• Overview

    Category
    Sector & Specialty - Japan

    Hennessy Japan Fund

    Actively managed, the Fund maintains a highly concentrated, best ideas portfolio of Japanese companies.

    Investor

    HJPNX

    Institutional

    HJPIX

    Morningstar style box

    Morningstar style box

    Overall morningstar rating

    • Investor
    • HJPNX
    • Institutional
    • HJPIX

    Among 35 Japan Stock Funds (Based on risk-adjusted returns, as of 6/30/21)

    Investment Overview Video
    Investment Overview Video

    Why Invest

    • Opportunity to invest in the potential rebound of Japan's economy
    • Concentrated portfolio focused on world-class, globally oriented companies
    • Asia-based management enables rigorous due diligence and research process leading to an in-depth understanding of the Japanese market and culture

    Investment Approach

    The Hennessy Japan Fund seeks high-quality,  globally-oriented Japanese companies with time-tested business models and exceptional management that can perform well through economic cycles. 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, with a concentrated number of holdings.

    Portfolio Managers

    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.

    “We believe having 'feet on the street' in Japan provides a crucial advantage for our shareholders.”

    - Masa Takeda

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 7/26/21
    • Investor Class (HJPNX)
      • NAV

        $45.53

      • $ Change

        -$0.32

      • % Change

        -0.70%

      • YTD

        -5.44%

    • Institutional Class (HJPIX)
      • NAV

        $47.16

      • $ Change

        -$0.32

      • % Change

        -0.67%

      • YTD

        -5.24%

    Average Annualized Total Return

    as of 6/30/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03)
    Investor Class (HJPNX) -0.66% -6.50% 16.00% 8.18% 11.82% 11.52% 9.51%
    Institutional Class (HJPIX) -0.64% -6.35% 16.45% 8.61% 12.26% 11.88% 9.77%
    Russell/Nomura Total Market Index 0.44% 1.85% 24.35% 6.77% 10.36% 7.67% 5.69%
    Tokyo Stock Price Index -0.27% 1.30% 23.78% 6.34% 10.06% 7.56% 5.51%

    Please swipe to view table

    as of 6/30/21
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03)
    Investor Class (HJPNX) -1.75% -6.50% 16.00% 8.18% 11.82% 11.52% 9.51%
    Institutional Class (HJPIX) -1.69% -6.35% 16.45% 8.61% 12.26% 11.88% 9.77%
    Russell/Nomura Total Market Index -0.15% 1.85% 24.35% 6.77% 10.36% 7.67% 5.69%
    Tokyo Stock Price Index -0.77% 1.30% 23.78% 6.34% 10.06% 7.56% 5.51%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 6/30/2021

    Value of $10,000 invested between 6/30/2020 and 6/30/2021

    Japan Fund (HJPNX) $11,600
    Japan Fund (HJPIX) $11,645
    Russell/Nomura Total Market Index $12,435
    Tokyo Stock Price Index $12,411

    Value of $10,000 invested between 6/30/2018 and 6/30/2021

    Japan Fund (HJPNX) $12,660
    Japan Fund (HJPIX) $12,812
    Russell/Nomura Total Market Index $11,815
    Tokyo Stock Price Index $12,056

    Value of $10,000 invested between 6/30/2016 and 6/30/2021

    Japan Fund (HJPNX) $17,482
    Japan Fund (HJPIX) $17,831
    Russell/Nomura Total Market Index $15,888
    Tokyo Stock Price Index $16,194

    Value of $10,000 invested between 6/30/2011 and 6/30/2021

    Japan Fund (HJPNX) $29,750
    Japan Fund (HJPIX) $30,719
    Russell/Nomura Total Market Index $20,323
    Tokyo Stock Price Index $20,780

    Value of $10,000 invested between 10/31/2003 and 6/30/2021

    Japan Fund (HJPNX) $49,755
    Japan Fund (HJPIX) $51,937
    Russell/Nomura Total Market Index $25,812
    Tokyo Stock Price Index $25,878

    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

      2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
    Investor Class (HJPNX)
    0.29 11.61 26.16 6.98 12.95 11.26 32.04 -6.57 18.04 25.52
    Institutional Class (HJPIX)
    0.71 11.94 26.38 7.23 13.24 11.65 32.60 -6.19 18.51 26.04
    Russell/Nomura Total Market Index
    -12.60 8.05 26.57 -3.03 11.72 3.31 27.17 -14.42 20.07 14.04
    Tokyo Stock Price Index
    -11.82 8.06 26.48 -2.95 10.97 3.69 26.56 -14.30 19.67 13.38
    Year
    Investor Class (HJPNX)
    Institutional Class (HJPIX)
    Russell/Nomura Total Market Index
    Tokyo Stock Price Index
    2010 20.64% 20.79% 14.65% 14.44%
    2009 9.83% 9.77% 5.81% 4.69%
    2008 -27.50% -27.49% -25.96% -25.50%
    2007 -14.25% -14.19% -6.17% -6.31%
    2006 -13.10% -12.83% 1.91% 2.04%
    2005 50.26% 50.41% 29.31% 26.75%
    2004 36.31% 36.40% 15.39% 15.59%

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    Returns-Based Statistics
    Relative to Russell/Nomura Total Market Index

    as of 6/30/21
    Investor Class (HJPNX)
    Type 3 yr 5 yr 10 yr
    Alpha 1.87 2.22 4.74
    Beta 0.92 0.91 0.84
    Upside Capture 93.32 95.09 92.52
    Downside Capture 82.53 79.46 63.30
    Institutional Class (HJPIX)
    Type 3 yr 5 yr 10 yr
    Alpha 2.27 2.62 5.07
    Beta 0.92 0.91 0.84
    Upside Capture 94.62 96.45 93.48
    Downside Capture 81.81 78.47 62.43

    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 6/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HJPNX) 0.50 0.82 0.86
    Institutional Class (HJPIX) 0.52 0.85 0.89
    Russell/Nomura Total Market Index 0.42 0.74 0.58
    Japan Stock Category Average 0.35 0.67 0.59

    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 6/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HJPNX) 15.78 13.29 12.91
    Institutional Class (HJPIX) 15.78 13.30 12.91
    Russell/Nomura Total Market Index 15.38 12.79 13.28
    Japan Stock Category Average 15.60 12.83 13.48

    Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.

    Fund Expenses

    • Investor Class (HJPNX)
      • Gross expense ratio

        1.43%

    • Institutional Class (HJPIX)
      • Gross expense ratio

        1.04%

    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 6/30/21. 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. Institutional Class (HJPIX) received 5 stars for the three-year, 4 stars for the five-year and 5 stars for the ten-year periods ended 6/30/21 / Investor Class (HJPNX) received 4 stars for the three-year, 4 stars for the five-year and 5 stars for the ten-year periods ended 6/30/21 among 35, 29 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.

    Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 6/30/21. 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 Russell/Nomura Total Market 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. One cannot invest directly in an index.

    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.

  • Portfolio

    Portfolio Characteristics

    as of 6/30/21
    Inception Date (HJPNX) 10/31/03
    Inception Date (HJPIX) 10/31/03
    Total Fund Assets $813 Million
    Active Share vs. Russell/Nomura Total Market Index 81%
    Portfolio Turnover 15%
    Median Market Cap $27.6 Billion
    Median Price/Earnings 38.7x
    Median Price/Book 3.6x

    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 6/30/21
    Fund Russell/Nomura Total Market Index Difference
    Industrials 31.9% 23.4% +8.5%
    Consumer Discretionary 24.3% 17.5% +6.8%
    Health Care 12.8% 9.3% +3.5%
    Consumer Staples 10.8% 7.6% +3.3%
    Information Technology 8.5% 14.2% -5.6%
    Communication Services 8.0% 9.3% -1.3%
    Financials 1.5% 8.8% -7.2%
    Real Estate 0.6% 2.2% -1.5%
    Utilities 0.0% 1.2% -1.2%
    Materials 0.0% 6.1% -6.1%
    Energy 0.0% 0.7% -0.7%
    Cash & Other 1.6%

    Portfolio Holdings

    Top 10 Holdings

    as of 6/30/21
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 1Q21 Vs. 2Q20 10-Year Holdings History (%) Time Held
    Sony Group Corp. 6758 6.11% -0.24% -0.05%
    1 Year
    Recruit Holdings Co., Ltd. 6098 5.73% -0.12% +0.04%
    4 Years
    Keyence Corp. 6861 5.52% +0.47% -1.41%
    14 Years
    Nidec Corp. 6594 5.50% -0.76% +0.33%
    8 Years
    SoftBank Group Corp. 9984 5.49% -0.89% -0.16%
    6 Years
    Mercari, Inc. 4385 5.26% +0.69% +5.26%
    1 Year
    Terumo Corp. 4543 5.18% +0.43% -0.85%
    10 Years
    Misumi Group, Inc. 9962 4.75% +0.79% -0.11%
    17 Years
    Daikin Industries, Ltd. 6367 4.63% -0.83% -1.90%
    10 Years
    Takeda Pharmaceutical Co., Ltd. 4502 4.61% -0.10% +0.06%
    2 Years
    Total as % of Net Assets 52.78%

    Please swipe to view table

    Total Holdings: 27

    as of 3/31/21

    Please note that full portfolio holdings for the Japan Funds will be available 30 days after each calendar quarter end.

    % of Net Assets
    Equity Holdings Ticker Current Vs. 1Q21 Vs. 2Q20 10-Year Holdings History (%) Time Held
    SoftBank Group Corp. 9984 6.38% -0.89% -0.16%
    6 Years
    Sony Group Corp. 6758 6.35% -0.24% -0.05%
    1 Year
    Nidec Corp. 6594 6.26% -0.76% +0.33%
    8 Years
    Recruit Holdings Co., Ltd. 6098 5.85% -0.12% +0.04%
    4 Years
    Daikin Industries, Ltd. 6367 5.46% -0.83% -1.90%
    10 Years
    Shimano, Inc. 7309 5.23% -0.72% -1.84%
    14 Years
    Keyence Corp. 6861 5.05% +0.47% -1.41%
    14 Years
    Terumo Corp. 4543 4.75% +0.43% -0.85%
    10 Years
    Takeda Pharmaceutical Co., Ltd. 4502 4.71% -0.10% +0.06%
    2 Years
    Mercari, Inc. 4385 4.57% +0.69% +5.26%
    1 Year
    Fast Retailing Co., Ltd. 9983 4.40% -0.39% -0.75%
    4 Years
    Unicharm Corp. 8113 3.97% -0.35% -2.17%
    14 Years
    Misumi Group, Inc. 9962 3.96% +0.79% -0.11%
    17 Years
    Kubota Corp. 6326 3.88% -0.17% +0.22%
    7 Years
    Nitori Holdings Co., Ltd. 9843 3.36% -0.41% -2.29%
    2 Years
    Rohto Pharmaceutical Co., Ltd. 4527 3.22% -0.08% -2.56%
    13 Years
    Kao Corp. 4452 3.01% -0.28% -2.56%
    14 Years
    Mitsubishi Corp. 8058 2.95% +0.12% -0.43%
    14 Years
    Murata Manufacturing Co., Ltd. 6981 2.92% +0.08% +3.00%
    < 1 Year
    Z Holdings Corp. 4689 2.53% -0.03% +2.50%
    1 Year
    Olympus Corp. 7733 2.14% -0.28% +1.86%
    1 Year
    Anicom Holdings, Inc. 8715 1.80% -0.26% -1.59%
    2 Years
    Ariake Japan Co., Ltd. 2815 1.34% +0.01% -0.72%
    2 Years
    ASICS Corp. 7936 1.07% +0.35% +0.06%
    11 Years
    Relo Group, Inc. 8876 0.69% -0.08% -0.49%
    2 Years
    PeptiDream, Inc. 4587 0.67% +0.03% +0.70%
    < 1 Year
    Asahi Intecc Co., Ltd. 7747 0.57% -0.13% +0.44%
    < 1 Year
    Total as % of Net Assets 97.1%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.9%
    Total as % of Net Assets 2.9%

    Please swipe to view table

    Country Allocation

    as of 6/30/21
    • Japan

      98.4%

    • Cash & Other

      1.6%

    Japan 98.4%
    Cash & Other 1.6%
  • Distributions

    The Hennessy Japan Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/27/2019 $0.02215 -- -- $0.02215 $38.26
    12/06/2019 -- -- $0.02769 $0.02769 $38.29
    12/27/2018 $0.01194 -- -- $0.01194 $32.57
    12/27/2017 $0.00578 -- -- $0.00578 $34.87
    12/31/2012 $0.00996 -- -- $0.00996 $15.56
    12/29/2009 $0.02420 -- -- $0.02420 $11.70
    12/18/2008 $0.03490 -- -- $0.03490 $10.25
    12/09/2005 $0.55072 $0.14355 $0.02477 $0.71904 $18.49
    12/17/2004 $0.71197 -- -- $0.71197 $12.85

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/29/2020 $0.00336 -- -- $0.00336 $49.81
    12/27/2019 $0.15859 -- -- $0.15859 $39.39
    12/06/2019 -- -- $0.02860 $0.02860 $39.54
    12/27/2018 $0.10567 -- -- $0.10567 $33.51
    12/27/2017 $0.02867 -- -- $0.02867 $35.83
    12/31/2012 $0.01390 -- -- $0.01390 $15.77
    12/29/2009 $0.02420 -- -- $0.02420 $11.76
    12/18/2008 $0.03490 -- -- $0.03490 $10.31
    12/09/2005 $0.55612 $0.14355 $0.02477 $0.72444 $18.53
    12/17/2004 $0.72472 -- -- $0.72472 $12.87

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    Japan Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Portfolio Updates
    Japan Fund Portfolio Update - June 2021 View
    Japan Fund Portfolio Update - May 2021 View
    Japan Fund Portfolio Update - April 2021 View
    Japan Fund Portfolio Update - March 2021 View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Japan Fund Shareholder Reports and Quarterly Holdings
    Q1 Holdings
    Semi-Annual Report
    Q3 Holdings
    Annual Report

    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.