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Overview of Horseman Capital’s 4Q14 positions

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Jan. 29 2015, Published 10:25 a.m. ET

Horseman Capital

John Horseman founded Horseman Capital in 2000. The fund covers various equity strategies and most of its equity portfolio consists of companies with market capital of $5 billion and above. The fund applies a top-down approach to investing. The fund also makes use of leverage, futures, and options while investing.

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Horseman Capital’s 4Q14 portfolio

The fund’s portfolio decreased to $2.43 billion in the fourth quarter compared to $2.86 billion in 3Q14. The fourth quarter ended in December 2014. In this series we’ll discuss key positions that Horseman Capital traded in the fourth quarter of 2014.

Horseman Capital added a new position in Alibaba (BABA). The fund increased its stake in TJX Companies (TJX), Vipshop Holdings (VIPS), BNY Mellon (BK), Wells Fargo (WFC), and Goldman Sachs (GS). The fund sold its positions in Comerica (CMA), Barrick Gold (ABX), IAMGOLD (IAG), and Harmony Gold Mining (HMY). The fund reduced its stake in Newmont Mining (NEM).

The above chart represents the top ten holdings of Horseman Capital in 4Q14.

Investment focus

Total assets under management for the fund as of December 31, 2014, are over $1.8 billion. The fund invested ~60% of the total portfolio in equity. Information technology companies accounted for ~10% of the remaining portfolio. The equity portfolio produced returns of ~42% in the fourth quarter. Top ten holdings of the fund achieved returns of ~85%.

In the next part of the series, we’ll discuss Horseman’s new position in Alibaba.

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