Investment objective & strategy
As of March 2, 2026 · prospectusObjective. The Hennessy Japan Fund seeks long-term capital appreciation.
Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of Japanese companies. The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. Investments primarily include common stocks. As a non-principal investment strategy, the Fund may also invest in preferred stocks, warrants and other rights, securities convertible into or exchangeable for common stocks, such as convertible bonds and investments in Japan real estate investment trusts or other investment companies (including exchange-traded funds, referred to as ETFs) that invest in equity securities of Japanese companies. The Fund invests … Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of Japanese companies. The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. Investments primarily include common stocks. As a non-principal investment strategy, the Fund may also invest in preferred stocks, warrants and other rights, securities convertible into or exchangeable for common stocks, such as convertible bonds and investments in Japan real estate investment trusts or other investment companies (including exchange-traded funds, referred to as ETFs) that invest in equity securities of Japanese companies. The Fund invests in companies regardless of market capitalization. As of January 31, 2026, the average market capitalization of the stocks held by the Fund was $62.40 billion. While the Fund is considered a diversified mutual fund, it employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds. Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential value gap by screening for companies that they identify as having strong businesses and management, trading at attractive prices. The Portfolio Managers limit the portfolio to what they consider to be their best ideas and maintain a concentrated number of holdings. The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a companys prospects have changed, that a companys stock is fully valued by the market, or that the company is beginning to show deteriorating fundamentals. They also may sell an investment if it becomes, in their determination, too large of a position in the Fund.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| HITACHI LTD | — | $41.59M | 9.55% |
| MITSUBISHI UFJ F | — | $32.39M | 7.44% |
| TOKYO ELECTRON | — | $31.79M | 7.30% |
| ORIX CORP | — | $31.26M | 7.18% |
| SEVEN I HOLDINGS COMPANY | 3382 | $26.70M | 6.13% |
| SONY GROUP CORP | — | $26.04M | 5.98% |
| SOMPO HOLDINGS I | — | $22.39M | 5.14% |
| TOKIO MARINE HOLDINGS INC COMMON STOCK | 8766 | $21.87M | 5.02% |
| FRST AM-GV OB-X | TMPXX | $21.75M | 5.00% |
| RECRUIT HOLDINGS | — | $19.65M | 4.51% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Lazard Japanese Equity ETF · JPY | 38% | — |
| Matthews Japan Fund · MJFOX, MIJFX | 33% | 1.08% |
| Matthews Japan Active ETF · JPAN | 33% | 0.79% |
Advisers
| Firm | Role |
|---|---|
| Hennessy Advisors Inc. | Adviser |
| SPARX Asset Management Co., Ltd. | Sub-adviser |
Footnotes
- Expense ratio as of March 2, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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