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Overview
Hennessy Balanced Fund
Quantitatively managed, the Fund maintains a portfolio of 50% high yield, blue-chip companies and 50% U.S. Treasury securities.
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
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Chief Market Strategist and Portfolio Manager
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27Years on Fund
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44Years of Experience
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Chief Investment Officer and Portfolio Manager
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6Years on Fund
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27Years of Experience
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“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
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Performance
Daily Pricing & Performance
as of 9/20/23-
Investor Class (HBFBX)
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NAV
$11.43
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$ Change
-$0.02
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% Change
-0.17%
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YTD
0.71%
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Average Annualized Total Return
as of 8/31/23Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/8/96) Investor Class (HBFBX) 0.00% 1.59% 4.48% 4.25% 2.57% 3.84% 4.14% 50/50 Blended DJIA/Treasury Index -0.80% 4.57% 8.18% 5.10% 5.26% 6.38% 6.24% Dow Jones Industrial Avg. -2.01% 6.37% 12.58% 9.08% 8.31% 11.43% 9.41% as of 6/30/23Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/8/96) Investor Class (HBFBX) -1.05% -0.79% 0.65% 4.08% 2.48% 3.55% 4.08% 50/50 Blended DJIA/Treasury Index 2.24% 3.40% 8.52% 6.51% 5.83% 6.26% 6.24% Dow Jones Industrial Avg. 3.97% 4.94% 14.23% 12.30% 9.59% 11.26% 9.42% Hypothetical Growth of $10,000
as of 8/31/2023Value of $10,000 invested between 8/31/2022 and 8/31/2023
Balanced Fund (HBFBX) $10,448 50/50 Blended DJIA/Treasury Index $10,818 Dow Jones Industrial Avg. $11,258 Value of $10,000 invested between 8/31/2020 and 8/31/2023
Balanced Fund (HBFBX) $11,328 50/50 Blended DJIA/Treasury Index $11,853 Dow Jones Industrial Avg. $12,712 Value of $10,000 invested between 8/31/2018 and 8/31/2023
Balanced Fund (HBFBX) $11,354 50/50 Blended DJIA/Treasury Index $13,893 Dow Jones Industrial Avg. $13,861 Value of $10,000 invested between 8/31/2013 and 8/31/2023
Balanced Fund (HBFBX) $14,575 50/50 Blended DJIA/Treasury Index $19,965 Dow Jones Industrial Avg. $27,445 Value of $10,000 invested between 3/8/1996 and 8/31/2023
Balanced Fund (HBFBX) $30,524 50/50 Blended DJIA/Treasury Index $56,762 Dow Jones Industrial Avg. $110,103 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% Yield
as of 8/31/23Investor Class (HBFBX) Dividend Yield 2.44% 30-Day SEC Yield 3.02% Distribution Frequency Quarterly Returns-Based Statistics
Relative to Dow Jones Industrial Avg.as of 6/30/23Investor Class (HBFBX)Type 3 yr 5 yr 10 yr Alpha -1.80 -2.39 -1.77 Beta 0.46 0.43 0.43 Upside Capture 43.63 41.52 41.32 Downside Capture 47.00 47.25 47.22 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 6/30/23Type 3 yr 5 yr 10 yr Investor Class (HBFBX) 0.38 0.18 0.40 Dow Jones Industrial Avg. 0.65 0.50 0.72 Moderately Conservative Allocation Category Average 0.23 0.21 0.40 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 6/30/23Type 3 yr 5 yr 10 yr Investor Class (HBFBX) 8.98 8.75 7.19 Dow Jones Industrial Avg. 17.88 18.56 15.04 Moderately Conservative Allocation Category Average 9.48 9.81 7.56 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HBFBX)
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Gross expense ratio
1.80%
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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 6/30/23. 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.
Dividend Yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. 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.
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Portfolio
Portfolio Allocation
as of 6/30/23Allocation % of Net Assets Equities 49.10% Fixed Income 48.30% Cash & Other 2.70% Portfolio Characteristics
as of 6/30/23Inception Date (HBFBX) 3/8/96 Total Fund Assets $12 Million Portfolio Turnover 29% Median Market Cap $130.5 Billion Median Price/Earnings 11.0x Median Price/Book 1.9x 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 6/30/23Fund Information Technology 15.3% Consumer Staples 5.7% Materials 5.2% Communication Services 5.1% Industrials 4.7% Energy 4.6% Health Care 4.4% Financials 4.1% Portfolio Holdings
Top 10 Holdings
as of 6/30/23Top 10 Equity Holdings % of Net Assets Cisco Systems, Inc. 5.5% Dow, Inc. 5.2% IBM Corp. 5.1% Verizon Communications, Inc. 5.1% 3M Co. 4.7% Intel Corp. 4.7% Chevron Corp. 4.6% Amgen 4.4% Walgreens Boots Alliance, Inc. 4.4% J.P. Morgan Chase & Co. 2.7% Total as % of Net Assets 46.4% Total Equity Holdings: 12
Total Fixed-Income Holdings: 4as of 6/30/23Equity Holdings % of Net Assets Cisco Systems, Inc. 5.5% Dow, Inc. 5.2% IBM Corp. 5.1% Verizon Communications, Inc. 5.1% 3M Co. 4.7% Intel Corp. 4.7% Chevron Corp. 4.6% Amgen 4.4% Walgreens Boots Alliance, Inc. 4.4% J.P. Morgan Chase & Co. 2.7% Goldman Sachs Group, Inc. 1.3% The Coca-Cola Company 1.3% Total as % of Net Assets 49.1% Fixed Income Holdings % of Net Assets U.S. Treasury Bill - (06/13/24) 9.5% U.S. Treasury Bill - (05/16/24) 8.0% U.S. Treasury Bill - (01/25/24) 20.2% U.S. Treasury Bill - (11/30/23) 10.6% Total as % of Net Assets 48.3% Cash & Other Holdings % of Net Assets Cash & Other 2.7% Total as % of Net Assets 2.7% Country Allocation
as of 6/30/23-
United States
97.3%
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Cash & Other
2.7%
United States 97.3% Cash & Other 2.7% -
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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 06/30/2023 $0.07015 -- -- $0.07015 $11.26 03/31/2023 $0.06019 -- -- $0.06019 $11.45 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 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.