HSAFX Fees and Costs — Hussman Strategic Allocation Fund
Data updated: 2026-08-28
The net expense ratio is 1.29% (2.17% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $85K in broker commissions, 0.3162% of average net assets, and portfolio turnover was 468%.
HSAFX Fees and Expenses
Annual operating expenses and sales charges of HSAFX. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.38% |
| Gross expense ratio | 2.17% |
| Fee waiver | −0.88% |
| Net expense ratio | 1.29% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
HSAFX Costs Over Time
On $10,000 invested in HSAFX, assuming 5% a year before costs, total costs come to $993 over 5 years, cutting the return by 1.69% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.29%) | $135 | $420 | $724 |
| Trading costs (broker commissions) | $33 | $103 | $177 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $169 | $549 | $993 |
| Value after costs | $10,331 | $11,027 | $11,770 |
| Impact on return, per year | 1.69% | 1.69% | 1.69% |
HSAFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.3162%
- Total broker commissions: $85K
- Bought from dealers (principal trades, not a cost): $17.3M
- Portfolio turnover (prospectus): 468%
- Securities lending: none during the year
HSAFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $85K | 100.00% |
HSAFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $17.3M | 100.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.