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John Hussman13F | |
| Hussman Strategic Advisors, inc | |
| Last update 2025-05-05 | 232 Stocks (93 new) |
| Value $413.00 Mil | Turnover 57 % |
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 2025-03-31
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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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
B | Barrick Mining Corp | 765,000 | 14,871.6 | +275.00% | 3.600 | +2.64% | 0.040 | +6.61% | +35.99% | 35,624.5 | Metals & Mining | |
NEM | Newmont Corp | 306,000 | 14,773.7 | +500.00% | 3.580 | +2.98% | 0.030 | +22.40% | +59.74% | 65,477.6 | Metals & Mining | |
AEM | Agnico Eagle Mines Ltd | 81,600 | 8,846.3 | +220.00% | 2.140 | +1.47% | 0.020 | +9.35% | +51.98% | 59,696.5 | Metals & Mining | |
CPB | The Campbell's Co | 168,000 | 6,706.6 | +14.29% | 1.630 | +0.20% | 0.060 | -19.78% | -22.86% | 9,447.7 | Consumer Packaged Goods | |
CL | Colgate-Palmolive Co | 67,200 | 6,296.6 | 0% | 1.530 | 0% | 0.010 | -1.43% | +2.39% | 74,591.1 | Consumer Packaged Goods | |
AU | Anglogold Ashanti PLC | 153,000 | 5,679.4 | +50.00% | 1.380 | +0.46% | 0.030 | +22.55% | +103.33% | 23,087.7 | Metals & Mining | |
GOOG | Alphabet Inc | 31,500 | 4,921.3 | New Holding | 1.190 | +1.19% | 0.000 | +11.48% | -6.89% | 2,139,615.8 | Interactive Media | |
CORT | Corcept Therapeutics Inc | 42,000 | 4,797.2 | 0% | 1.160 | 0% | 0.040 | -24.61% | +37.55% | 7,350.0 | Biotechnology | |
HALO | Halozyme Therapeutics Inc | 73,500 | 4,690.0 | 0% | 1.140 | 0% | 0.060 | -14.48% | +10.67% | 6,519.6 | Biotechnology | |
NVO | Novo Nordisk AS | 63,000 | 4,374.7 | 0% | 1.060 | 0% | 0.000 | +2.63% | -17.52% | 310,236.8 | Drug Manufacturers |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
NEM | Newmont Corp | 2025-03-31 | Add Add | +2.98% | 37.79 ($43.9) 48.39 | $58.83 | 34.01% | Add 500% | 306,000 | 255,000 | |
B | Barrick Mining Corp | 2025-03-31 | Add Add | +2.64% | 15.45 ($17.52) 19.56 | $20.85 | 19.01% | Add 275% | 765,000 | 561,000 | |
AEM | Agnico Eagle Mines Ltd | 2025-03-31 | Add Add | +1.47% | 79.66 ($95.62) 108.41 | $117.96 | 23.36% | Add 220% | 81,600 | 56,100 | |
QCOM | Qualcomm Inc | 2025-03-31 | Sold Out Sold Out | -1.43% | 151.94 ($163) 175.86 | $159.40 | -2.21% | Sold Out | 0 | -31,500 | |
GOOG | Alphabet Inc | 2025-03-31 | New Buy New Buy | +1.19% | 156.06 ($183.12) 207.71 | $176.91 | -3.39% | New holding | 31,500 | 31,500 | |
AMGN | Amgen Inc | 2025-03-31 | Sold Out Sold Out | -1.13% | 258.59 ($295.3) 327.36 | $290.52 | -1.62% | Sold Out | 0 | -14,700 | |
VZ | Verizon Communications Inc | 2025-03-31 | Reduce Reduce | -1.12% | 37.81 ($41.63) 46.49 | $43.68 | 4.92% | Reduce -64.29% | 52,500 | -94,500 | |
DVA | DaVita Inc | 2025-03-31 | Sold Out Sold Out | -1.11% | 140 ($157.11) 177.35 | $146.71 | -6.62% | Sold Out | 0 | -25,200 | |
NRG | NRG Energy Inc | 2025-03-31 | Reduce Reduce | -0.97% | 84.82 ($101.13) 113.33 | $155.96 | 54.22% | Reduce -67.04% | 17,800 | -36,200 | |
UI | Ubiquiti Inc | 2025-03-31 | New Buy New Buy | +0.95% | 300.93 ($353.51) 431.11 | $409.02 | 15.70% | New holding | 12,600 | 12,600 |
John Hussman Total Holding History ($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 2025-03-31
John Hussman's Yearly Returns
| Year | Portfolio % | % | Excess Gain % |
|---|
John Hussman's Holdings Heat Map
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John Hussman's Holdings Bubble Chart
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