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April 2022
Portfolio Managers Dave Ellison and Ryan Kelley discuss how the Federal Reserve’s plans will likely affect banks and how the market has reacted to the Fed’s rate increase. They also cover valuations, loan growth, mergers and acquisitions, and the benefits of active management.
March 2022
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.
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.
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.
Dave Ellison and Ryan Kelley, Portfolio Managers of the Hennessy Large Cap Financial Fund and Hennessy Small Cap Financial Fund, believe it could be an opportune time for Financials when margins expand and loan growth resumes.
Portfolio Manager Ben Cook, CFA discusses his thoughts on how higher prices have affected the economy, the capital discipline of many energy companies, renewable energy, and valuations.
The Portfolio Managers share their insights on the macroenvironment driving midstream companies, as well as midstream companies’ advantages in an inflationary environment, valuations, and payout levels.
The Portfolio Managers of the Hennessy Gas Utility Fund discuss America’s role as a global supplier of natural gas, the Fund’s alternative energy exposure, earnings growth expectations, and how Utilities perform in a rising rate environment.
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