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Overview
Hennessy Japan Fund
Actively managed, the Fund maintains a highly concentrated, best ideas portfolio of Japanese companies.
Investor
HJPNXInstitutional
HJPIXMorningstar style box
Overall morningstar rating
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Investor
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HJPNX
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Institutional
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HJPIX
Among 32 Japan Stock Funds (Based on risk-adjusted returns, as of 9/30/21)
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 12/2/21-
Investor Class (HJPNX)
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NAV
$47.23
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$ Change
$0.57
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% Change
1.22%
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YTD
-1.91%
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Institutional Class (HJPIX)
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NAV
$49.00
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$ Change
$0.60
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% Change
1.24%
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YTD
-1.55%
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Average Annualized Total Return
as of 11/30/21Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) -1.80% -2.55% -0.09% 10.47% 12.12% 12.88% 9.53% Institutional Class (HJPIX) -1.76% -2.21% 0.32% 10.91% 12.57% 13.24% 9.80% Russell/Nomura Total Market™ Index -3.07% -0.26% 3.38% 7.95% 8.18% 8.64% 5.44% Tokyo Stock Price Index -3.20% -0.90% 3.05% 7.48% 8.07% 8.44% 5.26% as of 9/30/21Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) 8.88% 1.81% 14.67% 9.11% 12.20% 13.03% 9.89% Institutional Class (HJPIX) 9.03% 2.11% 15.12% 9.55% 12.66% 13.40% 10.16% Russell/Nomura Total Market™ Index 3.92% 5.85% 20.74% 7.00% 9.33% 8.64% 5.84% Tokyo Stock Price Index 4.76% 6.12% 20.61% 6.87% 9.28% 8.63% 5.71% Hypothetical Growth of $10,000
as of 11/30/2021Value of $10,000 invested between 11/30/2020 and 11/30/2021
Japan Fund (HJPNX) $9,991 Japan Fund (HJPIX) $10,032 Russell/Nomura Total Market™ Index $10,338 Tokyo Stock Price Index $10,333 Value of $10,000 invested between 11/30/2018 and 11/30/2021
Japan Fund (HJPNX) $13,482 Japan Fund (HJPIX) $13,643 Russell/Nomura Total Market™ Index $12,579 Tokyo Stock Price Index $12,449 Value of $10,000 invested between 11/30/2016 and 11/30/2021
Japan Fund (HJPNX) $17,718 Japan Fund (HJPIX) $18,077 Russell/Nomura Total Market™ Index $14,380 Tokyo Stock Price Index $14,781 Value of $10,000 invested between 11/30/2011 and 11/30/2021
Japan Fund (HJPNX) $33,573 Japan Fund (HJPIX) $34,680 Russell/Nomura Total Market™ Index $22,229 Tokyo Stock Price Index $22,540 Value of $10,000 invested between 10/31/2003 and 11/30/2021
Japan Fund (HJPNX) $51,855 Japan Fund (HJPIX) $54,232 Russell/Nomura Total Market™ Index $25,278 Tokyo Stock Price Index $25,316 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% Returns-Based Statistics
Relative to Russell/Nomura Total Market™ Indexas of 9/30/21Investor Class (HJPNX)Type 3 yr 5 yr 10 yr Alpha 2.53 3.33 5.36 Beta 0.92 0.93 0.83 Upside Capture 97.08 98.74 93.19 Downside Capture 83.96 75.62 59.03 Institutional Class (HJPIX)Type 3 yr 5 yr 10 yr Alpha 2.94 3.74 5.70 Beta 0.92 0.93 0.83 Upside Capture 98.35 100.16 94.17 Downside Capture 83.23 74.57 58.09 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 9/30/21Type 3 yr 5 yr 10 yr Investor Class (HJPNX) 0.56 0.85 0.98 Institutional Class (HJPIX) 0.59 0.88 1.01 Russell/Nomura Total Market™ Index 0.44 0.67 0.65 Japan Stock Category Average 0.38 0.63 0.70 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 9/30/21Type 3 yr 5 yr 10 yr Investor Class (HJPNX) 15.74 13.32 12.73 Institutional Class (HJPIX) 15.75 13.33 12.73 Russell/Nomura Total Market™ Index 15.45 12.71 13.07 Japan Stock Category Average 15.59 12.72 13.13 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.
Morningstar Proprietary Ratings reflect risk-adjusted performance as of 9/30/21. 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, 5 stars for the five-year and 5 stars for the ten-year periods ended 9/30/21 / Investor Class (HJPNX) received 4 stars for the three-year, 5 stars for the five-year and 4 stars for the ten-year periods ended 9/30/21 among 32, 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.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 9/30/21. 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.
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Portfolio
Portfolio Characteristics
as of 9/30/21Inception Date (HJPNX) 10/31/03 Inception Date (HJPIX) 10/31/03 Total Fund Assets $843 Million Active Share vs. Russell/Nomura Total Market™ Index 80% Portfolio Turnover 17% Median Market Cap $28.6 Billion Median Price/Earnings 36.4x Median Price/Book 3.9x 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 9/30/21Fund Russell/Nomura Total Market™ Index Difference Industrials 33.0% 24.3% +8.8% Consumer Discretionary 24.2% 15.7% +8.5% Health Care 12.3% 9.5% +2.9% Consumer Staples 10.4% 7.5% +2.9% Information Technology 9.3% 14.8% -5.6% Communication Services 7.2% 8.8% -1.6% Financials 1.5% 9.3% -7.9% Real Estate 0.2% 2.2% -2.0% Utilities 0.0% 1.2% -1.2% Materials 0.0% 6.1% -6.1% Energy 0.0% 0.7% -0.7% Cash & Other 1.9% Portfolio Holdings
Top 10 Holdings
as of 9/30/21% of Net Assets Top 10 Holdings Ticker Current Vs. 2Q21 Vs. 3Q20 10-Year Holdings History (%) Time Held Sony Group Corp. 6758 6.51% +0.40% +0.64% 2 Years Recruit Holdings Co., Ltd. 6098 6.44% +0.71% +0.82% 5 Years Keyence Corp. 6861 5.96% +0.44% -0.65% 14 Years Terumo Corp. 4543 5.47% +0.29% +0.08% 10 Years Misumi Group, Inc. 9962 5.39% +0.64% +0.75% 17 Years Mercari, Inc. 4385 4.96% -0.30% +1.95% 1 Year Shimano, Inc. 7309 4.94% +0.43% -0.58% 14 Years Daikin Industries, Ltd. 6367 4.92% +0.29% -1.45% 10 Years Nidec Corp. 6594 4.83% -0.67% -1.32% 8 Years Hitachi, Ltd. 6501 4.61% +0.11% +4.61% < 1 Year Total as % of Net Assets 54.03% Profile of Japan Fund Holdings
Total Holdings: 28
as of 9/30/21% of Net Assets Equity Holdings Current Vs. 2Q21 Vs. 3Q20 10-Year Holdings History (%) Time Held Sony Group Corp. 6.51% +0.40% +0.64% 2 Years Recruit Holdings Co., Ltd. 6.44% +0.71% +0.82% 5 Years Keyence Corp. 5.96% +0.44% -0.65% 14 Years Terumo Corp. 5.47% +0.29% +0.08% 10 Years Misumi Group, Inc. 5.39% +0.64% +0.75% 17 Years Mercari, Inc. 4.96% -0.30% +1.95% 1 Year Shimano, Inc. 4.94% +0.43% -0.58% 14 Years Daikin Industries, Ltd. 4.92% +0.29% -1.45% 10 Years Nidec Corp. 4.83% -0.67% -1.32% 8 Years Hitachi, Ltd. 4.61% +0.11% +4.61% < 1 Year SoftBank Group Corp. 4.31% -1.18% -1.62% 6 Years Takeda Pharmaceutical Co., Ltd. 4.14% -0.47% +0.27% 2 Years Fast Retailing Co., Ltd. 3.64% -0.37% -0.81% 4 Years Kubota Corp. 3.56% -0.15% +0.37% 7 Years Unicharm Corp. 3.49% -0.13% -1.91% 14 Years Rohto Pharmaceutical Co., Ltd. 3.29% +0.15% -1.75% 14 Years Murata Manufacturing Co., Ltd. 3.29% +0.29% +3.29% 1 Year Mitsubishi Corp. 3.27% +0.20% +0.49% 14 Years Nitori Holdings Co., Ltd. 2.97% +0.02% -1.77% 2 Years Z Holdings Corp. 2.88% +0.38% +2.38% 1 Year Kao Corp. 2.38% -0.35% -1.89% 14 Years Olympus Corp. 1.85% -0.01% +0.57% 1 Year Anicom Holdings, Inc. 1.47% -0.07% -1.09% 3 Years Ariake Japan Co., Ltd. 1.24% -0.11% -0.67% 2 Years ASICS Corp. 1.15% -0.27% -0.04% 12 Years Asahi Intecc Co., Ltd. 0.45% +0.01% +0.45% 1 Year PeptiDream, Inc. 0.43% -0.27% +0.43% 1 Year Relo Group, Inc. 0.22% -0.39% -0.89% 2 Years Total as % of Net Assets 98.1% Cash & Other Holdings % of Net Assets Cash & Other 1.9% Total as % of Net Assets 1.9% Profile of Japan Fund Holdings
Country Allocation
as of 9/30/21-
Japan
98.1%
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Cash & Other
1.9%
Japan 98.1% Cash & Other 1.9% -
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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 12/27/2019 $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 12/29/2020 $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.
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 - November 2021 View Japan Fund Portfolio Update - October 2021 View Japan Fund Portfolio Update - September 2021 View Japan Fund Portfolio Update - August 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.
