In August, the fund dropped another 5%, bringing its total return for 2018 to -10.40%, setting up for another painful year for Horseman LPs who have underperformed the market since 2015.

The fund's underperformance was not lost on CIO Russell Clark, who writes that while he likes "big ideas, and I like trying to do something different. When it works, its great. But when it doesn't, it's average" admits that "lately, performance has been very average." He attributed the reason for that to "US assets and the dollar which are drastically outperforming all other markets", something we have discussed extensively in prior posts.