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Hennessy Funds

Apr 2026 → Aug 2026 · 9 funds

Our archive holds 14 letters from Hennessy Funds, behind 22 investment theses and positions in 45 companies. Every quote below is copied verbatim from the letter it came from.

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14
Letters
45
Companies
13
Moves
22
Theses

9 strategies

Hennessy Funds publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 13 moves

  • ExitedRyohin Keikaku Co., Ltd.
    August 2026
    “• Ryohin Keikaku (Late 2000s: entry at a P/E of approximately 10x; Exited)”
    Read the letter
  • New positionSUMCO Corp.
    August 2026
    “Earlier this spring, we increased our stake in Shin- Etsu Chemical, the world's leading manufacturer of silicon wafers, and established a new position in SUMCO.”
    Read the letter
  • AddedShin-Etsu Chemical Co., Ltd.
    August 2026
    “Earlier this spring, we increased our stake in Shin- Etsu Chemical, the world's leading manufacturer of silicon wafers, and established a new position in SUMCO.”
    Read the letter
  • TrimmedSBS Holdings, Inc.
    July 2026
    “their subsequent declines appear to have been driven by profit-taking.”
    Read the letter
  • TrimmedMusashi Seimitsu Industry Co., Ltd.
    July 2026
    “The share price subsequently corrected as signs of overheating emerged.”
    Read the letter
  • TrimmedFukuyama Transporting Co., Ltd.
    July 2026
    “their subsequent declines appear to have been driven by profit-taking.”
    Read the letter
  • ExitedEquitable Holdings
    June 2026
    “Equitable triggered our soft stop-loss review, and with no insider buying to reinforce conviction, we sold the position.”
    Read the letter
  • AddedApplied Materials
    June 2026
    “Nearly five years ago, we initiated a position in Applied Materials (AMAT) based on a compelling long-term outlook for wafer fab equipment (WFE) spending and the resilient, oligopolistic structure of the semiconductor capital equipment (semicap) industry.”
    Read the letter
  • New positionDominion Energy
    June 2026
    “In January, we initiated a position in Dominion Energy, which operates as a predominantly regulated utility with stable earnings, improving financial flexibility, and attractive long-term growth drivers.”
    Read the letter
  • TrimmedSumitomo Forestry Co., Ltd.
    May 2026
    “As for the laggards, Daiwa House Industry Co., Ltd., a top Japanese developer of homes and commercial properties, Sumitomo Forestry Co., Ltd., a globally integrated Japanese homebuilder and timber company, specializing in wooden construction and Tokio Marine Holdings, Inc., Japan’s largest general insurance company with arguably the best underwriting track record and successful overseas expansion detracted the Fund’s performance.”
    Read the letter
  • TrimmedTokio Marine Holdings, Inc.
    May 2026
    “As for the laggards, Daiwa House Industry Co., Ltd., a top Japanese developer of homes and commercial properties, Sumitomo Forestry Co., Ltd., a globally integrated Japanese homebuilder and timber company, specializing in wooden construction and Tokio Marine Holdings, Inc., Japan’s largest general insurance company with arguably the best underwriting track record and successful overseas expansion detracted the Fund’s performance.”
    Read the letter
  • TrimmedDaiwa House Industry Co., Ltd.
    May 2026
    “As for the laggards, Daiwa House Industry Co., Ltd., a top Japanese developer of homes and commercial properties, Sumitomo Forestry Co., Ltd., a globally integrated Japanese homebuilder and timber company, specializing in wooden construction and Tokio Marine Holdings, Inc., Japan’s largest general insurance company with arguably the best underwriting track record and successful overseas expansion detracted the Fund’s performance.”
    Read the letter
  • TrimmedSoftBank Group Corp.
    April 2026
    “While we have not commented in detail on the company or developments in AI frontier models since our October 2025 commentary, the rapid shifts in the competitive landscape have prompted us to reduce our position.”
    Read the letter

Companies held · 45

Every company Hennessy Funds has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 22

  • Shin-Etsu Chemical Co., Ltd.
    August 2026

    Shin-Etsu Chemical Co., Ltd. is the world’s leading silicon wafer maker, backed by high barriers to entry and AI-driven wafer demand recovery.

    Read the full thesis
  • SUMCO Corp.
    August 2026

    SUMCO Corp. is a major 300mm silicon wafer producer benefiting from AI infrastructure-driven wafer demand and high barriers to entry.

    Read the full thesis
  • Sekisui House, Ltd.
    July 2026

    Sekisui House, Ltd. is a Japanese homebuilder expanding in the U.S. with prefabrication expertise, high-quality housing know-how, financial strength, and structural housing-demand upside.

    Read the full thesis
  • Sumitomo Forestry Co., Ltd.
    July 2026

    Sumitomo Forestry Co., Ltd. is a Japanese homebuilder expanding in the U.S. market, supported by proprietary construction expertise, high-quality housing differentiation, and structural housing shortages.

    Read the full thesis
  • Daiwa House Industry Co., Ltd.
    July 2026

    Daiwa House Industry Co., Ltd. is a Japanese homebuilder with growing U.S. exposure, differentiated manufacturing capabilities, financial strength, and long-term upside from U.S. housing shortages.

    Read the full thesis
  • Recruit Holdings Co., Ltd.
    July 2026

    Recruit Holdings Co., Ltd. is shifting its human resources business toward a more technology-driven model that could reshape staffing industry competition.

    Read the full thesis
  • Applied Materials
    June 2026

    Applied Materials is a semicap oligopoly leader with a technological moat, recurring services, and strong AI-driven demand tailwinds.

    Read the full thesis
  • Entegris
    June 2026

    Entegris benefits from AI-driven semiconductor demand, margin expansion, and strong barriers to entry.

    Read the full thesis
  • Dominion Energy
    June 2026

    Dominion Energy offers regulated cash flows, balance-sheet improvement, and long-term power demand growth from data centers and AI.

    Read the full thesis
  • Enbridge
    June 2026

    Enbridge is pursuing more than 50 data-center energy projects to link pipeline supply with rising AI power generation demand.

    Read the full thesis
  • Cheniere Energy
    June 2026

    Cheniere Energy is the Fund’s pure-play LNG export holding, benefiting from natural gas export and infrastructure volumes rather than commodity price exposure.

    Read the full thesis
  • a logistics company
    June 2026

    A logistics company is seen as attractively valued, with improving profitability from cost pass-through and productivity gains not yet recognized by the market.

    Read the full thesis

Letter archive · 14

2026

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