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Overview
Hennessy Japan Small Cap Fund
Actively managed, the Fund maintains a relatively concentrated portfolio of Japanese small-cap companies.
Investor
HJPSXInstitutional
HJSIXMorningstar style box
Overall morningstar rating
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Institutional
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HJSIX
Among 36 Japan Stock Funds (Based on risk-adjusted returns, as of 6/30/25)
Portfolio Manager Commentary
Why Invest
- Opportunity to invest in the potential rebound of Japan's economy
- Growth-oriented, small-cap Japanese companies that may be overlooked by other investors
- Asia-based management enables rigorous due diligence and research process leading to an in-depth understanding of the Japanese market and culture
Investment Approach
From a universe of Japanese stocks with market capitalization in the bottom 20%, the Hennessy Japan Small Cap Fund seeks companies with time-tested business models and exceptional management trading at attractive valuations. 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 and is unconfined to benchmarks.
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.
“Our extensive research allows us to uncover hidden opportunities among small-cap Japanese companies.”
- Tad Fujimura
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Insights & News
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Performance
Daily Pricing & Performance
as of 8/29/25-
Investor Class (HJPSX)
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NAV
$21.34
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$ Change
-$0.20
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% Change
-0.93%
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YTD
24.36%
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Institutional Class (HJSIX)
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NAV
$21.04
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$ Change
-$0.20
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% Change
-0.94%
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YTD
24.64%
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Average Annualized Total Return
as of 7/31/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (8/31/07) Investor Class (HJPSX) 1.52% 16.90% 16.39% 13.65% 8.08% 8.36% 8.72% Institutional Class (HJSIX) 1.49% 17.12% 16.81% 14.10% 8.50% 8.76% 8.94% Russell/Nomura Small Cap™ Index 1.28% 17.95% 15.51% 12.91% 7.69% 6.25% 5.55% Tokyo Stock Price Index -0.98% 11.86% 7.96% 13.22% 9.27% 6.30% 4.20% as of 6/30/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (8/31/07) Investor Class (HJPSX) 12.15% 15.15% 22.69% 15.26% 7.42% 7.98% 8.67% Institutional Class (HJSIX) 12.28% 15.40% 23.21% 15.73% 7.85% 8.39% 8.90% Russell/Nomura Small Cap™ Index 11.19% 16.46% 22.70% 14.71% 6.97% 6.10% 5.50% Tokyo Stock Price Index 11.31% 12.97% 15.93% 15.62% 9.03% 6.46% 4.27% Hypothetical Growth of $10,000
as of 7/31/2025Value of $10,000 invested between 7/31/2024 and 7/31/2025
Japan Small Cap Fund (HJPSX) $11,639 Japan Small Cap Fund (HJSIX) $11,681 Russell/Nomura Small Cap™ Index $11,551 Tokyo Stock Price Index $10,796 Value of $10,000 invested between 7/31/2022 and 7/31/2025
Japan Small Cap Fund (HJPSX) $14,681 Japan Small Cap Fund (HJSIX) $14,856 Russell/Nomura Small Cap™ Index $14,395 Tokyo Stock Price Index $14,515 Value of $10,000 invested between 7/31/2020 and 7/31/2025
Japan Small Cap Fund (HJPSX) $14,745 Japan Small Cap Fund (HJSIX) $15,036 Russell/Nomura Small Cap™ Index $14,481 Tokyo Stock Price Index $15,601 Value of $10,000 invested between 7/31/2015 and 7/31/2025
Japan Small Cap Fund (HJPSX) $22,329 Japan Small Cap Fund (HJSIX) $23,160 Russell/Nomura Small Cap™ Index $18,029 Tokyo Stock Price Index $18,450 Value of $10,000 invested between 8/31/2007 and 7/31/2025
Japan Small Cap Fund (HJPSX) $44,698 Japan Small Cap Fund (HJSIX) $46,404 Russell/Nomura Small Cap™ Index $25,877 Tokyo Stock Price Index $20,912 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
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investor Class (HJPSX) 11.59% 8.52% 49.58% -12.51% 19.95% 13.43% -4.65% -16.34% 16.29% 8.23% Institutional Class (HJSIX) 11.81% 8.62% 50.27% -12.13% 20.42% 13.88% -4.30% -15.99% 16.74% 8.68% Russell/Nomura Small Cap™ Index 15.49% 7.74% 35.34% -18.12% 18.34% 4.97% -2.81% -11.78% 15.39% 4.21% Tokyo Stock Price Index 10.97% 3.69% 26.56% -14.30% 19.67% 13.38% 0.96% -14.87% 20.04% 8.05% Year Investor Class (HJPSX) Institutional Class (HJSIX) Russell/Nomura Small Cap™ Index Tokyo Stock Price Index 2014 8.75% 8.75% -0.50% -2.95% 2013 33.17% 33.17% 25.28% 26.48% 2012 12.76% 12.76% 6.37% 8.06% 2011 -4.17% -4.17% -2.34% -11.82% 2010 23.99% 23.99% 17.73% 14.44% 2009 13.88% 13.88% 6.60% 4.69% 2008 -22.31% -22.31% -16.28% -25.50% Returns-Based Statistics
Relative to Russell/Nomura Small Cap™ Indexas of 6/30/25Investor Class (HJPSX)Type 3 yr 5 yr 10 yr Alpha 0.89 0.60 2.00 Beta 0.97 0.99 0.97 Upside Capture 94.35 94.82 99.73 Downside Capture 84.23 90.15 88.99 Institutional Class (HJSIX)Type 3 yr 5 yr 10 yr Alpha 1.31 1.00 2.38 Beta 0.96 0.99 0.97 Upside Capture 95.17 95.83 100.63 Downside Capture 82.60 89.07 87.91 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 6/30/25Type 3 yr 5 yr 10 yr Investor Class (HJPSX) 0.77 0.37 0.46 Institutional Class (HJSIX) 0.80 0.39 0.49 Russell/Nomura Small Cap™ Index 0.76 0.35 0.35 Japan Stock Category Average 0.97 0.62 0.45 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 6/30/25Type 3 yr 5 yr 10 yr Investor Class (HJPSX) 13.52 14.32 14.54 Institutional Class (HJSIX) 13.50 14.32 14.54 Russell/Nomura Small Cap™ Index 12.96 13.30 13.88 Japan Stock Category Average 12.27 12.82 12.90 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HJPSX)
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Gross expense ratio
1.53%
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Institutional Class (HJSIX)
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Gross expense ratio
1.13%
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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 6/30/25. 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 (HJSIX) received 3 stars for the three-year, 3 stars for the five-year and 4 stars for the ten-year periods ended 6/30/25 / among 36, 31 and 24 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 6/30/25. 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 performance shown for Institutional Class shares / HJSIX prior to 6/15/15 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of Institutional Class shares.
The Russell/Nomura Small Cap™ Index represents the universe of small capitalization companies in the Japanese equity markets. 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.
The returns of the Russell/Nomura Small Cap™ and TOPIX indices are presented in U.S. Dollar terms.
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 6/30/25Inception Date (HJPSX) 8/31/07 Inception Date (HJSIX) 6/15/15 Total Fund Assets $125 Million Active Share vs. Russell/Nomura Small Cap™ Index 93% Portfolio Turnover 31% Median Market Cap $0.9 Billion Median Price/Earnings 14.0x Median Price/Book 1.4x 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 6/30/25Fund Russell/Nomura Small Cap™ Index Difference Industrials 36.3% 26.2% +10.1% Consumer Discretionary 14.3% 17.3% -2.9% Information Technology 14.0% 12.6% +1.5% Materials 8.6% 10.4% -1.8% Consumer Staples 7.3% 10.3% -3.0% Real Estate 5.5% 1.6% +3.9% Financials 5.3% 10.2% -4.9% Health Care 3.7% 4.6% -0.9% Utilities 0.4% 1.6% -1.1% Communication Services 0.0% 4.6% -4.6% Energy 0.0% 0.8% -0.8% Cash & Other 4.7% Portfolio Holdings
Top 10 Holdings
as of 6/30/25% of Net Assets Top 10 Holdings Ticker Current Vs. 1Q25 Vs. 2Q24 10-Year Holdings History (%) Time Held Maeda Kosen Co., Ltd. 7821 3.09% -0.09% +1.35% 2 Years Penta-Ocean Construction Co., Ltd. 1893 3.05% +0.51% +0.83% 3 Years Nishi-Nippon Financial Holdings, Inc. 7189 2.97% +0.39% +1.19% 2 Years Tsukishima Holdings Co., Ltd. 6332 2.97% +0.44% +0.90% 3 Years The Musashino Bank, Ltd. 8336 2.28% -0.15% -0.01% 4 Years Relo Group, Inc. 8876 2.25% -0.34% 0.00% 1 Year Daihen Corp. 6622 2.21% -0.13% -0.66% 9 Years J Front Retailing Co., Ltd. 3086 2.14% 0.00% +0.22% 2 Years Kanamoto Co., Ltd. 9678 2.10% -0.03% +1.11% 1 Year Tosei Corp. 8923 2.04% +0.03% +0.13% 6 Years Total as % of Net Assets 25.1% Total Holdings: 67
as of 6/30/25% of Net Assets Equity Holdings Current Vs. 1Q25 Vs. 2Q24 10-Year Holdings History (%) Time Held Maeda Kosen Co., Ltd. 3.09% -0.09% +1.35% 2 Years Penta-Ocean Construction Co., Ltd. 3.05% +0.51% +0.83% 3 Years Nishi-Nippon Financial Holdings, Inc. 2.97% +0.39% +1.19% 2 Years Tsukishima Holdings Co., Ltd. 2.97% +0.44% +0.90% 3 Years The Musashino Bank, Ltd. 2.28% -0.15% -0.01% 4 Years Relo Group, Inc. 2.25% -0.34% 0.00% 1 Year Daihen Corp. 2.21% -0.13% -0.66% 9 Years J Front Retailing Co., Ltd. 2.14% 0.00% +0.22% 2 Years Kanamoto Co., Ltd. 2.10% -0.03% +1.11% 1 Year Tosei Corp. 2.04% +0.03% +0.13% 6 Years Musashi Seimitsu Industry Co. Ltd. 2.00% +0.27% +0.17% 5 Years Nissei ASB Machine Co., Ltd. 1.98% +0.38% +0.30% 3 Years Future Corp. 1.93% +0.28% +0.56% 1 Year Amada Co., Ltd. 1.91% +0.04% -0.24% 3 Years Sankyu, Inc. 1.90% +0.30% +1.90% < 1 Year Treasure Factory Co., Ltd. 1.81% -0.26% -0.12% 1 Year Kyudenko Corporation 1.76% +0.25% +0.02% 2 Years Genky DrugStores Co., Ltd. 1.74% +0.50% +1.74% < 1 Year Daicel Corporation 1.72% -0.23% +0.70% 2 Years Tanseisha Co., Ltd. 1.58% +0.16% -0.08% 4 Years SBS Holdings, Inc. 1.55% -0.05% +0.13% 15 Years Nihon Kohden Corp. 1.55% -0.37% -0.54% 4 Years Ariake Japan Co., Ltd. 1.53% -0.19% -0.03% 2 Years Ulvac, Inc. 1.51% -0.04% +1.51% < 1 Year LITALICO, Inc. 1.48% +0.10% +1.48% 1 Year Aeon Fantasy Co., Ltd. 1.46% -0.01% +0.32% 3 Years Nabtesco Corp. 1.46% +0.07% +0.13% 1 Year Tocalo Co., Ltd. 1.46% +0.11% -0.11% 13 Years Mitsubishi Research Institute 1.39% +0.10% +1.39% < 1 Year Warabeya Nichiyo Holdings Co. 1.38% +0.24% +0.46% 1 Year Nissan Chemical Corporation 1.34% -0.09% +1.34% 1 Year Trusco Nakayama Corp. 1.28% -0.03% +0.10% 1 Year Tokyo Ohka Kogyo Co., Ltd. 1.26% +0.26% -0.65% 6 Years Canon Marketing Japan, Inc. 1.26% -0.02% +0.23% 1 Year Nippon Signal Company Ltd. 1.24% +0.15% +0.03% 7 Years Yamami Co. 1.24% 0.00% +1.24% < 1 Year Saizeriya Co., Ltd. 1.22% +0.11% -0.59% 7 Years Fukuyama Transporting Ltd. 1.22% +0.24% +1.22% < 1 Year Krosaki Harima Corp. 1.20% +0.21% +1.20% < 1 Year Eternal Hospitality Group Ltd. 1.19% +0.15% +1.19% < 1 Year Nichiha Corp. 1.18% -0.07% -0.18% 5 Years Star Mica Holdings Co. Ltd. 1.18% +0.02% +0.42% 6 Years Mimaki Engineering Co., Ltd. 1.16% -0.46% -0.80% 9 Years Takasago Thermal Engineering Corp. 1.16% +0.20% -1.25% 3 Years PeptiDream, Inc. 1.12% -0.46% -0.74% 2 Years CKD Corp. 1.11% +1.11% +1.11% < 1 Year Gakujo Co., Ltd. 1.10% -0.10% -0.10% 1 Year Tsuzuki Denki Co Ltd 1.07% +1.07% +1.07% < 1 Year Gunze Ltd. 1.04% -0.23% +1.04% < 1 Year Hanwa Co., Ltd. 1.04% +0.05% -0.14% 12 Years Optex Group Co., Ltd. 1.04% -0.06% +1.04% < 1 Year Elecom Ltd. 1.02% +0.04% +1.02% < 1 Year Koshidaka Holdings Co., Ltd. 1.00% +0.01% -0.20% 1 Year Paramount Bed Holdings Co. Ltd. 0.99% -0.03% -0.06% 1 Year Onward Holdings Co., Ltd. 0.98% -0.24% -0.56% 2 Years OSG Corp. 0.94% -0.01% +0.94% < 1 Year Towa Corp. 0.92% +0.67% -0.35% 6 Years Raksul, Inc. 0.91% +0.03% +0.14% 2 Years Nitto Kogyo Corp. 0.91% -0.05% +0.91% < 1 Year Macnica Holdings, Inc. 0.82% -0.04% -0.12% 7 Years YAKUODO Holdings, Co., Ltd. 0.73% +0.73% +0.73% < 1 Year Computer Engineering & Consult 0.67% -0.08% +0.02% 1 Year Cosmos Pharmaceutical Corp. 0.63% -1.29% -0.93% 1 Year Furukawa Co., Ltd. 0.61% -0.02% -0.32% 2 Years Transcosmos, Inc. 0.58% +0.58% +0.58% < 1 Year EF-ON, Inc. 0.44% -0.06% -0.12% 7 Years Nittoku Co., Ltd. 0.36% -0.64% -0.40% 3 Years Total as % of Net Assets 95.4% Cash & Other Holdings % of Net Assets Cash & Other 4.7% Total as % of Net Assets 4.7% Country Allocation
as of 6/30/25-
Japan
95.4%
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Cash & Other
4.6%
Japan 95.4% Cash & Other 4.6% -
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Distributions
The Hennessy Japan Small Cap 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 12/27/2024 $0.15220 -- -- $0.15220 $17.04 12/05/2024 -- -- $0.47313 $0.47313 $17.46 12/27/2023 $0.13935 -- -- $0.13935 $16.24 12/28/2022 $0.08640 -- -- $0.08640 $13.90 12/29/2021 $0.00241 -- -- $0.00241 $17.18 12/07/2021 -- -- $0.07094 $0.07094 $17.75 12/29/2020 $0.04183 -- -- $0.04183 $18.01 12/27/2019 $0.20725 -- -- $0.20725 $15.92 12/07/2018 -- $0.00020 $0.46558 $0.46578 $14.25 12/27/2017 $0.05212 -- -- $0.05212 $15.86 12/07/2017 -- -- $0.27962 $0.27962 $15.28 12/28/2016 $0.12049 -- -- $0.12049 $10.88 12/07/2016 -- $0.10008 -- $0.10008 $11.08 12/09/2015 -- -- $0.34086 $0.34086 $10.05 12/08/2014 -- $0.21469 $0.69576 $0.91045 $9.42 12/10/2013 -- $1.75115 $0.76336 $2.51451 $9.35 12/07/2012 -- -- $2.34302 $2.34302 $8.79 12/27/2011 $0.04299 -- -- $0.04299 $9.96 12/29/2009 $0.41788 -- -- $0.41788 $8.76 12/18/2007 $0.07000 -- -- $0.07000 $10.16 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 12/27/2024 $0.23792 -- -- $0.23792 $16.76 12/05/2024 -- -- $0.46762 $0.46762 $17.25 12/27/2023 $0.19653 -- -- $0.19653 $16.00 12/28/2022 $0.16327 -- -- $0.16327 $13.68 12/29/2021 $0.08562 -- -- $0.08562 $16.94 12/07/2021 -- -- $0.07028 $0.07028 $17.58 12/29/2020 $0.11625 -- -- $0.11625 $17.78 12/27/2019 $0.26554 -- -- $0.26554 $15.72 12/27/2018 $0.04450 -- -- $0.04450 $13.14 12/07/2018 -- $0.00020 $0.45707 $0.45727 $14.11 12/27/2017 $0.08096 -- -- $0.08096 $15.64 12/07/2017 -- -- $0.27518 $0.27518 $15.09 12/28/2016 $0.09525 -- -- $0.09525 $10.71 12/07/2016 -- $0.33984 -- $0.33984 $10.88 12/09/2015 -- -- $0.34170 $0.34170 $10.07 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Japan Small Cap Fund Documents Portfolio Perspective View Portfolio Updates Japan Small Cap Fund Portfolio Update - August 2025 View Japan Small Cap Fund Portfolio Update - July 2025 View Japan Small Cap Fund Portfolio Update - June 2025 View Japan Small Cap Fund Portfolio Update - May 2025 View
After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or 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.
