Horseman Capital’s 2018 Q4 Investor Letter

Russell Clark’s Horseman Capital returned 13.5% during December 2018, and 7.5% for the entire 2018. It was one of the best performing hedge funds in the world in 2018. S&P 500 Index lost close to 5% and equity hedge funds lost an average of 1% during 2018. There is one reason for Russell Clark’s amazing performance in 2018. He is extremely bearish.

Clark’s net exposure in US is close to -50% at the end of 2018. He is most bearish about technology stocks, financial stocks, and automobiles/airlines.

You can download a copy of his 2018 Q4 investor letter below:

Horseman Global Fund LTD Newsletter December 2018