Hennessy Select SPARX Japan Smaller Companies Fund (SPJSX)

Overview
The Hennessy Select SPARX Japan Smaller Companies Fund seeks long-term capital appreciation. The Fund normally invests at least 80% of its net assets in equity securities of smaller Japanese companies, defined as those with market capitalization of approximately $200 million to $1.5 billion at time of purchase. The Fund's portfolio construction is unconfined to benchmarks or tracking error.

Investment Strategy
The Hennessy Select SPARX Japan Smaller Companies Fund invests in stocks which its portfolio managers believe to be good businesses with exceptional management and which are trading at an attractive price. Individual stock selection is based on rigorous, on-site research and focuses on factors such as market growth potential, management quality, earnings quality and balance sheet strength. The Fund seeks arbitrage opportunities between a company’s fundamental value and its market price. The portfolio selects just the managers' best ideas and has a concentrated number of holdings.
Download Fund Fact Sheet
 
Fund Information as of 12/31/09
Equity Sector Weighting
Consumer Discretionary 24.8%
Consumer Staples 3.8%
Financials 5.8%
Health Care 9.0%
Industrials 25.4%
Information Technology 25.3%
Materials 4.7%
Utilities 1.2%
Top 10 Holdings
Tamura Corp. 3.5%
Message Co. Ltd. 3.3%
Askul Corp. 3.0%
Macromill Inc. 2.9%
Doshisha Co.. Ltd. 2.7%
SRA Holdings, Inc. 2.7%
T-Gaia Corp. 2.5%
M3, Inc. 2.5%
Adeka Corp. 2.2%
Hokuto Corp. 2.2%
Domestic/Foreign Holdings
Japan 100%
Fund Information
Total Net Assets $15 million
Expense Ratio Gross 4.50%; Net 1.63%*
CUSIP 425 894 300
Ticker SPJSX
SEC Fund Identifier
Series S000018458
  Class C000051052
Inception Date 8/31/07
Minimum Investment $2,500
Minimum Investment (IRA) $250
Distributions Paid Annually, generally in Nov. or Dec.
Portfolio Composition
Equity
97.6%
Cash
2.4%

Performance as of 12/31/09
Average Annual Total Returns
YTD
1 Year
Since Inception (8/31/07)
SPJSX
13.88%
13.88%
-3.94%
MSCI Japan Small Cap Index
5.25%
5.25%
-10.53%
Tokyo Stock Price Index (TOPIX)
5.22%
-9.94%
-12.17%
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. Performance data current to the most recent month end may be obtained by clicking here. Performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. The Fund may impose a redemption fee of 2% on shares held less than 60 days. Performance does not reflect the redemption fee. If it had, total return would be reduced.
Year by Year Total Returns
 
2008
2009
SPJSX
-22.31%
13.88%
MSCI Japan Small Cap Index
-21.02%
5.25%
Tokyo Stock Price Index (TOPIX)
-25.96%
5.22%

 
The Fund’s composition and sector weightings are shown as a percentage of the Fund’s total net assets. Portfolio composition and sector weightings are subject to change at any time and should not be considered a recommendation to buy or sell a particular security. The MSCI Japan 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. The MSCI Japan Small Cap and TOPIX indices are presented in U.S. Dollar terms and take into account reinvestment of dividends. One cannot invest directly in an index.

Small and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investments in foreign securities involve greater volatility and political, economic and currency risk and differences in accounting methods.

* The expense ratio, net of acquired fund fees, is contractually capped at 1.60% until 2/28/10.