Hennessy Select SPARX Japan Fund (SPXJX)

Overview
The Hennessy Select SPARX Japan Fund seeks long-term capital appreciation by investing at least 80% of its net assets in equity securities of Japanese companies. The Fund invests in companies regardless of market capitalization, and portfolio construction is unconfined to benchmarks or tracking error.

Investment Strategy
The Hennessy Select SPARX Japan 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.
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Fact Sheet
 
Fund Information as of 12/31/09
Equity Sector Weighting
Consumer Discretionary 21.0%
Consumer Staples 12.8%
Financials 3.3%
Health Care 7.0%
Industrials 30.3%
Information Technology 8.7%
Materials 16.9%
Top 10 Holdings
Mitsubishi Corp. 8.0%
Keyence Corp. 7.9%
Asics Corp. 6.5%
Taiyo Nippon Sanso Corp. 6.1%
Uni-Charm Corp. 5.9%
Misumi Group, Inc. 5.7%
KAO Corp. 5.6%
Marubeni Corp. 4.7%
Toyota Motor Corp. 4.3%
Rohto Pharm 4.2%
Domestic/Foreign Holdings
Japan 100%
Fund Information
Total Net Assets $50 million  
Beta (vs. TOPIX)* 0.69  
  Original Class Institutional Class
Expense Ratio Gross 1.74%; Net 1.27%** Gross 1.74%; Net 1.27%**
CUSIP 425 894 102 425 894 201
Ticker SPXJX SPARX
SEC Fund Identifier
Series S000008448 Series S000008448
  Class C000023166 Class C000023165
Inception Date 10/31/03 10/31/03
Minimum Investment $2,500 $250,000***
Minimum Investment (IRA) $250 $250,000***
Portfolio Composition
Equity
98.5%
Cash
1.5%

Performance as of 12/31/09
Average Annual Total Returns
YTD
1 Year
3 Year
5 Year
Since Inception (10/31/03)
SPXJX
9.83%
9.83%
-11.94%
-2.27%
3.97%
MSCI Japan Index
6.39%
6.39%
-10.25%
-0.70%
2.44%
Tokyo Stock Price Index (TOPIX)
5.22%
5.22%
-9.94%
-1.21%
1.83%
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
 
2004
2005
2006
2007
2008
2009
SPXJX
36.31%
50.26%
-13.10%
-14.25%
-27.50%
9.83%
MSCI Japan Index
15.95%
25.63%
6.33%
-4.14%
-29.11%
6.39%
Tokyo Stock Price Index (TOPIX)
15.54%
26.53%
1.88%
-6.32%
-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 Index is a market capitalization-weighted index of Japanese equities. 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 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.

* Beta is a measure of a portfolio’s sensitivity to market movements (as represented by the TOPIX). The index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund’s historical returns have fluctuated more (less) than the index.

** The expense ratio, net of acquired fund fees, is contractually capped at 1.25% until 2/28/10.

*** Initial minimum investment of $250,000 may be waived for certain fee-based or retirement plans.