Hennessy Japan Fund (Trades, Portfolio) has a highly developed, time-tested investment strategy, looking for arbitrage opportunities between a company’s fundamental value and its market price. Sometimes it reduces its stakes, but, in the second quarter of 2015, the Fund only added to 17 existing stakes.
The Fund made its most significant addition to its second-most valuable stake, MISUMI Group Inc (TSE:9962), a Japanese manufacturer and distributor of industrial products, tools and accessories. The Fund bought 319,700 shares for an average price of ¥1479.67 (approximately $12.05 in U.S. currency) per share. The transaction had a 4.27% impact on the Fund’s portfolio. Continue Reading »