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Market Climate
Market Climate profiles are based on average historical returns in each climate we identify. There is no assurance that these return and risk profiles will be maintained in the future. "Market Climate" and associated graphics are service marks of the Hussman Funds.



Hussman Strategic Growth Fund
Strategic Growth Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2014

Hussman Strategic Total Return Fund
Total Return Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2014

Hussman Strategic International Fund
International Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2014

Hussman Strategic Dividend Value Fund
Dividend Value Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2014

Our Mission and Commitment to Shareholders

Weekly Market Comment

This Week:
A Most Important Distinction
Quantitative easing only “works” to the extent that default-free, low interest liquidity is viewed as an inferior holding. When investor psychology shifts toward increasing risk aversion – which we can reasonably measure through the uniformity or dispersion of market internals, the variation of credit spreads between risky and safe debt, and investor sponsorship as reflected in price-volume behavior – default-free, low interest liquidity is no longer considered inferior. It’s actually desirable, so creating more of the stuff is not supportive to stock prices. We observed exactly that during the 2000-2002 and 2007-2009 plunges, which took the S&P 500 down by half in each episode, even as the Fed was easing persistently and aggressively. A shift toward increasing internal dispersion and widening credit spreads leaves risky, overvalued, overbought, overbullish markets extremely vulnerable to air-pockets, free-falls, and crashes.
By John P. Hussman, Ph.D.
President, Hussman Investment Trust
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Investment Research & Insight

Feature Article:
Does the CAPE Still Work?
We feel no particular obligation defend the CAPE ratio. It has a strong long-term relationship to subsequent 10-year market returns. And it’s only one of numerous valuation indicators that we use in our work – many which are considerably more reliable. All of these valuation indicators – particularly when record-high profit margins are accounted for – are sending the same message: The market is steeply overvalued, leaving investors with the prospect of low, single-digit long-term expected returns. But we decided to come to the aid of the CAPE ratio in this case because a few errors have slipped into the debate, and it’s important for investors who have previously relied on this ratio to understand these errors so they can judge the valuation metric fairly.
By William Hester, CFA
Senior Financial Analyst
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Mutual Fund Brokerage Fees and Trading Costs
How much do mutual funds pay in commissions and trading costs? This is a question that the mutual fund industry seems reluctant to answer. In an industry already complicated by fees - sales loads, soft dollars, trailing fees, 12b-1 marketing fees - asking mutual funds to prominently disclose trading costs is unpopular among fund companies. We've decided to take the lead anyway. It's the right thing to do.
By John P. Hussman, Ph.D.
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 FUND NEWS

Recent Fund Notes and Commentary

November 14, 2014: Hussman Strategic Dividend Value Fund paid a short-term capital gain distribution in the amount of $0.8527 per share. Aside from income distributions, no further distributions are expected in the Hussman Funds in 2014.

September 30, 2014: The Hussman Funds made the following income distributions: Strategic Total Return Fund $0.0563 per share, and Strategic Dividend Value Fund $0.0500 per share.


 POPULAR ARTICLES

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A Who's Who of Awful Times to Invest

Yes, This is an Equity Bubble

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Why Warren Buffett Plays Bridge

The Likely Range of Market Returns in the Coming Decade

Freight Trains and Steep Curves

How Hedging Works

Long-Term Evidence on the Fed Model and Forward Operating P/E Ratios

The Two Essential Elements of Wealth Accumulation

The Policy Portfolio and the Next Equity Bear Market

Going for the Gold

The Future of Investment Management

Let's Start a Lemonade Stand!

Spinning Muons

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Natural Consequences

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