Hennessy Funds
Manager Call Replay: COVID-19 and the Japanese Market

May 6, 2020

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Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

Please click here for a prospectus.

The Overall Morningstar Rating is based on risk adjusted returns, derived from a weighted average of the 3, 5, and 10 year (if applicable). Morningstar Proprietary Ratings reflect risk-adjusted performance as of 3/31/20. The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. HJPIX received 5 stars for the 3, 5, and 10 year periods ended 3/31/20 among 36, 28, and 15 Japan Stock Funds. Ratings for other share classes may differ. ©Morningstar, Inc. All Rights Reserved. Past performance does not guarantee future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in small and medium capitalized companies, which may have more limited liquidity and greater price volatility than large capitalization companies. The Fund invests in the stocks of companies operating in Japan; single-country funds may be subject to a higher degree of risk. The Fund may experience higher fees due to investments in pooled investment vehicles (including ETFs).

Click here for standardized performance. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting hennessyfunds.com.

Earnings growth is not representative of the Fund’s future performance.

Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. See the fact sheet to view the fund’s top 10 holdings. Current and future holds are subject to risk.

The Hennessy Funds are distributed by Quasar Distributors, LLC.

Hennessy Funds | 7250 Redwood Boulevard, Suite 200 | Novato, CA 94945 | 800-890-7118