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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 8/12/22-
Investor Class (HJPNX)
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NAV
$34.38
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$ Change
$0.94
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% Change
2.81%
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YTD
-25.68%
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Institutional Class (HJPIX)
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NAV
$35.53
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$ Change
$0.97
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% Change
2.81%
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YTD
-25.50%
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Average Annualized Total Return
as of 7/31/22Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) 8.10% -27.60% -25.76% -1.12% 2.07% 8.58% 7.28% Institutional Class (HJPIX) 8.16% -27.43% -25.45% -0.72% 2.48% 8.96% 7.55% Russell/Nomura Total Market™ Index 6.45% -14.74% -13.92% 2.91% 2.42% 6.91% 4.43% Tokyo Stock Price Index 5.43% -14.90% -14.16% 2.62% 2.15% 6.72% 4.27% as of 6/30/22Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) -17.89% -33.03% -30.57% -4.17% 0.81% 7.62% 6.87% Institutional Class (HJPIX) -17.82% -32.90% -30.29% -3.79% 1.21% 7.98% 7.14% Russell/Nomura Total Market™ Index -14.10% -19.91% -20.30% 0.85% 1.49% 5.95% 4.11% Tokyo Stock Price Index -13.92% -19.29% -19.46% 0.87% 1.50% 5.91% 4.00% Hypothetical Growth of $10,000
as of 7/31/2022Value of $10,000 invested between 7/31/2021 and 7/31/2022
Japan Fund (HJPNX) $7,424 Japan Fund (HJPIX) $7,455 Russell/Nomura Total Market™ Index $8,608 Tokyo Stock Price Index $8,573 Value of $10,000 invested between 7/31/2019 and 7/31/2022
Japan Fund (HJPNX) $9,669 Japan Fund (HJPIX) $9,785 Russell/Nomura Total Market™ Index $10,899 Tokyo Stock Price Index $10,822 Value of $10,000 invested between 7/31/2017 and 7/31/2022
Japan Fund (HJPNX) $11,077 Japan Fund (HJPIX) $11,305 Russell/Nomura Total Market™ Index $10,940 Tokyo Stock Price Index $11,140 Value of $10,000 invested between 7/31/2012 and 7/31/2022
Japan Fund (HJPNX) $22,778 Japan Fund (HJPIX) $23,578 Russell/Nomura Total Market™ Index $18,942 Tokyo Stock Price Index $19,191 Value of $10,000 invested between 10/31/2003 and 7/31/2022
Japan Fund (HJPNX) $37,342 Japan Fund (HJPIX) $39,161 Russell/Nomura Total Market™ Index $21,899 Tokyo Stock Price Index $21,947 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 6/30/22Investor Class (HJPNX)Type 3 yr 5 yr 10 yr Alpha -4.77 -0.41 2.21 Beta 1.02 0.99 0.91 Upside Capture 84.92 95.00 92.87 Downside Capture 110.95 98.57 79.45 Institutional Class (HJPIX)Type 3 yr 5 yr 10 yr Alpha -4.37 -0.01 2.55 Beta 1.03 0.99 0.91 Upside Capture 86.05 96.37 93.91 Downside Capture 110.06 97.74 78.51 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 6/30/22Type 3 yr 5 yr 10 yr Investor Class (HJPNX) -0.19 0.06 0.55 Institutional Class (HJPIX) -0.16 0.09 0.57 Russell/Nomura Total Market™ Index 0.09 0.10 0.45 Japan Stock Category Average 0.14 0.10 0.52 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 6/30/22Type 3 yr 5 yr 10 yr Investor Class (HJPNX) 17.64 15.97 14.11 Institutional Class (HJPIX) 17.65 15.98 14.11 Russell/Nomura Total Market™ Index 15.49 14.34 13.29 Japan Stock Category Average 14.63 13.75 12.97 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 6/30/22. 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 6/30/22Inception Date (HJPNX) 10/31/03 Inception Date (HJPIX) 10/31/03 Total Fund Assets $371 Million Active Share vs. Russell/Nomura Total Market™ Index 81% Portfolio Turnover 10% Median Market Cap $21.2 Billion Median Price/Earnings 21.6x Median Price/Book 2.1x 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 6/30/22Fund Russell/Nomura Total Market™ Index Difference Industrials 35.8% 24.2% +11.6% Consumer Discretionary 19.5% 15.2% +4.3% Financials 10.9% 10.7% +0.2% Information Technology 10.7% 13.3% -2.6% Consumer Staples 9.3% 7.4% +1.9% Health Care 4.3% 9.0% -4.7% Communication Services 3.4% 9.6% -6.2% Energy 0.0% 1.0% -1.0% Utilities 0.0% 1.4% -1.4% Real Estate 0.0% 2.4% -2.4% Materials 0.0% 5.9% -5.9% Cash & Other 6.1% Portfolio Holdings
Top 10 Holdings
as of 6/30/22% of Net Assets Top 10 Holdings Ticker Current Vs. 1Q22 Vs. 2Q21 10-Year Holdings History (%) Time Held Sony Group Corp. 6758 8.47% -0.55% +2.36% 2 Years Mitsubishi Corp. 8058 8.12% +0.26% +5.05% 15 Years Hitachi, Ltd. 6501 7.83% +2.00% +3.33% 1 Year Tokio Marine Holdings, Inc. 8766 5.62% +5.62% +5.62% < 1 Year Keyence Corp. 6861 5.35% -0.80% -0.17% 15 Years Nidec Corp. 6594 4.47% -0.42% -1.03% 9 Years Rohto Pharmaceutical Co., Ltd. 4527 4.19% +0.36% +1.05% 14 Years Daikin Industries, Ltd. 6367 4.12% -0.89% -0.51% 11 Years Recruit Holdings Co., Ltd. 6098 4.05% -2.80% -1.68% 5 Years Terumo Corp. 4543 3.98% -0.23% -1.20% 11 Years Total as % of Net Assets 56.2% Profile of Japan Fund Holdings
Total Holdings: 29
as of 6/30/22% of Net Assets Equity Holdings Current Vs. 1Q22 Vs. 2Q21 10-Year Holdings History (%) Time Held Sony Group Corp. 8.47% -0.55% +2.36% 2 Years Mitsubishi Corp. 8.12% +0.26% +5.05% 15 Years Hitachi, Ltd. 7.83% +2.00% +3.33% 1 Year Tokio Marine Holdings, Inc. 5.62% +5.62% +5.62% < 1 Year Keyence Corp. 5.35% -0.80% -0.17% 15 Years Nidec Corp. 4.47% -0.42% -1.03% 9 Years Rohto Pharmaceutical Co., Ltd. 4.19% +0.36% +1.05% 14 Years Daikin Industries, Ltd. 4.12% -0.89% -0.51% 11 Years Recruit Holdings Co., Ltd. 4.05% -2.80% -1.68% 5 Years Terumo Corp. 3.98% -0.23% -1.20% 11 Years Murata Manufacturing Co., Ltd. 3.72% +0.21% +0.72% 1 Year Misumi Group, Inc. 3.68% -0.81% -1.07% 18 Years Kubota Corp. 3.50% -0.29% -0.21% 8 Years Shimano, Inc. 3.00% -1.58% -1.51% 15 Years Mercari, Inc. 2.90% -1.37% -2.36% 2 Years Kao Corp. 2.34% +0.38% -0.39% 15 Years Nitori Holdings Co., Ltd. 2.00% -0.28% -0.95% 3 Years Fast Retailing Co., Ltd. 1.82% -1.25% -2.19% 5 Years Sompo Holdings, Inc. 1.81% +1.81% +1.81% < 1 Year Z Holdings Corp. 1.82% -0.51% -0.68% 2 Years MS&AD Insurance Group Holdings 1.68% +1.68% +1.68% < 1 Year Unicharm Corp. 1.67% -1.42% -1.95% 15 Years FUJIFILM Holdings Corp. 1.65% +1.65% +1.65% < 1 Year SoftBank Group Corp. 1.58% -3.87% -3.91% 7 Years ASICS Corp. 1.27% +0.10% -0.15% 12 Years Ariake Japan Co., Ltd. 1.13% +0.13% -0.22% 3 Years ORIX Corp. 1.00% +1.00% +1.00% < 1 Year Anicom Holdings, Inc. 0.80% -0.26% -0.74% 3 Years Asahi Intecc Co., Ltd. 0.35% -0.04% -0.09% 1 Year Total as % of Net Assets 93.9% Cash & Other Holdings % of Net Assets Cash & Other 6.1% Total as % of Net Assets 6.1% Profile of Japan Fund Holdings
Country Allocation
as of 6/30/22-
Japan
93.9%
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Cash & Other
6.1%
Japan 93.9% Cash & Other 6.1% -
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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 - July 2022 View Japan Fund Portfolio Update - June 2022 View Japan Fund Portfolio Update - May 2022 View Japan Fund Portfolio Update - April 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.
