HUSSMAN STRATEGIC ADVISORS, INC.

CIK 0001179475 · Q2 2026

13F Equity AUM

$434.0M

-6.2% QoQ

Positions

231

-37 QoQ

AUM Rank

#4,059

Top 46%

Skill Alpha (FF)

+2.5%/yr^ns

No Clear Edge

Rank #1,204 · Top 15%

vs S&P +1.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 5.6%Top 10: 10.4%Top 20: 18.8%

PEP1.2%

UI1.2%

INCY1.1%

VSAT1.1%

NBIX1.1%

BIIB1.1%

HSY1.0%

CMPR1.0%

JXC10.9%

UNFI0.9%

Others (221)89.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare22.3%

Consumer Cyclical15.3%

Technology15.0%

Financial Services10.8%

Energy10.4%

Consumer Defensive9.5%

Industrials5.3%

Communication Services4.4%

Other7.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 231Median: 0.40%Avg: 0.43%

0–0.5%

140(36.1%)

0.5–1%

84(56.3%)

1–3%

7(7.7%)

3–5%

0(0.0%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 231vs 20 funds

0%Low

231

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New65Increased40Decreased42Exited103

New Positions

TDC0.8%

+105K

PACS0.8%

+84K

PQ30.8%

+147K

CRM0.8%

+21K

OZK0.8%

+63K

GMED0.8%

+42K

REGN0.8%

+5K

GOOGL0.7%

+8K

TE0.7%

+315K

INBX0.7%

+32K

Increased

AUPH0.8%

+126K(+150%)

RUN0.6%

+84K(+80%)

B0.8%

+61K(+200%)

GCT0.6%

+53K(+167%)

FSLY0.6%

+42K(+40%)

GIS0.8%

+42K(+67%)

CTSH0.6%

+42K(+200%)

CRI0.6%

+42K(+200%)

PEP1.2%

+27K(+260%)

NEM0.8%

+24K(+200%)

Decreased

SHLS0.6%

-168,000(-40%)

FLNC0.5%

-105,000(-50%)

CNXC0.2%

-105,000(-71%)

ACAD0.4%

-105,000(-63%)

AAL0.6%

-63,000(-30%)

ETSY0.7%

-42,000(-50%)

STOK0.3%

-42,000(-50%)

INVA0.6%

-42,000(-29%)

CPB0.9%

-42,000(-20%)

AMPX0.3%

-42,000(-29%)

Exited

-126,000

-63,000

-63,000

-42,000

-210,000

-29,400

-105,000

QIAGEN NV

-84,000

TLN

-10,500

TMDX

-31,500

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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