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May 2026
AST is building the first and only space-based cellular broadband network accessible directly by everyday smartphones with both commercial and government applications.1 With strategic investments from leading technology players such as AT&T, Verizon, Vodafone and Google, AST has the bold goal to provide uninterrupted broadband connectivity, everywhere.
Energy is a large and complex sector. The sector’s broad sub-industries can be divided into a “value chain,” each segment of which has different characteristics and offers different investment opportunities.
Japanese equities are currently trading at compelling valuation levels compared to other developed equity markets around the world and relative to their own historical averages. We believe the Japanese market deserves a closer look.
When investing in Japanese businesses, we believe it is imperative to select a manager who is immersed in the culture and can perform in-depth, company-specific research to build a concentrated portfolio of Japanese companies that can outperform a benchmark and weather volatility.
April 2026
In the following commentary, the Portfolio Managers discuss recent strong performance, the effects of geopolitical tensions, softer Chinese tourism, currency dynamics, rising interest rates, wage negotiations, valuations, and economic drivers for the Fund’s Japanese small-cap holdings.
In the following commentary, the Portfolio Managers emphasize that market performance is being driven by fundamentals, with improved governance, disciplined capital allocation, and a constructive long-term outlook despite near-term volatility.
The Portfolio Managers discuss adding to positions in the first quarter, assess geopolitical impacts on holdings, review AST SpaceMobile developments, and highlight opportunities in a market shaped by factor-driven flows and short-term narratives.
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.
In the following commentary, the Portfolio Managers of the Hennessy Cornerstone Large Growth Fund discuss the Fund’s formula-based investment process and how it drives the Fund’s sector and industry positioning.
February 2026
In the following commentary, the Portfolio Managers discuss portfolio changes and where they are finding opportunity in the equity and fixed income markets.
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