For the ninth year, our seasoned portfolio management team gathered to share their insightful market and economic perspectives.
The Portfolio Managers of the Hennessy Focus Fund discuss the portfolio companies that represent the most relative opportunity, the effect of higher debt costs and consumer spending trends on holdings, the increased weighting in Cogent Communications, and their 2024 outlook.
Cornerstone Mid Cap 30 Fund Portfolio Managers Ryan Kelley and Josh Wein review the Fund’s investment strategy, discuss the most recent rebalance, and highlight a few fundamental drivers of the portfolio.
The Portfolio Managers of the Hennessy Japan Small Cap Fund provide insight on inflation in Japan and the rebound in tourism. They also discuss the Japanese market, valuations, and their outlook for domestic small-cap Japanese companies.
There has been renewed interest in Japan following Berkshire Hathaway’s increased investment in Japanese companies this year. The Portfolio Managers of the Hennessy Japan Fund highlight the main factors attracting investors and potential beneficiaries of continued economic growth in Japan.
The Portfolio Managers of the Hennessy Gas Utility Fund discuss the higher interest rate environment and how the Fund has performed historically. They also talk about the Fund’s current composition, earnings growth, and dividends along with valuation of the Utilities sector.
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.
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.
With a global shift to renewable energy and rising urbanization, copper demand is expected to grow while supply remains constrained. We believe copper miners, such as Freeport-McMoRan, are poised to benefit from this trend.
In the following commentary, the Portfolio Managers of the Hennessy Focus Fund provide an update on the holdings, including which companies might benefit the most as the Federal Reserve ceases its rate hikes. The team also discusses opportunities in the growth of artificial intelligence, its Financials holdings, and Warren Buffett’s new position in NVR.