“World’s Most Bearish Hedge Fund” Is Short The Dollar, But Has A New Big Long… The Russian Ruble

After a disappointing first half of the year, the Horseman Global Fund achieved a positive performance in September. Following a loss of 6.9% in June, 2.8% in July and 5.1% in August, the fund added 1.8% in September, improving year-to-date losses to – 8.8%.

According to Horseman’s September performance tear sheet, a copy of which has been reviewed by ValueWalk, the fund profited from both its long and short positions during the month, although its short book is substantially larger than the long book.

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According to the tear sheet, at the end of September, the fund was 72.97% gross long and -120.30% gross short for a total net exposure of -47.3% on the equity book. The bond book is 22.7% gross long.