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White Papers

  • The Power of Mid-Caps Investing in a "Sweet Spot" of the Market

    Many investors may believe they have covered the entire market cap spectrum with small- and large-caps alone but may be missing out on the potential benefits of a specific allocation to mid-caps. This Hennessy Funds White Paper discusses the merits of allocating to the "sweet spot" of the market, and it examines the features unique to many mid-cap companies, the economic case behind their strong performance, their favorable historical risk and returns and some circumstances that keep them out of the investment limelight.

  • The Growing Importance of Natural Gas
    For the past decade, the natural gas industry has been undergoing a revolutionary transformation. Advances in drilling technology have unlocked vast amounts of natural gas. With an abundant supply within the U.S. borders and under America’s control, natural gas is quickly replacing other fossil fuels as America’s energy source of choice. This paper explores the significant demand drivers for natural gas, including electrical power generation, industrial and residential uses, fuel for transportation and LNG exportation, all of which may provide a compelling investment opportunity.
  • Banking on the Growing Strength of the Financial System
    The U.S. financial system is undergoing profound changes, following one of the most challenging periods in its history. This Hennessy Funds White Paper explores changes in regulatory controls and reductions in leverage, risk and complexity within the system that could lead to a more stable profit picture for banks and financial firms. With loan demand and lending revenues on the rise, and as the U.S. achieves stronger economic growth and enters a period of higher interest rates, the investment opportunity in the financial services sector appears promising.
  • Japan's Economic Revival
    Japan appears to be on the path to economic revival, following almost two decades of stagnant growth and deflation. This Hennessy Funds White Paper explores Prime Minister Shinzo Abe’s ambitious economic revitalization plan centered on monetary and fiscal stimulus as well as structural reform, discusses the measurable progress to date and highlights key initiatives underway that we believe could drive significant growth in the world’s third largest economy.

  • Unconventional Wisdom
    Mutual funds that hold a relatively large number of positions are often thought to have less risk than funds that hold fewer positions.  This Hennessy Funds White Paper explores studies that have shown that concentrated portfolios, those with generally fewer than 25 holdings, do not have a higher risk profile and that limiting a portfolio to just high-conviction "best ideas" may provide meaningful performance advantages over time.

Opinions expressed are those of the Investment Manager and are subject to change, are not guaranteed and should not be considered investment advice.