Hussman Strategic Growth Fund

Hussman Strategic Growth (HSGFX) is a recent entry (launched June 2000), but already has produced remarkable performance.  Barron's (Oct 27) cites Hussman for a 21% annualized return from inception, while the S&P was down 9%.  Morningstar gives it five stars.

Even more impressive, but unremarked in the press, is that this fund's outstanding performance was aided substantially by its market timing expertise.  While beta averaged about zero (0.05) over the past three years, it has ranged from -.35 to +.70.  With low beta during market weakness (essentially all-negative exposure through July '02) and high beta during market strength (all-positive since March '03), it clocked a BetaGain of +7.2% over the past three years.

Check the plots in the chart below. Moving beta (labeled "EqExp") and the BetaGain model show you aspects of fund performance you've never seen before!

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