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* Overview
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Hennessy Japan Small Cap Fund
Investor
HJPSX
Institutional
HJSIX
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* OVERVIEW
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Category
Sector & Specialty - Japan
Hennessy_UpdatedAsset_Final
HENNESSY JAPAN SMALL CAP FUND
Actively managed, the Fund maintains a relatively concentrated portfolio of
Japanese small-cap companies.
INVESTOR
HJPSX
INSTITUTIONAL
HJSIX
DOCUMENTS
* PDF Fact Sheet
* PDF Prospectus
MORNINGSTAR STYLE BOX
OVERALL MORNINGSTAR RATING
* Star
* Star
* Star
* Star
* INVESTOR
* HJPSX
Among 33 Japan Stock Funds (Based on risk-adjusted returns, as of 12/31/21)
Portfolio Manager Commentary ArrowRight
--------------------------------------------------------------------------------
WHY INVEST
* Opportunity to invest in the potential rebound of Japan's economy
* Growth-oriented, small-cap Japanese companies that may be overlooked by
other investors
* Asia-based management enables rigorous due diligence and research process
leading to an in-depth understanding of the Japanese market and culture
--------------------------------------------------------------------------------
INVESTMENT APPROACH
From a universe of Japanese stocks with market capitalization in the bottom
20%, the Hennessy Japan Small Cap Fund seeks companies with time-tested
business models and exceptional management trading at attractive valuations.
Focusing on sustainable growth while limiting the downside, the Portfolio
Managers seek companies that exhibit:
- A well-capitalized balance sheet with little debt
- Durable competitive advantage
- High return on equity
- Above average earnings growth rate, which is sustainable and predictable
- Strong cash flow generation
- Value gap between intrinsic value and market price
The portfolio is limited to the Managers’ best ideas and is unconfined to
benchmarks.
PORTFOLIO MANAGERS
* TADAHIRO FUJIMURA, CFA, CMA
Portfolio Manager
* 14
Years on Fund
* 36
Years of Experience
* TAKENARI OKUMURA, CMA
Portfolio Manager
* 3
Years on Fund
* 14
Years of Experience
The Fund is sub-advised by Tokyo-based SPARX Asset Management Co., Ltd.
Since its founding in 1989, SPARX has grown to become the largest independent
asset manager in Japan.
CMA designates Chartered Member of the Security Analysts Association of
Japan.
> “Our extensive research allows us to uncover hidden opportunities among
> small-cap Japanese companies.”
>
> - TAD FUJIMURA
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* INSIGHTS & NEWS
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* Investment Idea
COMPELLING VALUATIONS IN JAPAN
Masakazu Takeda, CFA, CMA
Portfolio Manager
Tadahiro Fujimura, CFA, CMA
Portfolio Manager
Japanese equities are currently trading at compelling valuation levels
compared to other developed equity markets around the world and relative
to their own historical averages. We believe the Japanese market deserves
a closer look...
Read the Investment Idea ArrowRight
* Sector Highlight
JAPAN: AN ISLAND OF VALUE AND POTENTIAL OPPORTUNITY
December 2021
Many current catalysts drive our positive outlook on Japan:
Pandemic-related restrictions have been easing, Kishidanomics is underway,
and valuations look attractive.
Read the Sector Highlight ArrowRight
* Investment Idea
WHY ACTIVE MATTERS WHEN INVESTING IN JAPAN
December 2021
When investing in Japanese businesses, we believe it is imperative to
select a manager who is immersed in the culture and can perform in-depth,
company-specific research to build a concentrated portfolio of Japanese
companies that can outperform a benchmark and weather volatility.
Read the Investment Idea ArrowRight
* Portfolio Perspective
ROOM FOR RECOVERY IN JAPANESE SMALL-CAP STOCKS
November 2021
Portfolio Manager Tad Fujimura shares his thoughts on the new Prime
Minister, the global supply chain issues, areas of opportunity for the
Fund, notable changes in the portfolio, earnings growth, valuations, and
the outlook for Japanese domestic companies.
Read the Commentary ArrowRight
* Portfolio Perspective
SMALL-CAP JAPANESE STOCKS POISED TO RECOVER
February 2021
Portfolio Manager Tad Fujimura shares his insights on Japan’s economic
recovery, small-cap valuations, attractive sectors, and notable additions
and deletions from the portfolio.
Read the Commentary ArrowRight
View All Fund Insights
* PERFORMANCE
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DAILY PRICING & PERFORMANCE
as of 3/24/22
* Investor Class (HJPSX)
* NAV
$15.29
* $ CHANGE
$0.15
* % CHANGE
0.99%
* YTD
-10.79%
* Institutional Class (HJSIX)
* NAV
$15.09
* $ CHANGE
$0.14
* % CHANGE
0.94%
* YTD
-10.71%
AVERAGE ANNUALIZED TOTAL RETURN
Monthly Quarterly
Monthly
Quarterly
as of 2/28/22
Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (8/31/07) Investor Class
(HJPSX) 0.75% -5.72% -6.37% 4.40% 7.44% 11.42% 8.86% Institutional Class
(HJSIX) 0.82% -5.62% -5.99% 4.81% 7.89% 11.69% 9.04% Russell/Nomura Small
Cap™ Index 1.71% -4.11% -6.76% 2.50% 3.62% 7.03% 4.96% Tokyo Stock Price
Index -0.39% -5.26% -4.39% 6.75% 5.97% 7.02% 3.30%
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as of 12/31/21
Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (8/31/07) Investor Class
(HJPSX) -6.26% -4.65% -4.65% 9.07% 11.17% 12.88% 9.41% Institutional Class
(HJSIX) -6.20% -4.30% -4.30% 9.48% 11.62% 13.14% 9.59% Russell/Nomura Small
Cap™ Index -7.82% -2.81% -2.81% 6.48% 5.99% 8.24% 5.32% Tokyo Stock Price
Index -4.87% 0.96% 0.96% 11.06% 8.24% 8.53% 3.72%
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HYPOTHETICAL GROWTH OF $10,000
as of 2/28/2022
1 year 3 years 5 years 10 years Since Inception
1 year
3 years
5 years
10 years
Since Inception
Created with Highcharts 6.0.4Investor Class (HJPSX)Institutional Class
(HJSIX)Russell/Nomura Small Cap™ IndexTokyo Stock Price
Index12/29$9,000$9,500$10,000$10,500$11,000
VALUE OF $10,000 INVESTED BETWEEN 2/28/2021 AND 2/28/2022
Japan Small Cap Fund (HJPSX) $9,363 Japan Small Cap Fund (HJSIX) $9,401
Russell/Nomura Small Cap™ Index $9,324 Tokyo Stock Price Index $9,575
Created with Highcharts 6.0.4Investor Class (HJPSX)Institutional Class
(HJSIX)Russell/Nomura Small Cap™ IndexTokyo Stock Price
Index12/24$8,000$10,000$12,000$14,000
VALUE OF $10,000 INVESTED BETWEEN 2/28/2019 AND 2/28/2022
Japan Small Cap Fund (HJPSX) $11,379 Japan Small Cap Fund (HJSIX) $11,512
Russell/Nomura Small Cap™ Index $10,768 Tokyo Stock Price Index $12,183
Created with Highcharts 6.0.4Investor Class (HJPSX)Institutional Class
(HJSIX)Russell/Nomura Small Cap™ IndexTokyo Stock Price
Index12/49$8,000$10,000$12,000$14,000$16,000$18,000
VALUE OF $10,000 INVESTED BETWEEN 2/28/2017 AND 2/28/2022
Japan Small Cap Fund (HJPSX) $14,319 Japan Small Cap Fund (HJSIX) $14,616
Russell/Nomura Small Cap™ Index $11,745 Tokyo Stock Price Index $13,384
Created with Highcharts 6.0.4Investor Class (HJPSX)Institutional Class
(HJSIX)Russell/Nomura Small Cap™ IndexTokyo Stock Price
Index12/99$0$10,000$20,000$30,000$40,000
VALUE OF $10,000 INVESTED BETWEEN 2/29/2012 AND 2/28/2022
Japan Small Cap Fund (HJPSX) $29,486 Japan Small Cap Fund (HJSIX) $30,214
Russell/Nomura Small Cap™ Index $19,389 Tokyo Stock Price Index $19,739
Created with Highcharts 6.0.4Investor Class (HJPSX)Institutional Class
(HJSIX)Russell/Nomura Small Cap™ IndexTokyo Stock Price
Index01/0801/0901/1001/1101/1201/1301/1401/1501/1601/1701/1801/1901/2001/2101/22$0$10,000$20,000$30,000$40,000$50,000
VALUE OF $10,000 INVESTED BETWEEN 8/31/2007 AND 2/28/2022
Japan Small Cap Fund (HJPSX) $34,239 Japan Small Cap Fund (HJSIX) $35,085
Russell/Nomura Small Cap™ Index $19,830 Tokyo Stock Price Index $16,040
This data illustrates the performance of a hypothetical $10,000 investment
made in the Fund for the period noted, and it assumes reinvestment of
dividends and capital gains. This chart does not imply future performance.
CALENDAR YEAR TOTAL RETURNS
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Investor Class (HJPSX) 12.76 33.17 8.75 11.59 8.52 49.58 -12.51 19.95 13.43
-4.65
Institutional Class (HJSIX) 12.76 33.17 8.75 11.81 8.62 50.27 -12.13 20.42
13.88 -4.30
Russell/Nomura Small Cap™ Index 6.37 25.28 -0.50 15.49 7.74 35.34 -18.12
18.34 4.97 -2.81
Tokyo Stock Price Index 8.06 26.48 -2.95 10.97 3.69 26.56 -14.30 19.67 13.38
0.96
Year
Investor Class (HJPSX)
Institutional Class (HJSIX)
Russell/Nomura Small Cap™ Index
Tokyo Stock Price Index 2011 -4.17% -4.17% -2.34% -11.82% 2010 23.99% 23.99%
17.73% 14.44% 2009 13.88% 13.88% 6.60% 4.69% 2008 -22.31% -22.31% -16.28%
-25.50%
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RETURNS-BASED STATISTICS
RELATIVE TO RUSSELL/NOMURA SMALL CAP™ INDEX
as of 12/31/21
Investor Class (HJPSX)
Type 3 yr 5 yr 10 yr Alpha 2.45 4.90 4.81 Beta 1.03 1.01 0.93 Upside Capture
106.77 111.41 106.54 Downside Capture 95.01 85.64 80.69
Institutional Class (HJSIX)
Type 3 yr 5 yr 10 yr Alpha 2.84 5.31 5.05 Beta 1.03 1.01 0.93 Upside Capture
107.80 112.60 107.12 Downside Capture 94.14 84.68 79.93
Alpha measures the fund’s excess return relative to the return of the
benchmark. Beta measures the volatility of the fund compared to that of the
benchmark. The beta of the benchmark is 1.00. Capture ratios measure the
fund’s overall performance in up markets (positive return periods) and down
markets (negative return periods).
SHARPE RATIO
as of 12/31/21
Created with Highcharts
6.0.40.560.560.700.700.910.910.580.580.730.730.930.930.440.440.410.410.610.610.740.740.550.550.690.69Investor
Class (HJPSX)Institutional Class (HJSIX)Russell/Nomura Small Cap™ IndexJapan
Stock Category Average3 yr5 yr10 yr00.250.50.751
Type 3 yr 5 yr 10 yr Investor Class (HJPSX) 0.56 0.70 0.91 Institutional
Class (HJSIX) 0.58 0.73 0.93 Russell/Nomura Small Cap™ Index 0.44 0.41 0.61
Japan Stock Category Average 0.74 0.55 0.69
Sharpe Ratio is a measure of risk-adjusted return, reflecting the average
return earned in excess of the risk-free rate per unit of volatility.
STANDARD DEVIATION
as of 12/31/21
Created with Highcharts
6.0.416.4316.4315.1815.1813.6913.6916.4416.4415.2015.2013.6913.6914.7014.7014.0314.0313.4413.4413.8613.8612.9512.9513.2213.22Investor
Class (HJPSX)Institutional Class (HJSIX)Russell/Nomura Small Cap™ IndexJapan
Stock Category Average3 yr5 yr10 yr05101520
Type 3 yr 5 yr 10 yr Investor Class (HJPSX) 16.43 15.18 13.69 Institutional
Class (HJSIX) 16.44 15.20 13.69 Russell/Nomura Small Cap™ Index 14.70 14.03
13.44 Japan Stock Category Average 13.86 12.95 13.22
Standard deviation is a statistical measure of the historical volatility of a
mutual fund or portfolio.
FUND EXPENSES
* Investor Class (HJPSX)
* GROSS EXPENSE RATIO
1.53%
* Institutional Class (HJSIX)
* GROSS EXPENSE RATIO
1.13%
Performance data quoted represents past performance; past performance does
not guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost. Current performance of the fund
may be lower or higher than the performance quoted.
Morningstar Proprietary Ratings reflect risk-adjusted performance as of
12/31/21. The Morningstar Rating™ for funds, or "star rating", is calculated
for managed products (including mutual funds, variable annuity and variable
life subaccounts, exchange-traded funds, closed-end funds, and separate
accounts) with at least a three-year history. Exchange-traded funds and
open-ended mutual funds are considered a single population for comparative
purposes. It is calculated based on a Morningstar Risk-Adjusted Return
measure that accounts for variation in a managed product's monthly excess
performance, placing more emphasis on downward variations and rewarding
consistent performance. The top 10% of products in each product category
receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3
stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The
Overall Morningstar Rating™ for a managed product is derived from a weighted
average of the performance figures associated with its three-, five-, and
10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100%
three-year rating for 36-59 months of total returns, 60% five-year rating/40%
three-year rating for 60-119 months of total returns, and 50% 10-year
rating/30% five-year rating/20% three-year rating for 120 or more months of
total returns. While the 10-year overall star rating formula seems to give
the most weight to the 10-year period, the most recent three-year period
actually has the greatest impact because it is included in all three rating
periods. Investor Class (HJPSX) received 2 stars for the three-year, 4 stars
for the five-year and 4 stars for the ten-year periods ended 12/31/21 among
33, 27 and 21 Japan Stock Funds, respectively. Each share class is counted as
a fraction of one fund within this scale and rated separately, which may
cause slight variations in distribution percentage. The 10-year Morningstar
Rating is an extended performance rating based on the historically adjusted
returns prior to the inception date of the Institutional Class share class
(6/15/15) and reflects the historical performance, fees, and expenses of the
Investor share class.
Each Morningstar category average represents a universe of funds with similar
objectives. The Morningstar Style Box reveals the fund's investment style as
of 12/31/21. The vertical axis shows the market capitalization of the stocks
owned and the horizontal axis shows investment style (value, blend, or
growth). ©Morningstar, Inc. All Rights Reserved. Past performance is no
guarantee of future results.
The performance shown for Institutional Class shares / HJSIX prior to 6/15/15
represents the performance of Investor Class shares of the Fund and includes
expenses that are not applicable to and are higher than those of
Institutional Class shares.
The Russell/Nomura Small Cap™ Index represents the universe of small
capitalization companies in the Japanese equity markets. The Tokyo Stock
Price Index (TOPIX) is a market capitalization-weighted index of all
companies listed on the First Section of the Tokyo Stock Exchange. One cannot
invest directly in an index.
The returns of the Russell/Nomura Small Cap™ and TOPIX indices are presented
in U.S. Dollar terms.
Frank Russell Company (“Russell”) is the source and owner of the trademarks,
service marks, and copyrights related to the Russell Indexes. Russell® is a
trademark of Russell. Neither Russell nor its licensors accept any liability
for any errors or omissions in the Russell Indexes or Russell ratings or
underlying data, and no party may rely on any Russell Indexes or Russell
ratings or underlying data contained in this communication. No further
distribution of Russell data is permitted without Russell’s express written
consent. Russell does not promote, sponsor, or endorse the content of this
communication.
Fund holdings and sector allocations are subject to change and should not be
considered a recommendation to buy or sell any security.
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* PORTFOLIO
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PORTFOLIO CHARACTERISTICS
as of 12/31/21
Inception Date (HJPSX) 8/31/07 Inception Date (HJSIX) 6/15/15 Total Fund
Assets $107 Million Active Share vs. Russell/Nomura Small Cap™ Index 94%
Portfolio Turnover 21% Median Market Cap $1.0 Billion Median Price/Earnings
11.7x Median Price/Book 1.2x
Price/Earnings measures a stock’s price per share compared to earnings.
Price/Book measures a stock’s price per share to book value. Portfolio
Turnover and Price/Earnings shown reflect the trailing 12-month period.
SECTOR WEIGHTING
as of 12/31/21
Fund Russell/Nomura Small Cap™ Index Difference Industrials 36.9% 26.8%
+10.1% Information Technology 20.5% 15.4% +5.1% Consumer Discretionary 11.8%
16.2% -4.5% Materials 8.1% 11.2% -3.1% Financials 3.7% 8.7% -5.0% Consumer
Staples 3.6% 7.4% -3.8% Health Care 3.6% 5.5% -1.9% Real Estate 2.7% 2.0%
+0.7% Communication Services 2.3% 4.7% -2.4% Energy 1.8% 1.0% +0.8% Utilities
0.9% 1.2% -0.3% Cash & Other 4.3%
PORTFOLIO HOLDINGS
Top 10 Holdings All Holdings
Top 10 Holdings
All Holdings
TOP 10 HOLDINGS
as of 12/31/21
% of Net Assets Top 10 Holdings Ticker Current Vs. 3Q21 Vs. 4Q20 10-Year
Holdings History (%) Time Held TRE Holdings Corp. 9247 2.65% +2.65% +2.65%
Created with Highcharts 6.0.401/1501/20$2.6
< 1 Year Yamaichi Electronics Co., Ltd. 6941 2.37% +0.53% +2.37%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year Hito Communications Holdings, Inc. 4433 2.22% +0.82% +0.12%
Created with Highcharts 6.0.401/1501/20$0$2
3 Years Towa Corp. 6315 2.18% +0.62% +0.56%
Created with Highcharts 6.0.401/1501/20$0
2 Years Seiren Co., Ltd. 3569 2.17% +0.33% +0.45%
Created with Highcharts 6.0.401/1501/20$0
8 Years Kito Corp. 6409 2.12% +0.17% +0.17%
Created with Highcharts 6.0.401/1501/20$0
9 Years Saizeriya Co., Ltd. 7581 2.12% +0.03% +0.90%
Created with Highcharts 6.0.401/1501/20$0
4 Years Nippon Koei Co., Ltd. 1954 2.02% -0.12% +0.69%
Created with Highcharts 6.0.401/1501/20$0
5 Years Mimaki Engineering Co., Ltd. 6638 2.01% -0.18% +0.97%
Created with Highcharts 6.0.401/1501/20$0
6 Years Digital Garage, Inc. 4819 1.97% -0.12% -0.22%
Created with Highcharts 6.0.401/1501/20$0$2
6 Years Total as % of Net Assets 21.83%
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TOTAL HOLDINGS: 63
as of 12/31/21
Print All Holdings
% of Net Assets Equity Holdings Ticker Current Vs. 3Q21 Vs. 4Q20 10-Year
Holdings History (%) Time Held TRE Holdings Corp. 9247 2.65% +2.65% +2.65%
Created with Highcharts 6.0.401/1501/20$2.6
< 1 Year Yamaichi Electronics Co., Ltd. 6941 2.37% +0.53% +2.37%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year Hito Communications Holdings, Inc. 4433 2.22% +0.82% +0.12%
Created with Highcharts 6.0.401/1501/20$0$2
3 Years Towa Corp. 6315 2.18% +0.62% +0.56%
Created with Highcharts 6.0.401/1501/20$0
2 Years Seiren Co., Ltd. 3569 2.17% +0.33% +0.45%
Created with Highcharts 6.0.401/1501/20$0
8 Years Kito Corp. 6409 2.12% +0.17% +0.17%
Created with Highcharts 6.0.401/1501/20$0
9 Years Saizeriya Co., Ltd. 7581 2.12% +0.03% +0.90%
Created with Highcharts 6.0.401/1501/20$0
4 Years Nippon Koei Co., Ltd. 1954 2.02% -0.12% +0.69%
Created with Highcharts 6.0.401/1501/20$0
5 Years Mimaki Engineering Co., Ltd. 6638 2.01% -0.18% +0.97%
Created with Highcharts 6.0.401/1501/20$0
6 Years Digital Garage, Inc. 4819 1.97% -0.12% -0.22%
Created with Highcharts 6.0.401/1501/20$0$2
6 Years Hanwa Co., Ltd. 8078 1.96% 0.00% -0.52%
Created with Highcharts 6.0.401/1501/20$0
9 Years Sanyo Chemical Industries, Ltd. 4471 1.95% -0.06% -0.04%
Created with Highcharts 6.0.401/1501/20$0$2
3 Years Creek & River Co., Ltd. 4763 1.93% +0.16% +1.93%
Created with Highcharts 6.0.401/1501/20$0$1.5
1 Year Benefit One, Inc. 2412 1.91% -0.69% -0.09%
Created with Highcharts 6.0.401/1501/20$0
7 Years Transcosmos, Inc. 9715 1.89% -0.25% +0.34%
Created with Highcharts 6.0.401/1501/20$0
3 Years Mirait Holdings Corp. 1417 1.89% -0.35% -0.15%
Created with Highcharts 6.0.401/1501/20$0$2
4 Years Nihon Unisys, Ltd. 8056 1.85% +0.26% +0.06%
Created with Highcharts 6.0.401/1501/20$0
7 Years Tocalo Co., Ltd. 3433 1.80% +0.12% -0.43%
Created with Highcharts 6.0.401/1501/20$0
9 Years SBS Holdings, Inc. 2384 1.80% -0.74% -0.32%
Created with Highcharts 6.0.401/1501/20$0
12 Years Ship Healthcare Holdings, Inc. 3360 1.79% 0.00% -0.43%
Created with Highcharts 6.0.401/1501/20$0
5 Years Iwatani Corp. 8088 1.79% -0.26% -0.72%
Created with Highcharts 6.0.401/1501/20$0$2
2 Years Nihon Kohden Corp. 6849 1.78% +0.84% +1.78%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year Musashi Seimitsu Industry Co. Ltd. 7220 1.75% -0.04% -0.81%
Created with Highcharts 6.0.401/1501/20$0
2 Years Mitsubishi Logisnext Co., Ltd. 7105 1.73% -0.03% -0.43%
Created with Highcharts 6.0.401/1501/20$0
5 Years Sato Holdings Corp. 6287 1.72% -0.19% +0.01%
Created with Highcharts 6.0.401/1501/20$0$2
5 Years Macnica Fuji Electronics Holdings 3132 1.72% +0.06% -0.20%
Created with Highcharts 6.0.401/1501/20$0$2
4 Years NGK Spark Plug Co. Ltd. 5334 1.68% +0.27% +1.03%
Created with Highcharts 6.0.401/1501/20$0
1 Year Septeni Holdings Co., Ltd. 4293 1.67% +0.54% +0.68%
Created with Highcharts 6.0.401/1501/20$0
1 Year Nishimoto Co., Ltd. 9260 1.59% -0.31% -0.03%
Created with Highcharts 6.0.401/1501/20$0$2
3 Years Senko Group Holdings Co., Ltd. 9069 1.59% -0.19% -0.40%
Created with Highcharts 6.0.401/1501/20$1.5
3 Years Siix Corp. 7613 1.58% +0.31% +0.40%
Created with Highcharts 6.0.401/1501/20$0
1 Year Rengo Co., Ltd. 3941 1.58% -0.03% +0.59%
Created with Highcharts 6.0.401/1501/20$0
1 Year The Musashino Bank, Ltd. 8336 1.56% +0.12% +1.56%
Created with Highcharts 6.0.401/1501/20$0.75$1.5
1 Year Kyoei Steel, Ltd. 5440 1.55% +0.53% +1.55%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year Star Mica Holdings Co. Ltd. 2975 1.55% -0.28% -0.06%
Created with Highcharts 6.0.401/1501/20$0
2 Years Japan Pile Corp. 5288 1.53% -0.06% -0.22%
Created with Highcharts 6.0.401/1501/20$0
6 Years Daihen Corp. 6622 1.53% -0.13% -0.75%
Created with Highcharts 6.0.401/1501/20$0
6 Years Elecom Co., Ltd. 6750 1.49% +0.21% -0.34%
Created with Highcharts 6.0.401/1501/20$0
9 Years Fuji Corp. 6134 1.48% -0.17% -0.87%
Created with Highcharts 6.0.401/1501/20$0
2 Years Tokyo Ohka Kogyo Co., Ltd. 4186 1.47% -0.03% -0.50%
Created with Highcharts 6.0.401/1501/20$0
2 Years Ushio, Inc. 6925 1.44% +0.44% +1.44%
Created with Highcharts 6.0.401/1501/20$0$1
< 1 Year Nichiha Corp. 7943 1.43% +0.28% +0.70%
Created with Highcharts 6.0.401/1501/20$0
1 Year Cosmos Pharmaceutical Corp. 3349 1.40% -0.20% -0.22%
Created with Highcharts 6.0.401/1501/20$0
2 Years Tsubakimoto Chain Co. 6371 1.39% +0.51% +1.39%
Created with Highcharts 6.0.401/1501/20$0$1
< 1 Year Benesse Holdings, Inc. 9783 1.37% -0.09% +1.37%
Created with Highcharts 6.0.401/1501/20$0
1 Year Poletowin Pitcrew Holdings, Inc. 3657 1.30% +0.21% +0.21%
Created with Highcharts 6.0.401/1501/20$0
1 Year Tanseisha Co., Ltd. 9743 1.30% -0.01% +1.30%
Created with Highcharts 6.0.401/1501/20$0
1 Year Nippon Signal Company Ltd. 6741 1.15% +0.11% -0.35%
Created with Highcharts 6.0.401/1501/20$0
3 Years Tosei Corp. 8923 1.14% -0.24% -0.09%
Created with Highcharts 6.0.401/1501/20$0
3 Years AEON Financial Service Co., Ltd. 8570 1.11% -0.18% -0.65%
Created with Highcharts 6.0.401/1501/20$0
2 Years Nojima Corp. 7419 1.11% -0.13% +0.16%
Created with Highcharts 6.0.401/1501/20$0
2 Years Tadano Ltd. 6395 1.04% +1.04% +1.04%
Created with Highcharts 6.0.401/1501/20$1
< 1 Year Sac's Bar Holdings, Inc. 9990 0.98% +0.37% +0.98%
Created with Highcharts 6.0.401/1501/20$0$1
< 1 Year Bell System24 Holdings, Inc. 6183 0.95% -0.34% -0.77%
Created with Highcharts 6.0.401/1501/20$0
6 Years Glory Ltd. 6457 0.93% +0.36% +0.93%
Created with Highcharts 6.0.401/1501/20$0$0.75
< 1 Year EF-ON, Inc. 9514 0.90% -0.36% -1.75%
Created with Highcharts 6.0.401/1501/20$0
4 Years Aruhi Corp. 7198 0.77% +0.12% +0.77%
Created with Highcharts 6.0.401/1501/20$0.6$0.8
< 1 Year Macromill, Inc. 3978 0.61% +0.61% +0.61%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year Yoshimura Food Holdings 2884 0.60% -0.14% 0.00%
Created with Highcharts 6.0.401/1501/20$0$1
1 Year Matsuoka Corp. 3611 0.58% -0.10% -0.99%
Created with Highcharts 6.0.401/1501/20$0
3 Years KAWADA TECHNOLOGIES, Inc. 3443 0.57% +0.09% -0.93%
Created with Highcharts 6.0.401/1501/20$0
3 Years Nihon Flush Co., Ltd. 7820 0.45% -0.22% -1.05%
Created with Highcharts 6.0.401/1501/20$0
4 Years LIFENET Insurance Co. 7157 0.23% -0.62% -1.70%
Created with Highcharts 6.0.401/1501/20$0
4 Years Total as % of Net Assets 95.7% Cash & Other Holdings % of Net Assets
Cash & Other 4.3% Total as % of Net Assets 4.3%
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Please swipe to view table
COUNTRY ALLOCATION
as of 12/31/21
* JAPAN
95.7%
* CASH & OTHER
4.3%
Japan 95.7% Cash & Other 4.3%
* DISTRIBUTIONS
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The Hennessy Japan Small Cap Fund pays capital gains (if any) once annually,
usually in December. Ordinary income distributions (if any) are paid
annually, usually in December.
Investor Institutional
Investor
Institutional
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest
Price 12/29/2021 $0.00241 -- -- $0.00241 $17.18 12/07/2021 -- -- $0.07094
$0.07094 $17.75 12/29/2020 $0.04183 -- -- $0.04183 $18.01 12/27/2019 $0.20725
-- -- $0.20725 $15.92 12/07/2018 -- $0.00020 $0.46558 $0.46578 $14.25
12/27/2017 $0.05212 -- -- $0.05212 $15.86 12/07/2017 -- -- $0.27962 $0.27962
$15.28 12/28/2016 $0.12049 -- -- $0.12049 $10.88 12/07/2016 -- $0.10008 --
$0.10008 $11.08 12/09/2015 -- -- $0.34086 $0.34086 $10.05 12/08/2014 --
$0.21469 $0.69576 $0.91045 $9.42 12/10/2013 -- $1.75115 $0.76336 $2.51451
$9.35 12/07/2012 -- -- $2.34302 $2.34302 $8.79 12/27/2011 $0.04299 -- --
$0.04299 $9.96 12/29/2009 $0.41788 -- -- $0.41788 $8.76 12/18/2007 $0.07000
-- -- $0.07000 $10.16
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Past performance is not a guarantee of future results.
Download historical distributions and NAVs
* Select a start date
* Select an end date
*
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest
Price 12/29/2021 $0.08562 -- -- $0.08562 $16.94 12/07/2021 -- -- $0.07028
$0.07028 $17.58 12/29/2020 $0.11625 -- -- $0.11625 $17.78 12/27/2019 $0.26554
-- -- $0.26554 $15.72 12/27/2018 $0.04450 -- -- $0.04450 $13.14 12/07/2018 --
$0.00020 $0.45707 $0.45727 $14.11 12/27/2017 $0.08096 -- -- $0.08096 $15.64
12/07/2017 -- -- $0.27518 $0.27518 $15.09 12/28/2016 $0.09525 -- -- $0.09525
$10.71 12/07/2016 -- $0.33984 -- $0.33984 $10.88 12/09/2015 -- -- $0.34170
$0.34170 $10.07
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Past performance is not a guarantee of future results.
Download historical distributions and NAVs
* Select a start date
* Select an end date
*
* FUND DOCUMENTS
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Download PDF View Online Japan Small Cap Fund Documents Fact Sheet PDF
Portfolio Perspective PDF View Portfolio Updates Japan Small Cap Fund
Portfolio Update - March 2022 PDF View Japan Small Cap Fund Portfolio Update
- February 2022 PDF View Japan Small Cap Fund Portfolio Update - January 2022
PDF View Japan Small Cap Fund Portfolio Update - December 2021 PDF View
Summary Prospectus PDF Full Prospectus PDF Statement of Additional
Information PDF Japan Small Cap Fund Shareholder Reports and Quarterly
Holdings Q1 Holdings PDF Semi-Annual Report PDF Q3 Holdings PDF Annual Report
PDF
Paper copies of the annual and semi-annual reports will no longer be sent by
mail unless shareholders specifically request paper copies. You may elect to
receive paper copies free of charge by calling U.S. Bank Global Fund Services
at 1-800-261-6950 or, if you own shares through a financial intermediary, by
contacting your financial intermediary.
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considered carefully before investing. The prospectus contains this and other
important information about the investment company. Please read it carefully
before investing. A hard copy of the prospectus can be requested by calling
1-800-966-4354.
Performance data quoted represents past performance; past performance does not
guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost. Current performance of the Fund may
be lower or higher than the performance quoted and can be found here. Neither
forward earnings nor earnings growth is a measure of a fund’s future
performance.
Mutual fund investing involves risk. Principal loss is possible. Small and
medium-capitalization companies may have more limited liquidity and greater
price volatility than large-capitalization companies. Investments in foreign
securities may involve greater volatility and political, economic, and currency
risk and differences in accounting methods. The Focus, Total Return, Balanced,
Large Cap Financial, Small Cap Financial, and BP Midstream Funds are considered
non-diversified funds. A non-diversified fund, which may concentrate its assets
in fewer individual holdings than a diversified fund, is more exposed to
individual stock volatility than a diversified fund. A fund that concentrates
its investments within one country, one sector, or a small group of industries,
such as Japan, Technology, Financials, or Energy, may be subject to a higher
degree of risk. Investments in debt securities typically decrease in value when
interest rates rise. The risk is greater for longer-term debt securities.
Investments in lower-rated and non-rated securities present a greater risk of
loss to principal and interest than higher-rated securities. Mortgage- and
asset-backed securities are subject to prepayment risk, which is the risk that
the borrower will prepay some or all of the principal owed to the issuer. Funds
that invest in pooled investment vehicles (including ETFs) may experience higher
fees. The formula-based strategy employed by some Funds may cause those Funds to
buy or sell securities at times when it may not be advantageous.
Master Limited Partnerships (MLPs) and MLP investments have unique
characteristics. A Fund does not receive the same tax benefits as a direct
investment in an MLP.
The prices of MLP units may fluctuate abruptly and trading volume may be low,
making it difficult for a Fund to sell its units at a favorable price. MLP
general partners have the power to take actions that adversely affect the
interests of unit holders. Most MLPs do not pay U.S. federal income tax at the
partnership level, but an adverse change in tax laws could result in MLPs being
treated as corporations for federal income tax purposes, which could reduce or
eliminate distributions paid by MLPs to the Fund. If the BP Energy Transition
Fund’s MLP investments exceed 25% of its assets, it may not qualify for
treatment as a regulated investment company (“RIC”) under the Internal Revenue
Code (“Code”), and the Fund would be taxed as an ordinary corporation, which
could substantially reduce its net assets and its distributions to shareholders.
The BP Midstream Fund is treated as a regular corporation, or “C” corporation,
for U.S. federal income tax purposes, and therefore, is subject to U.S. federal
income tax on its taxable income at the graduated rates applicable to
corporations (currently a maximum rate of 21%) as well as state and local income
taxes. The BP Midstream Fund will not benefit from current favorable federal
income tax rates on long-term capital gains, and Fund income and losses will not
be passed on to shareholders. The BP Midstream Fund accrues deferred income
taxes for future tax liabilities associated with the portion of MLP
distributions considered to be a tax-deferred return of capital and for any net
operating gains as well as capital appreciation of its investments. This
deferred tax liability is reflected in the daily NAV, and as a result, the
Fund’s after-tax performance could differ significantly from the underlying
assets even if the pre-tax performance is closely tracked.
Glossary of Terms contains definitions and additional information.
To view the top 10 holdings of a Fund, please click the Fund name: Cornerstone
Growth, Focus, Cornerstone Mid Cap 30, Cornerstone Large Growth, Cornerstone
Value, Total Return, Equity and Income, Balanced, BP Energy Transition, BP
Midstream, Gas Utility, Japan, Japan Small Cap, Large Cap Financial, Small Cap
Financial, Technology. Fund holdings are subject to change and not
recommendations to buy or sell any security.
Opinions expressed are subject to change at any time, are not guaranteed, and
should not be considered investment advice.
News and Media Page:
To view the Morningstar ratings for the Japan Fund, please click here. (Media -
TD Ameritrade)
To view the Morningstar ratings for the Focus Fund, please click here. (Media -
CNBC-B. Macualey).
1 USD = 105.36 Yen as of 07/27/2020 (Media - Ticker - M. Takeda)
Tom White is a TD Ameritrade Network contributor and is not affiliated with the
Hennessy Funds. Content is not investment advice, or a recommendation of any
security, strategy, or account type. Options involve risks and are not suitable
for all investors as the special risks inherent to options trading may expose
investors to potentially rapid and substantial losses.(Media - TD
Ameritrade-Rothberg)
To view the Morningstar ratings, please click here.
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25 Years of a Focused Approach
The Portfolio Managers discuss how the Focus Fund has rewarded investors over
25 years. They also share their current outlook.
Natural Gas and the Energy Transition
We believe natural gas plays a role as an essential bridge to a more
sustainable and reliable energy future and will help meet increased demand.
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