Hennessy Funds
Hennessy Focus Fund
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Hennessy Funds for every strategy.
Performance
as of Jun 30, 2026 · net of fees · USD · Institutional
- YTD+11.8%index +10.9%
- 1Y+24.8%index +22.8%
- 3Y · /yr+20.2%index +20.4%
- 5Y · /yr+10.2%index +12.3%
- 10Y · /yr+12.4%index +15.1%
- Inception · /yr+13.0%index +10.1%
Index: Russell 3000 Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Hennessy Focus Fund | +11.8% | +24.8% | +20.2% | +10.2% | +12.4% | +13.0% |
| Russell 3000 Index | +10.9% | +22.8% | +20.4% | +12.3% | +15.1% | +10.1% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We exited CDW, which was about a 3% position at the beginning of the quarter.
We also exited RELX plc., which was just a 0.4% position.
Finally, we reduced our position in Shenandoah Telecommunications.
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.
Also held
Its investment theses
- O'Reilly Automotive, Inc.Sep 2026O'Reilly Automotive is a fundamentally insulated, moat-protected aftermarket parts supplier poised to gain share as consumers keep aging vehicles longer.
- Applied MaterialsJun 2026Applied Materials is a semicap oligopoly leader with a technological moat, recurring services, and strong AI-driven demand tailwinds.