Hennessy Focus Fund
Investor
HFCSX
Institutional
HFCIX
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  • Overview

    Category
    Domestic Equity

    Hennessy Focus Fund

    Actively managed, the Fund maintains a highly concentrated, best ideas portfolio.

    Investor

    HFCSX

    Institutional

    HFCIX

    Documents

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Focus Fund Investment Strategy

    Portfolio Managers David Rainey, Brian Macauley, and Ira Rothberg, discuss the Fund's concentrated, best-ideas investment strategy.

     

    Why Invest

    • Highly concentrated portfolio of approximately 20 exceptional investment ideas, conviction weighted with 60-80% of assets in the top 10
    • In-depth, rigorous research process developed by a management team who has worked together for nearly two decades
    • Expectation to hold companies five to 10 years or longer, leading to low portfolio turnover

    Investment Approach

    The Hennessy Focus Fund seeks to identify secular growth businesses that have the potential to produce a sustained mid-teens or higher rate of earnings growth, purchased at a mid-teens or lower multiple of earnings.

    The Portfolio Managers employ independent, fundamental research, with a primary focus on five key investment criteria:

    1. High-Quality Business
    2. Large Growth Opportunity
    3. Excellent Management
    4. Low "Tail Risk"
    5. Discount Valuation

    Portfolio Managers

    The Fund is sub-advised by Broad Run Investment Management, LLC, an independent, employee-owned investment adviser headquartered in Arlington, Virginia.

    “Simply put, we seek to own a small collection of truly great businesses.”

    - David Rainey

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  • Insights & News

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  • Performance

    Daily Pricing & Performance

    as of 4/24/24
    • Investor Class (HFCSX)

      • NAV

        $42.02

      • $ Change

        $0.08

      • % Change

        0.19%

      • YTD

        -2.93%

    • Institutional Class (HFCIX)

      • NAV

        $44.09

      • $ Change

        $0.08

      • % Change

        0.18%

      • YTD

        -2.82%

    Average Annualized Total Return

    as of 3/31/24
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HFCSX) 1.53% 4.44% 20.88% 3.18% 9.23% 8.89% 12.04%
    Institutional Class (HFCIX) 1.56% 4.52% 21.31% 3.56% 9.63% 9.28% 12.27%
    Russell 3000® Index 3.23% 10.02% 29.29% 9.78% 14.34% 12.33% 9.39%
    Russell Midcap® Growth Index 2.39% 9.50% 26.28% 4.62% 11.82% 11.35% 9.59%

    Please swipe to view table

    as of 3/31/24
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HFCSX) 4.44% 4.44% 20.88% 3.18% 9.23% 8.89% 12.04%
    Institutional Class (HFCIX) 4.52% 4.52% 21.31% 3.56% 9.63% 9.28% 12.27%
    Russell 3000® Index 10.02% 10.02% 29.29% 9.78% 14.34% 12.33% 9.39%
    Russell Midcap® Growth Index 9.50% 9.50% 26.28% 4.62% 11.82% 11.35% 9.59%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 3/31/2024

    Value of $10,000 invested between 3/31/2023 and 3/31/2024
    Focus Fund (HFCSX) $12,088
    Focus Fund (HFCIX) $12,131
    Russell 3000® Index $12,929
    Russell Midcap® Growth Index $12,628

    Value of $10,000 invested between 3/31/2021 and 3/31/2024
    Focus Fund (HFCSX) $10,985
    Focus Fund (HFCIX) $11,106
    Russell 3000® Index $13,229
    Russell Midcap® Growth Index $11,449

    Value of $10,000 invested between 3/31/2019 and 3/31/2024
    Focus Fund (HFCSX) $15,550
    Focus Fund (HFCIX) $15,837
    Russell 3000® Index $19,539
    Russell Midcap® Growth Index $17,481

    Value of $10,000 invested between 3/31/2014 and 3/31/2024
    Focus Fund (HFCSX) $23,429
    Focus Fund (HFCIX) $24,297
    Russell 3000® Index $31,980
    Russell Midcap® Growth Index $29,308

    Value of $10,000 invested between 1/3/1997 and 3/31/2024
    Focus Fund (HFCSX) $221,134
    Focus Fund (HFCIX) $233,760
    Russell 3000® Index $115,281
    Russell Midcap® Growth Index $121,052

    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

      2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
    Investor Class (HFCSX)    		 10.20% 2.88% 7.16% 19.27% -10.47% 34.86% 5.49% 31.55% -24.99% 20.85%
    Institutional Class (HFCIX)    		 10.55% 3.25% 7.55% 19.71% -10.12% 35.34% 5.88% 32.02% -24.71% 21.31%
    Russell 3000® Index    		 12.56% 0.48% 12.74% 21.13% -5.24% 31.02% 20.89% 25.66% -19.21% 25.96%
    Russell Midcap® Growth Index    		 11.90% -0.20% 7.33% 25.27% -4.75% 35.47% 35.59% 12.73% -26.72% 25.87%
    Year
    Investor Class (HFCSX)
    Institutional Class (HFCIX)
    Russell 3000® Index
    Russell Midcap® Growth Index
    2013 35.33% 35.70% 33.55% 35.74%
    2012 16.64% 16.98% 16.42% 15.81%
    2011 3.63% 3.97% 1.03% -1.65%
    2010 24.55% 24.79% 16.93% 26.38%
    2009 34.80% 35.70% 28.34% 46.29%
    2008 -33.85% -33.81% -37.31% -44.32%
    2007 2.30% 2.30% 5.14% 11.43%
    2006 28.49% 28.49% 15.72% 10.66%
    2005 2.32% 2.32% 6.12% 12.10%
    2004 30.65% 30.65% 11.95% 15.48%
    2003 45.77% 45.77% 31.06% 42.71%
    2002 2.63% 2.63% -21.54% -27.41%
    2001 32.63% 32.63% -11.46% -20.15%
    2000 -8.79% -8.79% -7.46% -11.75%
    1999 19.62% 19.62% 20.90% 51.29%
    1998 -3.52% -3.52% 24.14% 17.86%

    Please swipe to view table

    Returns-Based Statistics
    Relative to Russell 3000® Index

    as of 3/31/24
    Investor Class (HFCSX)
    Type 3 yr 5 yr 10 yr
    Alpha -6.71 -5.81 -4.02
    Beta 1.16 1.19 1.13
    Upside Capture 94.01 101.84 97.06
    Downside Capture 119.86 124.42 114.65
    Institutional Class (HFCIX)
    Type 3 yr 5 yr 10 yr
    Alpha -6.34 -5.44 -3.66
    Beta 1.16 1.19 1.14
    Upside Capture 94.76 102.55 98.00
    Downside Capture 119.23 123.81 113.94

    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 3/31/24
    Type 3 yr 5 yr 10 yr
    Investor Class (HFCSX) 0.12 0.40 0.47
    Institutional Class (HFCIX) 0.13 0.42 0.49
    Russell 3000® Index 0.45 0.69 0.73
    Mid-Cap Blend Category Average 0.28 0.50 0.47

    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 3/31/24
    Type 3 yr 5 yr 10 yr
    Investor Class (HFCSX) 21.85 24.19 19.08
    Institutional Class (HFCIX) 21.85 24.20 19.09
    Russell 3000® Index 17.83 18.94 15.61
    Mid-Cap Blend Category Average 18.37 20.61 16.90

    Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.

    Fund Expenses

    • Investor Class (HFCSX)

      • Gross expense ratio

        1.50%

    • Institutional Class (HFCIX)

      • Gross expense ratio

        1.13%

    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 3/31/24. 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 / HFCIX 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 3000® Index is an unmanaged index commonly used to measure the performance of U.S. stocks. The Russell Midcap® Growth Index is an unmanaged index commonly used to measure the performance of U.S. medium-capitalization growth 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.

  • Portfolio

    Portfolio Characteristics

    as of 3/31/24
    Inception Date (HFCSX) 1/3/97
    Inception Date (HFCIX) 5/30/08
    Total Fund Assets $690 Million
    Active Share vs. Russell 3000® Index 98%
    Portfolio Turnover 13%
    Median Market Cap $17.4 Billion
    Median Price/Earnings 28.5x
    Median Price/Book 4.2x

    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 3/31/24
    Fund Russell 3000® Index Difference
    Financials 29.4% 13.9% +15.5%
    Consumer Discretionary 25.2% 10.5% +14.8%
    Industrials 14.5% 10.1% +4.4%
    Information Technology 11.1% 27.6% -16.4%
    Communication Services 8.4% 8.3% +0.1%
    Real Estate 7.2% 2.7% +4.4%
    Health Care 2.9% 12.4% -9.6%
    Utilities 0.0% 2.2% -2.2%
    Consumer Staples 0.0% 5.6% -5.6%
    Materials 0.0% 2.7% -2.7%
    Energy 0.0% 4.1% -4.1%
    Cash & Other 1.3% % %

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/24
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 4Q23 Vs. 1Q23 10-Year Holdings History (%) Time Held
    Ashtead Group, PLC AHT 7.19% -0.58% -0.45%
    		5 Years
    CarMax, Inc. KMX 7.09% +0.10% -0.37%
    		21 Years
    Markel Group, Inc. MKL 6.98% -0.41% -1.02%
    		27 Years
    O'Reilly Automotive, Inc. ORLY 6.95% +0.33% -0.23%
    		19 Years
    Brookfield Corp. BN 6.91% -0.83% -0.44%
    		1 Year
    Aon PLC AON 6.56% +0.25% -1.59%
    		4 Years
    Encore Capital Group, Inc. ECPG 6.12% -1.61% -2.01%
    		16 Years
    American Tower Corp. AMT 6.09% -1.34% -1.97%
    		26 Years
    Applied Materials, Inc. AMAT 5.85% +1.56% +2.75%
    		2 Years
    CDW Corp. CDW 5.29% +0.26% +0.34%
    		3 Years
    Total as % of Net Assets 65.03%

    Please swipe to view table

    Total Holdings: 25

    as of 3/31/24
    Print All Holdings
    % of Net Assets
    Equity Holdings Ticker Current Vs. 4Q23 Vs. 1Q23 10-Year Holdings History (%) Time Held
    Ashtead Group, PLC AHT 7.19% -0.58% -0.45%
    		5 Years
    CarMax, Inc. KMX 7.09% +0.10% -0.37%
    		21 Years
    Markel Group, Inc. MKL 6.98% -0.41% -1.02%
    		27 Years
    O'Reilly Automotive, Inc. ORLY 6.95% +0.33% -0.23%
    		19 Years
    Brookfield Corp. BN 6.91% -0.83% -0.44%
    		1 Year
    Aon PLC AON 6.56% +0.25% -1.59%
    		4 Years
    Encore Capital Group, Inc. ECPG 6.12% -1.61% -2.01%
    		16 Years
    American Tower Corp. AMT 6.09% -1.34% -1.97%
    		26 Years
    Applied Materials, Inc. AMAT 5.85% +1.56% +2.75%
    		2 Years
    CDW Corp. CDW 5.29% +0.26% +0.34%
    		3 Years
    Cogent Communications Holdings CCOI 4.35% -1.24% +1.38%
    		1 Year
    RH RH 3.97% +0.30% +0.13%
    		4 Years
    American Woodmark Corp. AMWD 3.29% -1.76% -1.62%
    		20 Years
    NVR, Inc. NVR 3.10% +0.89% +0.96%
    		7 Years
    TransDigm Group, Inc. TDG 3.04% +1.61% +2.05%
    		1 Year
    Hilton Worldwide Holdings, Inc. HLT 2.93% +1.79% +2.09%
    		1 Year
    Danaher Corp DHR 2.88% +1.45% +2.09%
    		1 Year
    Brookfield Asset Management, Ltd. BAM 2.76% +0.50% +0.90%
    		1 Year
    Shenandoah Telecommunications SHEN 1.99% -0.75% -0.31%
    		2 Years
    AST SpaceMobile, Inc. ASTS 1.25% -1.61% -0.29%
    		3 Years
    Floor & Decor Holdings, Inc. FND 1.16% +1.16% +1.16%
    		< 1 Year
    Altus Group Ltd. AIF 1.06% +0.23% +1.06%
    		< 1 Year
    SS&C Technologies Holdings, Inc. SSNC 0.97% -0.05% -4.01%
    		4 Years
    Warner Music Group Corp. WMG 0.79% -0.15% -0.05%
    		1 Year
    Brookfield Reinsurance, Ltd. BNRE 0.09% -0.01% +0.01%
    		1 Year
    Total as % of Net Assets 98.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other 1.3%
    Total as % of Net Assets 1.3%

    Please swipe to view table

    Country Allocation

    as of 3/31/24

    • United States

      74.1%

    • International

      24.6%

    • Cash & Other

      1.3%
    United States 74.1%
    Canada 10.7%
    United Kingdom 7.2%
    Ireland 6.6%
    Bermuda 0.1%
    Cash & Other 1.3%

  • Distributions

    The Hennessy Focus Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in late December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/07/2023 -- -- $10.60940 $10.60940 $40.61
    12/08/2022 -- -- $6.84360 $6.84360 $46.59
    12/07/2021 -- -- $11.87407 $11.87407 $69.00
    12/08/2020 -- -- $22.03448 $22.03448 $60.94
    12/06/2019 -- -- $8.56199 $8.56199 $80.23
    12/07/2018 -- -- $14.47031 $14.47031 $67.71
    12/07/2017 -- -- $0.00534 $0.00534 $87.76
    12/09/2015 -- -- $0.13953 $0.13953 $70.33
    12/31/2014 $0.01684 -- -- $0.01684 $67.35
    12/08/2014 -- $0.12621 $5.11315 $5.23936 $65.89
    12/10/2013 -- -- $1.06512 $1.06512 $64.42
    12/07/2012 -- -- $4.32119 $4.32119 $49.36
    12/15/2011 -- -- $5.24345 $5.24345 $44.72
    12/15/2010 -- -- $1.72061 $1.72061 $49.14
    12/16/2008 -- -- $5.19180 $5.19180 $30.11
    12/31/2007 $0.12018 -- -- $0.12018 $54.45
    12/14/2007 -- $0.02147 $0.48914 $0.51061 $53.60
    12/15/2006 -- -- $0.12387 $0.12387 $52.62
    07/31/2006 -- -- $0.05348 $0.05348 $44.47
    12/16/2005 -- -- $0.71639 $0.71639 $42.02
    10/31/2005 -- -- $0.00384 $0.00384 $40.36
    12/17/2004 -- $0.34281 $0.22818 $0.57099 $40.66
    12/17/2003 -- -- $0.02779 $0.02779 $31.75
    12/20/2001 -- -- $0.16925 $0.16925 $21.12
    12/20/2000 -- -- $0.64495 $0.64495 $15.56
    12/11/1998 -- $0.21190 $0.22240 $0.43430 $14.30
    12/12/1997 -- $0.48740 -- $0.48740 $16.54

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/07/2023 -- -- $11.11527 $11.11527 $42.55
    12/08/2022 -- -- $7.14363 $7.14363 $48.63
    12/07/2021 -- -- $12.34819 $12.34819 $71.75
    12/08/2020 -- -- $22.82989 $22.82989 $63.14
    12/06/2019 -- -- $8.83830 $8.83830 $82.82
    12/07/2018 -- -- $14.98779 $14.98779 $69.66
    12/07/2017 -- -- $0.00549 $0.00549 $90.04
    12/09/2015 -- -- $0.14191 $0.14191 $71.63
    12/31/2014 $0.04974 -- -- $0.04974 $68.36
    12/08/2014 -- $0.12815 $5.19208 $5.32023 $66.90
    12/10/2013 -- -- $1.06512 $1.06512 $65.20
    12/07/2012 -- -- $4.32119 $4.32119 $49.80
    12/15/2011 -- -- $5.24345 $5.24345 $44.96
    12/15/2010 -- -- $1.72061 $1.72061 $49.23
    12/31/2009 $0.02053 -- -- $0.02053 $2.30
    12/16/2008 -- -- $5.19180 $5.19180 $1.68

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs

  • Fund Documents

    Download PDF View Online
    Focus Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Portfolio Updates
    Focus Fund Portfolio Update - February 2024 View
    Focus Fund Portfolio Update - May 2023 View
    Focus Fund Portfolio Update - February 2023 View
    Focus Fund Portfolio Update - October 2022 View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Focus Fund Shareholder Reports and Quarterly Holdings
    Q1 Holdings
    Semi-Annual Report
    Q3 Holdings
    Annual Report

    Currently, paper copies of the annual and semi-annual reports are not 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.

    **Please note the upcoming change to shareholder report delivery.**

    After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or 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.

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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. Performance data current to the most recent month end may be obtained from HennessyFunds.com Hennessy Funds Standardized Performance

Neither forward earnings nor earnings growth is a measure of a fund’s future performance.

Mutual fund investing involves risk. Principal loss is possible. Current and future holdings are subject to risk. Small and medium-sized companies may have more limited liquidity and greater price volatility than larger companies. Investments in foreign securities may involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Focus, Total Return, Balanced, Large Cap Financial, Small Cap Financial, and 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 market 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.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

ESG investing risk is the risk stemming from the Environmental, Social, and Governance factors that the Fund applies in selecting securities. The Fund intends to invest in companies with measurable high ESG ratings relative to their sector peers, and screen out particular companies that do not meet its ESG criteria. This may affect the Fund’s exposure to certain companies or industries and cause the Fund to forego certain investment opportunities. The Fund’s returns may be lower than other funds that do not seek to invest in companies based on ESG ratings. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. There is no guarantee that the Portfolio Managers’ use of these models will result in effective investment decisions for the Fund. From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Consumer Discretionary and Health Care sectors and its performance is therefore tied closely to, and affected by, developments in these industries.

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 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 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 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 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, Energy Transition, 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)

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