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Overview
Hennessy Japan Fund
Actively managed, the Fund maintains a highly concentrated, best ideas portfolio of Japanese companies.
Why Invest
- Opportunity to invest in the potential rebound of Japan's economy
- Concentrated portfolio focused on world-class, globally oriented companies
- Asia-based management enables rigorous due diligence and research process leading to an in-depth understanding of the Japanese market and culture
Investment Approach
The Hennessy Japan Fund seeks high-quality, globally-oriented Japanese companies with time-tested business models and exceptional management that can perform well through economic cycles. Focusing on sustainable growth while limiting the downside, the Portfolio Managers seek companies that exhibit:
- A well-capitalized balance sheet with little debt
- Durable competitive advantage
- High return on equity
- Above average earnings growth rate, which is sustainable and predictable
- Strong cash flow generation
- Value gap between intrinsic value and market price
The portfolio is limited to the Managers’ best ideas, with a concentrated number of holdings.
Portfolio Managers
The Fund is sub-advised by Tokyo-based SPARX Asset Management Co., Ltd. Since its founding in 1989, SPARX has grown to become the largest independent asset manager in Japan.
CMA designates Chartered Member of the Security Analysts Association of Japan.
“We believe having 'feet on the street' in Japan provides a crucial advantage for our shareholders.”
- Masa Takeda
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Insights & News
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Performance
Daily Pricing & Performance
as of 2/21/25-
Investor Class (HJPNX)
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NAV
$41.77
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$ Change
-$0.71
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% Change
-1.67%
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YTD
0.02%
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Institutional Class (HJPIX)
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NAV
$43.43
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$ Change
-$0.74
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% Change
-1.68%
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YTD
0.07%
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Average Annualized Total Return
as of 1/31/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) -0.19% -0.19% 15.66% 4.32% 5.01% 8.04% 8.07% Institutional Class (HJPIX) -0.16% -0.16% 16.12% 4.72% 5.43% 8.45% 8.36% Russell/Nomura Total Market™ Index 2.31% 2.31% 7.23% 5.90% 5.78% 6.71% 5.25% Tokyo Stock Price Index 1.63% 1.63% 5.62% 5.67% 5.50% 6.52% 5.12% as of 12/31/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (10/31/03) Investor Class (HJPNX) -4.67% 18.72% 18.72% 0.38% 4.24% 8.46% 8.12% Institutional Class (HJPIX) -4.58% 19.20% 19.20% 0.77% 4.65% 8.87% 8.41% Russell/Nomura Total Market™ Index -4.99% 8.10% 8.10% 3.13% 4.86% 6.70% 5.16% Tokyo Stock Price Index -4.04% 8.05% 8.05% 3.36% 4.82% 6.57% 5.06% Hypothetical Growth of $10,000
as of 1/31/2025Value of $10,000 invested between 1/31/2024 and 1/31/2025
Japan Fund (HJPNX) $11,566 Japan Fund (HJPIX) $11,612 Russell/Nomura Total Market™ Index $10,723 Tokyo Stock Price Index $10,562 Value of $10,000 invested between 1/31/2022 and 1/31/2025
Japan Fund (HJPNX) $11,354 Japan Fund (HJPIX) $11,485 Russell/Nomura Total Market™ Index $11,877 Tokyo Stock Price Index $11,800 Value of $10,000 invested between 1/31/2020 and 1/31/2025
Japan Fund (HJPNX) $12,771 Japan Fund (HJPIX) $13,023 Russell/Nomura Total Market™ Index $13,242 Tokyo Stock Price Index $13,086 Value of $10,000 invested between 1/31/2015 and 1/31/2025
Japan Fund (HJPNX) $21,671 Japan Fund (HJPIX) $22,511 Russell/Nomura Total Market™ Index $18,581 Tokyo Stock Price Index $18,828 Value of $10,000 invested between 10/31/2003 and 1/31/2025
Japan Fund (HJPNX) $52,068 Japan Fund (HJPIX) $55,126 Russell/Nomura Total Market™ Index $28,825 Tokyo Stock Price Index $28,944 This data illustrates the performance of a hypothetical $10,000 investment made in the Fund for the period noted, and it assumes reinvestment of dividends and capital gains. This chart does not imply future performance.
Calendar Year Total Returns
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investor Class (HJPNX) 12.95% 11.26% 32.04% -6.57% 18.04% 25.52% -3.07% -30.65% 22.85% 18.72% Institutional Class (HJPIX) 13.24% 11.65% 32.60% -6.19% 18.51% 26.04% -2.70% -30.40% 23.35% 19.20% Russell/Nomura Total Market™ Index 11.72% 3.31% 27.17% -14.42% 20.07% 14.04% 1.35% -15.43% 19.99% 8.10% Tokyo Stock Price Index 10.97% 3.69% 26.56% -14.30% 19.67% 13.38% 0.96% -14.87% 20.04% 8.05% Year Investor Class (HJPNX) Institutional Class (HJPIX) Russell/Nomura Total Market™ Index Tokyo Stock Price Index 2014 6.98% 7.23% -3.03% -2.95% 2013 26.16% 26.38% 26.57% 26.48% 2012 11.61% 11.94% 8.05% 8.06% 2011 0.29% 0.71% -12.60% -11.82% 2010 20.64% 20.79% 14.65% 14.44% 2009 9.83% 9.77% 5.81% 4.69% 2008 -27.50% -27.49% -25.96% -25.50% 2007 -14.25% -14.19% -6.17% -6.31% 2006 -13.10% -12.83% 1.91% 2.04% 2005 50.26% 50.41% 29.31% 26.75% 2004 36.31% 36.40% 15.39% 15.59% Returns-Based Statistics
Relative to Russell/Nomura Total Market™ Indexas of 12/31/24Investor Class (HJPNX)Type 3 yr 5 yr 10 yr Alpha -1.97 -0.36 1.92 Beta 1.17 1.07 1.00 Upside Capture 121.69 108.10 104.81 Downside Capture 136.62 112.99 96.06 Institutional Class (HJPIX)Type 3 yr 5 yr 10 yr Alpha -1.58 0.03 2.30 Beta 1.17 1.07 1.00 Upside Capture 122.69 109.13 105.97 Downside Capture 135.87 112.15 95.19 Alpha measures the fund’s excess return relative to the return of the benchmark. Beta measures the volatility of the fund compared to that of the benchmark. The beta of the benchmark is 1.00. Capture ratios measure the fund’s overall performance in up markets (positive return periods) and down markets (negative return periods).
Sharpe Ratio
as of 12/31/24Type 3 yr 5 yr 10 yr Investor Class (HJPNX) -0.09 0.18 0.48 Institutional Class (HJPIX) -0.07 0.20 0.50 Russell/Nomura Total Market™ Index 0.01 0.22 0.40 Japan Stock Category Average 0.17 0.30 0.48 Sharpe Ratio is a measure of risk-adjusted return, reflecting the average return earned in excess of the risk-free rate per unit of volatility.
Standard Deviation
as of 12/31/24Type 3 yr 5 yr 10 yr Investor Class (HJPNX) 20.29 18.37 15.74 Institutional Class (HJPIX) 20.30 18.38 15.75 Russell/Nomura Total Market™ Index 16.06 15.63 14.00 Japan Stock Category Average 13.87 14.41 12.96 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HJPNX)
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Gross expense ratio
1.45%
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Institutional Class (HJPIX)
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Gross expense ratio
1.05%
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Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 12/31/24. The vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). ©Morningstar, Inc. All Rights Reserved. Past performance is no guarantee of future results.
The Russell/Nomura Total Market™ Index is a market capitalization-weighted index of Japanese equities. The Tokyo Stock Price Index (TOPIX) is a market capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. One cannot invest directly in an index.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data, and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
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Portfolio
Portfolio Characteristics
as of 12/31/24Inception Date (HJPNX) 10/31/03 Inception Date (HJPIX) 10/31/03 Total Fund Assets $412 Million Active Share vs. Russell/Nomura Total Market™ Index 72% Portfolio Turnover 19% Median Market Cap $34.9 Billion Median Price/Earnings 17.9x Median Price/Book 2.1x Price/Earnings measures a stock’s price per share compared to earnings. Price/Book measures a stock’s price per share to book value. Portfolio Turnover and Price/Earnings shown reflect the trailing 12-month period.
Sector Weighting
as of 12/31/24Fund Russell/Nomura Total Market™ Index Difference Financials 26.8% 14.5% +12.3% Industrials 22.4% 25.4% -3.0% Consumer Discretionary 11.6% 16.5% -4.9% Information Technology 10.5% 13.7% -3.3% Consumer Staples 9.8% 5.9% +3.9% Materials 6.0% 5.3% +0.7% Health Care 2.7% 7.0% -4.3% Communication Services 2.3% 7.5% -5.2% Real Estate 1.0% 2.0% -1.0% Energy 0.0% 0.9% -0.9% Utilities 0.0% 1.2% -1.2% Cash & Other 6.9% Portfolio Holdings
Top 10 Holdings
as of 12/31/24% of Net Assets Top 10 Holdings Ticker Current Vs. 3Q24 Vs. 4Q23 10-Year Holdings History (%) Time Held Hitachi, Ltd. 6501 7.82% -0.39% +0.89% 3 Years Recruit Holdings Co., Ltd. 6098 7.53% +1.08% +1.55% 8 Years Seven & i Holdings Co., Ltd. 3382 7.11% +0.76% +2.19% 2 Years Sony Group Corp. 6758 6.01% +1.21% +0.94% 5 Years Mitsubishi UFJ Financial Group 8306 5.18% +0.98% +0.26% 2 Years ORIX Corp. 8591 5.08% +0.14% +0.15% 2 Years Tokio Marine Holdings, Inc. 8766 4.68% +0.19% -0.25% 2 Years Shin-Etsu Chemical Co., Ltd. 4063 4.20% -0.68% -2.06% 2 Years Sompo Holdings, Inc. 8630 4.20% +0.12% +0.21% 2 Years Mitsubishi Corp. 8058 3.94% -1.55% -1.94% 18 Years Total as % of Net Assets 55.75% Profile of Japan Fund Holdings
Total Holdings: 30
as of 12/31/24% of Net Assets Equity Holdings Current Vs. 3Q24 Vs. 4Q23 10-Year Holdings History (%) Time Held Hitachi, Ltd. 7.82% -0.39% +0.89% 3 Years Recruit Holdings Co., Ltd. 7.53% +1.08% +1.55% 8 Years Seven & i Holdings Co., Ltd. 7.11% +0.76% +2.19% 2 Years Sony Group Corp. 6.01% +1.21% +0.94% 5 Years Mitsubishi UFJ Financial Group 5.18% +0.98% +0.26% 2 Years ORIX Corp. 5.08% +0.14% +0.15% 2 Years Tokio Marine Holdings, Inc. 4.68% +0.19% -0.25% 2 Years Shin-Etsu Chemical Co., Ltd. 4.20% -0.68% -2.06% 2 Years Sompo Holdings, Inc. 4.20% +0.12% +0.21% 2 Years Mitsubishi Corp. 3.94% -1.55% -1.94% 18 Years MS&AD Insurance Group Holdings 3.89% -0.07% -0.14% 2 Years Tokyo Electron, Ltd. 3.72% -0.21% -1.54% 2 Years Renesas Electronics Corp. 3.41% -0.50% +0.27% 2 Years Daikin Industries, Ltd. 3.11% -0.75% +0.24% 14 Years Fast Retailing Co., Ltd. 2.38% -1.01% -1.41% 7 Years Japan Exchange Group, Inc. 2.28% -0.19% -0.38% 2 Years Keyence Corp. 2.11% -0.19% -0.71% 17 Years Rohto Pharmaceutical Co., Ltd. 1.94% -1.14% -1.77% 17 Years Nissan Chemical Corporation 1.81% -0.30% -0.47% 2 Years SoftBank Group Corp. 1.54% +0.07% +1.54% < 1 Year Mizuho Financial Group, Inc. 1.50% +0.41% +1.50% < 1 Year Sumitomo Forestry Co., Ltd. 1.50% +1.50% +1.50% < 1 Year Olympus Corp. 1.41% -0.99% -2.00% 2 Years Santen Pharmaceutical Co., Ltd. 1.29% -0.34% -0.54% 2 Years Socionext, Inc. 1.23% -0.08% -0.33% 1 Year Sekisui House, Ltd. 1.14% +1.14% +1.14% < 1 Year Daiwa House Industry Co., Ltd. 0.97% +0.97% +0.97% < 1 Year Unicharm Corp. 0.78% -0.35% -1.05% 17 Years Nippon Telegraph & Telephone Co. 0.72% -0.27% -0.94% 2 Years ASICS Corp. 0.58% -0.82% -0.79% 15 Years Total as % of Net Assets 93.1% Cash & Other Holdings % of Net Assets Cash & Other 6.9% Total as % of Net Assets 6.9% Profile of Japan Fund Holdings
Country Allocation
as of 12/31/24-
Japan
93.1%
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Cash & Other
6.9%
Japan 93.1% Cash & Other 6.9% -
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Distributions
The Hennessy Japan Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in December.
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/27/2024 $0.41600 -- -- $0.41600 $41.74 12/05/2024 -- -- $2.00636 $2.00636 $44.45 12/07/2023 -- -- $2.17988 $2.17988 $35.50 12/29/2021 $0.41278 -- -- $0.41278 $46.40 12/27/2019 $0.02215 -- -- $0.02215 $38.26 12/06/2019 -- -- $0.02769 $0.02769 $38.29 12/27/2018 $0.01194 -- -- $0.01194 $32.57 12/27/2017 $0.00578 -- -- $0.00578 $34.87 12/31/2012 $0.00996 -- -- $0.00996 $15.56 12/29/2009 $0.02420 -- -- $0.02420 $11.70 12/18/2008 $0.03490 -- -- $0.03490 $10.25 12/09/2005 $0.55072 $0.14355 $0.02477 $0.71904 $18.49 12/17/2004 $0.71197 -- -- $0.71197 $12.85 Past performance is not a guarantee of future results.
Download historical distributions and NAVsDate Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/27/2024 $0.58973 -- -- $0.58973 $43.38 12/05/2024 -- -- $2.09189 $2.09189 $46.35 12/07/2023 -- -- $2.26393 $2.26393 $36.87 12/29/2021 $0.73861 -- -- $0.73861 $47.84 12/29/2020 $0.00336 -- -- $0.00336 $49.81 12/27/2019 $0.15859 -- -- $0.15859 $39.39 12/06/2019 -- -- $0.02860 $0.02860 $39.54 12/27/2018 $0.10567 -- -- $0.10567 $33.51 12/27/2017 $0.02867 -- -- $0.02867 $35.83 12/31/2012 $0.01390 -- -- $0.01390 $15.77 12/29/2009 $0.02420 -- -- $0.02420 $11.76 12/18/2008 $0.03490 -- -- $0.03490 $10.31 12/09/2005 $0.55612 $0.14355 $0.02477 $0.72444 $18.53 12/17/2004 $0.72472 -- -- $0.72472 $12.87 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Japan Fund Documents Portfolio Perspective View Portfolio Updates Japan Fund Portfolio Update - January 2025 View Japan Fund Portfolio Update - December 2024 View Japan Fund Portfolio Update - November 2024 View Japan Fund Portfolio Update - October 2024 View
After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or by calling U.S. Bank Global Fund Services at 1-800-261-6950 or, if you own shares through a financial intermediary, by contacting your financial intermediary.
