HSGFX Performance — Hussman Strategic Market Cycle Fund
Data updated: 2026-08-28
HSGFX returned −17.66% year to date and −30.25% over one year to Jun 2026. Annualised returns are −20.18% over 3 years and −19.50% over 5 years. The fund trailed its US Small Growth category average: $100 invested three years ago grew to $51, against $156 for the category, and to $70 over one year, against $132. Volatility over the past three years was 11.77% a year. In the 12 months to Jun 2026 the fund took in a net $61.1M, and assets reached $351.47M.
HSGFX Growth of $100
What $100 invested in Hussman Strategic Market Cycle Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Small Growth category average over the same months.
| Period | HSGFX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $70 | $132 |
| 3 years (Jul 2023 – Jun 2026) | $51 | $156 |
| 5 years (Jul 2021 – Jun 2026) | $34 | $127 |
| Since data start (Jan 2020 – Jun 2026) | $31 | $194 |
HSGFX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −17.66% |
| 1 year | −30.25% |
| 3 years (annualised) | −20.18% |
| 5 years (annualised) | −19.50% |
HSGFX Annual Returns
Calendar-year total returns of Hussman Strategic Market Cycle Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | −17.66% |
| 2025 | −11.34% |
| 2024 | −22.40% |
| 2023 | −26.24% |
| 2022 | −2.12% |
| 2021 | −16.77% |
| 2020 | −8.82% |
HSGFX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −3.4% | +1.0% | +1.8% | −10.5% | −5.4% | −2.1% | — | — | — | — | — | — |
| 2025 | +0.5% | −0.3% | +6.7% | +6.5% | −3.0% | −5.3% | −4.8% | +1.6% | −5.6% | −5.9% | 0.0% | −1.4% |
| 2024 | −1.2% | −4.4% | −1.3% | +0.7% | −4.6% | −5.2% | −2.2% | −2.9% | −0.3% | +0.6% | −4.3% | +0.2% |
| 2023 | −4.0% | −1.9% | −2.4% | −3.7% | −4.0% | −3.3% | −1.7% | −0.1% | +0.2% | −1.3% | −5.7% | −2.0% |
| 2022 | +6.6% | −0.3% | −3.7% | +3.2% | −0.5% | +0.4% | −6.7% | +0.1% | +2.3% | −4.2% | −0.1% | +1.4% |
| 2021 | +10.5% | −4.9% | +1.6% | −5.8% | +1.5% | −1.4% | −4.7% | −3.8% | −0.3% | −7.3% | +0.8% | −3.3% |
| 2020 | 0.0% | +0.1% | 0.0% | −1.2% | +0.3% | +0.1% | −1.8% | −4.9% | +2.2% | −0.4% | −2.6% | −0.9% |
HSGFX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 11.77%
- 3-year Sharpe ratio: -2.10 (vs 4.5% risk-free rate)
- Best month: +6.68% (Mar 2025)
- Worst month: −10.50% (Apr 2026)
HSGFX Fund Flows
Monthly money in and out of Hussman Strategic Market Cycle Fund, from SEC Form N-PORT.
- 12-month net flow: $61.1M
- 12-month gross sales (incl. reinvestments): $146.8M
- Sales ÷ redemptions: 1.71×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $14.8M | $5.6M | $9.3M |
| May 2026 | $7.2M | $7.2M | −$20K |
| Apr 2026 | $5.6M | $6.8M | −$1.2M |
| Mar 2026 | $17.2M | $4.8M | $12.4M |
| Feb 2026 | $27.3M | $4.9M | $22.4M |
| Jan 2026 | $19.9M | $10.8M | $9.1M |
| Dec 2025 | $4.9M | $15.6M | −$10.7M |
| Nov 2025 | $8.4M | $4.8M | $3.6M |
| Oct 2025 | $8.1M | $7.0M | $1.1M |
| Sep 2025 | $20.4M | $4.3M | $16.1M |
| Aug 2025 | $6.3M | $6.4M | −$86K |
| Jul 2025 | $6.6M | $7.6M | −$1.0M |
HSGFX Assets Under Management
Net assets of Hussman Strategic Market Cycle Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $351.47M |
| 2026-03-31 | $395.70M |
| 2025-12-31 | $337.05M |
| 2025-09-30 | $361.35M |
| 2025-06-30 | $362.71M |
| 2025-03-31 | $333.22M |
| 2024-12-31 | $291.18M |
| 2024-09-30 | $311.91M |
| 2024-06-30 | $323.69M |
| 2024-03-31 | $340.76M |
| 2023-12-31 | $377.21M |
| 2023-09-30 | $456.61M |
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.