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Overview
Hennessy Japan Fund
Actively managed, the Fund maintains a highly concentrated, best ideas portfolio of Japanese companies.
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 1/7/26-
Investor Class (HJPNX)
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NAV
$43.89
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$ Change
$0.07
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% Change
0.16%
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YTD
3.49%
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Institutional Class (HJPIX)
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NAV
$45.80
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$ Change
$0.07
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% Change
0.15%
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YTD
3.50%
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Average Annualized Total Return
as of 12/31/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) 1.82% 14.50% 14.50% 18.64% 2.34% 8.60% 8.40% Institutional Class (HJPIX) 1.85% 14.88% 14.88% 19.09% 2.72% 9.03% 8.69% Russell/Nomura Total Market™ Index 1.22% 27.51% 27.51% 18.26% 7.23% 8.12% 6.08% Tokyo Stock Price Index 0.58% 25.79% 25.79% 17.73% 7.02% 7.92% 5.92% as of 12/31/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) 1.23% 14.50% 14.50% 18.64% 2.34% 8.60% 8.40% Institutional Class (HJPIX) 1.34% 14.88% 14.88% 19.09% 2.72% 9.03% 8.69% Russell/Nomura Total Market™ Index 3.29% 27.51% 27.51% 18.26% 7.23% 8.12% 6.08% Tokyo Stock Price Index 2.53% 25.79% 25.79% 17.73% 7.02% 7.92% 5.92% Hypothetical Growth of $10,000
as of 12/31/2025Value of $10,000 invested between 12/31/2024 and 12/31/2025
Japan Fund (HJPNX) $11,449 Japan Fund (HJPIX) $11,488 Russell/Nomura Total Market™ Index $12,751 Tokyo Stock Price Index $12,579 Value of $10,000 invested between 12/31/2022 and 12/31/2025
Japan Fund (HJPNX) $16,698 Japan Fund (HJPIX) $16,891 Russell/Nomura Total Market™ Index $16,538 Tokyo Stock Price Index $16,316 Value of $10,000 invested between 12/31/2020 and 12/31/2025
Japan Fund (HJPNX) $11,224 Japan Fund (HJPIX) $11,438 Russell/Nomura Total Market™ Index $14,175 Tokyo Stock Price Index $14,060 Value of $10,000 invested between 12/31/2015 and 12/31/2025
Japan Fund (HJPNX) $22,826 Japan Fund (HJPIX) $23,730 Russell/Nomura Total Market™ Index $21,182 Tokyo Stock Price Index $21,454 Value of $10,000 invested between 10/31/2003 and 12/31/2025
Japan Fund (HJPNX) $59,730 Japan Fund (HJPIX) $63,431 Russell/Nomura Total Market™ Index $35,925 Tokyo Stock Price Index $35,823 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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Investor Class (HJPNX) 11.26% 32.04% -6.57% 18.04% 25.52% -3.07% -30.65% 22.85% 18.72% 14.50% Institutional Class (HJPIX) 11.65% 32.60% -6.19% 18.51% 26.04% -2.70% -30.40% 23.35% 19.20% 14.88% Russell/Nomura Total Market™ Index 3.31% 27.17% -14.42% 20.07% 14.04% 1.35% -15.43% 19.99% 8.10% 27.51% Tokyo Stock Price Index 3.69% 26.56% -14.30% 19.67% 13.38% 0.96% -14.87% 20.04% 8.05% 25.79% Year Investor Class (HJPNX) Institutional Class (HJPIX) Russell/Nomura Total Market™ Index Tokyo Stock Price Index 2015 12.95% 13.24% 11.72% 10.97% 2014 6.98% 7.23% -3.03% -2.95% 2013 26.16% 26.38% 26.57% 26.48% 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% Returns-Based Statistics
Relative to Russell/Nomura Total Market™ Indexas of 12/31/25Investor Class (HJPNX)Type 3 yr 5 yr 10 yr Alpha 0.54 -4.76 0.76 Beta 1.00 1.13 0.99 Upside Capture 111.56 104.24 103.44 Downside Capture 129.85 137.65 102.03 Institutional Class (HJPIX)Type 3 yr 5 yr 10 yr Alpha 0.92 -4.39 1.15 Beta 1.00 1.13 0.99 Upside Capture 112.74 105.42 104.66 Downside Capture 128.78 136.79 101.15 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 12/31/25Type 3 yr 5 yr 10 yr Investor Class (HJPNX) 1.02 0.02 0.47 Institutional Class (HJPIX) 1.05 0.04 0.50 Russell/Nomura Total Market™ Index 1.16 0.34 0.48 Japan Stock Category Average 1.44 0.51 0.56 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 12/31/25Type 3 yr 5 yr 10 yr Investor Class (HJPNX) 12.88 16.68 15.14 Institutional Class (HJPIX) 12.90 16.70 15.15 Russell/Nomura Total Market™ Index 10.87 13.36 13.46 Japan Stock Category Average 9.62 11.81 12.53 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
1.42%
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Institutional Class (HJPIX)
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Gross expense ratio
1.02%
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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 12/31/25. 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 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 12/31/25Inception Date (HJPNX) 10/31/03 Inception Date (HJPIX) 10/31/03 Total Fund Assets $411 Million Active Share vs. Russell/Nomura Total Market™ Index 74% Portfolio Turnover 12% Median Market Cap $36.3 Billion Median Price/Earnings 18.9x 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 12/31/25Fund Russell/Nomura Total Market™ Index Difference Financials 33.3% 15.6% +17.7% Industrials 20.5% 26.2% -5.7% Consumer Discretionary 14.5% 15.6% -1.1% Information Technology 9.8% 14.2% -4.4% Consumer Staples 7.9% 5.3% +2.6% Communication Services 7.8% 7.5% +0.3% Materials 3.9% 5.2% -1.3% Real Estate 2.2% 2.1% +0.1% Health Care 1.1% 6.0% -4.9% Energy 0.0% 1.0% -1.0% Utilities 0.0% 1.4% -1.4% Cash & Other -0.9% Portfolio Holdings
Top 10 Holdings
as of 12/31/25% of Net Assets Top 10 Holdings Ticker Current Vs. 3Q25 Vs. 4Q24 10-Year Holdings History (%) Time Held Hitachi, Ltd. 6501 9.16% +1.48% +1.34% 4 Years SoftBank Group Corp. 9984 7.77% -0.24% +6.23% 1 Year ORIX Corp. 8591 7.33% +1.31% +2.25% 3 Years Sony Group Corp. 6758 7.28% -0.20% +1.27% 6 Years Mitsubishi UFJ Financial Group 8306 6.90% +0.46% +1.72% 3 Years Seven & i Holdings Co., Ltd. 3382 6.53% +0.93% -0.58% 3 Years Tokyo Electron, Ltd. 8035 6.45% +1.72% +2.73% 3 Years Sompo Holdings, Inc. 8630 5.38% +1.14% +1.18% 3 Years Tokio Marine Holdings, Inc. 8766 5.31% -0.27% +0.63% 3 Years Recruit Holdings Co., Ltd. 6098 5.13% +0.34% -2.40% 9 Years Total as % of Net Assets 67.24% Total Holdings: 29
as of 9/30/25Please note that full portfolio holdings for the Japan Funds will be available 30 days after each calendar quarter end.
% of Net Assets Equity Holdings Current Vs. 3Q25 Vs. 4Q24 10-Year Holdings History (%) Time Held SoftBank Group Corp. 8.01% -0.24% +6.23% 8 Years Hitachi, Ltd. 7.68% +1.48% +1.34% 4 Years Sony Group Corp. 7.48% -0.20% +1.27% 6 Years Mitsubishi UFJ Financial Group 6.44% +0.46% +1.72% 5 Years ORIX Corp. 6.02% +1.31% +2.25% 3 Years Seven & i Holdings Co., Ltd. 5.60% +0.93% -0.58% 3 Years Tokio Marine Holdings, Inc. 5.58% -0.27% +0.63% 3 Years Recruit Holdings Co., Ltd. 4.79% +0.34% -2.40% 9 Years Tokyo Electron, Ltd. 4.73% +1.72% +2.73% 2 Years Sompo Holdings, Inc. 4.24% +1.14% +1.18% 3 Years Mitsubishi Corp. 3.75% -0.66% -0.85% 18 Years MS&AD Insurance Group Holdings 3.55% +0.48% +0.14% 3 Years Shin-Etsu Chemical Co., Ltd. 3.04% -0.23% -1.39% 2 Years Sekisui House, Ltd. 2.69% +0.19% +1.74% 1 Year Sumitomo Forestry Co., Ltd. 2.67% -0.18% +0.99% 1 Year Daikin Industries, Ltd. 2.55% +0.53% -0.03% 15 Years Mizuho Financial Group, Inc. 2.41% +0.43% +1.34% 10 Years Daiwa House Industry Co., Ltd. 2.20% +0.02% +1.25% 1 Year Keyence Corp. 1.74% +0.81% +0.44% 18 Years Fast Retailing Co., Ltd. 1.68% +0.21% -0.49% 8 Years Japan Exchange Group, Inc. 1.41% +0.06% -0.81% 2 Years Renesas Electronics Corp. 1.34% -0.69% -2.76% 2 Years Nissan Chemical Corporation 1.07% -0.02% -0.76% 3 Years Rohto Pharmaceutical Co., Ltd. 1.00% +0.09% -0.85% 18 Years Socionext, Inc. 0.97% -0.83% -1.09% 2 Years Santen Pharmaceutical Co., Ltd. 0.64% -0.01% -0.66% 3 Years Olympus Corp. 0.45% +0.04% -0.92% 5 Years Sony Financial Group, Inc. 0.29% -0.29% 0.00% < 1 Year Unicharm Corp. 0.23% -0.01% -0.56% 18 Years Total as % of Net Assets 94.3% Cash & Other Holdings % of Net Assets Cash & Other 5.7% Total as % of Net Assets 5.7% Country Allocation
as of 12/31/25-
Japan
100.9%
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Cash & Other
-0.9%
Japan 100.9% Cash & Other -0.9% -
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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 12/29/2025 $4.60405 -- -- $4.60405 $42.76 12/04/2025 -- -- $0.83671 $0.83671 $46.97 12/27/2024 $0.41600 -- -- $0.41600 $41.74 12/05/2024 -- -- $2.00636 $2.00636 $44.45 12/07/2023 -- -- $2.17988 $2.17988 $35.50 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 12/29/2025 $4.77385 -- -- $4.77385 $44.61 12/04/2025 -- -- $0.87231 $0.87231 $48.97 12/27/2024 $0.58973 -- -- $0.58973 $43.38 12/05/2024 -- -- $2.09189 $2.09189 $46.35 12/07/2023 -- -- $2.26393 $2.26393 $36.87 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.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Japan Fund Documents Portfolio Perspective View Portfolio Updates Japan Fund Portfolio Update - December 2025 View Japan Fund Portfolio Update - November 2025 View Japan Fund Portfolio Update - October 2025 View Japan Fund Portfolio Update - September 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.
