It may engage in active and frequent trading of portfolio securities as part of its principal investment strategy. (mutualfunds.com)
A fund's trading activity, the buying and selling of portfolio securities, is not included in the calculation of the expense ratio. (investopedia.com)
The proxy voting policies and procedures of Broad Run Investment Management, LLC («Broad Run») address the responsibility of Broad Run to ensure that proxies received for portfolio securities held by the Hennessy Focus Fund (the «Focus Fund») are voted in the best interest of the Focus Fund, including in those situations involving a conflict of interest between the Focus Fund on the one hand, and Broad Run or its affiliated persons, on the other hand. (hennessyfunds.com)