Hennessy Advisors has registered with the SEC to launch a concentrated fund. The Focus 30 Formula will invest in 40 stocks in companies with a positive relative strength, rising annual earnings and a price-to-sales ratio below 1.5.

Hennessy specializes in funds that follow hard and fast investment rules and is best known for its "Dogs of the Dow" fund. Essentially, the funds mimic the passive strategy of an index portfolio but are not pegged to standard indices. 

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