Dr. John Hussman (Trades, Portfolio), the president and principal shareholder of Hussman Strategic Advisors, recently filed the firm's 13F report for the second quarter of 2023. Hussman, who also manages the Hussman Strategic Growth Fund and the Hussman Strategic Total Return Fund, is known for his focus on market efficiency and information economics. Prior to his investment career, he served as a professor of economics and international finance at the University of Michigan. His academic background and investment philosophy are reflected in the firm's portfolio.
Portfolio Overview
As of the end of Q2 2023, the firm's portfolio contained 296 stocks with a total value of $543 million. The top holdings were NEM (1.44%), GOLD (1.43%), and AEM (1.40%).
Top Three Trades of the Quarter
Among the firm's most notable trades during the quarter were transactions involving Intel Corp (INTC, Financial), HP Inc (HPQ, Financial), and FedEx Corp (FDX, Financial).
Intel Corp (INTC, Financial)
Hussman Strategic Advisors reduced its investment in Intel Corp by 144,400 shares, impacting the equity portfolio by 0.74%. The stock traded for an average price of $31.41 during the quarter. As of August 15, 2023, Intel Corp had a market cap of $147.42 billion and a stock price of $35.2. The company has a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10, according to GuruFocus. Its valuation ratios include a price-book ratio of 1.46, a EV-to-Ebitda ratio of 19.56, and a price-sales ratio of 2.70.
HP Inc (HPQ, Financial)
The firm completely sold out its 155,000-share investment in HP Inc, which previously accounted for 0.71% of the portfolio. The stock traded for an average price of $30.01 during the quarter. As of August 15, 2023, HP Inc had a market cap of $31.51 billion and a stock price of $31.955. The company has a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10, according to GuruFocus. Its valuation ratios include a price-earnings ratio of 12.11, a price-earnings-to-growth (PEG) ratio of 0.49, a EV-to-Ebitda ratio of 9.48, and a price-sales ratio of 0.58.
FedEx Corp (FDX, Financial)
Hussman Strategic Advisors also reduced its investment in FedEx Corp by 17,000 shares, impacting the equity portfolio by 0.61%. The stock traded for an average price of $228.84 during the quarter. As of August 15, 2023, FedEx Corp had a market cap of $66.91 billion and a stock price of $266.025. The company has a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10, according to GuruFocus. Its valuation ratios include a price-earnings ratio of 17.16, a price-book ratio of 2.56, a price-earnings-to-growth (PEG) ratio of 1.31, a EV-to-Ebitda ratio of 9.64, and a price-sales ratio of 0.76.
In conclusion, the Q2 2023 13F filing reveals that Hussman Strategic Advisors continues to apply its investment philosophy, focusing on companies with strong financial strength and profitability ratings. The firm's top trades reflect a strategic approach to portfolio management, with adjustments made based on market conditions and company performance.
