As Everyone Crashed, This Hedge Fund Gained 13.5% In December On Bearish Bets

We've reviewed quite a few hedge fund letters for December and the fourth quarter at this point, and one theme has been clear. Q4 was difficult, and December simply devastating for most funds. In fact, single-digit returns for the month of December seem rather impressive, but now we've found one with a double-digit return for the month that wiped out many funds' gains for all or most of 2018.

Melancholy over a breaking market

Horseman Capital returned 13.48% for December, bringing its full-year return to 7.48% for 2018. Unsurprisingly, most of the fund's gains came from its short book.

Investment Manager Russell...