Hennessy Japan Small Cap Fund (Trades, Portfolio)’s primary trading activity in the fourth quarter, which ended Oct. 31, 2015, centered on buying new stakes or selling old ones. The Fund did reduce some positions and add to others, but its most significant activity involved buying and selling stakes.
The Fund’s three most noteworthy fourth-quarter transactions were new buys – Daihen Corp. (TSE:6622, Financial), Aichi Steel Corp. (TSE:5482, Financial) and ITFOR Inc. (TSE:4743, Financial).
The Fund acquired a 105,000-share stake in Daihen Corp., a Japanese power products business, for an average price of ¥580.49 (about $4.89 in U.S. currency) per share. The purchase had a 2.28% impact on the Fund’s portfolio.
The Fund’s stake is 0.08% of Daihen’s outstanding shares and 2.28% of the Fund’s total assets.
Daihen has a P/E of 10.2, a forward P/E of 10, a P/B of 1.2 and a P/S of 0.6. GuruFocus has given Daihen a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.
Daihen sold for ¥638 (roughly $5.38 in American money) per share Wednesday.
The Fund purchased a 114,000-share stake in Aichi Steel, a Japanese steel manufacturer, for an average price of ¥486.62 (approximately $4.10 in American dollars) per share. The acquisition had a 2.16% impact on the Fund’s portfolio.
The stake is 0.06% of Aichi Steel’s outstanding shares and 2.16% of the Fund’s total assets.
Aichi Steel has a P/E of 14.4, a forward P/E of 7.7, a P/B of 0.7 and a P/S of 0.5. GuruFocus has given Aichi Steel a Financial Strength rating of 8/10 and a Profitability and Growth rating of 6/10.
Aichi Steel sold for ¥544 (about $4.58 in U.S. currency) per share Wednesday.
The Fund bought a 109,200 shares of ITFOR, a Japanese company that provides IT consultation, implementation, operations and maintenance, for an average price of ¥480.23 (roughly $4.05 in U.S. money) per share. The deal had a 2.04% impact on the Fund’s portfolio.
The Fund’s stake is 0.39% of the company’s outstanding shares and 2.04% of the Fund’s total assets.
ITFOR has a P/E of 19.0, a forward P/E of 10.7, a P/B of 1.5 and a P/S of 1.3. GuruFocus has given ITFOR a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
ITFOR sold for ¥572 (about $4.82 in American dollars) per share Wednesday.
The Fund acquired a 10,000-share stake in Nihon Trim Co. Ltd. (TSE:6788, Financial), a Japanese research and development company in the field of electrolyzed reduced water systems, for an average price of ¥4,083.36 (approximately $34.41 in American currency) per share. The acquisition had a 1.63% impact on the Fund’s portfolio.
The stake is 0.12% of the company’s outstanding shares and 1.64% of the Fund’s total assets.
Nihon Trim has a P/E of 21.6, a P/B of 2.3 and a P/S of 2.7. GuruFocus has given Nihon Trim a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Nihon Trim sold for ¥4,310 (roughly $36.32 in U.S. money) per share Wednesday.
The Fund purchased a 223,000-share stake in Kanematsu Corp. (TSE:8020, Financial), a Japanese general trading company involved primarily in electronics, metals, food products, chemicals and textiles. The Fund paid an average price of ¥189.87 (about $1.60 in U.S. dollars) per share. The transaction had a 1.61% impact on the Fund’s portfolio.
The stake is 0.05% of Kanematsu’s outstanding shares and 1.61% of the Fund’s total assets.
Kanematsu has a P/E of 8.6, a forward P/E of 5.1, a P/B of 0.9 and a P/S of 0.1. GuruFocus has given Kanematsu a Financial Strength rating of 8/10 and a Profitability and Growth rating of 6/10.
Kanematsu sold for ¥200 (approximately $1.69 in American money) per share Wednesday.
The Fund acquired a 15,700-share stake in AEON Fantasy Co. Ltd. (TSE:4343), a Japanese indoor theme park company, for an average price of ¥1,734.44 (approximately $14.62 in American currency) per share. The purchase had a 1.12% impact on the Fund’s portfolio.
The stake is 0.08% of AEON Fantasy’s outstanding shares and 1.12% of the Fund’s total assets.
AEON Fantasy has a P/E of 38.7, a P/B of 1.7 and a P/S of 0.8. GuruFocus has given AEON Fantasy a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.
AEON Fantasy sold for ¥2,065 (about $17.40 in U.S. dollars) per share Wednesday.
The Fund bought a 28,800-share stake in Parco Co. Ltd. (TSE:8251), a Tokyo-based retailer, for an average price of ¥1,076.07 (roughly $9.07 in American money) per share. The acquisition had a 1.09% impact on the Fund’s portfolio.
The stake is 0.03% of Parco’s outstanding shares and 1.09% of the Fund’s total assets.
Parco has a P/E of 17.5, a forward P/E of 8.0, a P/B of 0.9 and a P/S of 0.4. GuruFocus has given Parco a Financial Strength rating of 8/10 and a Profitability and Growth rating of 5/10.
Parco sold for ¥1,052 (about $8.87 in U.S. dollars) per share Wednesday.
The Fund sold its 57,000-share stake in Sanyo Denki Co. Ltd. (TSE:6516), a Tokyo-based manufacturer of cooling and power systems, for an average price of ¥759.51 (roughly $6.40 in American currency) per share. The divestiture had a -1.68% impact on the Fund’s portfolio.
Sanyo Denki has a P/E of 9.4, a forward P/E of 8.7, a P/B of 0.9 and a P/S of 0.5. GuruFocus has given Sanyo Denki a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Sanyo Denki sold for ¥731 (about $6.16 in U.S. dollars) per share Wednesday.
The Fund sold its 278,300-share stake in Link and Motivation Inc. (TSE:2170), a Japanese consulting and motivation management company, for an average price of ¥133.69 (approximately $1.13 in U.S. money) per share. The deal had a -1.6% impact on the Fund’s portfolio.
Link and Motivation has a P/E of 24.2, a P/B of 2.2 and a P/S of 0.5. GuruFocus has given Link and Motivation a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Link and Motivation sold for ¥125 (roughly $1.05 in American currency) per share Wednesday.
The Fund divested itself of its 15,000-share stake in Eagle Industry Co. Ltd. (TSE:6486), a Japaneses manufacturer and marketer of mechanical seals, special valves, plant and bellows devices and marine-related products. The Fund sold the stake for an average price of ¥2,386.43 (about $20.11 in American dollars) per share. The transaction had a -1.38% impact on the Fund’s portfolio.
Eagle Industry has a P/E of 9.1, a forward P/E of 8.9, a P/B of 1.5 and a P/S of 0.7. GuruFocus has given Eagle Industry a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Eagle Industry sold for ¥2,103 (approximately $17.72 in U.S. money) per share Wednesday.
The Fund increased its stake in Intellex Co. Ltd. (TSE:8940), a Japanese real estate company, by more than 271%. The Fund purchased 46,200 shares for an average price of ¥737.02 (roughly $6.21 in U.S. currency) per share. The transaction had a 1.3% impact on the Fund’s portfolio.
The Fund’s stake in Intellex is 0.72% of the company’s outstanding shares and 1.78% of the Fund’s total assets.
Intellex has a P/E of 11.7, a P/B of 1.0 and a P/S of 0.3. GuruFocus has given Intellex a Financial Strength rating of 5/10 and a Profitability and Growth rating of 3/10.
Intellex sold for ¥920 (about $7.75 in American dollars) per share Wednesday.
The Fund raised its stake in Towa Corp. (TSE:6315), a Japanese semiconductor company, by nearly 134% with the purchase of 51,800 shares. The Fund paid an average price of ¥754.67 (approximately $6.36 in American money) per share. The deal had a 1.21% impact on the Fund’s portfolio.
The Fund’s stake is 0.36% of Towa’s outstanding shares and 2.12% of the Fund’s total assets.
Towa has a P/E of 8.5, a P/B of 0.9 and a P/S of 0.9. GuruFocus has given Towa a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Towa sold for ¥743 (roughly $6.26 in U.S. currency) per share Wednesday.
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