• 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 1.6bn as at 31st March 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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  • Russell Clark
    Portfolio Manager

    April 2017 The End of Chinese Yuan Bear Market?

    “What I find interesting is that the currencies of countries with strong trade links to China, namely Taiwan and Singapore, were good early signals to an imminent Chinese devaluation in 2014.  These currencies, and particularly the Taiwanese dollar have strengthened considerable recently.”

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  • Shannon McConaghy
    Portfolio Manager

    March 2017 Japan - On-the-Ground Observations – Zombie Borrowers and Real Estate Downturn

    “It is clear again from this trip that survey data, indicating large numbers of small to mid size companies are loss making and bankrupt, is indeed likely to be accurate. The trip also confirmed that conditions are worsening toward tipping point.”

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  • Stephen Roberts
    Portfolio Manager

    March 2017 A Bull Case for Europe

    "While investors are currently concerned about the possibility of Marine Le Pen coming into power, profit growth at European companies in the last quarter quietly outperformed the US for the first time in eighteen months. Despite this, the STOXX 600 currently trades at 15x Forward EPS, which compares to nearly 18x for the S&P 500."

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  • Russell Clark
    Portfolio Manager

    March 2017 Mall Rats

    “Intriguingly we have started to see volumes of real estate transactions for shopping malls fall. This means that the number of transactions to buy or sell properties is beginning to decline. Last time this happened, rents began to fall a year later.”

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  • Russell Clark
    Portfolio Manager

    January 2017 The End of the Bear Market for Iron Ore

    "China has cut its own iron ore production to rely more on imports, while the rest of the world is increasing its demand for iron ore.  Mining capital expenditure has fallen dramatically, and output from the world’s biggest producer is falling.  Iron ore looks structurally attractive relative to other assets that are reliant on Chinese growth.”

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