Category | Fund Name | Summary | Net Assets ($ M)* | YTD (%) |
---|---|---|---|---|
Natural Resources-Materials-NA | Hennessy BP Energy | 19 | 7.8 | |
The fund seeks total return by investing in companies across any size in the United States. The sub-advisor’s investment process is designed to highlight companies in the benchmark index that are engaged in the supply, transportation, production, transmission, or demand of energy, also known as the energy value chain. The investment team considers primary categories of the energy value chain to be energy companies, industrial companies, infrastructure companies, and transportation and logistics companies. Some of the companies in the different categories include companies across the energy supply chain spectrum, energy-intensive chemical, metal, industrial, and manufacturing companies, companies that design, manufacture, install, own, operate, or service equipment, and companies that provide solutions for transportation and logistics to the U.S. manufacturing industry. Next, the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Then the manager constructs a concentrated portfolio from a list of companies favored by the research team and allocates capital based on its conviction level. The actively managed portfolio typically holds 25 to 40 companies. Additionally, the fund may also invest up to 25% of its net assets in securities of energy-related master limited partnerships.
|
||||
MLPs-NA | Hennessy BP Midstream | 43 | 6.1 | |
The fund seeks capital appreciation through distribution growth and current income by investing in companies across any size in the United States. The sub-advisor’s investment process is designed to highlight companies in the benchmark index that are engaged in the midstream energy infrastructure sector. The investment team considers an issuer to be a midstream energy infrastructure company if it owns and operates assets used in energy logistics. The process also considers companies whose assets are used in transporting, storing, gathering, processing, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, or electricity, or provides energy-related equipment and services. Next, the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Then the manager constructs a portfolio from a list of companies favored by the research team and allocates capital based on its conviction level. The fund is non-diversified and may invest a greater portion of its assets in a smaller number of issuers than if it were a diversified fund.
|
||||
Small-Cap-Core | Hennessy Cornerstone Growth Fund | 173 | -3.2 | |
The fund seeks capital appreciation in the long term by investing in small-size companies in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team utilizes a proprietary strategy to invest in companies demonstrating growth characteristics. The team then narrows the investable universe to the 50 securities with the highest one-year price appreciation. In addition, the team prefers companies whose valuation multiple on the basis of sales is below 1.5, annual earnings are higher than the previous year, and offers positive stock price appreciation over the past three-month and six-month periods. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may also invest in any foreign company through American Depositary Receipts or other types of depositary receipts, which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges.
|
||||
Large-Cap-Growth | Hennessy Cornerstone Large Growth Fund | 130 | 1.5 | |
The fund seeks capital appreciation in the long term by investing in large-size companies in the United States. The quantitatively-driven, repeatable investment process is designed to identify companies exhibiting high levels of profitability that are trading at reasonable valuations. The process utilizes a proprietary formula known as the Cornerstone Large Growth Formula to seek growth-oriented companies from the S&P Capital IQ Database. Next, the research team narrows the investable universe to companies that demonstrate above-average market capitalization, positive total capital, highest one-year return on total capital, and price-to-cash flow ratio less than the median of the remaining securities. The fund builds a concentrated portfolio of approximately 50 holdings. |
||||
Large-Cap-Value | Hennessy Cornerstone Value Fund | 298 | 6.8 | |
The fund seeks total return by investing in mega-and large-size companies in the United States. The quantitatively managed investment process, repeated year after year, is designed to highlight dividend-paying companies. The process starts with a list of 10,000 companies and are narrowed down to 200 that have above-average market capitalization, above average shares outstanding and cash flow and also exhibit trailing 12-month sales 50% greater than average. Then the research team utilizes a proprietary quantitative formula to identify 50 companies with the highest dividend yield. The investment team views the dividend yield as a good proxy to value and the company paying good dividends are reluctant to cut or suspend their dividends. Higher yielding companies represent attractive values because their shares may be temporarily depressed. Next, the selected 50 stocks are weighted equally, with 2% of the portfolio’s net assets invested in each. The fund maintains a concentrated portfolio of large, high dividend-yielding companies. The universe of stocks is re-screened and the portfolio is rebalanced annually, generally in winter. |
||||
Multi-Cap-Growth | Hennessy Focus Fund | 663 | -3.9 | |
The fund seeks capital appreciation by investing in companies across any size in the United States. The sub-adviser’s investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value. Then the research team focuses on companies with reasonable valuations, above-average earnings, return on capital and growth potential. The team emphasizes companies with the ability to reinvest profits at higher rates. Then the manager constructs a highly concentrated portfolio of approximately 20 holdings which are conviction weighted. The manager estimates to hold companies for at least five to 10 years or longer, resulting in low portfolio turnover. The fund has the flexibility to hold a significant portion of its portfolio in cash or cash equivalent instruments from time to time. The fund may also invest in securities of foreign companies listed on U.S. national securities exchanges, or through American Depositary Receipts or traded on foreign exchanges. |
||||
Utilities-NA | Hennessy Gas Utility Fund | 537 | 4.4 | |
The fund seeks income and capital appreciation by investing in companies in the United States. The investment process is designed to invest in the securities of companies that have natural gas distribution and transmission operations. Next, the research team prefers companies that are going to benefit from the growing demand for natural gas. Then the manager constructs a portfolio of stocks from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level. The manager utilizes an index strategy to maintain a portfolio of distribution-focused natural gas companies. Also, the fund seeks to replicate total return performance of the benchmark index. In addition, the fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index. |
||||
Large-Cap-Core | Hennessy Japan Fund | 331 | 0.5 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of Japanese companies. The team considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. In addition, the team prefers high-quality companies that are trading at attractive prices. Also, the team looks for companies having a well-capitalized balance sheet with little debt, sustainable competitive advantage, high return on equity, above- average earnings growth rate, and superior cash flow generation. The team also focuses on companies that are trading at a discount to their estimated intrinsic value and whose future earnings power is not reflected in their current valuations. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may also invest in Japan real estate investment trusts or other investment companies including exchange traded funds that invest in equity securities of Japanese companies. |
||||
Small-Cap-Core | Hennessy Japan Small Cap Fund | 91 | 3.8 | |
The fund seeks capital appreciation in the long term by investing in small-size companies outside the United States. The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of Japanese companies. The team considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. In addition, the team prefers companies with excellent businesses and management teams that are trading at attractive prices. Also, the team looks for companies having a well-capitalized balance sheet with little debt, sustainable competitive advantage, high return on equity, above- average earnings growth rate, and superior cash flow generation. The team also focuses on companies that are trading at a discount to their estimated intrinsic value and whose future earnings power is not reflected in their current valuations. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may also invest in Japan real estate investment trusts or other investment companies including exchange traded funds that invest in equity securities of Japanese companies. |
||||
Business-Financial Services-NA | Hennessy Large Cap Financial Fund | 42 | -1 | |
The fund seeks capital appreciation by investing in mega-and large-size companies in the United States. The investment process is designed to highlight companies engaged in the business of providing financial services, including technology companies that are engaged in providing products or services to financial services companies. Then the research team focuses on companies that derive at least 50% of its assets, gross income, or net profits from financial services activities. The team considers consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate as financial services activities. Investments may include companies involved in mortgage banking, discount brokerage, insurance, consumer finance, payment processing, savings and loan associations, and leasing. The team also considers savings banks, building and loan associations, cooperative and commercial banks, investment companies, other depository institutions, and real estate investment trusts as investments. In addition, the team focuses on companies that are inexpensive on the basis of earnings, and book value. Then the manager constructs a concentrated portfolio of 25 to 50 stocks from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level. Also, the fund will not invest more than 5% of its net assets in securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities.
|
||||
Business-Financial Services-NA | Hennessy Small Cap Financial Fund | 105 | -0.2 | |
The fund seeks capital appreciation by investing in small-size companies in the United States. The investment process is designed to highlight companies engaged in the business of providing financial services. Then the research team focuses on companies that derive at least 50% of its assets, gross income, or net profits from financial services activities. The team considers consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate as financial services activities. Investments may include companies involved in mortgage banking, discount brokerage, insurance, consumer finance, payment processing, savings and loan associations, and leasing. The team also considers savings banks, building and loan associations, cooperative and commercial banks, investment companies, other depository institutions, and real estate investment trusts as investments. In addition, the team focuses on companies that are inexpensive on the basis of earnings, and book value. Then the manager constructs a concentrated portfolio of 25 to 50 stocks from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level. Also, the fund will not invest more than 5% of its net assets in securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities.
|
* Net Assets include for all classes