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International Guru – Hennessy Japan Funds’ Top Five Holdings

Monica Wolfe

Monica Wolfe

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Hennessy Japan Fund seeks long-term capital appreciation by investing in equity securities of Japanese companies. The fund is managed by Yu Shimizu and Masakazu Takeda. Over the third quarter, the fund held on to a total of 23 stocks, with one new stock purchased over the duration of the quarter. The Hennessy Japan Fund was valued at $33 million as of the close of the third quarter.



The following five companies hold the largest position in Hennessy Japan Funds’ portfolio.

Ryohin Keikaku (TSE:7453)

Hennessy Japan Funds’ largest holding over the third quarter is in Ryohin Keikaku. The fund currently holds on to 22,700 shares of the company, representing 0.08% of the company’s shares outstanding and 6.1% of their total portfolio.

The fund didn’t make any changes to their holdings over the duration of the third quarter. The fund has held a position in Ryohin since 2008Q2 and since then has seen average gains of 108%.

Hennessy Japan Funds’ historical holding history:

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Ryohin Keikaku is in the operation of exclusive stores of MUJI products. The company’s product line includes knitwear, food and household items.

Ryohin Keikaku’s historical revenue and net income:

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The Peter Lynch Chart suggests that the company is currently undervalued:

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Ryohin Keikaku has a market cap of ¥244.97 billion. Its shares are currently trading at around ¥9140.00 with a P/E ratio of 18.98, a P/S ratio of 1.22 and a P/B ratio of 2.43. The company currently holds a dividend yield of 1.08%.

Nidec Corporation (TSE:6594)

Hennessy’s second largest holding is in Nidec Corporation. The fund holds on to 23,900 shares of the company’s stock. Its holding in the company represents 0.02% of the company’s shares outstanding and 6% of their total assets managed.

During the third quarter Hennessy up its stake in Nidec 13.27% by purchasing 23,900 shares. The fund purchased these shares in the price range of ¥6880.00 to ¥8530.00, with an estimated average quarterly price of ¥7738.73 per share. Since this buy the price per share has increased about 5.8%.

Hennessy’s Japan Fund’s historical holding history:

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Nidec is a global manufacturer of electric motors and a manufacturer of electronic machinery and components and other products. The company specializes in brushless DC motors.

Nidec’s historical revenue and net income:

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The Peter Lynch Chart suggests that the company is currently overvalued:

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Nidec Corporation has a market cap of ¥1098.94 billion. Its shares are currently trading at around ¥8190.00 with a P/E ratio of 175.44, a P/S ratio of 1.60 and a P/B ratio of . The company had an annual average earnings growth of 5.1% over the past ten years.

Shimano (TSE:7309)

Hennessy’s third largest position is in Shimano. As of the close of the third quarter the fund held on to a total of 19,800 shares of the company’s stock. Their position in the company represents 0.02% of the company’s shares outstanding and 5.5% of its total assets managed.

During the third quarter Hennessy increased its position 2.06% by adding 400 shares to their holdings. The fund purchased these at an estimated average quarterly price of ¥8743.17 per share. Since this increase the price per share has dropped about -3.5%.

Hennessy Japan’s historical holding history:

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Shimano produces and distributes bicycle components, fishing tackle, cold forging products and rowing equipment. The company mainly exports to Asia, Europe and the U.S.

Shimano’s historical revenue and net income:

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Shimano has a market of ¥782.45 billion. Its shares are currently trading at around ¥8440.00 with a P/E ratio of 26.95, a P/S ratio of 5.96 and a P/B ratio of 3.15. The company had an annual average earnings growth of 5.7% over the past five years.

Keyence Corp. (TSE:6861)

The fund’s fourth largest position goes to Keyence Corp. The fund holds on to 5,300 shares, representing 0.01% of the company’s shares outstanding and 5.3% of Hennessy’s total portfolio.

During the third quarter the fund upped their stake 3.92% by purchasing 200 shares of the company’s stock. They purchased these shares in the third quarter price range of ¥32000 to ¥37750, with an estimated average quarterly price of ¥33965.08 per share. Since this increase the price per share has gone up about 1.3%.

Hennessy’s holding history as of the third quarter:

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Keyence is a supplier of sensors, measuring systems, laser markers, microscopes and machine vision systems. It offers products including photoelectric sensors, laser displacement sensors, image measurement systems, and pressure and flow sensors.

Keyence’s historical revenue and net income:

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Keyence Corp has a market cap of ¥2086.18 billion. Its shares are currently trading at around ¥34400.00 with a P/E ratio of 31.95, a P/S ratio of 10.28 and a P/B ratio of 2.87.

MISUMI Group (TSE:9962)

Hennessy Japan Fund’s fifth largest position is in MISUMI Group where they hold on to 63,600 shares of the company’s stock. Their position in the company represents 0.07% of the company’s shares outstanding and 5.3% of their total portfolio.

During the third quarter Hennessy upped its stake 19.32% by purchasing 10,300 shares of the company’s stock. They purchased these shares at an estimated average quarterly price of ¥2654.14 per share. Since this buy the price per share has increased approximately 2.1%.

Hennessy Japan Fund’s historical holding history:

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MISUMI Group manufactures and sells shafts, bushes, linear guides, locating parts, pulleys, aluminum frames and stages, sells punches, dyes, spring guides, ejector pins, core pins, guides and retainers.

MISUMI Group’s historical revenue and net income:

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MISUMI Group has a market cap of ¥246.08 billion. Its shares are currently trading at around ¥2709.00 with a P/E ratio of 23.81, a P/S ratio of 1.71 and a P/B ratio of 2.29.

Check out Hennessy Japan Fund’s complete third quarter portfolio here.

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