Every trader has heard the age-old saying "don't fight the Fed". Everyone, perhaps with one exception: Horseman Global's CIO, and recently owner, Russell Clark, who has been upping his bearish bets in the face of a relentless liquidity onslaught by the Fed, ECB and PBOC. And in 2019, in his ambition to take on the central banks, Clark overdid it, because not only did the fund end 2019 down 34.91%, its worst annual performance in history, but the fund lost 75% of its assets under management which shrank from $581MM at the start of the year to just $150MM.

Things however turned around in 2020, and especially in March, when the fund generated an impressive 15.2% return, following a just as solid 9.5% in February, resulting in a remarkable 26.9% YTD which makes Horseman one of the best performing "non fat tail" funds, and if it can can sustain its performance until the end of the year, it would make 2020 its best year since the 31.3% return in 2008.