• Overview

    Category
    Domestic Equity

    Hennessy Cornerstone Growth Fund

    Quantitatively managed, the Fund maintains a concentrated portfolio, which seeks growth at a reasonable price.

    Investor

    HFCGX

    Institutional

    HICGX

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Why Invest

    • Quantitatively-driven, repeatable investment process
    • Combines growth investing with a valuation overlay
    • Focus on undervalued companies that have proven earnings and stock price growth

    Investment Criteria

    The Hennessy Cornerstone Growth Fund utilizes a quantitative formula to identify 50 common stocks with the highest one-year price appreciation that also meet the following criteria:

    1. Market capitalization exceeding $175 million
    2. Price-to-sales ratio below 1.5
    3. Annual earnings higher than the previous year
    4. Positive stock price appreciation over the past three- and six-month periods

    Portfolio Managers

    • Neil J. Hennessy
      Chief Market Strategist and Portfolio Manager
      • 21
        Years on Fund
      • 42
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 5
        Years on Fund
      • 26
        Years of Experience
    • L. Joshua Wein, CAIA
      Portfolio Manager
      • 3
        Years on Fund
      • 25
        Years of Experience

    “The Fund marries value and momentum investing.”

    - Neil Hennessy

    Share
  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 5/13/22
    • Investor Class (HFCGX)
      • NAV

        $23.03

      • $ Change

        $0.72

      • % Change

        3.23%

      • YTD

        -7.88%

    • Institutional Class (HICGX)
      • NAV

        $24.04

      • $ Change

        $0.75

      • % Change

        3.22%

      • YTD

        -7.79%

    Average Annualized Total Return

    as of 4/30/22
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96)
    Investor Class (HFCGX) -2.74% -7.88% -1.39% 15.29% 9.23% 10.52% 9.02%
    Institutional Class (HICGX) -2.71% -7.79% -1.08% 15.67% 9.59% 10.86% 9.21%
    Russell 2000® Index -9.91% -16.69% -16.87% 6.73% 7.24% 10.06% 8.32%
    S&P 500® Index -8.72% -12.92% 0.21% 13.85% 13.66% 13.67% 9.20%

    Please swipe to view table

    as of 3/31/22
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96)
    Investor Class (HFCGX) -5.28% -5.28% 3.91% 16.94% 9.86% 10.82% 9.17%
    Institutional Class (HICGX) -5.22% -5.22% 4.25% 17.32% 10.22% 11.15% 9.36%
    Russell 2000® Index -7.53% -7.53% -5.79% 11.74% 9.74% 11.04% 8.80%
    S&P 500® Index -4.60% -4.60% 15.65% 18.92% 15.99% 14.64% 9.63%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 4/30/2022

    Value of $10,000 invested between 4/30/2021 and 4/30/2022

    Cornerstone Growth Fund (HFCGX) $9,861
    Cornerstone Growth Fund (HICGX) $9,892
    Russell 2000® Index $8,313
    S&P 500® Index $10,021

    Value of $10,000 invested between 4/30/2019 and 4/30/2022

    Cornerstone Growth Fund (HFCGX) $15,325
    Cornerstone Growth Fund (HICGX) $15,478
    Russell 2000® Index $12,157
    S&P 500® Index $14,756

    Value of $10,000 invested between 4/30/2017 and 4/30/2022

    Cornerstone Growth Fund (HFCGX) $15,551
    Cornerstone Growth Fund (HICGX) $15,805
    Russell 2000® Index $14,185
    S&P 500® Index $18,968

    Value of $10,000 invested between 4/30/2012 and 4/30/2022

    Cornerstone Growth Fund (HFCGX) $27,197
    Cornerstone Growth Fund (HICGX) $28,030
    Russell 2000® Index $26,078
    S&P 500® Index $36,005

    Value of $10,000 invested between 11/1/1996 and 4/30/2022

    Cornerstone Growth Fund (HFCGX) $90,446
    Cornerstone Growth Fund (HICGX) $94,558
    Russell 2000® Index $76,751
    S&P 500® Index $94,333

    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

      2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
    Investor Class (HFCGX)
    30.31 35.89 13.82 -1.09 8.37 16.60 -21.22 20.70 17.73 28.89
    Institutional Class (HICGX)
    30.76 36.43 14.01 -0.86 8.70 16.99 -20.91 21.05 18.08 29.36
    Russell 2000® Index
    16.35 38.82 4.89 -4.41 21.31 14.65 -11.01 25.52 19.96 14.82
    S&P 500® Index
    16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71
    Year
    Investor Class (HFCGX)
    Institutional Class (HICGX)
    Russell 2000® Index
    S&P 500® Index
    2011 -10.78% -10.58% -4.18% 2.11%
    2010 11.50% 12.06% 26.85% 15.06%
    2009 10.29% 10.60% 27.17% 26.46%
    2008 -43.69% -43.56% -33.79% -37.00%
    2007 -2.18% -2.18% -1.57% 5.49%
    2006 10.42% 10.42% 18.37% 15.79%
    2005 11.96% 11.96% 4.55% 4.91%
    2004 16.65% 16.65% 18.33% 10.88%
    2003 45.82% 45.82% 47.25% 28.68%
    2002 -4.71% -4.71% -20.48% -22.10%
    2001 12.14% 12.14% 2.49% -11.89%
    2000 5.30% 5.30% -3.02% -9.10%
    1999 37.72% 37.72% 21.26% 21.04%
    1998 3.67% 3.67% -2.55% 28.58%
    1997 31.33% 31.33% 22.36% 33.36%

    Please swipe to view table

    Returns-Based Statistics
    Relative to Russell 2000® Index

    as of 3/31/22
    Investor Class (HFCGX)
    Type 3 yr 5 yr 10 yr
    Alpha 4.55 0.32 0.58
    Beta 1.10 1.05 0.95
    Upside Capture 115.88 101.71 89.31
    Downside Capture 103.92 101.84 84.89
    Institutional Class (HICGX)
    Type 3 yr 5 yr 10 yr
    Alpha 4.87 0.66 0.89
    Beta 1.10 1.05 0.95
    Upside Capture 116.49 102.41 89.97
    Downside Capture 103.52 101.35 84.29

    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 3/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HFCGX) 0.69 0.47 0.61
    Institutional Class (HICGX) 0.70 0.48 0.62
    Russell 2000® Index 0.56 0.50 0.64
    Small Blend Category Average 0.58 0.47 0.61

    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 3/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HFCGX) 27.89 24.19 19.00
    Institutional Class (HICGX) 27.87 24.17 18.99
    Russell 2000® Index 23.69 21.18 18.02
    Small Blend Category Average 23.05 20.47 17.16

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

    Fund Expenses

    • Investor Class (HFCGX)
      • Gross expense ratio

        1.34%

    • Institutional Class (HICGX)
      • Gross expense ratio

        1.01%

    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 3/31/22. 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 performance shown for Institutional Class shares / HICGX prior to 3/3/08 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of Institutional Class shares.

    The S&P 500® and Russell 2000® are unmanaged indices commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.

    Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.

    Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data, and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

  • Portfolio

    Portfolio Characteristics

    as of 3/31/22
    Inception Date (HFCGX) 11/1/96
    Inception Date (HICGX) 3/3/08
    Total Fund Assets $161 Million
    Active Share vs. Russell 2000® Index 98%
    Portfolio Turnover 84%
    Median Market Cap $4.3 Billion
    Median Price/Earnings 10.8x
    Median Price/Book 1.9x
    Median Price/Sales 0.7x

    Price/Earnings measures a stock’s price per share compared to earnings. Price/Book measures a stock’s price per share to book value. Price/Sales measures a stock’s price per share to revenue. Portfolio Turnover, Price/Earnings, and Price/Sales shown reflect the trailing 12-month period.

    Sector Weighting

    as of 3/31/22
    Fund Russell 2000® Index Difference
    Energy 36.7% 6.6% +30.0%
    Industrials 19.9% 15.5% +4.4%
    Materials 10.3% 4.0% +6.3%
    Consumer Staples 9.2% 3.5% +5.7%
    Financials 8.5% 15.9% -7.3%
    Health Care 7.6% 16.6% -9.0%
    Consumer Discretionary 3.3% 10.2% -6.9%
    Communication Services 1.7% 3.2% -1.5%
    Utilities 0.0% 3.0% -3.0%
    Real Estate 0.0% 7.8% -7.8%
    Information Technology 0.0% 13.7% -13.7%
    Cash & Other 2.8%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/22
    Top 10 Holdings Ticker % of Net Assets
    Alpha Metallurgical Resources AMR 2.6%
    Peabody Energy Corp. BTU 2.6%
    Antero Resources Corp. AR 2.5%
    PBF Energy, Inc. PBF 2.4%
    Chesapeake Energy Corp. CHK 2.4%
    Titan International, Inc. TWI 2.3%
    Equinor, ASA EQNR 2.3%
    Andersons, Inc. ANDE 2.3%
    Eagle Bulk Shipping, Inc. EGLE 2.2%
    Targa Resources Corp. TRGP 2.2%
    Total as % of Net Assets 23.8%

    Please swipe to view table

    Total Holdings: 50

    as of 3/31/22
    Equity Holdings Ticker % of Net Assets
    Alpha Metallurgical Resources AMR 2.6%
    Peabody Energy Corp. BTU 2.6%
    Antero Resources Corp. AR 2.5%
    PBF Energy, Inc. PBF 2.4%
    Chesapeake Energy Corp. CHK 2.4%
    Titan International, Inc. TWI 2.3%
    Equinor, ASA EQNR 2.3%
    Andersons, Inc. ANDE 2.3%
    Eagle Bulk Shipping, Inc. EGLE 2.2%
    Targa Resources Corp. TRGP 2.2%
    Arch Resources, Inc. ARCH 2.2%
    Nabors Industries Ltd. NBR 2.2%
    Alliance Resource Partners LP ARLP 2.1%
    Ranger Oil Corp. ROCC 2.1%
    Alcoa Corp. AA 2.1%
    Laredo Petroleum, Inc. LPI 2.0%
    EnLink Midstream, LLC ENLC 2.0%
    Commercial Metals Co. CMC 2.0%
    Grindrod Shipping Holdings Ltd. GRIN 2.0%
    McKesson Corp. MCK 2.0%
    Univar Solutions, Inc. UNVR 2.0%
    Cenovus Energy, Inc. CVE 2.0%
    Anthem, Inc. ANTM 2.0%
    Energy Transfer LP ET 2.0%
    Imperial Oil Ltd. IMO 2.0%
    Marathon Petroleum Corp. MPC 2.0%
    Sasol Ltd. SSL 2.0%
    Tenet Healthcare Corp. THC 1.9%
    Triumph Group, Inc. TGI 1.9%
    Ingles Markets, Inc. IMKTA 1.9%
    Oceaneering International, Inc. OII 1.9%
    Prudential Financial, Inc. PRU 1.8%
    ZIM Integrated Shipping Services ZIM 1.9%
    BJ's Wholesale Club Holdings BJ 1.8%
    American International Group, Inc. AIG 1.8%
    Movado Group, Inc. MOV 1.8%
    CVS Health Corp. CVS 1.8%
    Old Republic International Corp. ORI 1.8%
    Tyson Foods, Inc. TSN 1.7%
    Scholastic Corp. SCHL 1.7%
    Cabot Corp. CBT 1.6%
    Builders FirstSource, Inc. BLDR 1.6%
    Mr. Cooper Group, Inc. COOP 1.6%
    Daseke, Inc. DSKE 1.6%
    Build-A-Bear Workshop, Inc. BBW 1.6%
    Encore Capital Group, Inc. ECPG 1.6%
    Coca-Cola Consolidated, Inc. COKE 1.5%
    Boise Cascade Co. BCC 1.5%
    BlueLinx Holdings, Inc. BXC 1.5%
    USA Truck, Inc. USAK 1.4%
    Total as % of Net Assets 97.3%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.8%
    Total as % of Net Assets 2.8%

    Please swipe to view table

    Country Allocation

    as of 3/31/22
    • United States

      80.8%

    • International

      16.5%

    • Cash & Other

      2.8%

    United States 80.8%
    Canada 4.0%
    Norway 2.3%
    Marshall Islands 2.2%
    Bermuda 2.2%
    South Africa 2.0%
    Singapore 2.0%
    Israel 1.8%
    Cash & Other 2.8%
  • Distributions

    The Hennessy Cornerstone Growth Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/07/2021 -- -- $6.64534 $6.64534 $24.58
    12/07/2018 -- -- $1.81640 $1.81640 $18.60
    12/29/2015 $0.02018 -- -- $0.02018 $19.48
    11/29/2007 -- -- $2.23953 $2.23953 $15.25
    11/28/2006 -- -- $3.11146 $3.11146 $17.95
    11/17/2005 -- $0.83227 $0.39919 $1.23146 $18.70
    11/19/2004 -- -- $3.87642 $3.87642 $17.25
    11/22/2002 -- $0.01221 $0.47171 $0.48392 $13.93
    11/26/2001 -- $0.06809 $0.96207 $1.03016 $13.23
    11/16/2000 -- $1.52830 $1.97550 $3.50380 $14.55
    12/30/1997 -- $1.78100 -- $1.78100 $11.34
    12/31/1996 $0.00300 -- -- $0.00300 $10.07

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/07/2021 -- -- $6.92698 $6.92698 $25.63
    12/07/2018 -- -- $1.87674 $1.87674 $19.20
    12/29/2015 $0.05101 -- -- $0.05101 $19.91

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    Cornerstone Growth Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Cornerstone Growth 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.