Hennessy Focus Fund (Formerly the FBR Focus Fund)

Objective
The Fund seeks long-term capital appreciation.

Investment Strategy
The Fund employs a bottom-up investing approach to identify small- and mid-cap companies that exhibit the following combination of characteristics:

- Strong business model demonstrating consistent earnings growth, better than average returns on equity and high levels of free cash flow
- Opportunity to reinvest excess profits back into the business
- High quality management who are skilled and act with integrity
- A market valuation allowing purchase at a reasonable cost

Once a company with these characteristics is uncovered, the Team plans to own it for a long period of time.

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Portfolio Manager Q+A
 
 
Fund Information as of 03/31/13
Equity Sector Weighting
Consumer Discretionary
43.6%
Energy
3.9%
Financials
31.8%
Health Care
1.9%
Industrials
8.8%
Information Technology
6.5%
Cash
3.6%
Top 10 Holdings
American Tower Corp.,
9.1%
CarMax, Inc.
8.8%
Penn National Gaming, Inc.
8.7%
O’Reilly Automotive, Inc.
8.6%
Markel Corp.
7.9%
Bally Technologies, Inc.
6.9%
News Corp.
6.6%
Aon Corp.
5.3%
Google, Inc.
5.2%
Charles Schwab Corp.
4.1%
 
Fund Information
Total Net Assets $871 million  
Beta (vs. Russell 2000) 0.77 (10 year)  
  Investor Class Institutional Class
Expense Ratio 1.43% 1.14%
CUSIP 42588P700 42588P809
Ticker HFCSX HFCIX
Inception Date 1/3/97 5/30/08
Minimum Investment $2,500 $250,000*
Minimum Investment (IRA) $250 $250,000*
 
Performance as of 03/31/13
Average Annual Total Returns
3 Months
1 Year
3 Year
5 Year
10 Year

Since Inception (1/3/97)
HFCSX (Investor Class)
10.71%
18.96%
16.21%
10.80%
14.01%
13.55%
Russell 2000 Index
12.39%
16.30%
13.45%
8.24%
11.52%
7.54%
Russell Midcap Growth Index
11.51%
12.76%
14.23%
7.98%
11.53%
7.68%

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. Performance data current to the most recent month end may be obtained by clicking here.

Performance for periods prior to 10/26/12 is that of the FBR Focus Fund.
 

 

The Fund’s composition and sector weightings are shown as a percentage of the Fund’s total net assets. Portfolio composition and sector weightings are subject to change at any time and should not be considered a recommendation to buy or sell a particular security. Free cash flow represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. Return on Equity is the amount of net income returned as a percentage of shareholder's equity. The Russell Midcap Growth and Russell 2000 are unmanaged indices commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.

Mutual fund investing involves risk; Principal loss is possible. A non-diversified fund, one that may concentrate its assets in fewer holdings than a diversified fund, is more exposed to individual stock volatility than a diversified fund. The Fund invests in small and medium capitalized companies, which involves additional risks such as limited liquidity and greater volatility.

Beta is a measure of a portfolio’s sensitivity to market movements (as represented by the Russell 2000 Index. The index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund’s historical returns have fluctuated more (less) than the index.

 *Initial minimum investment of $250,000 may be waived for certain fee-based or retirement plans.