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Horseman Capital Management’s Top Stock Picks

Horseman Capital Management was founded in July 2000. The company launched Horseman Global Fund Ltd on February 1, 2001 and Horseman European Select Fund Ltd on July 1, 2005. As of October 31, 2011, Horseman has over $983 million assets under management. Horseman Global Fund is an absolute performance fund focusing on long-term returns and investing both long and short in lab cap companies, G7 and Asian markets. Horseman Capital Management devoted significant resources in researching stocks and we believe that by imitating its top stock picks, investors are more likely to outperform the market.

Below we compiled a list of top 15 positions of Horseman Capital Management at the end of September.

Apple Inc (AAPL): Apple designs, manufactures and markets a range of personal computers, mobile communication and media devices, and portable digital music players. It also sells a range of related software, services, peripherals, networking solutions, and third-party digital content and applications. The company reported revenue of $28.27 billion for the third quarter of 2011, compared with $20.34 billion for the same period a year ago. Its net income was $6.6 billion, compared with $4.3 billion last year. Horseman had $42.1 million of AAPL and it returned 4.83% since the end of September. AAPL has a market cap of $376.88B and a P/E ratio of 14.65. Rob Citrone’s Discovery Capital had over $700 million invested in AAPL.

David Shaw

McDonald’s Corp (MCD): McDonald’s Corporation franchises and operates McDonald’s restaurants in the global restaurant industry. The company reported strong sales for the third quarter of 2011. Its revenue was $7.2 billion, compared with $6.3 billion for the same quarter a year ago. Net income was $1.5 billion, up from $1.4 billion a year earlier. Horseman had $27.2 million invested in MCD and the stock returned 7.74% since the end of September. It has a market cap of $97.42B and a P/E ratio of 18.51. Ric Dillon also invested $154 million in MCD.

Nike Inc (NKE): NIKE is a seller of athletic footwear and athletic apparel in the world. For three months ending August 31, 2011, the company reported revenue of $6.1 billion, compared with $5.2 billion for the same quarter a year ago. Net income was $645 million, up from $559 million a year ago. Horseman had $24.8 million invested in NKE and it returned 9.69% since the end of September. NKE has a market cap of $43.65B and a P/E ratio of 20.40. Paul Ruddock and Steve Heinz’s Landowne Partners had $920 million invested in NKE at the end of June. D. E. Shaw and Jim Simons also had $40+ million of NKE shares.

Coca Cola (KO): The Coca-Cola Company is a non-alcoholic beverage company. The company reported a third quarter net income of $284 million, compared to $208 million in the same quarter last year. Its revenue rose over 27% to $2.14 billion. The company is expected to earn $3.83 in 2011 and $4.14 in 2012. Horseman invested $24.2 million in KO and the stock returned 0.96% since the end of September. It has a market cap of $154.51B and a P/E ratio of 12.54. Warren Buffett invested over $13 billion in KO.

Abercrombie & Fitch Co (ANF): Abercrombie & Fitch Co is a specialty retailer that operates stores and direct-to-consumer operations selling casual sportswear apparel. The company reported revenue of $917 million for the 13 weeks ending July 30, 2011, up from $746 million for the same period a year ago. Net income also increased to $32 million from $19.5 million a year ago. Horseman had $23 million invested in ANF and the stock lost 5.28% since the end of September. It has a market cap of $4.88B and a P/E ratio of 25.46. Alan Fournier’s Pennant Capital Management had about $200 million invested in ANF at the end of June. Steven Cohen also had $76 million of ANF shares.

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