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.
While O’Reilly Automotive is a leader in the automotive aftermarket parts industry in the U.S., the company’s recent acquisition of Mexico-based Mayasa Auto Parts illustrates the company’s greater goals to expand its operations internationally.
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.
The Hennessy Focus Fund Managers discuss current valuations, where they are finding opportunities, the investment case for new position Allegiant Travel, and how the pandemic has affected the market for used cars and car repairs.
Portfolio Managers of the Hennessy Focus Fund, David Rainey and Brian Macauley make the case for two top holdings.
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.
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.