John Hussman - Hussman Strategic Advisors, Inc. Portfolio Q3'2025: Top Holdings & Recent Changes

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John Hussman - Hussman Strategic Advisors, Inc. continues to pursue an actively traded, risk-aware equity strategy. His Q3’2025 portfolio shows $461.8 million spread across 270 positions, with notable reductions in cyclical names and gold miners alongside fresh buying in select technology, healthcare, and consumer growth stocks.

Portfolio Overview: A Widely Diversified, High-Turnover Playbook

Portfolio Highlights (Q3’2025): - Market Value: $461.8M
- Top 10 Holdings: 10.1%
- Portfolio Size: 270 +39 positions
- Average Holding Period: 7 quarters
- Turnover: 63.3%

Unlike ultra-concentrated value managers, Hussman Strategic Advisors’ portfolio is intentionally broad, with the top 10 holdings representing just 10.1% of assets. This structure suggests an emphasis on risk dispersion and factor exposure rather than a handful of dominant single-stock bets, consistent with Hussman’s historically defensive and macro-aware approach.

The expansion to 270 positions, up by 39 holdings this quarter, paired with 63.3% turnover, highlights an actively managed strategy that frequently recalibrates exposures as valuations, earnings trends, and macro conditions evolve. For investors studying the Hussman Strategic portfolio, this quarter underscores a willingness to exit and resize positions aggressively, especially in more cyclical or commodity-linked areas.

With a 7-quarter average holding period, the fund is not purely trading-oriented; positions are generally held for close to two years on average, but are actively adjusted along the way. This blend of medium-term holding periods and high turnover points to a systematic or model-driven process that rebalances allocations as risk/reward profiles shift, rather than a pure buy-and-hold philosophy.

Top Holdings Overview: Defensive Staples, Gold Miners, and Select Growth

The Q3’2025 positioning is led by a mix of consumer staples, communications infrastructure, industrials, precious metals, and select growth names in technology and healthcare. The portfolio is anchored near the top by food distribution and packaged food, with material rotation across miners and high-growth names.

Among the largest and most active holdings, United Natural Foods, Inc. (UNFI) stands out at 1.3% of the portfolio, even after a “Reduce 16.67%” action, signaling some profit-taking or risk reduction in this wholesale food distributor. Campbell Soup Company (CPB), a classic consumer staples defensive name, represents 1.1% of assets and was also trimmed with a “Reduce 11.11%” move, suggesting a modest de-emphasis on packaged food exposure despite its defensive profile.

In communications and cable, Charter Communications, Inc. (CHTR) holds 1.1% of the portfolio and was meaningfully increased with an “Add 28.57%” adjustment. This sizable add indicates rising conviction in Charter’s cash-flow profile and pricing power despite a competitive broadband backdrop. In industrials, Barnes Group Inc. (B) is also a 1.1% position but saw a dramatic “Reduce 81.25%”, effectively turning it into a residual holding and signaling a significant shift away from this engineered components and aerospace supplier.

Gold and precious metals exposure, historically used by many managers as a hedge or macro insurance, was sharply cut this quarter. Newmont Corporation (NEM) accounts for 0.9% of the portfolio after an aggressive “Reduce 83.33%”, while Agnico Eagle Mines Limited (AEM) also sits at 0.9% post a similarly large “Reduce 83.33%” move. These parallel reductions suggest a broad de-risking from gold miners rather than a stock-specific call.

In healthcare and biotech, TG Therapeutics, Inc. (TGTX) at 1.0% and Exelixis, Inc. (EXEL) at 0.9% remained “No change”, indicating steady conviction in these therapeutic and oncology-focused names. PTC Therapeutics, Inc. (PTCT), another biotech-oriented position, sits at 0.8% with “No change”, rounding out the top 10 with a stable allocation to innovative but higher-risk healthcare assets.

Beyond the top 10, several high-velocity moves stand out. A10 Networks, Inc. (ATEN) was initiated or significantly expanded with a “Buy” action to 0.8% of the portfolio, providing exposure to networking and cybersecurity appliances. In premium athleisure, Lululemon Athletica Inc. (LULU) now represents 0.8% after a strong “Add 66.67%”, signaling a more assertive stance on consumer discretionary growth.

Two of the most striking adjustments are in smaller healthcare and technology growth names. CorMedix Inc. (CRMD) was boosted by “Add 400.00%” to reach 0.8%, indicating a high-conviction average-up or scale-in to this specialty pharma/medical product story. Similarly, Globant S.A. (GLOB), a digital transformation and IT services provider, rose to 0.8% after an “Add 50.00%”, indicating confidence in secular technology spending despite macro uncertainty.

Overall, these 10–15 key holdings paint a picture of a broad, factor-aware portfolio: modest-sized positions in defensives and staples, sharply reduced exposure to gold miners, and targeted adds in selective growth and tech-enabled businesses.

What the Portfolio Reveals About Current Strategy

Several themes emerge from the Q3’2025 positioning of the Hussman Strategic portfolio:

• Risk diversification over single-name concentration
  With just 10.1% of assets in the top 10 positions and 270 holdings in total, risk is spread across a large number of relatively small bets. This aligns more with a factor, sector, and style-driven approach than a traditional concentrated stock-picking strategy.
• Active rotation and tactical risk management
  A 63.3% turnover rate and extreme cuts (e.g., “Reduce 81.25%” in Barnes Group, “Reduce 83.33%” in Newmont and Agnico Eagle) show a willingness to exit themes quickly when the risk/reward shifts. This is consistent with a manager who responds dynamically to macro, valuation, or technical signals rather than holding for a decade regardless of conditions.
• Balanced exposure across sectors
  The highlighted positions span consumer staples and discretionary (UNFI, CPB, LULU), communications/infrastructure (CHTR), industrials (B), gold and miners (NEM, AEM), healthcare/biotech (TGTX, EXEL, PTCT, CRMD), and technology/services (ATEN, GLOB). The result is a multi-sector, low-concentration risk profile.
• Selective embracing of growth and innovation
  While the overall structure is defensive and diversified, the heavy adds in names like LULU, CRMD, and GLOB indicate targeted conviction in companies with secular growth runways and strong competitive positioning.

Portfolio Concentration Analysis

Using the reported top 10 holdings:

These figures confirm that each top holding is well below 2% of the overall portfolio, reinforcing the low-concentration nature of the strategy. The top 10 sum to 10.1% of assets, leaving nearly 90% distributed across the remaining 260+ positions.

The pattern of changes is also instructive: three holdings (TGTX, EXEL, PTCT) are unchanged, anchoring stable exposure to biotech and oncology. Meanwhile, four positions were sharply reduced (UNFI, CPB, B, NEM, AEM), while Charter Communications is the lone top-10 add. This shows a tilt away from certain cyclicals and hedges, with a measured increase in communications infrastructure.

For investors, the takeaway is clear: the Hussman Strategic Advisors portfolio seeks to capture a broad array of equity risk premia while tightly managing single-name exposure and actively rotating themes as conditions change.

Investment Lessons from John Hussman’s Strategy

Several practical lessons emerge from studying the John Hussman Q3’2025 portfolio:

• Diversification can be used as a risk-control tool
  Instead of relying on a few massive bets, Hussman spreads risk across 270 holdings, with each top position under 2%. This shows one way to limit idiosyncratic blow-up risk while still expressing macro and factor views.
• Turnover is a feature, not a bug, in an adaptive strategy
  With 63.3% turnover, the portfolio is designed to adapt. The deep cuts in NEM, AEM, and B illustrate a willingness to act decisively when an investment case weakens.
• Position sizing is dynamic
  The “Add 400.00%” to CRMD and “Add 66.67%” to LULU show that as conviction or risk/reward improves, positions are scaled up—while still remaining modest as a percentage of overall capital.
• Blend of defensives and growth
  Exposure to staples like CPB and distributors like UNFI is balanced with growth and innovation in names like GLOB, LULU, and biotech holdings. This provides a barbell between resilience and upside.
• Holding period discipline with ongoing risk checks
  A 7-quarter average holding period suggests that ideas are given time to play out, but the portfolio is not left on autopilot. The quarter’s activity demonstrates continual reassessment rather than rigid buy-and-forget behavior.

For retail investors, these principles can be adapted at smaller scale: diversify thoughtfully, adjust position sizes as conviction changes, and balance defensives with selective growth rather than swinging between extremes.

Looking Ahead: What Comes Next for the Hussman Strategic Portfolio?

While the 13F data reflects positions as of the end of Q3’2025 and does not reveal intra-quarter trades, the current configuration offers clues about what may come next:

• Room for further thematic shifts
  With nearly 90% of capital outside the top 10 and active turnover near two-thirds per year, the portfolio is structurally positioned to pivot—whether toward more defensives, more growth, or renewed hedging via miners or other exposures.
• Potential for continued trimming of cyclical and commodity-sensitive names
  The large reductions in NEM and AEM may indicate a less bearish immediate view on macro risk (and thus lower need for gold exposure) or simply a valuation call. Future quarters will show whether this de-emphasis continues.
• Monitoring growth allocations
  Investors should watch whether outsized adds in CRMD, GLOB, and LULU are the early stages of a broader tilt toward growth and innovation, or idiosyncratic stock-level opportunities within a still-defensive construct.
• Ongoing balance between staples and higher-beta sectors
  Changes in allocations to names like UNFI and CPB will reveal whether Hussman is dialing up or down the portfolio’s overall defensiveness in response to market volatility, inflation dynamics, and earnings trends.

For investors who want to stay ahead of these shifts, tracking each new quarterly 13F and leveraging the analytics at ValueSense’s Hussman Strategic page is an effective way to follow the evolving playbook.

FAQ about John Hussman’s Portfolio

Q: What were the most significant changes in John Hussman’s Q3’2025 portfolio?

The most dramatic moves included large reductions in gold miners Newmont (NEM) and Agnico Eagle (AEM) (each “Reduce 83.33%”), a steep cut in Barnes Group (B) (“Reduce 81.25%”), and substantial adds to growth and specialty names like CorMedix (CRMD) (“Add 400.00%”), Lululemon (LULU) (“Add 66.67%”), and Globant (GLOB) (“Add 50.00%”).

Q: How concentrated is John Hussman’s portfolio?

The top 10 holdings represent only 10.1% of the total $461.8M portfolio, and there are 270 positions in total. This makes Hussman’s portfolio one of the more broadly diversified among superinvestors tracked on ValueSense, with each top position under 2% of assets.

Q: How does Hussman manage risk in this strategy?

Risk is managed primarily through broad diversification, small position sizes, and high turnover 63.3% that allows the manager to quickly rebalance exposures as conditions change. The wide sector mix—staples, communications, healthcare, technology, industrials, and miners—helps avoid overconcentration in any single theme.

Q: Which sectors or themes stand out in the Q3’2025 holdings?

Key themes include consumer defensives (UNFI, CPB), healthcare and biotech (TGTX, EXEL, PTCT, CRMD), technology and digital services (ATEN, GLOB), and reduced exposure to gold miners (NEM, AEM).

Q: How can I track or follow John Hussman’s holdings?

You can follow John Hussman’s portfolio through quarterly 13F filings, which U.S. institutional managers must submit within 45 days after each quarter-end. Because of this 45-day reporting lag, positions may have changed by the time filings are public. Platforms like ValueSense aggregate these filings and provide an updated view of the Hussman Strategic portfolio, including historical changes, sector breakdowns, and position analytics.

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