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Overview
Hennessy Japan Fund
Actively managed, the Fund maintains a highly concentrated, best ideas portfolio of Japanese companies.
Investment Overview VideoJapan Fund Investment Strategy
Portfolio Manager Masa Takeda discusses the Fund's investment strategy and the benefits of managing the portfolio with “feet on the street” in Japan.
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
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Insights & News
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Performance
Daily Pricing & Performance
as of 12/8/22-
Investor Class (HJPNX)
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NAV
$32.46
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$ Change
-$0.06
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% Change
-0.18%
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YTD
-29.83%
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Institutional Class (HJPIX)
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NAV
$33.58
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$ Change
-$0.06
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% Change
-0.18%
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YTD
-29.59%
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Average Annualized Total Return
as of 11/30/22Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) 12.71% -28.30% -28.68% -3.84% -0.47% 8.01% 7.09% Institutional Class (HJPIX) 12.75% -28.06% -28.42% -3.47% -0.07% 8.39% 7.37% Russell/Nomura Total Market™ Index 10.02% -15.40% -14.04% -0.15% 0.32% 6.65% 4.31% Tokyo Stock Price Index 9.66% -15.65% -13.96% -0.50% 0.01% 6.46% 4.15% as of 9/30/22Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) -6.68% -37.51% -40.50% -6.45% -1.33% 6.53% 6.38% Institutional Class (HJPIX) -6.59% -37.32% -40.28% -6.08% -0.93% 6.90% 6.65% Russell/Nomura Total Market™ Index -6.36% -25.00% -28.19% -2.36% -0.68% 5.32% 3.69% Tokyo Stock Price Index -6.88% -24.84% -28.41% -2.49% -0.82% 5.24% 3.55% Hypothetical Growth of $10,000
as of 11/30/2022Value of $10,000 invested between 11/30/2021 and 11/30/2022
Japan Fund (HJPNX) $7,132 Japan Fund (HJPIX) $7,158 Russell/Nomura Total Market™ Index $8,596 Tokyo Stock Price Index $8,593 Value of $10,000 invested between 11/30/2019 and 11/30/2022
Japan Fund (HJPNX) $8,891 Japan Fund (HJPIX) $8,995 Russell/Nomura Total Market™ Index $9,956 Tokyo Stock Price Index $9,865 Value of $10,000 invested between 11/30/2017 and 11/30/2022
Japan Fund (HJPNX) $9,769 Japan Fund (HJPIX) $9,965 Russell/Nomura Total Market™ Index $9,864 Tokyo Stock Price Index $10,017 Value of $10,000 invested between 11/30/2012 and 11/30/2022
Japan Fund (HJPNX) $21,616 Japan Fund (HJPIX) $22,377 Russell/Nomura Total Market™ Index $18,488 Tokyo Stock Price Index $18,731 Value of $10,000 invested between 10/31/2003 and 11/30/2022
Japan Fund (HJPNX) $36,985 Japan Fund (HJPIX) $38,821 Russell/Nomura Total Market™ Index $21,730 Tokyo Stock Price Index $21,754 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 (HJPNX) 11.61 26.16 6.98 12.95 11.26 32.04 -6.57 18.04 25.52 -3.07 Institutional Class (HJPIX) 11.94 26.38 7.23 13.24 11.65 32.60 -6.19 18.51 26.04 -2.70 Russell/Nomura Total Market™ Index 8.05 26.57 -3.03 11.72 3.31 27.17 -14.42 20.07 14.04 1.35 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 (HJPNX) Institutional Class (HJPIX) Russell/Nomura Total Market™ Index Tokyo Stock Price Index 2011 0.29% 0.71% -12.60% -11.82% 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% Returns-Based Statistics
Relative to Russell/Nomura Total Market™ Indexas of 9/30/22Investor Class (HJPNX)Type 3 yr 5 yr 10 yr Alpha -3.75 -0.34 1.61 Beta 1.05 1.02 0.94 Upside Capture 92.08 97.17 95.15 Downside Capture 111.48 100.61 86.26 Institutional Class (HJPIX)Type 3 yr 5 yr 10 yr Alpha -3.35 0.06 1.96 Beta 1.05 1.02 0.94 Upside Capture 93.15 98.47 96.17 Downside Capture 110.71 99.84 85.37 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 9/30/22Type 3 yr 5 yr 10 yr Investor Class (HJPNX) -0.29 -0.06 0.46 Institutional Class (HJPIX) -0.26 -0.04 0.48 Russell/Nomura Total Market™ Index -0.10 -0.05 0.39 Japan Stock Category Average -0.04 -0.04 0.47 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 9/30/22Type 3 yr 5 yr 10 yr Investor Class (HJPNX) 19.13 17.08 14.73 Institutional Class (HJPIX) 19.14 17.09 14.73 Russell/Nomura Total Market™ Index 16.71 15.24 13.76 Japan Stock Category Average 15.46 14.39 13.31 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HJPNX)
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Gross expense ratio
1.43%
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Institutional Class (HJPIX)
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Gross expense ratio
1.04%
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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.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 9/30/22. 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.
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Portfolio
Portfolio Characteristics
as of 9/30/22Inception Date (HJPNX) 10/31/03 Inception Date (HJPIX) 10/31/03 Total Fund Assets $323 Million Active Share vs. Russell/Nomura Total Market™ Index 80% Portfolio Turnover 20% Median Market Cap $20.3 Billion Median Price/Earnings 21.9x Median Price/Book 2.0x 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 9/30/22Fund Russell/Nomura Total Market™ Index Difference Industrials 34.9% 24.6% +10.3% Consumer Staples 16.6% 8.1% +8.5% Consumer Discretionary 14.0% 15.0% -1.0% Financials 13.0% 10.0% +3.0% Information Technology 9.3% 13.4% -4.1% Health Care 7.1% 9.9% -2.8% Communication Services 2.5% 8.4% -5.9% Materials 0.1% 6.0% -5.9% Energy 0.0% 0.9% -0.9% Utilities 0.0% 1.3% -1.3% Real Estate 0.0% 2.4% -2.4% Cash & Other 2.7% Portfolio Holdings
Top 10 Holdings
as of 9/30/22% of Net Assets Top 10 Holdings Ticker Current Vs. 2Q22 Vs. 3Q21 10-Year Holdings History (%) Time Held Mitsubishi Corp. 8058 8.30% +0.18% +5.03% 15 Years Hitachi, Ltd. 6501 8.05% +0.22% +3.44% 1 Year Sony Group Corp. 6758 7.43% -1.04% +0.92% 3 Years Tokio Marine Holdings, Inc. 8766 5.72% +0.10% +5.72% < 1 Year Keyence Corp. 6861 5.47% +0.12% -0.49% 15 Years Rohto Pharmaceutical Co., Ltd. 4527 5.09% +0.90% +1.80% 15 Years Recruit Holdings Co., Ltd. 6098 4.83% +0.78% -1.61% 6 Years Seven & i Holdings Co., Ltd. 3382 4.33% +4.33% +4.33% < 1 Year Daikin Industries, Ltd. 6367 4.09% -0.03% -0.83% 11 Years Terumo Corp. 4543 4.03% +0.05% -1.44% 11 Years Total as % of Net Assets 57.34% Profile of Japan Fund Holdings
Total Holdings: 34
as of 9/30/22% of Net Assets Equity Holdings Current Vs. 2Q22 Vs. 3Q21 10-Year Holdings History (%) Time Held Mitsubishi Corp. 8.30% +0.18% +5.03% 15 Years Hitachi, Ltd. 8.05% +0.22% +3.44% 1 Year Sony Group Corp. 7.43% -1.04% +0.92% 3 Years Tokio Marine Holdings, Inc. 5.72% +0.10% +5.72% < 1 Year Keyence Corp. 5.47% +0.12% -0.49% 15 Years Rohto Pharmaceutical Co., Ltd. 5.09% +0.90% +1.80% 15 Years Recruit Holdings Co., Ltd. 4.83% +0.78% -1.61% 6 Years Seven & i Holdings Co., Ltd. 4.33% +4.33% +4.33% < 1 Year Daikin Industries, Ltd. 4.09% -0.03% -0.83% 11 Years Terumo Corp. 4.03% +0.05% -1.44% 11 Years Nidec Corp. 3.72% -0.75% -1.11% 9 Years Misumi Group, Inc. 3.54% -0.14% -1.85% 18 Years ORIX Corp. 3.09% +2.09% +3.09% < 1 Year Unicharm Corp. 2.74% +1.07% -0.75% 15 Years Kao Corp. 2.64% +0.30% +0.26% 15 Years Shimano, Inc. 2.39% -0.61% -2.55% 15 Years Murata Manufacturing Co., Ltd. 2.33% -1.39% -0.96% 2 Years Kubota Corp. 2.32% -1.18% -1.24% 8 Years Fast Retailing Co., Ltd. 2.08% +0.26% -1.56% 5 Years Sompo Holdings, Inc. 1.89% +0.08% +1.89% < 1 Year Santen Pharmaceutical Co., Ltd. 1.69% +1.69% +1.69% < 1 Year MS&AD Insurance Group Holdings 1.66% -0.02% +1.66% < 1 Year FUJIFILM Holdings Corp. 1.47% -0.18% +1.47% < 1 Year ASICS Corp. 1.24% -0.03% +0.09% 13 Years Ariake Japan Co., Ltd. 1.08% -0.05% -0.16% 3 Years SoftBank Group Corp. 1.03% -0.55% -3.28% 7 Years Mercari, Inc. 0.87% -2.03% -4.09% 2 Years Z Holdings Corp. 0.75% -1.07% -2.13% 2 Years Pigeon Corp. 0.71% +0.71% +0.71% < 1 Year Dentsu Group, Inc. 0.70% +0.70% +0.70% < 1 Year Olympus Corp. 0.68% +0.68% -1.17% < 1 Year Hoya Corporation 0.64% +0.64% +0.64% < 1 Year Anicom Holdings, Inc. 0.63% -0.17% -0.84% 4 Years Nissan Chemical Corporation 0.07% +0.07% +0.07% < 1 Year Total as % of Net Assets 97.3% Cash & Other Holdings % of Net Assets Cash & Other 2.7% Total as % of Net Assets 2.7% Profile of Japan Fund Holdings
Country Allocation
as of 9/30/22-
Japan
97.3%
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Cash & Other
2.7%
Japan 97.3% Cash & Other 2.7% -
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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 12/29/2021 $0.41278 -- -- $0.41278 $46.40 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 Past performance is not a guarantee of future results.
Download historical distributions and NAVsDate Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/29/2021 $0.73861 -- -- $0.73861 $47.84 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 Past performance is not a guarantee of future results.
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Fund Documents
Download PDF View Online Japan Fund Documents Fact Sheet Portfolio Perspective View Portfolio Updates Japan Fund Portfolio Update - November 2022 View Japan Fund Portfolio Update - October 2022 View Japan Fund Portfolio Update - September 2022 View Japan Fund Portfolio Update - August 2022 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.
