John Hussman - Hussman Strategic Advisors, Inc. Portfolio Q2'2025: Top Holdings & Recent Changes
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John Hussman, founder of Hussman Strategic Advisors, is renowned for his risk-aware, macro-driven approach to portfolio management. His Q2’2025 portfolio reflects a defensive stance amid market uncertainty, with notable increases in gold miners and a high turnover rate that underscores tactical repositioning across 210 holdings.
Portfolio Overview: Defensive Positioning and Tactical Rotation
Portfolio Highlights (Q2’2025): - Market Value: $437.6M - Top 10 Holdings: 21.1% - Portfolio Size: 210 -32 - Average Holding Period: 8 quarters - Turnover: 82.9%
The Hussman Strategic Advisors portfolio remains highly diversified, with 210 positions and a relatively low top-10 concentration of 21.1%. This broad approach reflects John Hussman’s commitment to risk mitigation and macro hedging, especially in turbulent markets. The average holding period of 8 quarters suggests a willingness to hold through cycles, but the elevated 82.9% turnover this quarter signals significant repositioning, likely in response to shifting economic signals and valuation resets.
Notably, the portfolio’s top allocations have shifted toward gold miners and defensive equities, a move consistent with Hussman’s historical caution during periods of elevated market risk. The reduction in total positions by 32 names further highlights a selective culling process, possibly to concentrate capital in higher-conviction defensive bets.
Top Holdings Analysis: Gold Miners, Defensive Plays, and New Bets
The portfolio’s most significant changes this quarter center on increased exposure to precious metals and select defensive stocks. AGNICO EAGLE MINES LTD now represents 4.2% of the portfolio after an 87.5% increase in shares, signaling a strong conviction in gold as a hedge. Barnes Group Inc. 3.9% is a new buy, reflecting a tactical move into industrials with stable cash flows.
Other notable additions include UBIQUITI INC (1.6%, Add 33.33%), ROYAL GOLD INC (1.5%, Add 100%), and CHARTER COMMUNICATIONS INC N (1.4%, Add 40%). The portfolio also saw a 28.57% increase in THE CAMPBELLS COMPANY 1.3%, a classic defensive consumer staple.
On the reduction side, COLGATE PALMOLIVE CO was trimmed by 21.88% but remains a core holding at 1.1%. INTERDIGITAL INC (1.1%, Add 100%) and CHECK POINT SOFTWARE TECH LT (1.1%, Add 233.33%) highlight a willingness to scale up in select technology and IP-driven names. EXELIXIS INC (1.1%, Add 66.67%) rounds out the list of aggressive adds, reflecting a tilt toward biotech innovation.
Supplementing these moves, NEWMONT CORP 4.1% remains a top holding with no change, reinforcing the gold theme. The overall top 10 includes a mix of gold, industrials, consumer staples, and technology, with no single position exceeding 4.2%—a testament to Hussman’s diversified, risk-managed philosophy.
What the Portfolio Reveals About Current Strategy
- Defensive Tilt: The surge in gold miners and consumer staples indicates a defensive posture, likely reflecting concerns about equity valuations and macroeconomic headwinds.
- High Turnover: An 82.9% turnover rate suggests active management and tactical repositioning, possibly to capture short-term dislocations or hedge against downside risk.
- Diversification: With 210 holdings and a top-10 concentration of just 21.1%, Hussman continues to prioritize broad diversification over concentrated bets.
- Selective Aggression: While the overall stance is defensive, the portfolio shows targeted aggression in areas like biotech and technology, where upside potential may outweigh broader market risks.
- Risk Management: The combination of defensive sectors, gold exposure, and selective adds/reductions underscores a disciplined approach to risk in uncertain markets.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| AGNICO EAGLE MINES LTD | $18.2M | 4.2% | Add 87.50% |
| NEWMONT CORP | $17.8M | 4.1% | No change |
| Barnes Group Inc. (B) | $17.0M | 3.9% | Buy |
| UBIQUITI INC | $6,915.7K | 1.6% | Add 33.33% |
| ROYAL GOLD INC | $6,348.9K | 1.5% | Add 100.00% |
| CHARTER COMMUNICATIONS INC N | $6,009.5K | 1.4% | Add 40.00% |
| THE CAMPBELLS COMPANY | $5,792.9K | 1.3% | Add 28.57% |
| COLGATE PALMOLIVE CO | $4,772.3K | 1.1% | Reduce 21.88% |
| INTERDIGITAL INC | $4,708.8K | 1.1% | Add 100.00% |
| CHECK POINT SOFTWARE TECH LT | $4,646.3K | 1.1% | Add 233.33% |
Despite the large number of holdings, the top 10 positions account for just over a fifth of the portfolio, with the largest single position at 4.2%. This structure reflects a strong commitment to diversification and risk control, minimizing the impact of any single stock’s performance on overall returns. The significant increases in several top holdings, especially in gold miners and select technology names, highlight a willingness to scale up conviction where macro or valuation signals align.
Investment Lessons from John Hussman’s Approach
- Diversification as Risk Management: Hussman’s broad portfolio demonstrates the value of spreading risk, especially in volatile markets.
- Tactical Flexibility: High turnover and selective adds/reductions show the importance of adapting to changing market conditions.
- Defensive Allocations: Emphasizing gold and consumer staples can provide downside protection when equity markets are uncertain.
- Conviction Scaling: When the thesis is strong, Hussman is willing to significantly increase position sizes, as seen in several top holdings.
- Macro Awareness: Portfolio shifts often reflect broader economic and market signals, not just company fundamentals.
Looking Ahead: What Comes Next?
With substantial cash redeployed into gold miners and defensive equities, the portfolio appears well-positioned for continued volatility or market drawdowns. The high turnover suggests Hussman remains nimble, ready to adjust exposures as new data emerges. Investors should watch for further moves into defensive sectors or opportunistic adds in technology and biotech, especially if market turbulence persists. The current positioning provides both downside protection and selective upside, setting the stage for adaptive management in the quarters ahead.
FAQ about John Hussman’s Portfolio
Q: Why did John Hussman increase exposure to gold miners this quarter?
Hussman’s significant additions to gold miners like AGNICO EAGLE MINES LTD and ROYAL GOLD INC reflect a defensive strategy, likely aimed at hedging against inflation, currency risk, or broader market volatility.
Q: How concentrated is the Hussman Strategic Advisors portfolio?
The portfolio is highly diversified, with 210 holdings and a top-10 concentration of just 21.1%. No single position exceeds 4.2%, underscoring a strong emphasis on risk management and capital preservation.
Q: What does the high turnover rate indicate about Hussman’s strategy?
An 82.9% turnover rate signals active management and tactical repositioning, suggesting Hussman is responding dynamically to changing market conditions and valuation opportunities.
Q: Which sectors or themes are most prominent in the current portfolio?
The portfolio is tilted toward gold miners, consumer staples, and select technology and biotech names, reflecting a defensive yet opportunistic approach.
Q: How can investors track John Hussman’s portfolio changes?
Investors can follow quarterly 13F filings, but should note the 45-day reporting lag. For real-time tracking and analysis, use ValueSense’s Hussman Strategic Advisors portfolio page for updated holdings, changes, and in-depth research.
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