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homepage hussman funds skip to content follow home discipline understanding the hussman funds our mission frequently asked questions the funds funds overview strategic market cycle fund strategic allocation fund strategic total return fund prospectus reports fund comparison open an account account access market comment research insight knowledge center knowledge center market comment archive research insight archive search search menu 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 learn more current update hussman market comment mountain cliff or ocean the current level of stock market valuations remains easily the most speculative extreme in u s financial history beyond both the 1929 and 2000 extremes our baseline estimate is that the s p 500 has a material risk of losing something on the order of 75 over the completion of this cycle still we can use historically informed valuation measures and risk estimates without making our investment stance dependent on any of them mountain cliff or ocean in the distance we choose our footing for the terrain beneath us rather than attaching ourselves to forecasts and views we re content to respond with our best mindfulness as the evidence changes read more latest topic read more extreme earnings forecasts mask stock market risk the growing reliance on ever higher profit margin assumptions is having an increasing influence on expected earnings and therefore on price to forward earnings multiples based on earnings through the end of 2025 operating margins are just under 16 they are projected to rise to nearly 19 5 in 2026 and to almost 21 by 2027 market risk that was previously visible as a steep price forward earnings ratio has been relocated into unprecedented assumptions for profit margins that are embedded in forecasted earnings overview hussman funds we pursue a disciplined value conscious risk managed and historically informed investment approach focused on the complete market cycle hsgfx strategic market cycle fund the fund invests primarily in u s stocks with the objective of long term capital appreciation and places added emphasis on defending capital during unfavorable market conditions 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 utiltity stocks and precious metals shares hsafx strategic allocation fund the fund seeks total return by allocating assets primarily in stocks and bonds in consideration of valuations and estimated expected return with added emphasis on risk management to adjust exposure when market conditions suggest speculation or risk aversion recent posts mountain cliff or ocean july 14 2026 record extremes alternative investments and the hippo june 1 2026 more roses amid garbage and trap doors may 7 2026 extreme earnings forecasts mask stock market risk april 27 2026 causes and conditions april 26 2026 equilibrium and the dentist in poughkeepsie march 13 2026 how i learned to love the bubble even before it bursts february 18 2026 record stock valuations fed independence and macro volatility january 30 2026 fund news june 30 2026 hussman strategic total return fund paid an income distribution of 0 2447 per share hussman strategic allocation fund paid an income distribution of 0 0738 per share november 1 2024 pursuant to the recently finalized sec names rule for mutual funds we have adopted a new fund name strategic market cycle fund for hsgfx based on sec guidance the primary types of names that the amended rule is anticipated to cover include fund names with terms such as growth or value or certain terms that reference a thematic investment focus including terms indicating that the fund s investment decisions incorporate one or more esg factors the new name strategic market cycle remains consistent with our value conscious historically informed full cycle investment discipline and we believe it will help investors to distinguish the fund s objective from purely passive index tracking funds finra s brokercheck check out the background of ultimus fund distributors llc the distributor of hussman funds on finra s brokercheck hussman funds strategic market cycle fund hsgfx strategic allocation fund hsafx strategic total return fund hstrx keep me informed home discipline the funds market comment research insight knowledge center performance data quoted represents past performance past performance does not guarantee future results investment return and principal value of an investment will fluctuate so that an investor s shares when redeemed may be worth more or less than their original cost current performance may be lower or higher than performance data quoted more current performance data through the most recent month end are available at the fund s website www hussmanfunds com or by calling 1 800 487 7626 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 market cycle 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 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 site and site contents 2026 hussman strategic advisors home discipline the funds strategic market cycle fund strategic allocation fund strategic total return fund prospectus reports open an account account access market comment research insight knowledge center hussman market comment archive investment research insight archive back to top search