Fund Evaluator:
Hennessy Japan Investor (HJPNX)
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Best Performing in Japan Stock Over the Last Year
| 40.2% | GMO-Usonian Japan Value Creation I (GMIIX) |
| 37.3% | Fidelity Advisor Japan Z (FIQLX) |
| 37.2% | Fidelity Japan (FJPNX) |
| 34.3% | Hennessy Japan Investor (HJPNX) |
| 33.4% | T. Rowe Price Japan Z (TRZJX) |
Fund Details
Hennessy Japan Investor Overview
Hennessy Japan Investor (HJPNX) is an actively managed International Equity Japan Stock fund. Hennessy launched the fund in 2003.
The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets in equity securities of Japanese companies. The fund's manager considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. While it is considered a "diversified" mutual fund, it employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds.
About Hennessy Japan Investor (HJPNX)
There are 2 members of the management team with an average tenure of 11.42 years: Masakazu Takeda (2006), Angus Lee (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell/Nomura Total Market TR USD index with a weighting of 100% and Topix TR USD index with a weighting of 100%. Hennessy Japan Investor has 30 securities in its portfolio. The top 10 holdings constitute 65.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Hennessy Japan Investor is part of the Equity global asset class and is within the International Equity fund group. Hennessy Japan Investor has 98.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 98.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Hennessy Japan Investor has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $46 million in total assets, which is below the $218 million average for the Japan Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HJPNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Hennessy Japan Investor expense ratio is high compared to funds in the Japan Stock category. Hennessy Japan Investor has an expense ratio of 1.41%, which is 47% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Hennessy Japan Investor has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 40% for the Japan Stock category.
Recently, in the month of July 2026, Hennessy Japan Investor returned 1.5%, which earned it a grade of B, as the Japan Stock category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Hennessy Japan Investor has a trailing yield of 8.86%, which is above the 3.22% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Hennessy Japan Investor Grades
Year to date, the fund has returned 20.5%, 1.6 percentage points better than the category, which translates into a grade of B. The fund has returned 34.3% over the past year (grade of C), 19.5% over the past three years (grade of B) and 7.4% per year over the past five years (grade of F) and 9.5% per year over the past 10 years (grade of C).
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HJPNX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HJPNX Return (NAV) | 1.5% | 10.9% | 34.3% | 19.5% | 7.4% | 9.5% |
| HJPNX Grade | B | A | C | B | F | C |
| +/- Category | 1.7% | 4.7% | 0.7% | 0.6% | -0.8% | 0.3% |
| Japan Stock Avg | -0.2% | 6.2% | 33.5% | 18.9% | 8.3% | 9.2% |
| HJPNX Tax Cost Ratio | na | na | 4.4% | 2.4% | 1.5% | 0.8% |
HJPNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HJPNX Return (NAV) | 20.5% | 14.5% | 18.7% | 22.8% | -30.7% | -3.1% | 25.5% | 18.0% | -6.6% | 32.0% | 11.3% |
| HJPNX Grade | B | F | A | A | F | D | C | F | A | C | A |
| +/- Category | 1.6% | -13.6% | 9.9% | 7.0% | -9.1% | -1.0% | 2.7% | -5.3% | 7.4% | -1.3% | 5.4% |
| Japan Stock Avg | 18.9% | 28.1% | 8.8% | 15.8% | -21.5% | -2.1% | 22.9% | 23.3% | -13.9% | 33.3% | 5.8% |
| Risk Measures | |
| Standard Deviation: | 13.9% |
| Total Risk Index: | 1.14 - Above Average |
| Category Risk Index: | 0.92 - Low |
| Category Risk Grade: | A (14% Rank) |
| Beta: | 0.80 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 8.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $490 Mil |
| Fund Total Assets: | $ 46 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 19.8 years | |||
| Average Tenure: 11.4 years | |||
| Managers (Year): Takeda Masakazu (2006), Lee Angus (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 30 |
| % in Top 10 Holdings: | 65.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 98.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 98.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.5% |
Purchase Information
| Fund Family: | Hennessy |
| Phone Number: | 800-966-4354 |
| Website: | www.hennessyfunds.com |
| Status: | Open |
| Inception Date: | October 31, 2003 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.15% |
Expenses and Fees | |
| Expense Ratio (%): | 1.41% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Hennessy Japan Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
