HSIEX — Hussman Strategic International Fund
Data updated: 2023-05-26
HSIEX — Hussman Strategic International Fund. Money Market · $13.99M AUM · 2.01% expense ratio. Holdings, fees, performance and SEC filings.
HSIEX Fund Overview
HSIEX — Hussman Strategic International Fund is a US mutual fund managed by Hussman Investment Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Hussman Investment Trust
- Category: Money Market
- Assets under management: $13.99M
- 1-year return: -18.5%
- Ticker: HSIEX
- SEC CIK: 0001110502
- SEC series ID: S000026486
- Share class ID: C000079449
HSIEX Investment Objective and Strategy
Hussman Strategic International Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Hussman Investment Trust.
Investment objective
"HUSSMAN STRATEGIC INTERNATIONAL FUND (the ""Fund"") seeks to achieve long-term capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions."
Principal investment strategy
"Under normal market conditions, the Fund invests principally in equity securities of companies that derive a majority of their revenues or profits from, or have a majority of their assets in, a country or countries other than the U.S. The Fund may invest in all types of equity securities, including common stock, preferred and convertible preferred stocks, warrants and rights. When market conditions are unfavorable in the view of Hussman Strategic Advisors, Inc., the Fund's investment manager, the Fund may use swaps, index options and index futures, or effect short sales of exchange traded funds (""ETFs""), to reduce the exposure of the Fund's stock portfolio to the impact of general market fluctuations or to market fluctuations within a specific country or geographic region. The Fund invests principally in equity securities issued by companies in developed countries, but may also invest in emerging markets in developing countries.
There are no restrictions as to the market capitalizations of companies in which the Fund invests. The Fund may invest in American Depositary Receipts (ADRs) listed on U.S. stock exchanges and depositary receipts listed on foreign stock exchanges. These securities represent ownership interests in the securities of non-U.S. issuers. The Fund may invest up to 30% of its net assets in shares of ETFs and similar investment vehicles that invest principally in foreign equity securities. In general, the stock selection approach of the investment manager focuses on securities demonstrating favorable valuations and/or market action. The primary consideration used in assessing a stock's valuation is the relationship between its current market price and the present value of expected future cash flows per share.
Other valuation measures, such as the ratio of the stock price to earnings and stock price to revenue, are also analyzed in relation to expected future growth of cash flows in an attempt to measure underlying value and the potential for long-term returns. The analysis of market action includes measurements of price behavior and trading volume. The investment manager believes that strength in these measures is often a reflection of improving business prospects and the potential for earnings surprises above consensus estimates, which can result in increases in stock prices. The investment manager believes that market return/risk conditions differ significantly across varying market conditions. The two most important dimensions considered by the investment manager are ""valuation"" and ""market action."" In the analysis of overall market conditions, valuation considers the relationship of major stock indices to the stream of earnings, dividends and cash flows expected in the future in an attempt to measure the underlying value of stocks and the long-term returns implied by their current market prices.
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. In addition, the investment manager evaluates economic conditions, investor sentiment, interest rates, credit-sensitive indicators and other factors in an attempt to classify prevailing market conditions with historically similar instances. Historically, different combinations of valuation, market action and other factors have been accompanied by significantly different stock market performance in terms of return/risk. The investment manager expects to hold an unhedged, fully-invested position in equity securities in environments where the expected return from market risk is believed to be high, and may reduce or ""hedge"" the exposure of the Fund's stock portfolio to the impact of general market fluctuations in environments where the expected return from market risk is believed to be unfavorable.
Specific strategies for reducing or ""hedging"" market exposure may include entering into swaps, or establishing short futures positions or option combinations (such as simultaneously writing call options and purchasing put options) on one or more stock indices considered by the investment manager to be correlated with the Fund's portfolio. In addition, the Fund may seek to hedge by effecting short sales of ETFs. The Fund may use these strategies to hedge up to 100% of the value of the stocks that it owns. However, the Fund may experience a loss even when the entire value of its stock portfolio is hedged if the returns of the stocks held by the Fund do not exceed the returns of the securities and financial instruments used to hedge. In addition, to the extent the Fund establishes hedged investment positions as part of its investment program, its investment performance may deviate significantly from the performance of major stock indices for substantial portions of a market cycle.
When market conditions are unfavorable in the view of the investment manager, the Fund may experience limited, zero, or possibly negative correlation with general market fluctuations for meaningful periods of time, and may experience a net loss of time-value on purchased options. The choice of stock indices and instruments used for hedging is based on a consideration of the securities held in the Fund's portfolio from time to time, and the availability and liquidity of futures, options and other instruments (such as ETFs) on such indices. The primary intent of the Fund's hedging strategy is to reduce the impact of general market fluctuations when global stock market conditions generally or within a specific country, geographic region or industry sector are viewed by the investment manager as unfavorable.
The Fund generally hedges using indices that are correlated, though perhaps imperfectly, with the stocks owned by the Fund. These may include foreign stock indices and indices of U.S. stocks such as the Standard & Poor's 500 Index. The instruments used to hedge foreign stock markets may hedge equity risk with or without hedging currency risk. The Fund has the discretion to enter into foreign currency contracts or currency index futures to hedge against the adverse impact of changes in foreign exchange rates on its investments and transactions in foreign securities. The Fund may also seek to hedge against currency fluctuations by holding positions in index futures that are denominated in U.S. dollars. Positions that separately hedge market risk and currency risk are netted as single positions for the purposes of calculating the notional value of the Fund's hedges.
In order to enhance the ability of the Fund to implement hedging strategies during market conditions that are viewed as unfavorable by the investment manager, the Fund may maintain a significant portion of its assets in cash and money market securities as may be needed in connection with its hedging strategies. The portion of the Fund's net assets invested at any given time in securities of issuers engaged in industries within a particular business sector or countries within a specific geographic region may be affected by valuation considerations and other investment characteristics of that sector or region. As a result, the Fund's investments in various business sectors or geographic regions generally will change over time, and a significant allocation to any particular sector or region does not represent an investment policy or investment strategy to invest in that sector or region.
Because the MSCI Europe, Australasia, and Far East Index (""MSCI EAFE Index"") is perhaps the most widely recognized index of common stocks in foreign markets, it is believed to be an appropriate broad-based securities market index against which to compare the Fund's long-term investment performance. However, the Fund may invest in securities that are not included in the MSCI EAFE Index, and may reduce its exposure to market fluctuations when market conditions are unfavorable in the view of the investment manager. As a result, the Fund's investment returns may differ from the performance of major foreign and U.S. stock market indices, particularly over the short term."
HSIEX Holdings
Top 10 holdings of Hussman Strategic International Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Northern Inst Fds | 3.45% |
| ICA Gruppen AB | 1.35% |
| Dialog Semiconductor PLC | 1.29% |
| Novo Nordisk A/S | 1.27% |
| Softcat Plc | 1.27% |
| Sumco Corporation | 1.26% |
| ACEA spa | 1.21% |
| Raiznext Corporation | 1.21% |
| Sun Life Financial Inc. | 1.14% |
| Fresenius Medical Care AG & Co. KGaA | 1.13% |
HSIEX Portfolio Allocation
Asset-class allocation of Hussman Strategic International Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 90.4% |
| Derivatives | 0.7% |
HSIEX Performance
Total returns for HSIEX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -18.5% |
| 3 years (annualised) | -16.5% |
HSIEX Risk Information
Risk metrics for HSIEX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.5%
HSIEX Costs and Fees
HSIEX costs about $201 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.01%
- Gross expense ratio: 3.36%
- Portfolio turnover: 48%
- Brokerage commissions: 11.15 bps of average net assets (SEC N-CEN)
HSIEX Cashflows
Over the 12 months to 2023-03, Hussman Strategic International Fund had net outflows of $508.35K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-03 | −$40.66K |
| 2023-02 | −$40.81K |
| 2023-01 | −$68.15K |
| 2022-12 | $154.43K |
| 2022-11 | $28.92K |
| 2022-10 | −$272.63K |
HSIEX Debt Constituents
No individual debt constituents are reported in Hussman Strategic International Fund's latest SEC N-PORT filing.
HSIEX Prospectus and SEC Filings
Official Hussman Strategic International Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-10-28
- Prospectus (485BPOS) — filed 2021-10-28
- Prospectus supplement (497) — filed 2023-03-24
- Portfolio holdings (N-PORT) — filed 2023-05-26
- Portfolio holdings (N-PORT) — filed 2023-02-28
- Portfolio holdings (N-PORT) — filed 2022-11-29
- Annual census (N-CEN) — filed 2022-08-30
- Annual census (N-CEN) — filed 2021-09-09
Related Funds
Other Money Market funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.