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January 2023
In the following commentary, the Portfolio Managers of the Hennessy Equity and Income Fund (HEIFX/HEIIX) provide a recap of the equity market, discuss expectations for interest rates, and give insight into where they are finding high-quality securities.
December 2022
A “growth in disguise” company is one with compelling growth prospects yet the stock appears to be undervalued. We believe these Japanese businesses provide outsized opportunity for investors in the current environment.
With many small- and large-cap funds extending their reach to the mid-cap space, some investors may assume they have covered all asset classes. They could be missing out on the power of a mid-cap allocation.
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.
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.
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.
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.
For the past eight years, our seasoned portfolio management team gathers in person to exchange insights on the markets and investment landscape. The macroeconomic environment, the Federal Reserve, the equity and fixed income markets, and company-specific factors provided plenty to discuss at the 2022 CIO Roundtable.
October 2022
The Portfolio Managers of the Hennessy Gas Utility Fund discuss the Fund’s composition, earnings growth, dividends, and the case for natural gas utilities and other distribution companies. They also cover how the price of natural gas affects the Fund’s holdings and highlight the portfolio’s exposure to renewables.
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