Hennessy Japan Fund
Investor
HJPNX
Institutional
HJPIX
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  • 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

    Documents

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Japan 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 5/26/23
    • Investor Class (HJPNX)

      • NAV

        $36.01

      • $ Change

        $0.19

      • % Change

        0.53%

      • YTD

        12.25%

    • Institutional Class (HJPIX)

      • NAV

        $37.31

      • $ Change

        $0.19

      • % Change

        0.51%

      • YTD

        12.41%

    Average Annualized Total Return

    as of 4/30/23
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03)
    Investor Class (HJPNX) 0.23% 7.39% 4.74% 0.58% -0.25% 6.57% 7.15%
    Institutional Class (HJPIX) 0.28% 7.53% 5.09% 0.97% 0.14% 6.95% 7.42%
    Russell/Nomura Total Market™ Index 0.71% 7.22% 7.09% 5.89% 1.16% 4.86% 4.59%
    Tokyo Stock Price Index 0.38% 6.69% 7.13% 5.84% 0.99% 4.67% 4.45%

    Please swipe to view table

    as of 3/31/23
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03)
    Investor Class (HJPNX) 7.14% 7.14% -8.91% 2.55% -0.33% 7.16% 7.16%
    Institutional Class (HJPIX) 7.23% 7.23% -8.60% 2.94% 0.06% 7.54% 7.44%
    Russell/Nomura Total Market™ Index 6.47% 6.47% -3.43% 7.84% 1.10% 5.61% 4.57%
    Tokyo Stock Price Index 6.28% 6.28% -3.50% 7.55% 1.04% 5.51% 4.45%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 4/30/2023

    Value of $10,000 invested between 4/30/2022 and 4/30/2023
    Japan Fund (HJPNX) $10,474
    Japan Fund (HJPIX) $10,509
    Russell/Nomura Total Market™ Index $10,709
    Tokyo Stock Price Index $10,713

    Value of $10,000 invested between 4/30/2020 and 4/30/2023
    Japan Fund (HJPNX) $10,175
    Japan Fund (HJPIX) $10,294
    Russell/Nomura Total Market™ Index $11,873
    Tokyo Stock Price Index $11,873

    Value of $10,000 invested between 4/30/2018 and 4/30/2023
    Japan Fund (HJPNX) $9,876
    Japan Fund (HJPIX) $10,072
    Russell/Nomura Total Market™ Index $10,286
    Tokyo Stock Price Index $10,520

    Value of $10,000 invested between 4/30/2013 and 4/30/2023
    Japan Fund (HJPNX) $18,893
    Japan Fund (HJPIX) $19,572
    Russell/Nomura Total Market™ Index $15,596
    Tokyo Stock Price Index $15,813

    Value of $10,000 invested between 10/31/2003 and 4/30/2023
    Japan Fund (HJPNX) $38,412
    Japan Fund (HJPIX) $40,383
    Russell/Nomura Total Market™ Index $23,291
    Tokyo Stock Price Index $23,424

    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

      2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
    Investor Class (HJPNX)    		 26.16 6.98 12.95 11.26 32.04 -6.57 18.04 25.52 -3.07 -30.65
    Institutional Class (HJPIX)    		 26.38 7.23 13.24 11.65 32.60 -6.19 18.51 26.04 -2.70 -30.40
    Russell/Nomura Total Market™ Index    		 26.57 -3.03 11.72 3.31 27.17 -14.42 20.07 14.04 1.35 -15.43
    Tokyo Stock Price Index    		 26.48 -2.95 10.97 3.69 26.56 -14.30 19.67 13.38 0.96 -14.87
    Year
    Investor Class (HJPNX)
    Institutional Class (HJPIX)
    Russell/Nomura Total Market™ Index
    Tokyo Stock Price Index
    2012 11.61% 11.94% 8.05% 8.06%
    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%

    Please swipe to view table

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

    as of 3/31/23
    Investor Class (HJPNX)
    Type 3 yr 5 yr 10 yr
    Alpha -5.36 -1.09 1.81
    Beta 1.12 1.04 0.97
    Upside Capture 96.55 98.33 99.03
    Downside Capture 122.70 105.31 89.40
    Institutional Class (HJPIX)
    Type 3 yr 5 yr 10 yr
    Alpha -4.98 -0.70 2.16
    Beta 1.13 1.04 0.97
    Upside Capture 97.46 99.51 100.04
    Downside Capture 121.87 104.59 88.52

    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 3/31/23
    Type 3 yr 5 yr 10 yr
    Investor Class (HJPNX) 0.17 -0.01 0.47
    Institutional Class (HJPIX) 0.19 0.01 0.49
    Russell/Nomura Total Market™ Index 0.47 0.05 0.39
    Japan Stock Category Average 0.56 0.07 0.43

    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 3/31/23
    Type 3 yr 5 yr 10 yr
    Investor Class (HJPNX) 20.26 18.18 15.39
    Institutional Class (HJPIX) 20.28 18.19 15.39
    Russell/Nomura Total Market™ Index 16.69 16.00 14.11
    Japan Stock Category Average 15.06 15.13 13.49

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

    Fund Expenses

    • Investor Class (HJPNX)

      • Gross expense ratio

        1.44%

    • Institutional Class (HJPIX)

      • Gross expense ratio

        1.05%

    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 3/31/23. 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 3/31/23
    Inception Date (HJPNX) 10/31/03
    Inception Date (HJPIX) 10/31/03
    Total Fund Assets $232 Million
    Active Share vs. Russell/Nomura Total Market™ Index 78%
    Portfolio Turnover 47%
    Median Market Cap $28.7 Billion
    Median Price/Earnings 21.2x
    Median Price/Book 2.2x

    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 3/31/23
    Fund Russell/Nomura Total Market™ Index Difference
    Industrials 26.3% 24.9% +1.4%
    Financials 17.8% 11.1% +6.7%
    Consumer Staples 14.9% 7.9% +7.0%
    Consumer Discretionary 10.3% 15.0% -4.7%
    Health Care 9.5% 9.5% 0.0%
    Information Technology 9.1% 13.6% -4.6%
    Materials 5.5% 5.4% 0.0%
    Communication Services 3.0% 8.2% -5.2%
    Utilities 0.0% 1.3% -1.3%
    Real Estate 0.0% 2.1% -2.1%
    Energy 0.0% 0.9% -0.9%
    Cash & Other 3.7%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/23
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 4Q22 Vs. 1Q22 10-Year Holdings History (%) Time Held
    Hitachi, Ltd. 6501 8.74% -0.29% +2.91%
    		2 Years
    Mitsubishi Corp. 8058 8.65% -0.42% +0.79%
    		16 Years
    Rohto Pharmaceutical Co., Ltd. 4527 5.36% +0.23% +1.53%
    		15 Years
    Sony Group Corp. 6758 5.22% -2.12% -3.80%
    		3 Years
    Seven & i Holdings Co., Ltd. 3382 5.09% 0.00% +5.09%
    		< 1 Year
    Tokio Marine Holdings, Inc. 8766 4.36% -1.81% +4.36%
    		1 Year
    Keyence Corp. 6861 4.15% -0.54% -2.00%
    		16 Years
    ORIX Corp. 8591 4.09% +0.47% +4.09%
    		1 Year
    Tokyo Electron, Ltd. 8035 3.95% +3.95% +3.95%
    		< 1 Year
    Unicharm Corp. 8113 3.60% +0.21% +0.51%
    		15 Years
    Total as % of Net Assets 53.21%

    Please swipe to view table

    Profile of Japan Fund Holdings

    More information on the companies held in the Fund.

    Total Holdings: 29

    as of 3/31/23
    Print All Holdings
    % of Net Assets
    Equity Holdings Ticker Current Vs. 4Q22 Vs. 1Q22 10-Year Holdings History (%) Time Held
    Hitachi, Ltd. 6501 8.74% -0.29% +2.91%
    		2 Years
    Mitsubishi Corp. 8058 8.65% -0.42% +0.79%
    		16 Years
    Rohto Pharmaceutical Co., Ltd. 4527 5.36% +0.23% +1.53%
    		15 Years
    Sony Group Corp. 6758 5.22% -2.12% -3.80%
    		3 Years
    Seven & i Holdings Co., Ltd. 3382 5.09% 0.00% +5.09%
    		< 1 Year
    Tokio Marine Holdings, Inc. 8766 4.36% -1.81% +4.36%
    		1 Year
    Keyence Corp. 6861 4.15% -0.54% -2.00%
    		16 Years
    ORIX Corp. 8591 4.09% +0.47% +4.09%
    		1 Year
    Tokyo Electron, Ltd. 8035 3.95% +3.95% +3.95%
    		< 1 Year
    Unicharm Corp. 8113 3.60% +0.21% +0.51%
    		15 Years
    Mitsubishi UFJ Financial Group 8306 3.51% +3.51% +3.51%
    		< 1 Year
    Shin-Etsu Chemical Co., Ltd. 4063 3.41% +3.41% +3.41%
    		< 1 Year
    Fast Retailing Co., Ltd. 9983 3.26% +0.73% +0.19%
    		5 Years
    Recruit Holdings Co., Ltd. 6098 3.18% -1.67% -3.67%
    		6 Years
    Daikin Industries, Ltd. 6367 3.06% -0.53% -1.95%
    		12 Years
    Nippon Telegraph & Telephone Co. 9432 2.98% +2.73% +2.98%
    		< 1 Year
    Terumo Corp. 4543 2.78% -0.58% -1.43%
    		12 Years
    Misumi Group, Inc. 9962 2.68% -0.47% -1.81%
    		18 Years
    Olympus Corp. 7733 2.63% +1.16% +0.71%
    		< 1 Year
    MS&AD Insurance Group Holdings 8725 2.33% +0.42% +2.33%
    		1 Year
    Sompo Holdings, Inc. 8630 2.27% +0.03% +2.27%
    		1 Year
    Santen Pharmaceutical Co., Ltd. 4536 2.14% -0.23% +2.14%
    		< 1 Year
    Nissan Chemical Corporation 4021 2.04% +2.04% +2.04%
    		< 1 Year
    Hoya Corporation 7741 1.98% +0.40% +1.98%
    		< 1 Year
    ASICS Corp. 7936 1.85% +0.23% +0.68%
    		13 Years
    Japan Exchange Group, Inc. 8697 1.21% +1.21% +1.21%
    		< 1 Year
    Ariake Japan Co., Ltd. 2815 0.88% -0.06% -0.12%
    		4 Years
    Rohm Co., Ltd. 6963 0.77% +0.71% +0.77%
    		< 1 Year
    Renesas Electronics Corp. 6723 0.19% +0.19% +0.19%
    		< 1 Year
    Total as % of Net Assets 96.4%
    Cash & Other Holdings % of Net Assets
    Cash & Other 3.7%
    Total as % of Net Assets 3.7%

    Please swipe to view table

    Profile of Japan Fund Holdings

    More information on the companies held in the Fund.

    Country Allocation

    as of 3/31/23

    • Japan

      96.3%

    • Cash & Other

      3.7%
    Japan 96.3%
    Cash & Other 3.7%

  • 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

    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
    12/29/2021 $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

    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 - April 2023 View
    Japan Fund Portfolio Update - March 2023 View
    Japan Fund Portfolio Update - February 2023 View
    Japan Fund Portfolio Update - January 2023 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.

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The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 1-800-966-4354.

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 and can be found here. Neither forward earnings nor earnings growth is a measure of a fund’s future performance.

Mutual fund investing involves risk. Principal loss is possible. Current and future holdings are subject to risk. Small and medium-sized companies may have more limited liquidity and greater price volatility than larger companies. Investments in foreign securities may involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Focus, Total Return, Balanced, Large Cap Financial, Small Cap Financial, and Midstream Funds are considered non-diversified funds. A non-diversified fund, which may concentrate its assets in fewer individual holdings than a diversified fund, is more exposed to individual stock volatility than a diversified fund. A fund that concentrates its investments within one country, one sector, or a small group of industries, such as Japan, Technology, Financials, or Energy, may be subject to a higher degree of market risk. Investments in debt securities typically decrease in value when interest rates rise. The risk is greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Mortgage- and asset-backed securities are subject to prepayment risk, which is the risk that the borrower will prepay some or all of the principal owed to the issuer. Funds that invest in pooled investment vehicles (including ETFs) may experience higher fees. The formula-based strategy employed by some Funds may cause those Funds to buy or sell securities at times when it may not be advantageous.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

ESG investing risk is the risk stemming from the Environmental, Social, and Governance factors that the Fund applies in selecting securities. The Fund intends to invest in companies with measurable high ESG ratings relative to their sector peers, and screen out particular companies that do not meet its ESG criteria. This may affect the Fund’s exposure to certain companies or industries and cause the Fund to forego certain investment opportunities. The Fund’s returns may be lower than other funds that do not seek to invest in companies based on ESG ratings. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. There is no guarantee that the Portfolio Managers’ use of these models will result in effective investment decisions for the Fund. From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Consumer Discretionary and Health Care sectors and its performance is therefore tied closely to, and affected by, developments in these industries.

Master Limited Partnerships (MLPs) and MLP investments have unique characteristics. A Fund does not receive the same tax benefits as a direct investment in an MLP.

The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for a Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. If the Energy Transition Fund’s MLP investments exceed 25% of its assets, it may not qualify for treatment as a regulated investment company (“RIC”) under the Internal Revenue Code (“Code”), and the Fund would be taxed as an ordinary corporation, which could substantially reduce its net assets and its distributions to shareholders. The Midstream Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes, and therefore, is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 21%) as well as state and local income taxes. The Midstream Fund will not benefit from current favorable federal income tax rates on long-term capital gains, and Fund income and losses will not be passed on to shareholders. The Midstream Fund accrues deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV, and as a result, the Fund’s after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.

Glossary of Terms contains definitions and additional information.

To view the top 10 holdings of a Fund, please click the Fund name: Cornerstone Growth, Focus, Cornerstone Mid Cap 30, Cornerstone Large Growth, Cornerstone Value, Total Return, Equity and Income, Balanced, Energy Transition, Midstream, Gas Utility, Japan, Japan Small Cap, Large Cap Financial, Small Cap Financial, Technology. Fund holdings are subject to change and not recommendations to buy or sell any security.

Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

News and Media Page:

To view the Morningstar ratings for the Japan Fund, please click here. (Media - TD Ameritrade)

To view the Morningstar ratings for the Focus Fund, please click here. (Media - CNBC-B. Macualey).

1 USD = 105.36 Yen as of 07/27/2020 (Media - Ticker - M. Takeda)

Tom White is a TD Ameritrade Network contributor and is not affiliated with the Hennessy Funds. Content is not investment advice, or a recommendation of any security, strategy, or account type. Options involve risks and are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.(Media - TD Ameritrade-Rothberg)

To view the Morningstar ratings, please click here.

The Hennessy Funds are offered only to United States residents, and information on this web site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Hennessy Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

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