Hussman’s Discreet Retreat from TG Therapeutics

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One observes, with a certain detached amusement, the comings and goings of institutional money. Hussman Strategic Advisors, a firm not entirely unfamiliar with the vagaries of the market, recently concluded its association with TG Therapeutics. A complete divestment, you understand. All 126,000 shares, quietly released back into the wild. A rather decisive severing of ties, and one suspects, not entirely prompted by affection.

The position, which previously accounted for a mere 1.0% of Hussman’s assets under management – a rounding error in the grand scheme, really – has vanished. One imagines the portfolio managers, with a sigh of resignation, reallocating the funds to something less… problematic. The markets, of course, remain impervious to such personal dramas.

Current Holdings – A Brief Accounting

For those inclined to keep score, Hussman’s remaining affections currently lie with:

  • NASDAQ: QCOM: $4.7 million (1.1% of AUM)
  • NYSE: ETSY: $4.7 million (1.1% of AUM)
  • NYSE: UI: $4.6 million (1.1% of AUM)
  • NYSE: UNFI: $4.2 million (1.0% of AUM)
  • NASDAQ: CHTR: $3.9 million (1.0% of AUM)

A Company Portrait: TG Therapeutics

TG Therapeutics, for the uninitiated, occupies itself with the rather ambitious task of combating B-cell malignancies and autoimmune diseases. A laudable pursuit, certainly, though one fraught with the usual perils of the biotechnology sector. They dabble in monoclonal antibodies and small-molecule inhibitors, a lexicon guaranteed to induce glazed expressions in the less scientifically inclined.

The company, in its promotional materials, speaks of “strategic partnerships” and a “robust clinical program.” One suspects these are merely euphemisms for relentless fundraising and a desperate race against time and competitors. They generate revenue, naturally, by selling and licensing their creations – a perfectly respectable, if somewhat mercenary, activity.

Their targets, one gathers, are healthcare providers and patients afflicted with the aforementioned ailments. A captive audience, one might say, though hardly an uncritical one.

The Implications for Investors – A Sober Assessment

As of September 30th, TG Therapeutics held a modest, though not insignificant, position within Hussman’s portfolio, valued at $4.6 million. Its departure leaves a void, of course, though one suspects Hussman’s overall performance will scarcely be affected.

The stock itself, over the past year, has underperformed the broader market, losing 11.8% through January 30th. A rather dismal showing, particularly when contrasted with the Nasdaq Composite’s 20% gain and the S&P 500’s 15.8% ascent. One begins to suspect that passive investment in an index fund might, in retrospect, have been the more prudent course.

A loss is always regrettable, of course. But a loss incurred while the market enjoys a veritable bull run is particularly galling. It serves as a rather pointed reminder that one can, indeed, be wrong – and that the market, with its characteristic indifference, will not offer condolences.

Preliminary fourth-quarter revenue reached $182 million, and third-quarter revenue grew by 92.8% to $161.7 million. These figures, while superficially impressive, should be viewed with a healthy dose of skepticism. Revenue growth, after all, is not synonymous with profitability.

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2026-02-03 02:02