• 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 900m as at 31st August 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

    August 2018 Semi-Crazy - When Trailing Means Leading

    “China is looking to develop its own semiconductor industry, yet many market forecasters are dismissive of China as a threat to the incumbents. I have a problem with this view - it ignores the fact that profitability in the semiconductor market is being driven by lagging technology, not leading.”

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  • Shannon McConaghy
    Portfolio Manager

    August 2018 Trump Forced BOJ Policy Change?

    “There is one logical reason for the BOJ action, Trump. On the very day the BOJ first leaked its policy change Trump had complained other countries “manipulate currencies and interest rates lower”. Trump has said “look at what Japan has done. They play the money market, they play the devaluation market and we sit there like a bunch of dummies”. He wouldn’t be happy with USDJPY +7% since his election.”

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  • Russell Clark
    Portfolio Manager

    July 2018 How Large is the US Structural Budget Deficit?

    “US fiscal deterioration began in 2014, and the US is currently running the largest budget deficit among the developed markets. What’s driving this, and are we seeing any signs of change?”

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  • Shannon McConaghy
    Portfolio Manager

    July 2018 Insurance That Pays You A Premium

    “In Japan, demographics are becoming such a headwind that you can find sectors that are providing appealing short returns already, even as the global cycle continues. I believe they will offer even more appealing short returns when the turn comes. Kind of like fire insurance that pays you premiums before the fire, then pays out big time after fire. Of course, you still have to put the insurance on before the fire starts.”

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  • Russell Clark
    Portfolio Manager

    July 2018 The End of the Texas Tea Party - An Update

    "I wrote a Market View on US Shale Oil in July 2017, but since then the relationship between new production and legacy decline has changed."

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