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WELCOME

DISCIPLINED
VALUE-CONSCIOUS
HISTORICALLY INFORMED
RISK-MANAGED
FOCUSED ON THE COMPLETE MARKET CYCLE

Investing for
Long-term Returns
while Managing Risk.

Since 2000, the goal of the Hussman Funds
has been to serve our shareholders by seeking
long-term returns, adhering to a value-conscious,
historically-informed, risk-managed discipline
focused on the complete market cycle...

CURRENT UPDATE

Hussman
Market
Comment

Detached Parabolas and Open Trap Doors

Nothing so animates a speculative herd as a parabolic price advance in an asset detached from any standard of value.

Latest Topic

Seven Considerations for Global Stock Market Investors

Seven considerations for global investors, highlighting specific drivers that will determine the longer-term spread between U.S. and global markets, the current state of those drivers, and what changes in these components of total return may look like over the coming decade.

Overview

Hussman Funds

We pursue a disciplined, value conscious, risk managed and
historically informed investment approach focused on the complete market cycle...

HSGFX
Strategic
Growth Fund
The Fund invests primarilary in U.S.
stocks, with the objective of
long-term capital appreciation,
and places added emphasis on
defending capital during
unfavorable market conditions.

HSIEX
Strategic
International Fund
The Fund invests primarily in
equity securities of non-U.S. issuers
with the objective of long-term total
return with added emphasis on the
protection of capital during
unfavorable market conditions.

HSAFX
Strategic
Allocation Fund
The Fund seeks total return by allocating
assets primarily in stocks and bonds, in
consideration of valuations and estimated
expected returns, with added emphasis on
risk-management to adjust exposure when
market conditions suggest speculation or
risk-aversion among investors.

HSTRX
Strategic
Total Return Fund
The Fund invests primarily in U.S.
Treasury and government agency
securities with the objective of
long-term total return, and has the
ability to take a limited exposure in
foreign government bonds, utility
stocks, and precious metals shares.

Recent Posts

Detached Parabolas and Open Trap Doors January 31, 2021
The Speculative “V” January 16, 2021
A Good Response to a Bad Situation December 20, 2020
Hypervaluation and the Option Value of Cash December 1, 2020
Pushing Extremes November 16, 2020
Herd Mentality October 17, 2020
Yikes September 1, 2020
Avoiding a Second Wave July 30, 2020

February 22, 2020: The Hussman Funds December 2020 Semi-Annual Report is now available online.

December 31, 2020: Hussman Strategic Growth Fund paid an income distribution of $0.0100 per share. Strategic Total Return Fund paid an income distribution of $0.0137 per share. Strategic International Fund paid an income distribution of $0.1141 per share. Strategic Allocation Fund paid an income distribution of $0.0147 per share.

December 4, 2020: Hussman Strategic Allocation Fund paid a capital gains distribution in the amount of $0.5658 per share.

August 22, 2020: The Hussman Funds June 2020 Annual Report is now available online.

August 27, 2019: We are pleased to introduce the newest member of the Hussman Funds family - Hussman Strategic Allocation Fund. Please see the Strategic Allocation page of the website for information and a fund Prospectus.

FINRA's BrokerCheck: Check out the background of Ultimus Fund Distributors, LLC, the Distributor of Hussman Funds, on FINRA's BrokerCheck

Past performance does not ensure future results, and there is no assurance that the Hussman Funds will achieve their investment objectives. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data, if any, quoted above. More current performance data through the most recent month-end is available at www.hussmanfunds.com. Investors should consider the investment objectives, risks, and charges and expenses of the Funds carefully before investing. For this and other information, please obtain a Prospectus and read it carefully.

The Hussman Funds have the ability to vary their exposure to market fluctuations depending on overall market conditions, and they may not track movements in the overall stock and bond markets, particularly over the short-term. While the intent of this strategy is long-term capital appreciation, total return, and protection of capital, the investment return and principal value of each Fund may fluctuate or deviate from overall market returns to a greater degree than other funds that do not employ these strategies. For example, if a Fund has taken a defensive posture and the market advances, the return to investors will be lower than if the portfolio had not been defensive. Alternatively, if a Fund has taken an aggressive posture, a market decline will magnify the Fund’s investment losses. The Distributor of the Hussman Funds is Ultimus Fund Distributors, LLC., 225 Pictoria Drive, Suite 450, Cincinnati, OH, 45246. 

The Hussman Strategic Growth Fund has the ability to hedge market risk by selling short major market indices in an amount up to, but not exceeding, the value of its stock holdings. However, the Fund may experience a loss even when the entire value of its stock portfolio is hedged if the returns of the stocks held by the Fund do not exceed the returns of the securities and financial instruments used to hedge, or if the exercise prices of the Fund's call and put options differ, so that the combined loss on these options during a market advance exceeds the gain on the underlying index. The Fund also has the ability to leverage the amount of stock it controls to as much as 1 1/2 times the value of net assets, by investing a limited percentage of assets in call options. 

The Hussman Strategic Allocation Fund invests primarily in common stocks, bonds, and cash equivalents (such as U.S. Treasury bills and shares of money market mutual funds, aligning its allocations to these asset classes based on prevailing valuations and estimated expected returns in these markets. The investment strategy adds emphasis on risk-management to adjust the Fund’s exposure in market conditions that suggest risk-aversion or speculation among market participants. The Fund may use options and futures on stock indices and Treasury bonds to adjust its relative investment exposures to the stock and bond markets, or to reduce the exposure of the Fund’s portfolio to the impact of general market fluctuations when market conditions are unfavorable in the view of the investment adviser.

The Hussman Strategic Total Return Fund has the ability to hedge the interest rate risk of its portfolio in an amount up to, but not exceeding, the value of its fixed income holdings. The Fund also has the ability to increase the interest rate exposure of its portfolio through limited purchases of Treasury zero-coupon securities and STRIPS. The Fund may also invest up to 30% of assets in alternatives to the U.S. fixed income market, including foreign government bonds, utility stocks, convertible bonds, real-estate investment trusts, and precious metals shares. 

The Hussman Strategic International Fund invests primarily in equities of companies that derive a majority of their revenues or profits from, or have a majority of their assets in, a country or country other than the U.S., as well as shares of exchange traded funds ("ETFs") and similar investment vehicles that invest primarily in the equity securities of such companies. The Fund has the ability to hedge market risk by selling short major market indices using swaps, index options and index futures in an amount up to, but not exceeding, the value of its stock holdings. These may include foreign stock indices, and indices of U.S. stocks such as the Standard and Poor's 500 Index. Foreign markets can be more volatile than U.S. markets, and may involve additional risks.


The Prospectus of each Fund contains further information on investment objectives, strategies, risks and expenses. Please read the Prospectus carefully before investing. 

The Market Climate is not a formula but a method of analysis. The term "Market Climate" and the graphics used to represent it are service marks of Hussman Strategic Advisors (formerly known as Hussman Econometrics Advisors). The Fund Manager has sole discretion in the measurement and interpretation of market conditions. Information relating to the investment strategy of each Fund is described in its Prospectus and Statement of Additional Information. A schedule of investment positions for each Fund is presented in the annual and semi-annual reports. Except for articles specifically citing investment positions held by the Funds, general market commentary does not necessarily reflect the investment position of the Funds.

Open Disclosure Notice in a Separate Window

For more information about investing in the Hussman Funds, please call us at:

1-800-HUSSMAN (1-800-487-7626)
513-326-3551 outside of the United States