The Hennessy Focus Fund Managers discuss a recently added position, how they currently evaluate “tail risk,” select holdings trading at exceptionally low valuations and O’Reilly Automotive’s expansion plans.
Masa Takeda and Tad Fujimura of Tokyo-based SPARX Asset Management Co., Ltd., subadvisor to the Hennessy Japan and Japan Small Cap Funds, summarize the economic impact of COVID-19 as well as the government’s response. They also discuss the economic impact of a 2021 Olympics and SPARX’s informational advantage.
The Portfolio Managers of the Hennessy Equity and Income Fund discuss the impact of coronavirus on the equity and fixed income markets, finding opportunities in the equity market, changes made to the Fund, and their long-term outlook for interest rates.
Portfolio Managers Dave Ellison and Ryan Kelley provide their thoughts on the impact of coronavirus on the Hennessy Large Cap Financial and Small Cap Financial Funds. They discuss banks’ strong financial position, valuations, and recent portfolio changes.
Portfolio Managers of the Hennessy Gas Utility Fund discuss how the COVID-19 outbreak affected natural gas demand, how low oil prices may benefit natural gas, valuations of Utility stocks, and the Fund’s performance and current level of dividends.
The Hennessy Focus Fund Managers discuss the impact of COVID-19 on the economy, the market and the portfolio. They describe how they position the portfolio for difficult economic environments as well as their investment case for RH, the Fund’s newest holding.
The Hennessy Focus Fund Managers discuss portfolio earnings relative to the overall market, repercussions from the trade dispute, insight on the Fund’s financial holdings, and views regarding proposed mergers involving two portfolio companies.
In the following commentary, the Portfolio Managers of the Hennessy Equity and Income Fund (HEIFX/HEIIX) discuss how the Fund is benefitting from a strong U.S. consumer, the relative attractiveness of U.S. fixed income securities, and where they are finding opportunity in both the equity and fixed income markets.
Masa Takeda of Tokyo-based SPARX Asset Management Co., Ltd., subadvisor to the Hennessy Japan Fund, shares his “feet-on-the-street” perspective on the recent sales tax hike, the rise in dividends and share buybacks, Japanese equities’ low valuations, and how the Fund is positioned for 2020.
Portfolio Managers Ryan Kelley and Josh Wein review the Fund’s investment strategy and discuss the Fund’s most recent rebalance and changes in the portfolio composition. They also highlight the fundamental drivers of select sectors within the portfolio.