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Market Climate
Market Climate profiles are based on average historical returns in each climate we identify. There is no assurance that these return and risk profiles will be maintained in the future. "Market Climate" and associated graphics are service marks of the Hussman Funds.

Hussman Strategic Growth Fund
Strategic Growth Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2015

Hussman Strategic Total Return Fund
Total Return Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2015

Hussman Strategic International Fund
International Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2015

Hussman Strategic Dividend Value Fund
Dividend Value Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2015

Our Mission and Commitment to Shareholders

Weekly Market Comment

This Week:
Dispersion Dynamics
The central feature of market dynamics here is dispersion; not only in the form of dispersion between leading measures of the economy and lagging ones, but also dispersion within market internals, which continues to suggest increasing risk-aversion among investors. The underlying signal within the data here is one of a deteriorating economy that appears strong only by appealing to the most backward-looking indicators, and an extremely overvalued market in an extended top-formation — where investors are becoming skittish, and where speculation has narrowed to an almost absurdly selective handful of stocks. Our expectation is that all of this will end badly, but a material improvement in market internals would likely defer these outcomes and substantially reduce our immediate concerns — though probably at the price of making the inevitable unwinding of this speculative bubble that much worse.

By John P. Hussman, Ph.D.
President, Hussman Investment Trust
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Investment Research & Insight

Featured Article
When Market Trends Break,
Even Borderline Data is Recessionary

When stock market action deteriorates and broad economic data is weakening even moderately, the risks of a recession actually jump considerably. The conditional probability of a recession prior to the market falling below its 12-month moving average was just 5-10 percent. It has now jumped to between 60 and 75 percent. This is roughly 6 or 7 times the odds that economists are allowing for a recession.
By William Hester, CFA
Senior Financial Analyst
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Mutual Fund Brokerage Fees and Trading Costs
How much do mutual funds pay in commissions and trading costs? This is a question that the mutual fund industry seems reluctant to answer. In an industry already complicated by fees - sales loads, soft dollars, trailing fees, 12b-1 marketing fees - asking mutual funds to prominently disclose trading costs is unpopular among fund companies. We've decided to take the lead anyway. It's the right thing to do.
By John P. Hussman, Ph.D.
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November 13, 2015: The Strategic Dividend Value Fund paid a long-term capital gain distribution of $0.0786 per share. No distributions were required for other Funds.

September 30, 2015: The Hussman Funds made the following income distributions: Strategic Total Return Fund, $0.01 per share, Strategic Dividend Value Fund $0.03 per share.


Broken Links: Fed Policy and the Growing Gap Betweeen Wall Street and Main Street

A Who's Who of Awful Times to Invest

Yes, This is an Equity Bubble

Setting the Record Straight

Mapping the Molecular Pathway of Autism

Why Warren Buffett Plays Bridge

The Likely Range of Market Returns in the Coming Decade

Freight Trains and Steep Curves

How Hedging Works

Long-Term Evidence on the Fed Model and Forward Operating P/E Ratios

The Two Essential Elements of Wealth Accumulation

The Policy Portfolio and the Next Equity Bear Market

Going for the Gold

The Future of Investment Management

Let's Start a Lemonade Stand!

Spinning Muons

Buy-and-Hold for the Duration?

Natural Consequences

The U.S. Productivity Miracle (Made in China)
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