• 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
    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
      • 25
        Years on Fund
      • 42
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 4
        Years on Fund
      • 25
        Years of Experience
    • L. Joshua Wein, CAIA
      Portfolio Manager
      • 3
        Years on Fund
      • 24
        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 12/2/21
    • Investor Class (HBFBX)
      • NAV

        $12.12

      • $ Change

        $0.07

      • % Change

        0.58%

      • YTD

        3.93%

    Average Annualized Total Return

    as of 11/30/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/8/96)
    Investor Class (HBFBX) -2.34% 3.75% 5.15% 2.14% 3.89% 4.65% 4.25%
    50/50 Blended DJIA/Treasury Index -1.78% 7.26% 9.09% 7.69% 8.41% 7.40% 6.53%
    Dow Jones Industrial Avg. -3.50% 14.61% 18.52% 12.95% 15.05% 13.78% 9.89%

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    as of 9/30/21
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/8/96)
    Investor Class (HBFBX) -2.31% 5.04% 11.68% 2.96% 4.31% 5.21% 4.33%
    50/50 Blended DJIA/Treasury Index -0.70% 6.07% 11.87% 6.84% 8.71% 7.85% 6.53%
    Dow Jones Industrial Avg. -1.46% 12.12% 24.15% 11.00% 15.68% 14.72% 9.86%

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    Hypothetical Growth of $10,000

    as of 11/30/2021

    Value of $10,000 invested between 11/30/2020 and 11/30/2021

    Balanced Fund (HBFBX) $10,515
    50/50 Blended DJIA/Treasury Index $10,909
    Dow Jones Industrial Avg. $11,852

    Value of $10,000 invested between 11/30/2018 and 11/30/2021

    Balanced Fund (HBFBX) $10,655
    50/50 Blended DJIA/Treasury Index $13,427
    Dow Jones Industrial Avg. $13,402

    Value of $10,000 invested between 11/30/2016 and 11/30/2021

    Balanced Fund (HBFBX) $12,104
    50/50 Blended DJIA/Treasury Index $16,096
    Dow Jones Industrial Avg. $18,753

    Value of $10,000 invested between 11/30/2011 and 11/30/2021

    Balanced Fund (HBFBX) $15,751
    50/50 Blended DJIA/Treasury Index $21,944
    Dow Jones Industrial Avg. $33,811

    Value of $10,000 invested between 3/8/1996 and 11/30/2021

    Balanced Fund (HBFBX) $29,217
    50/50 Blended DJIA/Treasury Index $54,721
    Dow Jones Industrial Avg. $105,315

    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

      2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
    Investor Class (HBFBX)
    6.90 3.73 11.73 2.64 -0.26 9.15 8.35 0.10 9.69 -2.98
    50/50 Blended DJIA/Treasury Index
    4.64 5.24 14.20 5.10 0.40 8.52 13.62 -0.58 13.85 6.67
    Dow Jones Industrial Avg.
    8.38 10.24 29.65 10.04 0.21 16.50 28.11 -3.48 25.34 9.72
    Year
    Investor Class (HBFBX)
    50/50 Blended DJIA/Treasury Index
    Dow Jones Industrial Avg.
    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 11/30/21
    Investor Class (HBFBX)
    Distribution Rate %
    30-Day SEC Yield 0.17%
    Distribution Frequency Quarterly

    Please swipe to view table

    Returns-Based Statistics
    Relative to Dow Jones Industrial Avg.

    as of 9/30/21
    Investor Class (HBFBX)
    Type 3 yr 5 yr 10 yr
    Alpha -1.80 -2.36 -0.93
    Beta 0.42 0.42 0.42
    Upside Capture 41.30 39.11 41.96
    Downside Capture 46.27 47.92 46.19

    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 9/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HBFBX) 0.33 0.52 0.79
    Dow Jones Industrial Avg. 0.59 0.94 1.04
    Allocation--50% to 70% Equity Category Average 0.72 0.82 0.96

    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 9/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HBFBX) 8.71 7.23 6.35
    Dow Jones Industrial Avg. 18.92 15.69 13.49
    Allocation--50% to 70% Equity Category Average 12.41 9.92 8.73

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

    Fund Expenses

    • Investor Class (HBFBX)
      • Gross expense ratio

        1.89%

    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.

    Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 9/30/21. 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 9/30/21
    Allocation % of Net Assets
    Fixed Income 48.70%
    Equities 48.60%
    Cash & Other 2.60%

    Portfolio Characteristics

    as of 9/30/21
    Inception Date (HBFBX) 3/8/96
    Total Fund Assets $14 Million
    Portfolio Turnover 31%
    Median Market Cap $157.3 Billion
    Median Price/Earnings 14.8x
    Median Price/Book 5.6x

    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 9/30/21
    Fund
    Information Technology 10.0%
    Health Care 9.7%
    Consumer Staples 9.4%
    Energy 5.1%
    Materials 4.9%
    Communication Services 4.8%
    Industrials 4.7%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/21
    Top 10 Equity Holdings Ticker % of Net Assets
    Chevron Corp. CVX 5.1%
    IBM Corp. IBM 5.1%
    Merck & Co., Inc. MRK 5.1%
    Cisco Systems, Inc. CSCO 4.9%
    Dow, Inc. DOW 4.9%
    Verizon Communications, Inc. VZ 4.8%
    3M Co. MMM 4.7%
    Walgreens Boots Alliance, Inc. WBA 4.7%
    The Coca-Cola Company KO 4.7%
    Amgen AMGN 4.6%
    Total as % of Net Assets 48.6%

    Please swipe to view table

    Total Equity Holdings: 10
    Total Fixed-Income Holdings: 6

    as of 9/30/21
    Equity Holdings Ticker % of Net Assets
    Chevron Corp. CVX 5.1%
    IBM Corp. IBM 5.1%
    Merck & Co., Inc. MRK 5.1%
    Cisco Systems, Inc. CSCO 4.9%
    Dow, Inc. DOW 4.9%
    Verizon Communications, Inc. VZ 4.8%
    3M Co. MMM 4.7%
    Walgreens Boots Alliance, Inc. WBA 4.7%
    The Coca-Cola Company KO 4.7%
    Amgen AMGN 4.6%
    Total as % of Net Assets 48.6%
    Fixed Income Holdings Ticker % of Net Assets
    U.S. Treasury Bill - (07/14/22) 912796K57 2.2%
    U.S. Treasury Bill - (11/14/21) 9127964W6 5.2%
    U.S. Treasury Bill - (06/16/22) 912796J42 9.6%
    U.S. Treasury Bill - (05/19/22) 912796H44 5.2%
    U.S. Treasury Bill - (01/27/22) 912796C31 19.2%
    U.S. Treasury Bill - (12/02/21) 9127965G0 7.4%
    Total as % of Net Assets 48.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.6%
    Total as % of Net Assets 2.6%

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    Country Allocation

    as of 9/30/21
    • United States

      97.4%

    • Cash & Other

      2.6%

    United States 97.4%
    Cash & Other 2.6%
  • 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.

    View information on 2021 capital gains estimates.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    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.