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January 2022
Deep-rooted cultural traditions of hard work and perseverance have contributed to Japan’s high-quality products, superior manufacturing, and technological innovations, resulting in a durable global competitive advantage.
The Portfolio Managers discuss how the Focus Fund has rewarded investors over the past 25 years. They also share their thoughts on how certain portfolio holdings have benefited from the inflationary environment, supply chain issues, and strong housing demand.
Portfolio Manager Masa Takeda discusses the new Prime Minister’s focus on growth, the effect of global supply chain issues and currency weakness on exporters, and how the Fund is currently positioned.
December 2021
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.
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.
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.
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.
Many current catalysts drive our positive outlook on Japan: Pandemic-related restrictions have been easing, Kishidanomics is underway, and valuations look attractive.
Ryan Kelley, Chief Investment Officer for Hennessy Funds, shares his thoughts on what's driving the strong stock market, reflecting on where we have come from and where we may be going in 2022.
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