• 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 30th September 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 …

    > Read more

  • 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.”

    > Read more

  • Shannon McConaghy
    Portfolio Manager

    September 2018 Machine Tools: Grinding to a Halt?

    “Japanese automotive machine tool manufacturers face a structural shift away from component intensive combustion engine production to electric vehicles, a sustained capacity issue in China and a concerning weakness in recent automotive sales data. They are also losing market share to Chinese competitors. It seems incongruous for many of these companies to be trading at near record high stock prices.”

    > Read more

  • 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.”

    > Read more

  • 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.”

    > Read more

  • 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?”

    > Read more