The market showed strength and resilience in 2020, hitting all-time record highs in December. With promising vaccines, historically low interest rates, and strong fundamentals, there is optimism for equities in 2021.
NVR is one of America’s leading home builders. With its uniquely “asset-light” balance sheet and focus on operational efficiency, the company has created a hard-to-replicate business model.
The Hennessy Focus Fund Managers discuss current valuations, where they are finding opportunities, the investment case for new position Allegiant Travel, and how the pandemic has affected the market for used cars and car repairs.
While O’Reilly Automotive is a leader in the automotive aftermarket parts industry in the U.S., the company’s recent acquisition of Mexico-based Mayasa Auto Parts illustrates the company’s greater goals to expand its operations internationally.
Portfolio Managers of the Hennessy Focus Fund, David Rainey and Brian Macauley make the case for two top holdings.
The Hennessy Focus Fund Managers discuss a recently added position, how they currently evaluate “tail risk,” select holdings trading at exceptionally low valuations and O’Reilly Automotive’s expansion plans.
The Hennessy Focus Fund Managers discuss the impact of COVID-19 on the economy, the market and the portfolio. They describe how they position the portfolio for difficult economic environments as well as their investment case for RH, the Fund’s newest holding.
The Hennessy Focus Fund Managers discuss portfolio earnings relative to the overall market, repercussions from the trade dispute, insight on the Fund’s financial holdings, and views regarding proposed mergers involving two portfolio companies.
Increased attention is being paid to the inclusion of focused mutual funds in portfolio allocations. Studies have shown that concentrated portfolios can provide meaningful performance advantages over time.
Chief Investment Officer Neil Hennessy reviews current market fundamentals and shares his outlook for the coming year. He provides observations and insights on why he believes this extended bull market still has plenty of room to run.