Hussman Strategic Advisors Portfolio in 2026: Top Holdings & Recent Changes
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John Hussman, through his firm Hussman Strategic Advisors, showcases a dynamic, high-turnover approach in the latest 13F filing. The firm's $413.7M portfolio reflects active position management across 252 holdings, with notable new bets like Etsy (ETSY) and Ubiquiti (UI) at 1.1% each, signaling opportunistic plays in tech and networking amid market rotations.
Portfolio Overview: Diversified Breadth with Tactical Precision
Portfolio Highlights (Q4’2025): - Market Value: $413.7M - Top 10 Holdings: 9.9% - Portfolio Size: 252 -28 - Average Holding Period: 7 quarters - Turnover: 84.1%
Hussman Strategic Advisors maintains a highly diversified portfolio with 252 positions, a reduction of 28 from the prior quarter, underscoring disciplined pruning amid elevated turnover of 84.1%. This breadth contrasts with concentrated superinvestors, suggesting a systematic strategy that spreads risk across numerous small bets while focusing adjustments on high-conviction shifts. The top 10 holdings represent just 9.9% of assets, emphasizing equal-weighting discipline rather than outsized bets.
The 7-quarter average holding period indicates tactical patience—long enough for theses to play out but short relative to buy-and-hold peers, aligning with Hussman's market-timing reputation. High turnover reflects proactive adaptation to valuations and opportunities, with the portfolio contraction signaling risk management in a volatile environment. Track these metrics on the firm's ValueSense superinvestor page for ongoing 13F insights.
This structure suits investors seeking exposure to undervalued names without single-stock blowups, blending quantitative screening with qualitative tweaks.
Top Holdings: New Tech Entries and Healthcare Momentum
Leading the pack is QUALCOMM (QCOM) at 1.1%, trimmed by 13.33% as Hussman Strategic Advisors rotates out of prior strength. Fresh conviction shines in two 100% adds: Etsy (ETSY) and Ubiquiti (UI), both at 1.1%, betting on e-commerce resilience and networking hardware recovery. United Natural Foods (UNFI) holds at 1.0% after a 20% reduction, maintaining wholesale food exposure.
Healthcare and biotech draw increases, with ACADIA Pharmaceuticals (ACAD) added 16.67% to 0.9% and Halozyme Therapeutics (HALO) boosted 66.67% to 0.9%. Reductions hit Exelixis (EXEL) by 20% at 0.9%, trimming oncology plays. Beyond the top ranks, further changes include a 100% add to Concentrix (CNXC) 0.8%, a new buy in Nutex Health (NUTX) 0.8%, and a 33.33% addition to CVS Health (CVS) 0.8%, signaling healthcare services optimism.
Stable anchors like Charter Communications (CHTR) (1.0%, no change), Genpact (G) (0.9%, no change), and Check Point Software (CHKP) (0.9%, no change) provide continuity amid the churn.
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What the Portfolio Reveals
Hussman Strategic Advisors' Q4 moves highlight a risk-aware, opportunistic strategy blending tech innovation, healthcare catalysts, and defensive services:
- Tech and Networking Tilt: New 100% adds in ETSY and UI suggest bets on undervalued digital platforms and infrastructure amid AI tailwinds.
- Healthcare Focus: Increases in ACAD, HALO, CNXC, NUTX, and CVS point to pipeline momentum and services recovery.
- Risk Management via Diversification: 252 positions and low top-10 concentration 9.9% mitigate volatility, with 84.1% turnover enabling swift exits like QCOM and EXEL.
- Primarily U.S.-Centric: Holdings like CHKP add global flavor, but domestic focus dominates.
This reveals a contrarian stance, targeting beaten-down sectors with short-to-medium holding horizons.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| QUALCOMM Incorporated | $4,669.7K | 1.1% | Reduce 13.33% |
| Etsy, Inc. | $4,657.0K | 1.1% | Add 100.00% |
| Ubiquiti Inc. | $4,648.1K | 1.1% | Add 100.00% |
| United Natural Foods, Inc. | $4,242.4K | 1.0% | Reduce 20.00% |
| Charter Communications, Inc. | $3,945.4K | 1.0% | No change |
| Genpact Limited | $3,929.5K | 0.9% | No change |
| ACADIA Pharmaceuticals Inc. | $3,926.4K | 0.9% | Add 16.67% |
| Check Point Software Technologies Ltd. | $3,896.8K | 0.9% | No change |
| Exelixis, Inc. | $3,681.7K | 0.9% | Reduce 20.00% |
| Halozyme Therapeutics, Inc. | $3,533.3K | 0.9% | Add 66.67% |
The table illustrates Hussman Strategic Advisors' ultra-diversified approach, where even top positions cap at 1.1%—far below typical concentrated funds. This equal-weighting across tech (QCOM, ETSY, UI), telecom/services (CHTR), and healthcare (ACAD, HALO) spreads risk while allowing nimble adjustments via high turnover.
Dynamic changes—three adds over 16%, balanced by reductions—demonstrate conviction in new ideas without overcommitting, supporting a systematic value framework that thrives on breadth.
Investment Lessons from Hussman Strategic Advisors
- High Turnover Enables Adaptability: 84.1% churn shows the value of regularly reassessing positions, exiting like QCOM (down 13.33%) to fund winners.
- Diversification Without Dilution: 252 holdings with tiny top-10 slice 9.9% captures broad opportunities while controlling blowup risk.
- Target Undervalued Catalysts: 100% adds in ETSY and UI highlight hunting beaten-down growth at inflection points.
- Short Holding Periods Signal Timing: 7 quarters average underscores market awareness over permanence.
- Sector Rotation Beats Static Bets: Shifts to healthcare (HALO up 66.67%) reflect rotating into momentum.
Looking Ahead: What Comes Next?
With portfolio size shrinking to 252 -28 and 84.1% turnover, Hussman Strategic Advisors appears poised for further opportunistic deploys, potentially in healthcare and tech dips. New positions like NUTX and CVS position for services rebound, while telecom stability (CHTR) hedges volatility. In 2026's uncertain rate environment, expect continued pruning of overvalued names and adds in undervalued cyclicals. Cash flexibility from trims supports scaling winners if valuations compress.
FAQ about Hussman Strategic Advisors Portfolio
Q: What are the biggest changes in Hussman Strategic Advisors' Q4 2025 13F?
A: Key moves include 100% adds to ETSY and UI (both 1.1%), 66.67% boost to HALO, alongside reductions in QCOM -13.33% and UNFI -20%, with portfolio shrinking by 28 positions.
Q: Why is the portfolio so diversified with low top-10 concentration?
A: At 9.9% in top 10 across 252 holdings, the strategy prioritizes risk control and broad value capture over big bets, using high 84.1% turnover for precise adjustments.
Q: What sectors is Hussman Strategic Advisors focusing on?
A: Tech (ETSY, UI), healthcare/biotech (ACAD, HALO, CVS), and services/telecom dominate recent activity.
Q: How can I track Hussman Strategic Advisors' 13F filings?
A: Use ValueSense's tracker at https://valuesense.io/superinvestors/hussman-strategic for real-time updates, historical changes, and visualizations. Note the 45-day 13F reporting lag means positions may evolve post-filing.
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