Bloomberg reported this morning that hedge fund manager John Horseman is stepping down from his position as manager of the $2.8 billion fund, Horseman Global Fund Ltd.
“There will be those who might think that a poor year is unduly influencing my decision, and it is probably true that if the fund had had a better year, I might have been tempted to continue,” Horseman wrote in a letter to investors, obtained by Bloomberg. “But with a time frame of three to four years at most, I feel now is the time to make way for others.”
The hedge fund fell in value by almost a quarter this year. Russell Clark and John-Paul Burke are teaming up to take his place. The pair had run Horseman Emerging Markets Funds, which will close, the letter said.