Fund Comparison

Primary Focus: Equity Markets & Asset Allocation
Bonds & Purchasing Power
HSGFX
Strategic Growth
Fund
HSAFX
Strategic
Allocation Fund
HSTRX
Strategic Total
Return Fund
Objective
Seeks to achieve long-term capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions.
Seeks to achieve long-term total return through a combination of income and capital appreciation in stocks, bonds, and cash equivalents, with added emphasis on risk-management.
Seeks to achieve long-term total return from income and capital appreciation.
Strategy
  • The Fund invests principally in domestic common stocks that are viewed by the Advisor to reflect a combination of favorable market action and/or valuation.
  • When market conditions are viewed as favorable, the Fund may use index call options to leverage its exposure to general market fluctuations.
  • When market conditions are viewed as unfavorable, the Fund may use hedging strategies to reduce its exposure to general market fluctuations.
  • The Fund pursues its investment objective by investing its assets primarily in common stocks, bonds, and cash equivalents, 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’s principal investment strategies emphasize strategic management of the average interest rate sensitivity (duration) of portfolio holdings, the exposure to shifts in the yield curve, and allocation among fixed income alternatives and inflation hedges.
Primary Investment Universe
Equities trading on major U.S. exchanges
Equities trading on major U.S. exchanges, U.S. Treasury securities, money market instruments. The Fund may also purchase corporate debt of U.S. issuers rated at least A- (S&P), A3 (Moody's), or equivalent.
  • U.S. Investment Grade Fixed Income
  • Fixed Income Alternatives
    • Precious metals shares
    • Utility and energy shares
    • Convertible bonds
    • International fixed income and currencies
    • Real estate investment trusts
Market
Exposure
Fully-hedged (typically using long put/short call index option combinations, which may include the use of differing exercise prices), with the ability to use index call options to leverage the amount of stock controlled by the Fund to as much as 150% of the value of the Fund’s net assets1
Unhedged exposure of no less than 5% in both equities and U.S. Treasury bonds, ranging up to 95% invested in either asset class.
  • 70% to 100% U.S. Investment Grade Fixed Income
  • 0% to 30% Fixed Income Alternatives
Long-term Benchmark
S&P 500 Index2
Bloomberg U.S. EQ:FI 60:40 Index2
Bloomberg U.S. Aggregate Bond Index2
Risk & Considerations
  • Performance may significantly deviate from the general market and the S&P 500 Index.
  • The Fund may experience limited, zero, or possibly negative correlation with general market fluctuations for meaningful periods of time.
  • When market conditions are viewed as favorable, use of leverage using call options may be amplify exposure to general market fluctuations for meaningful periods of time
  • Performance may significantly deviate from the general market and the S&P 500 Index.
  • The Fund may have little or no correlation with the performance of a conventional asset allocation mix (e.g. 60% stocks, 30% bonds, 10% T-bills) for meaningful periods of time.
Performance may significantly deviate from the performance of the Bloomberg U.S. Aggregate Bond Index. Bond market alternatives such as precious metals shares may result in increased volatility.
Prospectus
Expense Ratio
1.18% Gross
1.15% Contractual Limit3
2.19% Gross
1.25% Contractual Limit4
0.80% Gross
0.75% Contractual Limit5
View The Fund & Prospectus
View HSGFX
View HSAFX
View HSTRX

1When the Advisor's estimate of the expected market return/risk profile is strongly unfavorable, the Fund (HSGFX) has the ability to fully hedge its portfolio, potentially raising the strike prices of its index put options to a higher strike than those of short call options that may be used to hedge the portfolio. 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 stock index. When the estimated market return/risk profile is strongly favorable, the Fund has the ability to leverage the amount of stock it controls to as much as 150% of the value of the Fund’s net assets, typically by investing a limited percentage of assets in long call options.
2The Hussman Funds make no effort to closely track or replicate the investment positions of the benchmarks, particularly over limited segments of a complete market cycle. The benchmarks serve as long-term performance gauges.

S&P 500 Index is a commonly recognized, capitalization-weighted index of 500 widely-held equity securities, designed to measure broad U.S. equity performance. You cannot invest directly in an index.

Bloomberg U.S. Aggregate Bond Index is made up of the Bloomberg U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million. You cannot invest directly in an index.

Bloomberg US EQ:FI 60:40 Index is designed to measure cross-asset market performance in the U.S. The index rebalances monthly to 60% equities and 40% fixed income. The equity and fixed income allocation is represented by Bloomberg U.S. Large Cap Index and Bloomberg U.S. Aggregate Index. You cannot invest directly in an index. Effective February 28, 2023, Strategic Allocation Fund changed its primary benchmark to the Bloomberg U.S. EQ:FI 60:40 Index, a broad-based securities market index. The Fund will also continue to compare its performance to the Benchmark Fixed Allocation Composite Index as a secondary benchmark. The Benchmark Fixed Allocation Composite Index represents the gross investment performance of a portfolio that is invested in securities included in three separate indices, weighted as follows: 60% S&P 500 Index, 30% Bloomberg U.S. Treasury Unhedged Index and 10% Bloomberg U.S. Treasury Bills Index. The S&P 500 Index is an index of the 500 largest U.S. large capitalization stocks. The Bloomberg U.S. Treasury Unhedged Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. The Bloomberg U.S. Treasury Bills Index tracks the market for Treasury bills with 1 to 2.9999 months to maturity issued by the U.S. government. The Fund may invest in securities that are not included in the indices that comprise the Composite.

3 The Advisor has contractually agreed to defer its investment advisory fees and/or absorb or reimburse Fund expenses until at least November 1, 2024 to the extent necessary to limit the Fund's annual ordinary operating expenses (excluding acquired fund fees and expenses) to an amount not exceeding 1.15% annually of the Fund's average daily net assets. The gross annual expense ratio as disclosed in the November 1, 2023 Prospectus is 1.18% and represents operating fees and expenses (including acquired fund fees and expenses) incurred by the Fund during the fiscal year ended June 30, 2023.
4 The Advisor has contractually agreed to defer its investment advisory fees and/or absorb or reimburse Fund expenses until at least November 1, 2024 to the extent necessary to limit the Fund's annual ordinary operating expenses (excluding acquired fund fees and expenses) to an amount not exceeding 1.25% annually of the Fund's average daily net assets. The gross annual expense ratio as disclosed in the November 1, 2023 Prospectus is 2.19% and represents operating fees and expenses (including acquired fund fees and expenses) incurred by the Fund during the fiscal year ended June 30, 2023.
5 The Advisor has contractually agreed to defer its investment advisory fees and/or absorb or reimburse Fund expenses until at least November 1, 2024 to the extent necessary to limit the Fund's annual ordinary operating expenses (excluding acquired fund fees and expenses) to an amount not exceeding 0.75% annually of the Fund's average daily net assets. The gross annual expense ratio as disclosed in the November 1, 2023 Prospectus is 0.80% and represents operating fees and expenses (including acquired fund fees and expenses) incurred by the Fund during the fiscal year ended June 30, 2023.
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