Stewardship Policy

Commitment to the UK Stewardship Code

Under Rule 2.2.3R of the FCA's Conduct of Business Sourcebook, Horseman Capital Management Limited (the "Firm") is required to include on this website a disclosure about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, its alternative investment strategy.  The Code is a voluntary code and sets out a number of principles relating to engagement by investors with UK equity issuers.  Investors that commit to the Code can either comply with it in full or choose not to comply with aspects of the Code, in which case they are required to explain their non-compliance.

The Firm pursues long short equity strategies that involve it investing in global, European and emerging market equities, which includes UK equities.  The Code is therefore potentially relevant to some aspects of the Firm's trading.  While the Firm generally supports the objectives that underlie the Code, the Firm has decided not to commit to the Code.  The investment strategies employed by the firm involve trading decisions being taken based upon publically available information, typically without contact with management, with a view to providing absolute returns for investors.  Where engagement with issuers and their management is appropriate, a global approval is taken and that the firm does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction.