has a tendency to rise when the market is short VIX and to fall when the market is long. The easiest way to do that is to work out the net position of VXX and SVXY and then combine them. Currently these two ETFs have a record short VIX position."

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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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