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.
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.
In the following commentary, the Portfolio Managers of the Hennessy Focus Fund provide an update on the holdings, including which companies might benefit the most as the Federal Reserve ceases its rate hikes. The team also discusses opportunities in the growth of artificial intelligence, its Financials holdings, and Warren Buffett’s new position in NVR.
Ryan Kelley, CIO of Hennessy Funds, gives his thoughts and outlook on current issues in the market. He continues to have a positive long term view.
In the following commentary, the Portfolio Managers of the Hennessy Focus Fund compare the portfolio’s earnings growth rates and valuations to its benchmark. They also provide insights into several holdings including O’Reilly Automotive, American Tower, Shenandoah Telecommunications, and AST SpaceMobile.
Warner Music - Focus Fund Portfolio Manager, Brian Macauley shares why Warner Music was added to the portfolio.
In the fourth quarter of 2022, the Portfolio Managers of the Hennessy Focus Fund added five new holdings. In this Portfolio Perspective, they share their insights on these exceptional opportunities that can provide a potentially high return on investment over time.
Chief Investment Officer, Ryan Kelley, summarizes a look back over a volatile 2022 and reinforces that time in the market can smooth out the choppy markets, and he believes the outlook for U.S. stocks remains positive.
CDW Corporation, a Fortune 500 company, is a value-added reseller (VAR) of information technology hardware, software, and services. We believe its scale advantages, breadth of offerings and consultative sales culture combined with a growing market and market share gains should propel attractive growth for many years to come.
The Portfolio Managers discuss the Fund’s valuation and earnings growth relative to the overall market, their current watchlist, new holding Shenandoah Telecommunications, American Woodmark’s pricing power, and what investors should consider going forward.