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Rating:Hennessy Adds Fifth Fund Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 24, 2003

Hennessy Adds Fifth Fund

by: Sean Hanna, Editor in Chief

Hennessy Advisors has rolled out the fifth fund for its $852 million no-load fund family. The newest addition to the Novato, California-based firm's lineup is the Hennessy Focus 30 Fund.

Like all of the Hennessy funds this one relies on strict formulas to guide the hand of the portfolio manager. The fund will only invest in stocks that have seen the highest one-year price appreciation and meet other critical criteria.

Stocks must have a total market capitalization of between $1 billion and $10 billion, have a current share price of $5 or greater, possess a price to sales ratio of less than 1.5 and must have current earnings that are higher than the previous yearís. From that list the manager will add the 30 stocks with the best positive relative price strength over the past three and six month periods of time to the fund. The portfolio is rebalanced once per year.

Neil J. Hennessy, portfolio manager and president, says that the strategy is based on the "value-plus-momentum investment strategy" used in another of the firm's offerings.

The fund requires a minimum initial investment of $2,500 or $250 for regular and Roth IRAs. It also carries a 1.50 percent redemption fee for shares held less than three months. The fundís management fee is 1.00 percent.

Quasar Distributors is the fund distributor. 

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