Hennessy Advisors added a fifth fund to its no-load mutual fund group when it announced the launch of the Hennessy Focus 30 Fund Wednesday.
The fund, which will trade under the NASDAQ symbol HFTFX, is designed for long-term growth. "Weve taken our cue for this new fund from the similar disciplined approach to selecting stocks that we have successfully employed within the small cap market for the Hennessy Cornerstone Growth Fund," said Neil J. Hennessy, president of Hennessy Advisors.
To get tabbed for the fund, a companys total market capitalization must be between $1 billion and $10 billion, and it must possess a $5 or greater share price, a price to sales ratio of less than 1.5 and better current-year earnings than those of last year. Out of all those, only the 30 stocks with the best positive relative price strength over the past three and six month periods will be added to the fund. Rebalancing will take place annually.
The Novato, Calif. firm also manages the aforementioned Hennessy Cornerstone Growth Fund, and Hennessy Cornerstone Value Fund, among others.