Hennessy Technology Fund (Formerly FBR Technology fund)

Objective
The Fund seeks long-term capital appreciation.

Investment Strategy
The Fund’s investment process consistently employs a series of proprietary financial screens designed to identify technology companies that exhibit certain characteristics including:

- Market leading business models with competitive advantages
- Efficient capital structures with below average debt levels
- Potential for long-term revenue and earnings growth
- Solid prospects for sustainable profitability

The net result is a portfolio of high-quality companies that participate in the growth and innovation of the technology sector, purchased at reasonable valuations.
Download Fund Fact Sheet
 
 
Fund Information as of 03/31/13
Equity Sector Weighting
Consumer Discretionary
4.8%
Health care
17.9%
Industrials
1.6%
Information Technology
70.2%
Cash
5.0%
Sector Allocation
Information Technology
70.3%
Health Care
14.4%
Consumer Discretionary
8.5%
Industrials
1.2%
Top 10 Holdings
Qualcomm, Inc.
4.4%
eBay, Inc.
4.3%
Alexion Pharmaceuticals, Inc.
4.3%
Intuitive Surgical, Inc.
4.3%
Cisco Systems, Inc.
4.3%
Cerner Corp.
4.3%
Apple, Inc.
4.3%
Salesforce.com, Inc.
4.2%
Microsoft Corp.
4.2%
Oracle Corp.
4.2%
Fund Information
Total Net Assets $5 million  
Beta (vs.NASDAQ Comp.) 1.05 (3 year)  
  Investor Class Institutional Class
Expense Ratio Gross 3.21%; Net 1.96%* Gross 4.12%; Net 1.71%*
CUSIP 425 88P 858 425 88P 841
Ticker HTECX HTCIX
Inception Date 2/1/02 3/12/10
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 (2/1/02)
HTECX (Investor Class)
4.75%
-3.79%
3.48%
3.11%
8.37%
4.65%
NASDAQ Composite Index
8.51%
7.40%
12.25%
8.70%
10.30%
5.71%
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 Technology 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. NASDAQ Composite Index is a broad-based capitalization-weighted index of all the NASDAQ National Market and Small Cap stocks. The S&P 500 is an unmanaged index 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. Investments are focused in the technology industry, which may be adversely affected by rapidly changing technology, availability of capital, R&D, government regulation and the relatively high risks of obsolescence caused by scientific and technological advances. Investments in foreign securities may involve greater volatility and political, economic and currency risk and differences in accounting methods. The Fund may invest in IPO's which will fluctuate considerably due to the absence of a prior public market and may have a magnified impact on the 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 S&P 500). 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.

* Hennessy Advisors, Inc. has contractually agreed to waive a portion of its expenses through February 28, 2015.

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