Hennessy Focus Fund
|
||||||||||||
Schedule of Investments
|
||||||||||||
July 31, 2023 (Unaudited)
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
Number of
|
% of
|
||||||||||
|
Shares
|
Value
|
Net Assets
|
|||||||||
COMMON STOCKS - 91.41%
|
||||||||||||
Communication Services - 6.97%
|
||||||||||||
AST SpaceMobile, Inc. (a)
|
1,997,902
|
$
|
8,571,000
|
1.26
|
%
|
|||||||
Cogent Communications Holdings, Inc.
|
308,047
|
18,864,798
|
2.76
|
%
|
||||||||
Shenandoah Telecommunications Co.
|
796,737
|
14,875,080
|
2.18
|
%
|
||||||||
Warner Music Group Corp.
|
165,601
|
5,224,711
|
0.77
|
%
|
||||||||
|
47,535,589
|
6.97
|
%
|
|||||||||
Consumer Discretionary - 22.99%
|
||||||||||||
CarMax, Inc. (a)
|
657,799
|
54,340,775
|
7.96
|
%
|
||||||||
Hilton Worldwide Holdings, Inc.
|
39,481
|
6,138,901
|
0.90
|
%
|
||||||||
NVR, Inc. (a)
|
2,367
|
14,927,344
|
2.19
|
%
|
||||||||
O’Reilly Automotive, Inc. (a)
|
50,781
|
47,012,542
|
6.89
|
%
|
||||||||
Restoration Hardware Holdings, Inc. (a)
|
88,884
|
34,502,102
|
5.05
|
%
|
||||||||
|
156,921,664
|
22.99
|
%
|
|||||||||
Financials - 33.07%
|
||||||||||||
Aon PLC (b)
|
159,377
|
50,761,575
|
7.44
|
%
|
||||||||
Brookfield Asset Management Ltd. (b)
|
376,240
|
12,686,813
|
1.86
|
%
|
||||||||
Brookfield Corp. (b)
|
1,454,542
|
50,763,516
|
7.44
|
%
|
||||||||
Brookfield Reinsurance Ltd. (b)
|
15,721
|
546,934
|
0.08
|
%
|
||||||||
Encore Capital Group, Inc. (a)(d)
|
1,030,143
|
55,112,650
|
8.08
|
%
|
||||||||
Markel Group, Inc. (a)
|
38,485
|
55,792,089
|
8.17
|
%
|
||||||||
|
225,663,577
|
33.07
|
%
|
|||||||||
Health Care - 0.77%
|
||||||||||||
Danaher Corp.
|
20,677
|
5,273,876
|
0.77
|
%
|
||||||||
|
||||||||||||
Industrials - 19.32%
|
||||||||||||
American Woodmark Corp. (a)
|
459,076
|
35,183,585
|
5.16
|
%
|
||||||||
Ashtead Group PLC (b)
|
761,544
|
56,313,658
|
8.25
|
%
|
||||||||
SS&C Technologies Holdings, Inc.
|
554,830
|
32,318,847
|
4.74
|
%
|
||||||||
TransDigm Group, Inc.
|
8,873
|
7,983,215
|
1.17
|
%
|
||||||||
|
131,799,305
|
19.32
|
%
|
|||||||||
Information Technology - 8.29%
|
||||||||||||
Applied Materials, Inc.
|
166,465
|
25,234,430
|
3.70
|
%
|
||||||||
CDW Corp.
|
167,589
|
31,350,874
|
4.59
|
%
|
||||||||
|
56,585,304
|
8.29
|
%
|
|||||||||
Total Common Stocks (Cost
$259,891,628)
|
623,779,315
|
91.41
|
%
|
|||||||||
|
||||||||||||
REITS - 7.12%
|
||||||||||||
Real Estate - 7.12%
|
||||||||||||
American Tower Corp., Class A
|
255,468
|
48,618,115
|
7.12
|
%
|
||||||||
Total REITS (Cost $196,710)
|
48,618,115
|
7.12
|
%
|
|||||||||
|
||||||||||||
SHORT-TERM INVESTMENTS - 1.45%
|
||||||||||||
Money Market Funds - 1.45%
|
||||||||||||
First American Treasury Obligations Fund, Institutional Class, 5.17% (c)
|
9,897,624
|
9,897,624
|
1.45
|
%
|
||||||||
Total Short-Term Investments
(Cost $9,897,624)
|
9,897,624
|
1.45
|
%
|
|||||||||
|
||||||||||||
Total Investments (Cost
$269,985,962) - 99.98%
|
682,295,054
|
99.98
|
%
|
|||||||||
Other Assets in Excess of Liabilities - 0.02%
|
135,187
|
0.02
|
%
|
|||||||||
TOTAL NET ASSETS - 100.00%
|
$
|
682,430,241
|
100.00
|
%
|
Percentages are stated as a percent of net assets.
|
||||||||||||||||||
|
||||||||||||||||||
PLC — Public Limited Company
|
||||||||||||||||||
REIT — Real Estate Investment Trust
|
||||||||||||||||||
(a)
|
Non-income-producing security.
|
|||||||||||||||||
(b)
|
U.S.-traded security of a foreign corporation.
|
|||||||||||||||||
(c)
|
The rate listed is the fund’s seven-day yield as of July 31, 2023.
|
|||||||||||||||||
(d)
|
Investment in affiliated security. Investment represents five percent or more of the outstanding voting securities of the issuer, making the issuer
|
|||||||||||||||||
an affiliate of the Fund, as defined in the Investment Company Act of 1940, as amended. Details of transactions with affiliated companies for the
|
||||||||||||||||||
period ended July 31, 2023, are as follows:
|
||||||||||||||||||
|
||||||||||||||||||
|
Value at
|
Sales
|
Realized
|
|||||||||||||||
Common Stocks
|
November 1, 2022
|
Purchases
|
Proceeds
|
Gain/Loss
|
||||||||||||||
Encore Capital Group, Inc. (1)(2)
|
$
|
74,084,017
|
$
|
-
|
$
|
(21,652,745
|
)
|
$
|
5,666,135
|
|||||||||
|
$
|
74,084,017
|
$
|
-
|
$
|
(21,652,745
|
)
|
$
|
5,666,135
|
|||||||||
|
||||||||||||||||||
Common Stocks
|
Net Change in
Unrealized
Appreciation /
Depreciation
|
Dividends
|
Value at
July 31, 2023
|
Shares
|
||||||||||||||
Encore Capital Group, Inc. (1)(2)
|
$
|
(2,984,757
|
)
|
$
|
-
|
$
|
55,112,650
|
1,030,143
|
||||||||||
|
$
|
(2,984,757
|
)
|
$
|
-
|
$
|
55,112,650
|
1,030,143
|
||||||||||
|
||||||||||||||||||
(1) |
|
As of July 31, 2023, this security represented 8.08% of the Fund’s net assets.
|
||||||||||||||||
(2) |
At July 31, 2023, this security was no longer an affiliate of the Fund.
|
|
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement. Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable. |
Common Stocks
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
Communication Services
|
$
|
47,535,589
|
$
|
–
|
$
|
–
|
$
|
47,535,589
|
|||||||
Consumer Discretionary
|
156,921,664
|
–
|
–
|
156,921,664
|
|||||||||||
Financials
|
225,663,577
|
–
|
–
|
225,663,577
|
|||||||||||
Health Care
|
5,273,876
|
5,273,876
|
|||||||||||||
Industrials
|
131,799,305
|
–
|
–
|
131,799,305
|
|||||||||||
Information Technology
|
56,585,304
|
–
|
–
|
56,585,304
|
|||||||||||
Total Common Stocks
|
$
|
623,779,315
|
$
|
–
|
$
|
–
|
$
|
623,779,315
|
|||||||
|
|||||||||||||||
REITS
|
|||||||||||||||
Real Estate
|
$
|
48,618,115
|
$
|
–
|
$
|
–
|
$
|
48,618,115
|
|||||||
Total REITS
|
$
|
48,618,115
|
$
|
–
|
$
|
–
|
$
|
48,618,115
|
|||||||
|
|||||||||||||||
Short-Term Investments
|
|||||||||||||||
Money Market Funds
|
$
|
9,897,624
|
$
|
–
|
$
|
–
|
$
|
9,897,624
|
|||||||
Total Short-Term Investments
|
$
|
9,897,624
|
$
|
–
|
$
|
–
|
$
|
9,897,624
|
|||||||
|
|||||||||||||||
Total Investments
|
$
|
682,295,054
|
$
|
–
|
$
|
–
|
$
|
682,295,054
|