• 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 November 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

    November 2018 Price War

    “While defense stocks have been great outperformers, many of the tailwinds are beginning to turn to headwinds. Could a price war on the price of war be imminent?”

    > Read more

  • Shannon McConaghy
    Portfolio Manager

    November 2018 JGBs May Be Attractive at -1%

    If the Fed raises rates such that 3 month USD Libor rises by 1% then 10 year JGB yields could sink below -1% and still offer more currency hedged yield for US investors than current 10 year UST yields. This US investor ‘bonus’ comes as Japan’s investors pay an increasingly dear ‘cost’.

    > Read more

  • Shannon McConaghy
    Portfolio Manager

    October 2018 Japan's Credit Cycle Coming to an End?

    We see increasing signs that Japan’s domestic credit cycle is coming to an end, while its weak financial system is in poor shape to handle any slow-down. Japan has been an ideal short-sellers’ market as its cycle has turned in the past, falling harder than other major markets, at times falling even as other markets rose.

    > 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