Fund Evaluator:
Hussman Strategic Total Return (HSTRX)
Follow This Fund
Best Performing in Conservative Allocation Over the Last Year
| 12.6% | Hussman Strategic Total Return (HSTRX) |
| 11.7% | Putnam Multi-Asset Income Y (PMIYX) |
| 10.7% | Columbia Income Builder Inst (CBUZX) |
| 9.6% | Thrivent Conservative Allocation S (THYFX) |
| 9.2% | Columbia Capital Allocation Cnsrv Inst (CBVZX) |
Fund Details
Hussman Strategic Total Return Overview
Hussman Strategic Total Return (HSTRX) is an actively managed Allocation Conservative Allocation fund. Hussman Funds launched the fund in 2002.
The investment seeks to achieve long-term total return from income and capital appreciation. The fund pursues its investment objective by investing its assets primarily in fixed-income securities, such as U.S. treasury bonds, notes and bills, treasury inflation-protected securities, U.S. treasury Strips, U.S. government agency securities, and investment grade corporate debt rated BBB or higher by Standard & Poor's Global Ratings or Baa or higher by Moody's Investors Service, Inc., or having an equivalent rating from another independent rating organization.
About Hussman Strategic Total Return (HSTRX)
There are 1 members of the management team with an average tenure of 23.81 years: John Hussman (2002). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Hussman Strategic Total Return has 54 securities in its portfolio. The top 10 holdings constitute 93.2% 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 Total Return is part of the Allocation global asset class and is within the Allocation fund group. Hussman Strategic Total Return has 3.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.5%. There is 3.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 25.4% (25.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Hussman Strategic Total Return has 68.6% of the portfolio in cash.
Assets Under Management
The fund has $264 million in total assets, which is above the $107 million average for the Conservative 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.
HSTRX 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 Total Return expense ratio is above average compared to funds in the Conservative Allocation category. Hussman Strategic Total Return has an expense ratio of 0.77%, which is 35% 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 Total Return has a portfolio turnover rate of 270%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 100% for the Conservative Allocation category.
Recently, in the month of June 2026, Hussman Strategic Total Return returned -0.8%, which earned it a grade of F, as the Conservative Allocation category had an average return of 0.2%. 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 Total Return has a trailing yield of 3.14%, which is below the 3.52% category average. The fund normally distributes its income quarterly and its capital gains annually.
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 Total Return Grades
Year to date, the fund has returned 3.4%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.6% over the past year (grade of A), 11.3% over the past three years (grade of A) and 5.7% per year over the past five years (grade of A) and 5.0% per year over the past 10 years (grade of B).
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HSTRX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HSTRX Return (NAV) | -0.8% | -0.1% | 12.6% | 11.3% | 5.7% | 5.0% |
| HSTRX Grade | F | F | A | A | A | B |
| +/- Category | -1.0% | -3.9% | 4.3% | 3.5% | 2.7% | 0.9% |
| Conservative Allocation Avg | 0.2% | 3.8% | 8.3% | 7.8% | 3.0% | 4.1% |
| HSTRX Tax Cost Ratio | na | na | 1.3% | 1.2% | 1.1% | 0.7% |
HSTRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HSTRX Return (NAV) | 3.4% | 20.9% | 6.1% | 6.0% | -6.2% | 1.2% | 11.5% | 11.4% | 1.5% | 1.2% | 8.0% |
| HSTRX Grade | D | A | C | F | A | F | A | C | A | F | A |
| +/- Category | -0.2% | 11.7% | 0.1% | -2.7% | 5.7% | -3.3% | 3.4% | -0.1% | 4.7% | -5.9% | 2.2% |
| Conservative Allocation Avg | 3.6% | 9.2% | 5.9% | 8.7% | -11.9% | 4.5% | 8.0% | 11.5% | -3.3% | 7.1% | 5.9% |
| Risk Measures | |
| Standard Deviation: | 5.7% |
| Total Risk Index: | 0.46 - Below Average |
| Category Risk Index: | 0.89 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | 0.30 |
| R-Squared: | 25% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 3.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $264 Mil |
| Fund Total Assets: | $ 264 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 270% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 23.8 years | |||
| Average Tenure: 23.8 years | |||
| Managers (Year): Hussman John (2002) | |||
Portfolio Composition (as of 9/30/25)
| # of Holdings: | 54 |
| % in Top 10 Holdings: | 93.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.9% |
Portfolio Allocation |
|
| Domestic Stock: | 2.5% |
| Foreign Stock: | 3.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 25.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.5% |
| Cash: | 68.6% |
Purchase Information
| Fund Family: | Hussman Funds |
| Phone Number: | 800-487-7626 |
| Website: | www.hussmanfunds.com |
| Status: | Open |
| Inception Date: | September 12, 2002 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.77% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.19% |
| Share Class: | Hussman Strategic Total Return |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
