Yahoo Finance Hennessy Japan Fund Adds to Existing Stakes in Second Quarter
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.
MISUMI has a market cap of $485.51 billion and an enterprise value of $433.91 billion. It has a P/E of 34.2, a Price/Book of 3.7 and a Price/Sales of 2.3. Wasatch International Growth (Trades, Portfolio) has shares of MISUMI in its portfolio.
The Fund's second most significant addition was its acquisition of 46,200 shares of Daikin Industries Ltd (TSE:6367), a Japanese manufacturer of air-conditioning systems and fluorochemical products. The Fund paid an average price of �7897.56 (about $64.31 in American money) per share. The purchase had a 3.33% impact on the Fund's portfolio.
Daikin Industries has a market cap of $2.64 trillion and an enterprise value of $3.01 trillion. It has a P/E of 21.4, a Price/Book of 2.5 and a Price/Sales of 1.4. Matthews Japan Fund (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio) and T. Rowe Price Japan Fund (Trades, Portfolio) have shares of Daikin in their portfolios.
The Fund bought 190,000 shares of Kubota Corp (TSE:6326), a Japanese manufacturer of farm and construction equipment, for an average price of �1840.48 (nearly $14.99 in U.S. dollars) per share. The purchase had a 3.18% impact on the Fund's portfolio.
Kubota has a market cap of $2.48 trillion and an enterprise value of $3.3 trillion. It has a P/E of 17.6, a Price/Book of 2.2 and a Price/Sales of 1.6.
Kubota Tractor Corp. and Kubota Credit Corp. recently announced plans to relocate their headquarters to Grapevine, Texas.
The Fund added 32,000 shares to its most valuable stake, Nidec Corp (TSE:6594), a Japanese industrial products company, for an average price of �7993.66 (nearly $65.10 in U.S. currency) per share. The transaction had a 2.56% impact on the Fund's portfolio.
Nidec has a market cap of $2.76 trillion and an enterprise value of $2.71 trillion. It has a P/E of 36.7, a Price/Book of 3.6 and a Price/Sales of 2.7. Matthews Japan Fund (Trades, Portfolio) has shares of Nidec in its portfolio.
The Fund added 76,800 shares to its stake in FUJI Seal International Inc (TSE:7864), a Japanese manufacturer of packaging and containers. The Fund paid an average price of �3463.61 (nearly $28.21 in American money) in a transaction that had a 2.46% impact on the Fund's portfolio.
FUJI Seal International has a market cap of $102.9 billion and an enterprise value of $110.48 billion. It has a P/E of 23.5, a Price/Book of 1.3 and a Price/Sales of 0.8.
The Fund acquired 87,600 shares of Unicharm Corp (TSE:8113), a Japanese consumer packaged goods company, for an average price of �3186.17 (about $25.95 in American currency) per share. The deal had a 2.36% impact on the Fund's portfolio.
Unicharm has a market cap of $1.78 trillion and an enterprise value of $1.78 trillion as well. Its P/E is 62.6, its Price/Book is 4.2 and its Price/Sales is 2.7. Matthews Japan Fund (Trades, Portfolio) has shares of Unicharm in its portfolio.
The Fund acquired 77,700 shares of Terumo Corp (TSE:4543), a Japanese manufacturer of medical instruments and equipment, for an average price of �3072.31 (almost $25.02 in American dollars) per share. The transaction had a 2.13% impact on the Fund's portfolio.
Terumo has a market cap of $1.13 trillion and an enterprise value of $1.18 trillion. It has a P/E of 29.5, a Price/Book of 2.0 and a Price/Sales of 2.3. T. Rowe Price Japan Fund (Trades, Portfolio) has shares of Terumo in its portfolio.
The Fund purchased 138,900 shares of Rohto Pharmaceutical Co Ltd (TSE:4527), a Japanese pharmaceutical company, for an average price of �1578.51 (about $12.85 in U.S. money) per share. The acquisition had a 2.12% impact on the Fund's portfolio.
Rohto Pharmaceutical has a market cap of $229.23 billion and an enterprise value of $212.09 billion. It has a P/E of 26.4, a Price/Book of 2.1 and a Price/Sales of 1.5. Matthews Japan Fund (Trades, Portfolio) and T. Rowe Price Japan Fund (Trades, Portfolio) have shares of Rohto Pharmaceutical in their portfolios.
Nuo Therapeutics, Inc. (NUOT) announced in January that it had signed an exclusive agreement with Rohto Pharmaceutical for licensing and distribution of the Aurix System, a method for the treatment of chronic wounds.
The Fund bought 100,000 shares of Sumitomo Mitsui Financial Group Inc (TSE:8316), a Japanese bank holding/financial services company, paying an average price of �4426.66 (roughly $36.03 in American currency) per share. The purchase had a 2.12% impact on the Fund's portfolio.
Sumitomo has a market cap of $7.46 trillion. It has a P/E of 10.3, a Price/Book of 0.9 and a Price/Sales of 2.3. Causeway International Value (Trades, Portfolio) and T. Rowe Price Japan Fund (Trades, Portfolio) have shares of Sumitomo in their portfolios.
The Fund added 266,200 shares to its stake in Mitsubishi Corp (TSE:8058), a Japanese trading company, for an average price of �2278.85 (approximately $18.55 in U.S. dollars) per share. The transaction had a 2.03% impact on the Fund's portfolio.
Mitsubishi has a market cap of $4.37 trillion and an enterprise value of $9.09 trillion. It has a P/E of 11.2, a Price/Book of 0.8 and a Price/Sales of 0.6. Matthews Japan Fund (Trades, Portfolio) and T. Rowe Price Japan Fund (Trades, Portfolio) have shares of Mitsubishi in their portfolios.
The Fund also added to its stakes in Keyence Corp (TSE:6861), Isuzu Motors Ltd (TSE:7202), ASICS Corp (TSE:7936), Kao Corp (TSE:4452), Shimano Inc (TSE:7309), Toyota Motor Corp (TSE:7203) and Ryohin Keikaku Co Ltd (TSE:7453) in the second quarter.
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This article first appeared on GuruFocus.
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