Hennessy Japan Small Cap Fund Exits Tsubakimoto Chain Co, Impacting Portfolio by -1.78%

Hennessy Japan Small Cap Fund (Trades, Portfolio) recently submitted its N-PORT filing for the fourth quarter of 2024, revealing strategic investment decisions made during this period. Established on August 31, 2007, the Fund aims for long-term capital appreciation by investing at least 80% of its net assets in smaller Japanese companies. These companies are defined as those with market capitalizations in the bottom 15% of all Japanese companies. The Fund’s investment strategy focuses on identifying good businesses with exceptional management, trading at attractive prices. The portfolio managers employ rigorous, on-site research to select stocks, emphasizing market growth potential, management quality, earnings quality, and balance sheet strength. The Fund seeks to capitalize on arbitrage opportunities between a company’s fundamental value and its market price, maintaining a concentrated portfolio of the managers’ best ideas.

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Hennessy Japan Small Cap Fund (Trades, Portfolio) added a total of two stocks to its portfolio during the fourth quarter of 2024:

• The most significant addition was Litalico Inc (TSE:7366), with 210,700 shares, accounting for 1.43% of the portfolio and a total value of 1,504,850 million.

• The second largest addition was Optex Group Co Ltd (TSE:6914), consisting of 15,600 shares, representing approximately 0.16% of the portfolio, with a total value of 165,920.

Hennessy Japan Small Cap Fund (Trades, Portfolio) also increased stakes in a total of six stocks, including:

• The most notable increase was in Kanamoto Co Ltd (TSE:9678), with an additional 32,600 shares, bringing the total to 93,300 shares. This adjustment represents a significant 53.71% increase in share count, a 0.56% impact on the current portfolio, with a total value of 1,686,230.

• The second largest increase was in Nissan Chemical Corp (TSE:4021), with an additional 12,000 shares, bringing the total to 54,800. This adjustment represents a significant 28.04% increase in share count, with a total value of 1,850,880.

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Hennessy Japan Small Cap Fund (Trades, Portfolio) completely exited two holdings in the fourth quarter of 2024:

• Tsubakimoto Chain Co (TSE:6371): The Fund sold all 141,900 shares, resulting in a -1.78% impact on the portfolio.

• WingArc1st Inc (TSE:4432): The Fund liquidated all 62,500 shares, causing a -1.01% impact on the portfolio.

Hennessy Japan Small Cap Fund (Trades, Portfolio) also reduced its position in four stocks. The most significant changes include:

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• Reduced Nojima Co Ltd (TSE:7419) by 59,100 shares, resulting in a -60.8% decrease in shares and a -0.57% impact on the portfolio. The stock traded at an average price of 1,847.98 during the quarter and has returned 13.27% over the past three months and 32.68% year-to-date.

• Reduced Asia Pile Holdings Corp (TSE:5288) by 55,300 shares, resulting in a -15.23% reduction in shares and a -0.32% impact on the portfolio. The stock traded at an average price of 828.03 during the quarter and has returned -0.54% over the past three months and 24.33% year-to-date.

As of the fourth quarter of 2024, Hennessy Japan Small Cap Fund (Trades, Portfolio)’s portfolio included 66 stocks. The top holdings were:

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  2.73% in Relo Group Inc (TSE:8876)

• 2.67% in Tre Holdings Corp (TSE:9247)

• 2.53% in NEC Networks & System Integration Corp (TSE:1973)

• 2.44% in Daihen Corp (TSE:6622)

• 2.39% in Penta-Ocean Construction Co Ltd (TSE:1893)

The holdings are mainly concentrated in 10 of the 11 industries: Industrials, Consumer Cyclical, Technology, Basic Materials, Healthcare, Consumer Defensive, Financial Services, Real Estate, Communication Services, and Utilities.

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