Horseman Global, which was once labeled 'the world's most bearish hedge fund' struggled in April, despite a relatively robust performance year-to-date.
For the month, the fund returned - 2%, taking year-to-date returns down to +5.17%, according to a copy of Horseman Global's Global Fund April update, a copy of which has been reviewed by ValueWalk.
For some comparison, on average hedge funds are up 0.4% this year through April, an S&P 500-beating performance for the first time since the financial crisis.
According to Horseman's April letter, virtually all of the fund's losses during the month came from the currency book. The fund is net short on an aggregate basis with an equity gross long exposure of 91.3% at the end...
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