• 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

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    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

  • Performance

    Daily Pricing & Performance

    as of 12/8/22
    • Investor Class (HJPNX)
      • NAV

        $32.46

      • $ Change

        -$0.06

      • % Change

        -0.18%

      • YTD

        -29.83%

    • Institutional Class (HJPIX)
      • NAV

        $33.58

      • $ Change

        -$0.06

      • % Change

        -0.18%

      • YTD

        -29.59%

    Average Annualized Total Return

    as of 11/30/22
    Name 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%

    Please swipe to view table

    as of 9/30/22
    Name 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%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 11/30/2022

    Value 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%

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

    as of 9/30/22
    Investor 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 9/30/22
    Type 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 9/30/22
    Type 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

    • Investor Class (HJPNX)
      • Gross expense ratio

        1.43%

    • Institutional Class (HJPIX)
      • Gross expense ratio

        1.04%

    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.

  • Portfolio

    Portfolio Characteristics

    as of 9/30/22
    Inception 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 9/30/22
    Fund 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%

    Please swipe to view table

    Total Holdings: 34

    as of 9/30/22
    % of Net Assets
    Equity 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
    Nidec Corp. 6594 3.72% -0.75% -1.11%
    9 Years
    Misumi Group, Inc. 9962 3.54% -0.14% -1.85%
    18 Years
    ORIX Corp. 8591 3.09% +2.09% +3.09%
    < 1 Year
    Unicharm Corp. 8113 2.74% +1.07% -0.75%
    15 Years
    Kao Corp. 4452 2.64% +0.30% +0.26%
    15 Years
    Shimano, Inc. 7309 2.39% -0.61% -2.55%
    15 Years
    Murata Manufacturing Co., Ltd. 6981 2.33% -1.39% -0.96%
    2 Years
    Kubota Corp. 6326 2.32% -1.18% -1.24%
    8 Years
    Fast Retailing Co., Ltd. 9983 2.08% +0.26% -1.56%
    5 Years
    Sompo Holdings, Inc. 8630 1.89% +0.08% +1.89%
    < 1 Year
    Santen Pharmaceutical Co., Ltd. 4536 1.69% +1.69% +1.69%
    < 1 Year
    MS&AD Insurance Group Holdings 8725 1.66% -0.02% +1.66%
    < 1 Year
    FUJIFILM Holdings Corp. 4901 1.47% -0.18% +1.47%
    < 1 Year
    ASICS Corp. 7936 1.24% -0.03% +0.09%
    13 Years
    Ariake Japan Co., Ltd. 2815 1.08% -0.05% -0.16%
    3 Years
    SoftBank Group Corp. 9984 1.03% -0.55% -3.28%
    7 Years
    Mercari, Inc. 4385 0.87% -2.03% -4.09%
    2 Years
    Z Holdings Corp. 4689 0.75% -1.07% -2.13%
    2 Years
    Pigeon Corp. 7956 0.71% +0.71% +0.71%
    < 1 Year
    Dentsu Group, Inc. 4324 0.70% +0.70% +0.70%
    < 1 Year
    Olympus Corp. 7733 0.68% +0.68% -1.17%
    < 1 Year
    Hoya Corporation 7741 0.64% +0.64% +0.64%
    < 1 Year
    Anicom Holdings, Inc. 8715 0.63% -0.17% -0.84%
    4 Years
    Nissan Chemical Corporation 4021 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%

    Please swipe to view table

    Country Allocation

    as of 9/30/22
    • Japan

      97.3%

    • Cash & Other

      2.7%

    Japan 97.3%
    Cash & Other 2.7%
  • 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 - 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.