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Hennessy Small Cap Financial Fund
Investor
HSFNX
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HISFX
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* OVERVIEW
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Category
Sector & Specialty - Financial
Hennessy_UpdatedAsset_Final
HENNESSY SMALL CAP FINANCIAL FUND
Actively managed, the Fund maintains a concentrated portfolio of small-cap
Financial Services sector stocks.
INVESTOR
HSFNX
INSTITUTIONAL
HISFX
DOCUMENTS
* PDF Fact Sheet
* PDF Prospectus
MORNINGSTAR STYLE BOX
Investment Overview Video ArrowRight
FINANCIAL FUNDS INVESTMENT STRATEGY
Portfolio Managers Dave Ellison and Ryan Kelley describe their investment
strategy, which seeks high-quality and well managed Financial Services
companies.
--------------------------------------------------------------------------------
WHY INVEST
* An opportunity to invest in a select group of geographically diverse
regional and community banks
* Managed by Dave Ellison, the most tenured fund manager in the Financial
Services sector
* Concentrated, actively managed portfolio of 25-50 stocks
--------------------------------------------------------------------------------
INVESTMENT APPROACH
From a universe of banks and Financial Services companies with market
capitalizations under $3 billion, the Hennessy Small Cap Financial Fund seeks
stocks that offer value and/or a catalyst for positive change. The Managers
seeks businesses with the following characteristics:
- High-quality management team with a long-term view and experience through
market cycles
- Uncomplicated business model with a low-cost operating structure
- Conservative lending culture with high-quality deposits
- Well-capitalized, well-structured balance sheets
- Sustainable earnings and book value growth opportunities
- Attractive valuation relative to peers
PORTFOLIO MANAGERS
* DAVID ELLISON
Portfolio Manager
* 25
Years on Fund
* 39
Years of Experience
* RYAN C. KELLEY, CFA
Chief Investment Officer and Portfolio Manager
* 17
Years on Fund
* 26
Years of Experience
> “We look for smaller banks that we believe can grow profits regardless of
> the interest rate environment.”
>
> - DAVE ELLISON
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* INSIGHTS & NEWS
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* Sector Highlight
DIGITAL TRANSFORMATION OF BANKS
David Ellison
Portfolio Manager
Ryan C. Kelley, CFA
Chief Investment Officer and Portfolio Manager
New and innovative technology is changing just about every industry, and
the Financials sector is no exception. In this Sector Highlight, we
examine the digital transformation trends in the banking industry and how
banks are embracing technology to adapt to consumer demands and boost
growth in revenue and profitability...
Read the Sector Highlight ArrowRight
* TD AMERITRADE - "FORECASTING 2022 PERFORMANCE FOR FINANCIALS"
January 2022
Dave Ellison, Portfolio Manager of the Hennessy Large Cap Financial Fund,
says big banks have the earnings, network effect and ability to invest in
the future and compete with what the tech companies are doing.
View More ArrowRight
* Sector Highlight
BANKING ON MORE MERGERS AND ACQUISITIONS IN 2022
January 2022
While the pandemic slowed deal activity, the stage is set for deal making
in 2022, we examine several trends that could reshape the banking
ecosystem and likely provide a tailwind to bank stocks over the years to
come.
Read the Sector Highlight ArrowRight
* TD AMERITRADE – “TECH SECTOR STRENGTH LIFTING MARKETS HIGHER”
November 2021
David Ellison, Portfolio Manager of Hennessy Large Cap Financial and Small
Cap Financial Funds, believes the financial sector has changed
significantly over time, becoming a very complex business. Smaller banks
may not be able to compete technologically or with the newer companies in
fintech, so he expects consolidation to continue.
View More ArrowRight
* Sector Highlight
BANKING ON CONTINUED GROWTH
November 2021
Despite exceptional YTD performance, Financials sector stocks are trading
at a historically low relative discount to the market. The banking
industry is healthy, and a number of catalysts, including robust M&A
activity, higher interest rates, and accelerated loan growth, could push
bank stocks higher.
Read the Sector Highlight ArrowRight
View All Fund Insights
* PERFORMANCE
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DAILY PRICING & PERFORMANCE
as of 3/18/22
* Investor Class (HSFNX)
* NAV
$31.11
* $ CHANGE
-$0.13
* % CHANGE
-0.42%
* YTD
-1.46%
* Institutional Class (HISFX)
* NAV
$18.15
* $ CHANGE
-$0.08
* % CHANGE
-0.44%
* YTD
-1.41%
AVERAGE ANNUALIZED TOTAL RETURN
Monthly Quarterly
Monthly
Quarterly
as of 2/28/22
Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class
(HSFNX) 1.07% 1.46% 19.12% 15.51% 8.88% 12.62% 10.97% Institutional Class
(HISFX) 1.14% 1.52% 19.56% 15.94% 9.27% 13.02% 11.16% Russell 2000® Index
Financials 0.35% -3.06% 12.66% 9.99% 7.43% 11.98% 8.95% Russell 2000® Index
1.07% -8.66% -6.01% 10.50% 9.50% 11.18% 8.55%
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Please swipe to view table
as of 12/31/21
Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class
(HSFNX) 4.38% 42.75% 42.75% 20.63% 8.07% 13.41% 10.98% Institutional Class
(HISFX) 4.48% 43.37% 43.37% 21.05% 8.47% 13.81% 11.17% Russell 2000® Index
Financials 6.02% 29.95% 29.95% 16.54% 8.34% 13.07% 9.15% Russell 2000® Index
2.14% 14.82% 14.82% 20.02% 12.02% 13.23% 9.00%
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HYPOTHETICAL GROWTH OF $10,000
as of 2/28/2022
1 year 3 years 5 years 10 years Since Inception
1 year
3 years
5 years
10 years
Since Inception
Created with Highcharts 6.0.4Investor Class (HSFNX)Institutional Class
(HISFX)Russell 2000® Index FinancialsRussell 2000®
Index12/29$9,000$10,000$11,000$12,000$13,000
VALUE OF $10,000 INVESTED BETWEEN 2/28/2021 AND 2/28/2022
Small Cap Financial Fund (HSFNX) $11,912 Small Cap Financial Fund (HISFX)
$11,956 Russell 2000® Index Financials $11,266 Russell 2000® Index $9,399
Created with Highcharts 6.0.4Investor Class (HSFNX)Institutional Class
(HISFX)Russell 2000® Index FinancialsRussell 2000®
Index12/24$5,000$7,500$10,000$12,500$15,000$17,500
VALUE OF $10,000 INVESTED BETWEEN 2/28/2019 AND 2/28/2022
Small Cap Financial Fund (HSFNX) $15,413 Small Cap Financial Fund (HISFX)
$15,583 Russell 2000® Index Financials $13,306 Russell 2000® Index $13,493
Created with Highcharts 6.0.4Investor Class (HSFNX)Institutional Class
(HISFX)Russell 2000® Index FinancialsRussell 2000®
Index12/49$5,000$7,500$10,000$12,500$15,000$17,500$20,000
VALUE OF $10,000 INVESTED BETWEEN 2/28/2017 AND 2/28/2022
Small Cap Financial Fund (HSFNX) $15,300 Small Cap Financial Fund (HISFX)
$15,580 Russell 2000® Index Financials $14,308 Russell 2000® Index $15,744
Created with Highcharts 6.0.4Investor Class (HSFNX)Institutional Class
(HISFX)Russell 2000® Index FinancialsRussell 2000®
Index12/99$0$10,000$20,000$30,000$40,000
VALUE OF $10,000 INVESTED BETWEEN 2/29/2012 AND 2/28/2022
Small Cap Financial Fund (HSFNX) $32,830 Small Cap Financial Fund (HISFX)
$33,992 Russell 2000® Index Financials $31,003 Russell 2000® Index $28,871
Created with Highcharts 6.0.4Investor Class (HSFNX)Institutional Class
(HISFX)Russell 2000® Index FinancialsRussell 2000®
Index01/9801/0001/0201/0401/0601/0801/1001/1201/1401/1601/1801/2001/22$0$50,000$100,000$150,000
VALUE OF $10,000 INVESTED BETWEEN 1/3/1997 AND 2/28/2022
Small Cap Financial Fund (HSFNX) $136,976 Small Cap Financial Fund (HISFX)
$143,078 Russell 2000® Index Financials $86,391 Russell 2000® Index $78,743
This data illustrates the performance of a hypothetical $10,000 investment
made in the Fund for the period noted, and it assumes reinvestment of
dividends and capital gains. This chart does not imply future performance.
CALENDAR YEAR TOTAL RETURNS
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Investor Class (HSFNX) 21.42 36.59 -3.40 11.74 33.41 -0.20 -15.86 19.88 2.58
42.75
Institutional Class (HISFX) 21.71 36.96 -3.08 12.20 33.92 0.13 -15.46 20.21
2.91 43.37
Russell 2000® Index Financials 21.30 31.37 8.85 0.60 31.14 5.78 -10.83 24.21
-1.95 29.95
Russell 2000® Index 16.35 38.82 4.89 -4.41 21.31 14.65 -11.01 25.52 19.96
14.82
Year
Investor Class (HSFNX)
Institutional Class (HISFX)
Russell 2000® Index Financials
Russell 2000® Index 2011 -15.63% -15.52% -2.96% -4.18% 2010 17.50% 17.75%
20.37% 26.85% 2009 20.13% 19.91% -0.03% 27.17% 2008 -8.73% -8.11% -24.97%
-33.79% 2007 -22.18% -22.18% -16.57% -1.57% 2006 11.80% 11.80% 19.71% 18.37%
2005 -1.55% -1.55% 2.31% 4.55% 2004 16.04% 16.04% 21.52% 18.33% 2003 41.05%
41.05% 39.43% 47.25% 2002 18.68% 18.68% 2.09% -20.48% 2001 23.85% 23.85%
15.74% 2.49% 2000 32.42% 32.42% 21.16% -3.02% 1999 -5.43% -5.43% -6.03%
21.26% 1998 -13.52% -13.52% -7.16% -2.55%
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RETURNS-BASED STATISTICS
RELATIVE TO RUSSELL 2000® INDEX FINANCIALS
as of 12/31/21
Investor Class (HSFNX)
Type 3 yr 5 yr 10 yr Alpha 1.46 -0.77 -0.81 Beta 1.22 1.18 1.14 Upside
Capture 123.66 112.26 110.22 Downside Capture 122.41 116.90 115.24
Institutional Class (HISFX)
Type 3 yr 5 yr 10 yr Alpha 1.81 -0.40 -0.45 Beta 1.22 1.18 1.14 Upside
Capture 124.25 113.04 110.94 Downside Capture 121.90 116.31 114.40
Alpha measures the fund’s excess return relative to the return of the
benchmark. Beta measures the volatility of the fund compared to that of the
benchmark. The beta of the benchmark is 1.00. Capture ratios measure the
fund’s overall performance in up markets (positive return periods) and down
markets (negative return periods).
SHARPE RATIO
as of 12/31/21
Created with Highcharts 6.0.4Investor Class (HSFNX)Institutional Class
(HISFX)Russell 2000® Index FinancialsFinancial Category Average3 yr5 yr10
yr00.250.50.751
Type 3 yr 5 yr 10 yr Investor Class (HSFNX) 0.74 0.39 0.68 Institutional
Class (HISFX) 0.75 0.40 0.69 Russell 2000® Index Financials 0.73 0.44 0.76
Financial Category Average 0.80 0.56 0.78
Sharpe Ratio is a measure of risk-adjusted return, reflecting the average
return earned in excess of the risk-free rate per unit of volatility.
STANDARD DEVIATION
as of 12/31/21
Created with Highcharts 6.0.4Investor Class (HSFNX)Institutional Class
(HISFX)Russell 2000® Index FinancialsFinancial Category Average3 yr5 yr10
yr010203040
Type 3 yr 5 yr 10 yr Investor Class (HSFNX) 30.84 25.80 21.11 Institutional
Class (HISFX) 30.88 25.82 21.12 Russell 2000® Index Financials 24.08 20.77
17.38 Financial Category Average 24.75 20.86 17.38
Standard deviation is a statistical measure of the historical volatility of a
mutual fund or portfolio.
FUND EXPENSES
* Investor Class (HSFNX)
* GROSS EXPENSE RATIO
1.58%
* Institutional Class (HISFX)
* GROSS EXPENSE RATIO
1.20%
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.
Each Morningstar category average represents a universe of funds with similar
objectives. The Morningstar Style Box reveals the fund's investment style as
of 12/31/21. The vertical axis shows the market capitalization of the stocks
owned and the horizontal axis shows investment style (value, blend, or
growth). ©Morningstar, Inc. All Rights Reserved. Past performance is no
guarantee of future results.
The performance shown for Institutional Class shares / HISFX prior to 5/30/08
represents the performance of Investor Class shares of the Fund and includes
expenses that are not applicable to and are higher than those of
Institutional Class shares.
The performance shown for periods prior to 10/26/12 is that of the
predecessor FBR Fund.
The Russell 2000® Index Financials is an unmanaged index commonly used to
measure the performance of U.S. small-capitalization financial sector stocks.
The Russell 2000® Index is an unmanaged index commonly used to measure the
performance of U.S. small-capitalization stocks. One cannot invest directly
in an index.
Frank Russell Company (“Russell”) is the source and owner of the trademarks,
service marks, and copyrights related to the Russell Indexes. Russell® is a
trademark of Russell. Neither Russell nor its licensors accept any liability
for any errors or omissions in the Russell Indexes or Russell ratings or
underlying data, and no party may rely on any Russell Indexes or Russell
ratings or underlying data contained in this communication. No further
distribution of Russell data is permitted without Russell’s express written
consent. Russell does not promote, sponsor, or endorse the content of this
communication.
Fund holdings and sector allocations are subject to change and should not be
considered a recommendation to buy or sell any security.
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* PORTFOLIO
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PORTFOLIO CHARACTERISTICS
as of 12/31/21
Inception Date (HSFNX) 1/3/97 Inception Date (HISFX) 5/30/08 Total Fund
Assets $159 Million Active Share vs. Russell 2000® Index Financials 89%
Portfolio Turnover 34% Median Market Cap $2.4 Billion Median Price/Earnings
11.6x Median Price/Book 1.2x
Price/Earnings measures a stock’s price per share compared to earnings.
Price/Book measures a stock’s price per share to book value. Portfolio
Turnover and Price/Earnings shown reflect the trailing 12-month period.
SECTOR WEIGHTING
as of 12/31/21
Fund Financials 96.6% Information Technology 3.1% Cash & Other 0.4%
Sub-Industry Weighting % of Net Assets Regional Banks 77.1% Thrifts &
Mortgage Finance 19.5% Data Processing & Outsourced Services 3.1%
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PORTFOLIO HOLDINGS
Top 10 Holdings All Holdings
Top 10 Holdings
All Holdings
TOP 10 HOLDINGS
as of 12/31/21
% of Net Assets Top 10 Holdings Ticker Current Vs. 3Q21 Vs. 4Q20 10-Year
Holdings History (%) Time Held Hingham Institution for Savings HIFS 5.68%
+0.70% +2.59%
Created with Highcharts 6.0.401/1501/20$0
23 Years Banner Corp. BANR 5.16% +0.80% +5.16%
Created with Highcharts 6.0.401/1501/20$0
1 Year First Midwest Bancorp, Inc. FMBI 5.03% +0.97% +0.38%
Created with Highcharts 6.0.401/1501/20$0
2 Years Lakeland Bancorp, Inc. LBAI 4.96% +0.61% +1.78%
Created with Highcharts 6.0.401/1501/20$0$5
3 Years HomeTrust Bancshares, Inc. HTBI 4.78% +0.68% +0.86%
Created with Highcharts 6.0.401/1501/20$0
2 Years Flushing Financial Corp. FFIC 4.74% +0.21% +4.74%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year ConnectOne Bancorp, Inc. CNOB 4.74% +0.08% +2.38%
Created with Highcharts 6.0.401/1501/20$0$5
5 Years Independent Bank Corp. INDB 4.72% +1.84% +0.36%
Created with Highcharts 6.0.401/1501/20$0
13 Years First Bancorp FBP 4.69% +0.23% +0.01%
Created with Highcharts 6.0.401/1501/20$0
6 Years Hancock Whitney Corp. HWC 4.65% +0.62% -0.83%
Created with Highcharts 6.0.401/1501/20$0
1 Year Total as % of Net Assets 49.15%
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TOTAL HOLDINGS: 29
as of 12/31/21
Print All Holdings
% of Net Assets Equity Holdings Ticker Current Vs. 3Q21 Vs. 4Q20 10-Year
Holdings History (%) Time Held Hingham Institution for Savings HIFS 5.68%
+0.70% +2.59%
Created with Highcharts 6.0.401/1501/20$0
23 Years Banner Corp. BANR 5.16% +0.80% +5.16%
Created with Highcharts 6.0.401/1501/20$0
1 Year First Midwest Bancorp, Inc. FMBI 5.03% +0.97% +0.38%
Created with Highcharts 6.0.401/1501/20$0
2 Years Lakeland Bancorp, Inc. LBAI 4.96% +0.61% +1.78%
Created with Highcharts 6.0.401/1501/20$0$5
3 Years HomeTrust Bancshares, Inc. HTBI 4.78% +0.68% +0.86%
Created with Highcharts 6.0.401/1501/20$0
2 Years Flushing Financial Corp. FFIC 4.74% +0.21% +4.74%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year ConnectOne Bancorp, Inc. CNOB 4.74% +0.08% +2.38%
Created with Highcharts 6.0.401/1501/20$0$5
5 Years Independent Bank Corp. INDB 4.72% +1.84% +0.36%
Created with Highcharts 6.0.401/1501/20$0
13 Years First Bancorp FBP 4.69% +0.23% +0.01%
Created with Highcharts 6.0.401/1501/20$0
6 Years Hancock Whitney Corp. HWC 4.65% +0.62% -0.83%
Created with Highcharts 6.0.401/1501/20$0
1 Year WSFS Financial Corp. WSFS 4.64% +0.18% +4.64%
Created with Highcharts 6.0.401/1501/20$0
1 Year Texas Capital Bancshares, Inc. TCBI 4.55% +0.56% -0.78%
Created with Highcharts 6.0.401/1501/20$0
3 Years CIT Group, Inc. CIT 4.07% -0.24% -0.99%
Created with Highcharts 6.0.401/1501/20$0
2 Years Kearny Financial Corp. KRNY 3.46% +0.39% +2.01%
Created with Highcharts 6.0.401/1501/20$0
6 Years New York Community Bancorp, Inc. NYCB 3.42% +0.12% +0.21%
Created with Highcharts 6.0.401/1501/20$0
1 Year Wintrust Financial Corp. WTFC 3.32% -0.38% -1.27%
Created with Highcharts 6.0.401/1501/20$0
2 Years Alliance Data Systems Corp. ADS 3.06% -1.39% -2.07%
Created with Highcharts 6.0.401/1501/20$0
2 Years Associated Banc-Corp. ASB 3.06% +0.52% +1.03%
Created with Highcharts 6.0.401/1501/20$0
2 Years PacWest Bancorp PACW 2.99% -0.38% -0.65%
Created with Highcharts 6.0.401/1501/20$0
1 Year Silvergate Capital Corp. SI 2.61% +2.61% +2.61%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year Eastern Bankshares, Inc. EBC 2.60% +1.33% +2.60%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year Cadence Bank CADE 2.44% +2.44% +2.44%
Created with Highcharts 6.0.401/1501/20$2.4
< 1 Year Synovus Financial Corp, SNV 2.26% -0.43% -2.68%
Created with Highcharts 6.0.401/1501/20$0
1 Year HarborOne Bancorp, Inc. HONE 1.73% +0.25% +0.05%
Created with Highcharts 6.0.401/1501/20$0
2 Years Berkshire Hills Bancorp, Inc. BHLB 1.70% -0.54% -2.59%
Created with Highcharts 6.0.401/1501/20$0
3 Years Western New England Bancorp, Inc. WNEB 1.32% +0.73% +1.32%
Created with Highcharts 6.0.401/1501/20$0
< 1 Year Shore Bancshares, Inc. SHBI 1.31% +0.49% +1.31%
Created with Highcharts 6.0.401/1501/20$0$1
1 Year Northeast Community Bancorp, Inc. NECB 0.98% +0.98% +0.98%
Created with Highcharts 6.0.401/1501/20$1
< 1 Year Coastal Financial Corp. CCB 0.96% +0.96% +0.96%
Created with Highcharts 6.0.401/1501/20$1
< 1 Year Total as % of Net Assets 99.6% Cash & Other Holdings % of Net Assets
Cash & Other 0.4% Total as % of Net Assets 0.4%
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COUNTRY ALLOCATION
as of 12/31/21
* UNITED STATES
94.9%
* INTERNATIONAL
4.7%
* CASH & OTHER
0.4%
United States 94.9% Puerto Rico 4.7% Cash & Other 0.4%
* DISTRIBUTIONS
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The Hennessy Small Cap Financial Fund pays capital gains (if any) once
annually, usually in December. Ordinary income distributions (if any) are
paid annually, usually in December.
Investor Institutional
Investor
Institutional
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest
Price 12/29/2021 $0.21577 -- -- $0.21577 $31.74 12/07/2021 -- -- $0.09117
$0.09117 $31.54 12/29/2020 $0.20265 -- -- $0.20265 $21.93 12/27/2019 $0.09444
-- -- $0.09444 $21.96 12/06/2019 -- -- $0.65961 $0.65961 $21.51 12/27/2018
$0.07119 -- -- $0.07119 $18.71 12/07/2018 -- $0.00162 $1.31958 $1.32120
$20.10 12/27/2017 $0.00291 -- -- $0.00291 $24.27 12/07/2017 -- $0.16690
$1.80632 $1.97322 $24.48 12/28/2016 $0.06500 -- -- $0.06500 $26.34 12/07/2016
-- -- $3.19063 $3.19063 $25.42 12/29/2015 $0.02529 -- -- $0.02529 $22.55
12/09/2015 -- $0.15543 $1.44849 $1.60392 $22.38 12/08/2014 -- -- $3.34234
$3.34234 $20.83 12/31/2013 $0.05812 -- -- $0.05812 $25.48 12/10/2013 --
$0.16499 $1.43869 $1.60368 $24.71 12/31/2012 $0.12360 -- -- $0.12360 $19.91
12/30/2011 $0.28967 -- -- $0.28967 $16.50 12/31/2010 $0.05717 -- -- $0.05717
$19.90 12/15/2010 -- $0.12946 -- $0.12946 $19.16 12/31/2009 $0.06710 -- --
$0.06710 $17.10 12/31/2008 $0.18543 -- -- $0.18543 $14.29 12/31/2007 $0.28204
-- -- $0.28204 $15.86 12/14/2007 -- -- $6.23575 $6.23575 $15.78 12/29/2006
$0.14674 -- -- $0.14674 $28.94 12/15/2006 -- $0.07876 $4.27513 $4.35389
$28.90 07/31/2006 -- -- $0.01524 $0.01524 $31.47 12/30/2005 $0.14416 -- --
$0.14416 $29.95 12/16/2005 -- -- $3.68831 $3.68831 $30.47 10/31/2005 -- --
$0.01175 $0.01175 $32.96 12/31/2004 $0.18461 -- -- $0.18461 $34.28 12/17/2004
-- $0.11033 $4.24179 $4.35212 $34.19 12/30/2003 $0.07202 -- -- $0.07202
$33.83 12/17/2003 -- $0.05453 $0.60031 $0.65484 $33.01 10/31/2003 -- --
$0.00153 $0.00153 $32.56 12/30/2002 $0.13093 -- -- $0.13093 $24.30 12/18/2002
-- -- $0.63781 $0.63781 $24.33 12/28/2001 $0.46875 -- -- $0.46875 $21.00
12/20/2001 -- -- $0.34210 $0.34210 $21.13 12/20/2000 $0.10219 -- -- $0.10219
$16.79 12/21/1999 $0.01670 -- -- $0.01670 $13.14 12/14/1998 $0.07080 $1.33330
$0.60060 $2.00470 $14.19 12/12/1997 $0.03220 $0.15050 -- $0.18270 $17.88
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Past performance is not a guarantee of future results.
Download historical distributions and NAVs
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* Select an end date
*
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest
Price 12/29/2021 $0.33407 -- -- $0.33407 $18.51 12/07/2021 -- -- $0.05374
$0.05374 $18.59 12/29/2020 $0.27354 -- -- $0.27354 $12.88 12/27/2019 $0.19225
-- -- $0.19225 $13.00 12/06/2019 -- -- $0.39469 $0.39469 $12.87 12/27/2018
$0.18031 -- -- $0.18031 $11.16 12/07/2018 -- $0.00101 $0.82307 $0.82408
$12.14 12/27/2017 $0.02033 -- -- $0.02033 $14.63 12/07/2017 -- $0.10053
$1.08807 $1.18860 $14.77 12/28/2016 $0.16682 -- -- $0.16682 $15.83 12/07/2016
-- -- $1.95258 $1.95258 $15.39 12/29/2015 $0.03989 -- -- $0.03989 $13.62
12/09/2015 -- $0.09311 $0.86773 $0.96084 $13.54 12/08/2014 -- -- $2.01129
$2.01129 $12.55 12/31/2013 $0.13517 -- -- $0.13517 $15.30 12/10/2013 --
$0.16499 $1.43869 $1.60368 $14.94 12/31/2012 $0.17751 -- -- $0.17751 $12.48
12/30/2011 $0.35426 -- -- $0.35426 $10.40 12/31/2010 $0.12307 -- -- $0.12307
$12.73 12/15/2010 -- $0.12946 -- $0.12946 $12.34 12/31/2009 $0.13321 -- --
$0.13321 $11.03 12/31/2008 $0.20868 -- -- $0.20868 $9.31
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Past performance is not a guarantee of future results.
Download historical distributions and NAVs
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*
* FUND DOCUMENTS
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Download PDF View Online Small Cap Financial Fund Documents Fact Sheet PDF
Portfolio Perspective PDF View Summary Prospectus PDF Full Prospectus PDF
Statement of Additional Information PDF Small Cap Financial Fund Shareholder
Reports and Quarterly Holdings Q1 Holdings PDF Semi-Annual Report PDF Q3
Holdings PDF Annual Report PDF
Paper copies of the annual and semi-annual reports will no longer be sent by
mail unless shareholders specifically request paper copies. You may elect to
receive paper copies free of charge by calling U.S. Bank Global Fund Services
at 1-800-261-6950 or, if you own shares through a financial intermediary, by
contacting your financial intermediary.
EXPLORE MORE FUNDS
DOMESTIC EQUITY
* Cornerstone Growth Fund
* Focus Fund
* Cornerstone Mid Cap 30 Fund
* Cornerstone Large Growth Fund
* Cornerstone Value Fund
MULTI-ASSET
* Total Return Fund
* Equity and Income Fund
* Balanced Fund
SECTOR & SPECIALTY
* Energy Transition Fund
* Midstream Fund
* Gas Utility Fund
* Japan Fund
* Japan Small Cap Fund
* Large Cap Financial Fund
* Small Cap Financial Fund
* Technology Fund
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The Funds' investment objectives, risks, charges, and expenses must be
considered carefully before investing. The prospectus contains this and other
important information about the investment company. Please read it carefully
before investing. A hard copy of the prospectus can be requested by calling
1-800-966-4354.
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 and can be found here. Neither
forward earnings nor earnings growth is a measure of a fund’s future
performance.
Mutual fund investing involves risk. Principal loss is possible. Small and
medium-capitalization companies may have more limited liquidity and greater
price volatility than large-capitalization companies. Investments in foreign
securities may involve greater volatility and political, economic, and currency
risk and differences in accounting methods. The Focus, Total Return, Balanced,
Large Cap Financial, Small Cap Financial, and BP Midstream Funds are considered
non-diversified funds. A non-diversified fund, which may concentrate its assets
in fewer individual holdings than a diversified fund, is more exposed to
individual stock volatility than a diversified fund. A fund that concentrates
its investments within one country, one sector, or a small group of industries,
such as Japan, Technology, Financials, or Energy, may be subject to a higher
degree of risk. Investments in debt securities typically decrease in value when
interest rates rise. The risk is greater for longer-term debt securities.
Investments in lower-rated and non-rated securities present a greater risk of
loss to principal and interest than higher-rated securities. Mortgage- and
asset-backed securities are subject to prepayment risk, which is the risk that
the borrower will prepay some or all of the principal owed to the issuer. Funds
that invest in pooled investment vehicles (including ETFs) may experience higher
fees. The formula-based strategy employed by some Funds may cause those Funds to
buy or sell securities at times when it may not be advantageous.
Master Limited Partnerships (MLPs) and MLP investments have unique
characteristics. A Fund does not receive the same tax benefits as a direct
investment in an MLP.
The prices of MLP units may fluctuate abruptly and trading volume may be low,
making it difficult for a Fund to sell its units at a favorable price. MLP
general partners have the power to take actions that adversely affect the
interests of unit holders. Most MLPs do not pay U.S. federal income tax at the
partnership level, but an adverse change in tax laws could result in MLPs being
treated as corporations for federal income tax purposes, which could reduce or
eliminate distributions paid by MLPs to the Fund. If the BP Energy Transition
Fund’s MLP investments exceed 25% of its assets, it may not qualify for
treatment as a regulated investment company (“RIC”) under the Internal Revenue
Code (“Code”), and the Fund would be taxed as an ordinary corporation, which
could substantially reduce its net assets and its distributions to shareholders.
The BP Midstream Fund is treated as a regular corporation, or “C” corporation,
for U.S. federal income tax purposes, and therefore, is subject to U.S. federal
income tax on its taxable income at the graduated rates applicable to
corporations (currently a maximum rate of 21%) as well as state and local income
taxes. The BP Midstream Fund will not benefit from current favorable federal
income tax rates on long-term capital gains, and Fund income and losses will not
be passed on to shareholders. The BP Midstream Fund accrues deferred income
taxes for future tax liabilities associated with the portion of MLP
distributions considered to be a tax-deferred return of capital and for any net
operating gains as well as capital appreciation of its investments. This
deferred tax liability is reflected in the daily NAV, and as a result, the
Fund’s after-tax performance could differ significantly from the underlying
assets even if the pre-tax performance is closely tracked.
Glossary of Terms contains definitions and additional information.
To view the top 10 holdings of a Fund, please click the Fund name: Cornerstone
Growth, Focus, Cornerstone Mid Cap 30, Cornerstone Large Growth, Cornerstone
Value, Total Return, Equity and Income, Balanced, BP Energy Transition, BP
Midstream, Gas Utility, Japan, Japan Small Cap, Large Cap Financial, Small Cap
Financial, Technology. Fund holdings are subject to change and not
recommendations to buy or sell any security.
Opinions expressed are subject to change at any time, are not guaranteed, and
should not be considered investment advice.
News and Media Page:
To view the Morningstar ratings for the Japan Fund, please click here. (Media -
TD Ameritrade)
To view the Morningstar ratings for the Focus Fund, please click here. (Media -
CNBC-B. Macualey).
1 USD = 105.36 Yen as of 07/27/2020 (Media - Ticker - M. Takeda)
Tom White is a TD Ameritrade Network contributor and is not affiliated with the
Hennessy Funds. Content is not investment advice, or a recommendation of any
security, strategy, or account type. Options involve risks and are not suitable
for all investors as the special risks inherent to options trading may expose
investors to potentially rapid and substantial losses.(Media - TD
Ameritrade-Rothberg)
To view the Morningstar ratings, please click here.
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on this web site is intended only for such persons. Nothing on this web site
should be considered a solicitation to buy or an offer to sell shares of any
Hennessy Fund in any jurisdiction where the offer or solicitation would be
unlawful under the securities laws of such jurisdiction.
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Featured Insights
25 Years of a Focused Approach
The Portfolio Managers discuss how the Focus Fund has rewarded investors over
25 years. They also share their current outlook.
Natural Gas and the Energy Transition
We believe natural gas plays a role as an essential bridge to a more
sustainable and reliable energy future and will help meet increased demand.
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Meet Our Portfolio Managers
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As Chief Market Strategist, Neil delivers powerful market and economic
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Meet Masakazu Takeda
Based in Asia, Masa is a recognized expert on investing in Japan.
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