Russell Clark saw his largest-ever loss due to poorly timed short positions.

The Horseman Global Fund saw a 35% decline in 2019 as aggressive bets against the market failed to deliver. The fund hiked its net short position to a record 111% of gross assets in October. However, the S&P 500’s 31.5% surge in 2019 pummeled the fund’s positions.

Horseman Global Fund Against the Surge

Bloomberg reported that a spokesperson from Horseman Capital confirmed the loss.

“This year has not worked out as planned,” Clark wrote in a letter to investors last month. “I increasingly hear talk that central bank and government activism has ended recessions and possibly bear markets. Maybe this is true, but it seems to me that we are at a turning point.”

Clark held true to his positions, and now Bloomberg suggests that he is running low on assets. In 2015, the fund had $1.7 billion in assets. At the end of November, Horseman Global managed just $241 million.

The company has two other funds. The first – which speculates on Japanese stocks – saw a 5% decline in 2019. It’s smaller Horseman European Select fund saw stronger returns thanks to long wagers on that continent. Though that fund will shutter in February, it reported gains of 38% for the year.

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