Hennessy Funds
Hennessy Japan Small Cap Fund
May 2026 → Oct 2026
Our archive holds 5 letters from this strategy, behind 5 investment theses and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in a year — follow all of Hennessy Funds for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional Class - HJSIX
- 1Y+20.9%index +21.5%
- 5Y · /yr+9.3%index +8.6%
- 10Y · /yr+10.9%index +8.0%
Index: Russell/Nomura Small Cap Index
| 1Y | 5Yper year | 10Yper year | |
|---|---|---|---|
| Hennessy Japan Small Cap Fund | +20.9% | +9.3% | +10.9% |
| Russell/Nomura Small Cap Index | +21.5% | +8.6% | +8.0% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 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 also increased the Fund’s weighting in CyberAgent, Inc., as the decline in its share price improved its medium- to long-term investment appeal.
their subsequent declines appear to have been driven by profit-taking.
The share price subsequently corrected as signs of overheating emerged.
their subsequent declines appear to have been driven by profit-taking.
Also held
- Hokuhoku Financial Group, Inc.
- Nishi-Nippon Financial Holdings, Inc.
- The Ogaki Kyoritsu Bank, Ltd.
- Maeda Kosen Co., Ltd.
- CyberAgent, Inc.
- Towa Corporation
- LITALICO Inc.
- Ulvac, Inc.
- Optex Group Co., Ltd.
- Fukuda Corporation
- Daikokuten Bussan Co., Ltd.
- Musashi Seimitsu Industry Co., Ltd.
- CKD Corporation
- Saizeriya Co., Ltd.
- Eternal Hospitality Group Co., Ltd.
- Daihen Corporation
Its investment theses
- a construction companyOct 2026a construction company is viewed as attractive because structural demand for civil engineering repair and maintenance should rise with aging infrastructure and improved funding visibility.
- CyberAgent, Inc.Sep 2026CyberAgent 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.
- Recruit Holdings Co., Ltd.Jul 2026Recruit Holdings Co., Ltd. is shifting its human resources business toward a more technology-driven model that could reshape staffing industry competition.
- a logistics companyJun 2026A logistics company is seen as attractively valued, with improving profitability from cost pass-through and productivity gains not yet recognized by the market.
- display industryMay 2026The display industry benefits from a shift toward renovation projects, where its planning and design strengths can expand earnings potential.