• 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 31st August 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

    August 2017 Could the Federal Reserve Need to Start QE Again?

    “After almost ten years of low rates and large-scale asset purchases by the Federal Reserve, the market now expects the Fed to begin reducing the size of its balance sheet. The problem is that the Fed is reducing its balance sheet at a time when the supply and demand for these assets is already worrisome.”

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  • Russell Clark
    Portfolio Manager

    July 2017 The End of the Texas Tea Party

    “The increase in completed wells and the substantial drop in legacy wells potentially indicates that new well production is increasingly cannibalising legacy production. The level of legacy decline is very significant issue. Permian producers have struggled to stay ahead of the legacy decline of the field.”

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  • Stephen Roberts
    Portfolio Manager

    June 2017 The Buy Case for Dry-Bulk shippers

    “China’s problems with pollution are well documented but there are signs that the government is serious about tackling the issue. One area the government is focusing on is heavily polluting industries such as steel production.”

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  • Russell Clark
    Portfolio Manager

    May 2017 Gold, Bonds and Asian Currencies

    "The upshot of this is that gold looks better than treasuries.  However, it should be pointed out that this does not mean gold is a buy.  It only states that gold could do better than treasuries in these market conditions.”

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  • Russell Clark
    Portfolio Manager

    May 2017 The Coming Iron Ore Deficit

    “The reality is that the iron ore miners have cut capex as iron ore prices have fallen, but we are now seeing a structural increase in demand as China phases out is own mining industry and India is beginning an infrastructure build.”

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