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Hennessy Funds

Apr 2026 → Oct 2026 · 9 funds

Our archive holds 18 letters from Hennessy Funds, behind 25 investment theses and positions in 61 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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18
Letters
61
Companies
20
Moves
25
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.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 20 moves

  • ExitedShimano Inc.
    October 2026
    “We have already sold the majority of these investments or have completed a full exit over the years.”
    Read the letter
  • ExitedRohto Pharmaceutical Co., Ltd.
    October 2026
    “We have already sold the majority of these investments or have completed a full exit over the years.”
    Read the letter
  • ExitedKao Corporation
    October 2026
    “We have already sold the majority of these investments or have completed a full exit over the years.”
    Read the letter
  • ExitedPigeon Corporation
    October 2026
    “We have already sold the majority of these investments or have completed a full exit over the years.”
    Read the letter
  • ExitedRyohin Keikaku Co., Ltd.
    October 2026
    “We have already sold the majority of these investments or have completed a full exit over the years.”
    Read the letter
  • ExitedUnicharm Corporation
    October 2026
    “We have already sold the majority of these investments or have completed a full exit over the years.”
    Read the letter
  • AddedCyberAgent, Inc.
    September 2026
    “we also increased the Fund’s weighting in CyberAgent, Inc., as the decline in its share price improved its medium- to long-term investment appeal.”
    Read the letter
  • 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 · 61

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

Theses · 25

  • Fast Retailing Co., Ltd.
    October 2026

    Fast Retailing’s UNIQLO is positioned as a functional apparel brand built on hard-to-replicate product advantages and global expansion.

    Read the full thesis
  • a construction company
    October 2026

    a construction company is viewed as attractive because structural demand for civil engineering repair and maintenance should rise with aging infrastructure and improved funding visibility.

    Read the full thesis
  • Seven & i Holdings Co., Ltd.
    September 2026

    Seven & i Holdings Co., Ltd. is viewed as exceptionally undervalued because goodwill amortization masks stronger underlying earnings and cash flow, with attractive valuation and capital return potential.

    Read the full thesis
  • CyberAgent, Inc.
    September 2026

    CyberAgent is shifting from hit-driven games toward a diversified IP and media platform, with ABEMA, anime monetization, and an attractive valuation supporting the investment case.

    Read the full thesis
  • 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

Letter archive · 18

2026

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