• Overview

    Category
    Multi-Asset

    Hennessy Balanced Fund

    Quantitatively managed, the Fund maintains a portfolio of 50% high yield, blue-chip companies and 50% U.S. Treasury securities.

    Investor

    HBFBX

    Morningstar style box

    Morningstar style box

    Overall morningstar rating

    • Investor
    • HBFBX

    Among Allocation--30% to 50% Equity Funds (Based on risk-adjusted returns, as of 12/31/22)

    Portfolio Manager Commentary
    Portfolio Manager Commentary

    Why Invest

    • Exposure to the equity market, but with downside risk mitigation 
    • Incorporates the contrarian "Dogs of the Dow" strategy
    • Focus on high dividend-yielding, potentially undervalued blue-chip companies

    Investment Criteria

    The Hennessy Balanced Fund utilizes the "Dogs of the Dow" strategy, investing in the 10 highest dividend-yielding Dow Jones Industrial Average (“DJIA”) stocks. The Fund invests approximately 50% of its assets in the “Dogs of the Dow” equity strategy and approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year.

    Portfolio Managers

    • Neil J. Hennessy
      Chief Market Strategist and Portfolio Manager
      • 27
        Years on Fund
      • 43
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 6
        Years on Fund
      • 27
        Years of Experience
    • L. Joshua Wein, CAIA
      Portfolio Manager
      • 4
        Years on Fund
      • 26
        Years of Experience

    “We believe losing less money in difficult markets is more important than making the most in rising ones.”

    - Neil Hennessy

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  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 3/22/23
    • Investor Class (HBFBX)
      • NAV

        $11.18

      • $ Change

        -$0.10

      • % Change

        -0.89%

      • YTD

        -2.61%

    Average Annualized Total Return

    as of 2/28/23
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/8/96)
    Investor Class (HBFBX) -2.16% -1.22% -1.84% 3.39% 2.49% 3.87% 4.11%
    50/50 Blended DJIA/Treasury Index -1.95% -0.34% -0.32% 5.97% 4.87% 6.23% 6.17%
    Dow Jones Industrial Avg. -3.94% -1.13% -1.59% 10.96% 7.77% 11.34% 9.30%

    Please swipe to view table

    as of 12/31/22
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/8/96)
    Investor Class (HBFBX) 7.31% -1.20% -1.20% 1.16% 2.59% 4.40% 4.19%
    50/50 Blended DJIA/Treasury Index 8.43% -3.43% -3.43% 4.31% 5.13% 6.68% 6.22%
    Dow Jones Industrial Avg. 16.01% -6.86% -6.86% 7.32% 8.38% 12.30% 9.40%

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    Hypothetical Growth of $10,000

    as of 2/28/2023

    Value of $10,000 invested between 2/28/2022 and 2/28/2023

    Balanced Fund (HBFBX) $9,817
    50/50 Blended DJIA/Treasury Index $9,968
    Dow Jones Industrial Avg. $9,841

    Value of $10,000 invested between 2/29/2020 and 2/28/2023

    Balanced Fund (HBFBX) $11,053
    50/50 Blended DJIA/Treasury Index $12,793
    Dow Jones Industrial Avg. $12,708

    Value of $10,000 invested between 2/28/2018 and 2/28/2023

    Balanced Fund (HBFBX) $11,310
    50/50 Blended DJIA/Treasury Index $13,634
    Dow Jones Industrial Avg. $13,523

    Value of $10,000 invested between 2/28/2013 and 2/28/2023

    Balanced Fund (HBFBX) $14,615
    50/50 Blended DJIA/Treasury Index $19,685
    Dow Jones Industrial Avg. $27,226

    Value of $10,000 invested between 3/8/1996 and 2/28/2023

    Balanced Fund (HBFBX) $29,679
    50/50 Blended DJIA/Treasury Index $54,094
    Dow Jones Industrial Avg. $102,342

    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

      2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
    Investor Class (HBFBX)
    11.73 2.64 -0.26 9.15 8.35 0.10 9.69 -2.98 7.99 -1.20
    50/50 Blended DJIA/Treasury Index
    14.20 5.10 0.40 8.52 13.62 -0.58 13.85 6.67 10.17 -3.43
    Dow Jones Industrial Avg.
    29.65 10.04 0.21 16.50 28.11 -3.48 25.34 9.72 20.95 -6.86
    Year
    Investor Class (HBFBX)
    50/50 Blended DJIA/Treasury Index
    Dow Jones Industrial Avg.
    2012 3.73% 5.24% 10.24%
    2011 6.90% 4.64% 8.38%
    2010 8.17% 7.62% 14.06%
    2009 17.31% 11.86% 22.68%
    2008 -22.76% -15.03% -31.93%
    2007 2.65% 7.54% 8.88%
    2006 16.03% 11.48% 19.05%
    2005 -2.08% 2.13% 1.72%
    2004 0.20% 3.11% 5.31%
    2003 12.38% 14.31% 28.28%
    2002 -4.55% -5.73% -15.01%
    2001 0.55% 1.24% -5.44%
    2000 4.96% 1.39% -4.85%
    1999 1.55% 15.34% 27.21%
    1998 7.43% 12.53% 18.13%
    1997 13.01% 15.47% 24.90%

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    Yield

    as of 2/28/23
    Investor Class (HBFBX)
    Distribution Rate 1.29%
    30-Day SEC Yield 2.73%
    Distribution Frequency Quarterly

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    Returns-Based Statistics
    Relative to Dow Jones Industrial Avg.

    as of 12/31/22
    Investor Class (HBFBX)
    Type 3 yr 5 yr 10 yr
    Alpha -2.54 -1.79 -1.31
    Beta 0.43 0.43 0.43
    Upside Capture 40.65 41.77 41.99
    Downside Capture 47.40 45.84 46.44

    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 12/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HBFBX) 0.11 0.21 0.54
    Dow Jones Industrial Avg. 0.40 0.45 0.80
    Allocation--30% to 50% Equity Category Average 0.03 0.12 0.39

    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 12/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HBFBX) 10.19 8.72 7.17
    Dow Jones Industrial Avg. 21.27 18.60 14.96
    Allocation--30% to 50% Equity Category Average 11.35 9.57 7.42

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

    Fund Expenses

    • Investor Class (HBFBX)
      • Gross expense ratio

        1.80%

    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.

    Dividend Yield is calculated as the annual dividends paid by a company divided by the price of a share of their stock.

    Morningstar Proprietary Ratings reflect risk-adjusted performance as of 12/31/22. The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Investor Class (HBFBX) received 4 stars for the three-year, 4 stars for the five-year and 4 stars for the ten-year periods ended 12/31/22 among , and Allocation--30% to 50% Equity Funds, respectively. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentage.

    Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 12/31/22. 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 50/50 Blended DJIA/Treasury Index consists of 50% common stocks represented by the Dow Jones Industrial Average and 50% short-duration Treasury securities represented by the ICE BofA Merrill Lynch 1-Year Treasury Note Index.

    The Dow Jones Industrial Average is an unmanaged index commonly used to measure the performance of U.S. stocks. The ICE BofA Merrill Lynch 1-Year U.S. Treasury Note Index is an unmanaged index comprised of U.S. Treasury securities maturing in approximately one year. One cannot invest directly in an index.

    The Dow Jones Industrial Average is the property of Dow Jones & Company, Inc. Dow Jones & Company, Inc. is not affiliated with the Hennessy Funds or their investment advisors. Dow Jones & Company, Inc. has not participated in any way in the creation of the Hennessy Funds or in the selection of stocks included in the Hennessy Funds and has not approved any information provided.

    Distribution Rate reflects the investment income per share during the last 12 months divided by the share price at the end of the period, expressed as an annual percentage rate. It is calculated by annualizing the Fund’s most recent distribution. The annualized dividend yield may not reflect the actual yield an investor would receive. 30-Day SEC Yield is a standardized yield computed by dividing the net investment income per share earned during the past 30-day period by the share price at the end of the period, expressed as an annual percentage rate. The 30-Day SEC Yield should be regarded as an estimate of the Fund’s rate of recent investment income, and it may not equal the Fund’s actual distribution rate. Past yields are no guarantee of future yields.

    Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

  • Portfolio

    Portfolio Allocation

    as of 12/31/22
    Allocation % of Net Assets
    Fixed Income 48.50%
    Equities 47.40%
    Cash & Other 4.10%

    Portfolio Characteristics

    as of 12/31/22
    Inception Date (HBFBX) 3/8/96
    Total Fund Assets $13 Million
    Portfolio Turnover 32%
    Median Market Cap $152.8 Billion
    Median Price/Earnings 12.8x
    Median Price/Book 3.4x

    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.

    Equity Sector Weighting

    as of 12/31/22
    Fund
    Information Technology 13.2%
    Health Care 5.6%
    Financials 5.5%
    Consumer Staples 4.9%
    Energy 4.9%
    Industrials 4.5%
    Communication Services 4.5%
    Materials 4.3%

    Portfolio Holdings

    Top 10 Holdings

    as of 12/31/22
    Top 10 Equity Holdings Ticker % of Net Assets
    J.P. Morgan Chase & Co. JPM 5.5%
    IBM Corp. IBM 5.2%
    Amgen AMGN 5.0%
    Chevron Corp. CVX 4.9%
    Cisco Systems, Inc. CSCO 4.5%
    3M Co. MMM 4.5%
    Verizon Communications, Inc. VZ 4.5%
    Walgreens Boots Alliance, Inc. WBA 4.5%
    Dow, Inc. DOW 4.3%
    Intel Corp. INTC 3.4%
    Total as % of Net Assets 46.4%

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    Total Equity Holdings: 12
    Total Fixed-Income Holdings: 5

    as of 12/31/22
    Equity Holdings Ticker % of Net Assets
    J.P. Morgan Chase & Co. JPM 5.5%
    IBM Corp. IBM 5.2%
    Amgen AMGN 5.0%
    Chevron Corp. CVX 4.9%
    Cisco Systems, Inc. CSCO 4.5%
    3M Co. MMM 4.5%
    Verizon Communications, Inc. VZ 4.5%
    Walgreens Boots Alliance, Inc. WBA 4.5%
    Dow, Inc. DOW 4.3%
    Intel Corp. INTC 3.4%
    Merck & Co., Inc. MRK 0.6%
    The Coca-Cola Company KO 0.4%
    Total as % of Net Assets 47.4%
    Fixed Income Holdings Ticker % of Net Assets
    U.S. Treasury Bill - (01/26/23) 912796S34 19.2%
    U.S. Treasury Bill - (11/30/23) 912796ZD4 9.6%
    U.S. Treasury Bill - (06/15/23) 912796X53 9.0%
    U.S. Treasury Bill - (05/18/232) 912796W47 6.8%
    U.S. Treasury Bill - (03/23/23) 912796U31 3.8%
    Total as % of Net Assets 48.5%
    Cash & Other Holdings % of Net Assets
    Cash & Other 4.1%
    Total as % of Net Assets 4.1%

    Please swipe to view table

    Country Allocation

    as of 12/31/22
    • United States

      95.9%

    • Cash & Other

      4.1%

    United States 95.9%
    Cash & Other 4.1%
  • Distributions

    The Hennessy Balanced Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions are paid quarterly, at the end of March, June, September, and December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/28/2022 $0.03683 -- -- $0.03683 $11.43
    12/08/2022 -- -- $0.44262 $0.44262 $11.67
    09/30/2022 $0.02585 -- -- $0.02585 $11.14
    06/30/2022 $0.00985 -- -- $0.00985 $11.81
    03/31/2022 $0.00332 -- -- $0.00332 $12.25
    12/29/2021 $0.01503 -- -- $0.01503 $12.17
    12/07/2021 -- $0.00981 $0.41852 $0.42833 $11.87
    06/30/2021 $0.00200 -- -- $0.00200 $12.54
    03/31/2021 $0.00642 -- -- $0.00642 $12.43
    12/29/2020 $0.02461 -- -- $0.02461 $11.62
    09/30/2020 $0.02949 -- -- $0.02949 $11.00
    06/30/2020 $0.02781 -- -- $0.02781 $11.01
    03/31/2020 $0.02916 -- -- $0.02916 $10.64
    12/27/2019 $0.03411 -- -- $0.03411 $12.16
    12/06/2019 -- $0.02400 $0.47434 $0.49834 $12.07
    09/30/2019 $0.02819 -- -- $0.02819 $12.34
    06/28/2019 $0.03615 -- -- $0.03615 $12.40
    03/29/2019 $0.03519 -- -- $0.03519 $12.32
    12/27/2018 $0.02951 -- -- $0.02951 $11.63
    12/07/2018 -- -- $0.54675 $0.54675 $11.91
    09/28/2018 $0.02842 -- -- $0.02842 $12.52
    06/29/2018 $0.02220 -- -- $0.02220 $12.21
    03/29/2018 $0.01608 -- -- $0.01608 $12.08
    12/27/2017 $0.01794 -- -- $0.01794 $12.29
    12/07/2017 -- $0.06435 $0.81507 $0.87942 $12.13
    09/29/2017 $0.01687 -- -- $0.01687 $12.86
    06/30/2017 $0.01049 -- -- $0.01049 $12.39
    03/31/2017 $0.01055 -- -- $0.01055 $12.33
    12/28/2016 $0.01167 -- -- $0.01167 $12.23
    12/07/2016 -- $0.04599 $0.85723 $0.90322 $12.16
    09/30/2016 $0.01019 -- -- $0.01019 $12.89
    06/30/2016 $0.02003 -- -- $0.02003 $12.72
    03/31/2016 $0.00288 -- -- $0.00288 $12.40
    12/29/2015 $0.01189 -- -- $0.01189 $12.15
    12/09/2015 -- $0.01670 $0.25408 $0.27078 $11.98
    09/30/2015 $0.00680 -- -- $0.00680 $11.78
    06/30/2015 $0.01028 -- -- $0.01028 $12.27
    03/31/2015 $0.00589 -- -- $0.00589 $12.34
    12/31/2014 $0.00863 -- -- $0.00863 $12.40
    12/08/2014 -- $0.00962 $0.58710 $0.59672 $12.49
    09/30/2014 $0.00759 -- -- $0.00759 $13.00
    06/30/2014 $0.00165 -- -- $0.00165 $12.91
    03/31/2014 $0.00341 -- -- $0.00341 $12.73
    12/10/2013 -- -- $0.44207 $0.44207 $12.57
    03/28/2013 $0.00236 -- -- $0.00236 $12.41
    12/31/2012 $0.01723 -- -- $0.01723 $11.75
    09/28/2012 $0.00552 -- -- $0.00552 $12.06
    06/29/2012 $0.01191 -- -- $0.01191 $11.80
    03/30/2012 $0.00944 -- -- $0.00944 $11.62
    12/27/2011 $0.01551 -- -- $0.01551 $11.39
    09/30/2011 $0.01018 -- -- $0.01018 $10.76
    06/30/2011 $0.01057 -- -- $0.01057 $11.15
    03/31/2011 $0.00912 -- -- $0.00912 $10.91
    12/30/2010 $0.01573 -- -- $0.01573 $10.67
    09/30/2010 $0.01683 -- -- $0.01683 $10.32
    06/30/2010 $0.01665 -- -- $0.01665 $9.54
    03/31/2010 $0.00872 -- -- $0.00872 $9.98
    12/29/2009 $0.00400 -- -- $0.00400 $9.98
    09/30/2009 $0.01181 -- -- $0.01181 $9.58
    06/30/2009 $0.01668 -- -- $0.01668 $8.41
    03/31/2009 $0.03995 -- -- $0.03995 $7.63
    12/30/2008 $0.04187 -- -- $0.04187 $8.48
    09/30/2008 $0.05051 -- -- $0.05051 $9.81
    06/30/2008 $0.06356 -- -- $0.06356 $9.76
    03/31/2008 $0.06610 -- -- $0.06610 $10.74
    12/28/2007 $0.07973 -- -- $0.07973 $11.36
    11/29/2007 -- $0.00622 $0.58020 $0.58642 $11.50
    09/28/2007 $0.10805 -- -- $0.10805 $12.36
    06/29/2007 $0.07771 -- -- $0.07771 $12.39
    03/30/2007 $0.08444 -- -- $0.08444 $11.94
    12/28/2006 $0.11718 -- -- $0.11718 $11.93
    09/29/2006 $0.09580 -- -- $0.09580 $11.63
    06/30/2006 $0.04812 -- -- $0.04812 $11.07
    03/31/2006 $0.06732 -- -- $0.06732 $10.85
    12/22/2005 $0.07219 -- -- $0.07219 $10.62
    09/29/2005 $0.06697 -- -- $0.06697 $10.56
    06/30/2005 $0.03817 -- -- $0.03817 $10.70
    03/31/2005 $0.05283 -- -- $0.05283 $10.78
    12/22/2004 $0.01265 -- -- $0.01265 $11.05
    09/29/2004 $0.02860 -- -- $0.02860 $10.75
    06/29/2004 $0.03400 -- -- $0.03400 $10.84
    03/30/2004 $0.01544 -- -- $0.01544 $11.04
    12/23/2003 $0.03199 -- -- $0.03199 $10.98
    11/21/2003 -- -- $0.08690 $0.08690 $10.49
    09/29/2003 $0.02362 -- -- $0.02362 $10.44
    06/30/2003 $0.03874 -- -- $0.03874 $10.44
    03/28/2003 $0.03124 -- -- $0.03124 $9.76
    12/23/2002 $0.04116 -- -- $0.04116 $10.16
    11/22/2002 -- -- $0.05694 $0.05694 $10.24
    09/25/2002 $0.02932 -- -- $0.02932 $9.62
    06/27/2002 $0.03568 -- -- $0.03568 $10.56
    03/28/2002 $0.03009 -- -- $0.03009 $11.11
    12/14/2001 $0.03700 -- -- $0.03700 $10.65
    11/26/2001 -- $0.00588 $0.37046 $0.37634 $10.81
    09/28/2001 $0.04500 -- -- $0.04500 $10.92
    06/28/2001 $0.05400 -- -- $0.05400 $11.44
    03/30/2001 $0.06800 -- -- $0.06800 $11.04
    12/29/2000 $0.07300 -- -- $0.07300 $11.28
    11/16/2000 -- -- $0.11500 $0.11500 $10.81
    09/29/2000 $0.07600 -- -- $0.07600 $10.66
    06/29/2000 $0.06900 -- -- $0.06900 $10.49
    03/30/2000 $0.06600 -- -- $0.06600 $10.79
    12/06/1999 $0.07300 -- $0.66300 $0.73600 $11.28
    09/29/1999 $0.07100 -- -- $0.07100 $12.05
    06/29/1999 $0.06800 -- -- $0.06800 $12.54
    03/30/1999 $0.06100 -- -- $0.06100 $11.93
    12/16/1998 $0.07500 -- $0.50300 $0.57800 $11.76
    09/29/1998 $0.08100 -- -- $0.08100 $12.18
    06/29/1998 $0.07300 -- -- $0.07300 $12.22
    03/31/1998 $0.07500 -- -- $0.07500 $12.33
    12/30/1997 $0.08300 -- $0.15800 $0.24100 $11.88
    09/30/1997 $0.06500 -- -- $0.06500 $12.03
    06/30/1997 $0.06200 -- -- $0.06200 $11.67
    03/31/1997 $0.05600 -- -- $0.05600 $11.06
    12/31/1996 $0.06200 -- -- $0.06200 $10.85
    09/30/1996 $0.10673 -- -- $0.10673 $10.30

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    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    Balanced Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Balanced Fund Shareholder Reports and Quarterly Holdings
    Q1 Holdings
    Semi-Annual Report
    Q3 Holdings
    Annual Report

    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.