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John Hussman13F | |
| Hussman Strategic Advisors, inc | |
| Last update 2024-11-01 | 216 Stocks (69 new) |
| Value $407.00 Mil | Turnover 46 % |
| Portfolio Report | |
John Hussman Profile
Dr. John Hussman is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. He is also the president of the Hussman Investment Trust. Dr. Hussman manages the Hussman Strategic Growth Fund, which invests primarily in U.S. stocks, and the Hussman Strategic Total Return Fund, which invests primarily in U.S. Treasury and government agency securities.
Prior to managing the Hussman Funds, Dr. Hussman was a professor of economics and international finance at the University of Michigan. His academic research centers on market efficiency and information economics. Dr. Hussman holds a Ph.D. in economics from Stanford University (1992) and two degrees from Northwestern University: a Master's degree in education and social policy (1985) and a Bachelor's degree in economics (1983).
Prior to managing the Hussman Funds, Dr. Hussman was a professor of economics and international finance at the University of Michigan. His academic research centers on market efficiency and information economics. Dr. Hussman holds a Ph.D. in economics from Stanford University (1992) and two degrees from Northwestern University: a Master's degree in education and social policy (1985) and a Bachelor's degree in economics (1983).
John Hussman Investing Philosophy
Dr. Hussman looks at two dimensions of information to adjust his willingness to take risk.
The first is valuation. Favorable valuation means that stock prices appear reasonable in view of the stream of earnings, dividends, revenues and cash flows expected in the future.
The second dimension is the quality of market action. Market action considers the behavior of a wide range of securities and industry groups in an attempt to assess the economic outlook of investors and their willingness to accept market risk.
These two dimensions of information make up four basic "Market Climates" associated with various combinations of valuation and market action. In the most favorable Market Climates, Dr. Hussman will typically hold an aggressive allocation to market risk, while in the least favorable Market Climates, he will typically attempt to remove the impact of market fluctuations from the portfolio through hedging (Strategic Growth Fund) or reduction in the average maturity of bond holdings (Strategic Total Return Fund). The most defensive position is a fully hedged position in which the entire value of long positions is hedged.
The first is valuation. Favorable valuation means that stock prices appear reasonable in view of the stream of earnings, dividends, revenues and cash flows expected in the future.
The second dimension is the quality of market action. Market action considers the behavior of a wide range of securities and industry groups in an attempt to assess the economic outlook of investors and their willingness to accept market risk.
These two dimensions of information make up four basic "Market Climates" associated with various combinations of valuation and market action. In the most favorable Market Climates, Dr. Hussman will typically hold an aggressive allocation to market risk, while in the least favorable Market Climates, he will typically attempt to remove the impact of market fluctuations from the portfolio through hedging (Strategic Growth Fund) or reduction in the average maturity of bond holdings (Strategic Total Return Fund). The most defensive position is a fully hedged position in which the entire value of long positions is hedged.
John Hussman Top Holdings of 2024-09-30
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| Ticker | | Company | Shares | Value ($1000) | Shares Change % | Weighting % | Trade Impact % | % of Shares outstanding | 3M Change % | YTD Change % | Market Cap $Mil | Industry |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLD | Barrick Gold Corp | 637,500 | 12679.880 | +108.33% | 3.110 | +1.62% | 0.040 | -21.23% | +1.42% | 27551.110 | Metals & Mining | |
AEM | Agnico Eagle Mines Ltd | 127,500 | 10271.400 | +56.25% | 2.520 | +0.91% | 0.030 | +6.66% | +7.79% | 42374.083 | Metals & Mining | |
NEM | Newmont Corp | 178,500 | 9540.830 | +118.75% | 2.340 | +1.27% | 0.020 | -26.34% | +5.05% | 44513.414 | Metals & Mining | |
META | Meta Platforms Inc | 12,600 | 7212.740 | +100.00% | 1.770 | +0.89% | 0.000 | +5.57% | +5.18% | 1554731.508 | Interactive Media | |
QCOM | Qualcomm Inc | 37,800 | 6427.890 | +800.00% | 1.580 | +1.40% | 0.000 | -6.36% | +2.19% | 174404.780 | Semiconductors | |
NVO | Novo Nordisk AS | 50,400 | 6001.130 | +20.00% | 1.470 | +0.25% | 0.000 | -26.61% | +0.28% | 383109.988 | Drug Manufacturers | |
ACMR | ACM Research Inc | 210,000 | 4263.000 | 0% | 1.050 | 0% | 0.340 | -24.80% | +3.44% | 978.247 | Semiconductors | |
HSY | The Hershey Co | 21,000 | 4027.380 | 0% | 0.990 | 0% | 0.010 | -14.98% | -6.58% | 32012.522 | Consumer Packaged Goods | |
NRG | NRG Energy Inc | 43,500 | 3962.850 | +93.33% | 0.970 | +0.47% | 0.020 | +13.97% | +10.16% | 20133.072 | Utilities - Independent Power Producers | |
CVS | CVS Health Corp | 63,000 | 3961.440 | +200.00% | 0.970 | +0.65% | 0.010 | -27.38% | +6.95% | 60416.151 | Healthcare Plans |
John Hussman's Historical Top Holdings Breakdowns
John Hussman's Top Stock Picks
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| Ticker | | Company | Date | Action | Impact % | Price Range | Price | Price Change from Avrg% | Comment | Current Shares | Share Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
GOLD | Barrick Gold Corp | 2024-06-30 | Reduce | -1.78% | 16.03 ($16.98) 18.04 | $15.72 | -7.42% | Reduce -60% | 306,000 | -459,000 | |
AEM | Agnico Eagle Mines Ltd | 2024-06-30 | Reduce | -1.70% | 60.59 ($65.24) 70.78 | $84.30 | 29.22% | Reduce -60% | 81,600 | -122,400 | |
GOLD | Barrick Gold Corp | 2024-09-30 | Add | +1.62% | 16.56 ($19.05) 21.01 | $15.72 | -17.48% | Add 108.33% | 637,500 | 331,500 | |
QCOM | Qualcomm Inc | 2024-09-30 | Add | +1.40% | 156.12 ($176.57) 209.64 | $156.98 | -11.09% | Add 800% | 37,800 | 33,600 | |
SMCI | Super Micro Computer Inc | 2024-03-31 | Reduce | -1.36% | 28.06 ($73.27) 118.81 | $32.60 | -55.51% | Reduce -83.33% | 42,000 | -21,000 | |
NEM | Newmont Corp | 2024-09-30 | Add | +1.27% | 41.65 ($49.68) 55.85 | $39.10 | -21.30% | Add 118.75% | 178,500 | 96,900 | |
NEM | Newmont Corp | 2024-06-30 | Reduce | -1.23% | 36.43 ($40.89) 44.44 | $39.10 | -4.38% | Reduce -64.44% | 81,600 | -147,900 | |
PEP | PepsiCo Inc | 2023-12-31 | Add | +1.14% | 158.08 ($165.85) 172.01 | $142.64 | -13.99% | Add 1400% | 31,500 | 29,400 | |
GOOG | Alphabet Inc | 2024-03-31 | Reduce | -1.14% | 132.56 ($144.34) 154.84 | $193.17 | 33.83% | Reduce -45.95% | 42,000 | -35,700 | |
GOOG | Alphabet Inc | 2024-06-30 | Reduce | -1.12% | 151.94 ($170.1) 186.86 | $193.17 | 13.56% | Reduce -75% | 10,500 | -31,500 |
John Hussman Total Holding History ($B)
John Hussman's Asset Allocation
John Hussman Past Portfolios
| Portfolio Date | Number of Stocks | New Stocks | Total Value ($Mil) | Q/Q Turnover |
|---|---|---|---|---|
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John Hussman's Hypothetical Growth since 2024-09-30
John Hussman's Yearly Returns
| Year | Portfolio % | % | Excess Gain % |
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John Hussman's Holdings Heat Map
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John Hussman's Holdings Bubble Chart
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