MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, September 24, 2003 Hennessy Adds Fifth Fund 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 year’s. 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 fund’s management fee is 1.00 percent. Quasar Distributors is the fund distributor. Printed from: MFWire.com/story.asp?s=5893 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |