Horseman is reining in his role at fund

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In a letter to investors in his Horseman Global Fund he admitted he could not see the fund producing his targeted 10-12% annual return over the next few years. "The persistence of very low interest rates points to returns being correspondingly low, far below our target rate of return, while the risks associated with high oil prices, a compromised banking sector, arbitrary government stimulus programmes and a lack of any sustained consumer follow-through, suggests that any rallies will be associated with considerable volatility," he said.

Horseman Global, worth some $2.8 billion (£1.7 billion), has managed a 16.1% average annual return since it started in 2001 but this year has fallen by 23%. Horseman said he would keep his controlling stake and "maintain an active role".