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April 2021
In the following commentary, the Portfolio Managers of the Hennessy Cornerstone Value Fund discuss the Fund’s formula-based investment strategy and how it drives the Fund’s sector and industry positioning.
March 2021
The Hennessy Focus Fund Managers discuss the Fund’s growth rates and valuation, recently added positions, holdings that may take longer to recover, and their current watchlist.
RH (formerly Restoration Hardware) has transformed into a global luxury brand focused on a sophisticated lifestyle within the home furnishings marketplace. With its bespoke design and hospitality experience, RH plans to continue expanding its brand to the global marketplace.
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.
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.
December 2020
Portfolio Managers Ryan Kelley and Josh Wein review the Fund’s investment strategy and discuss the Fund’s most recent rebalance and changes in the portfolio composition. They also highlight the fundamental drivers of select sectors within the portfolio.
October 2020
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.
August 2020
Portfolio Managers of the Hennessy Focus Fund, David Rainey and Brian Macauley make the case for two top holdings.
July 2020
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.
April 2020
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.
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