Fund Evaluator:
Hussman Strategic Allocation (HSAFX)
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Fund Details
Hussman Strategic Allocation Overview
Hussman Strategic Allocation (HSAFX) is an actively managed Allocation Tactical Allocation fund. Hussman Funds launched the fund in 2019.
The investment seeks to achieve total return through a combination of income and capital appreciation. The fund pursues its investment objective by investing its assets primarily in common stocks, bonds, and cash equivalents; and aligning its allocations to these asset classes based on prevailing valuations and estimated expected returns in these markets. The fund may obtain investment exposure to bonds by purchasing individual bonds or Treasury bond futures.
About Hussman Strategic Allocation (HSAFX)
There are 1 members of the management team with an average tenure of 6.93 years: John Hussman (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Hussman Strategic Allocation has 253 securities in its portfolio. The top 10 holdings constitute 70.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Hussman Strategic Allocation is part of the Allocation global asset class and is within the Allocation fund group. Hussman Strategic Allocation has 4.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 54.0%. There is 4.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 15.4% (15.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Hussman Strategic Allocation has 26.9% of the portfolio in cash.
Assets Under Management
The fund has $24 million in total assets, which is below the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HSAFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Hussman Strategic Allocation expense ratio is high compared to funds in the Tactical Allocation category. Hussman Strategic Allocation has an expense ratio of 1.29%, which is 27% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Hussman Strategic Allocation has a portfolio turnover rate of 468%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, Hussman Strategic Allocation returned 3.2%, which earned it a grade of A, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Hussman Strategic Allocation has a trailing yield of 1.97%, which is below the 2.86% category average. The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Hussman Strategic Allocation Grades
Year to date, the fund has returned 1.6%, 6.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.2% over the past year (grade of F), 3.9% over the past three years (grade of F) and 2.7% per year over the past five years (grade of F).
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HSAFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HSAFX Return (NAV) | 3.2% | 2.5% | 4.2% | 3.9% | 2.7% | na |
| HSAFX Grade | A | B | F | F | F | na |
| +/- Category | 4.1% | 1.0% | -12.0% | -6.7% | -2.6% | na |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| HSAFX Tax Cost Ratio | na | na | 0.8% | 0.8% | 1.9% | na |
HSAFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HSAFX Return (NAV) | 1.6% | 7.8% | 1.7% | 0.7% | 4.4% | 7.2% | 11.2% | na | na | na | na |
| HSAFX Grade | F | D | F | F | A | D | B | na | na | na | na |
| +/- Category | -6.8% | -4.8% | -7.2% | -10.1% | 17.6% | -5.5% | 1.0% | na | na | na | na |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 5.1% |
| Total Risk Index: | 0.42 - Low |
| Category Risk Index: | 0.50 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.05 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $24 Mil |
| Fund Total Assets: | $ 25 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 468% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 6.9 years | |||
| Average Tenure: 6.9 years | |||
| Managers (Year): Hussman John (2019) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 253 |
| % in Top 10 Holdings: | 70.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.0% |
Portfolio Allocation |
|
| Domestic Stock: | 54.0% |
| Foreign Stock: | 4.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 15.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.3% |
| Cash: | 26.9% |
Purchase Information
| Fund Family: | Hussman Funds |
| Phone Number: | 800-487-7626 |
| Website: | www.hussmanfunds.com |
| Status: | Open |
| Inception Date: | August 27, 2019 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.29% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Hussman Strategic Allocation |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 50 |
