Horseman Global: Short Retail REITs

Horseman Global, which was up until recently the world’s most bearish hedge fund, before it suddenly reversed course and capitulated on bearish bets earlier in January has made terrible start to 2017. The Horseman Global fund is down 7.7% year-to-date after losing 1.1% in March thanks to a poor performance from the bond book and long book. Ironically, for the period the short book (or what remains of it) chalked up the best performance. US retail, REITS and auto shorts all performed well

On a net basis, the whole equity book was flat. Excluding equities, all of the portfolio's losses came from bonds and as a result, Russell Clark, chief investment manager of the Horseman Global fund, writes in...