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Overview
Hennessy Cornerstone Growth Fund
Quantitatively managed, the Fund maintains a concentrated portfolio, which seeks growth at a reasonable price.
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:
- Market capitalization exceeding $175 million
- Price-to-sales ratio below 1.5
- Annual earnings higher than the previous year
- Positive stock price appreciation over the past three- and six-month periods
Portfolio Managers
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Chief Market Strategist and Portfolio Manager-
21Years on Fund
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42Years of Experience
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Chief Investment Officer and Portfolio Manager-
4Years on Fund
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25Years of Experience
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“The Fund marries value and momentum investing.”
- Neil Hennessy
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Insights & News
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Performance
Daily Pricing & Performance
as of 9/27/21-
Investor Class (HFCGX)
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NAV
$29.76
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$ Change
$0.71
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% Change
2.44%
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YTD
20.78%
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Institutional Class (HICGX)
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NAV
$31.00
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$ Change
$0.74
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% Change
2.45%
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YTD
21.09%
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Average Annualized Total Return
as of 8/31/21Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) 2.39% 21.92% 51.79% 9.55% 10.78% 12.80% 9.39% Institutional Class (HICGX) 2.42% 22.23% 52.34% 9.92% 11.15% 13.15% 9.58% Russell 2000® Index 2.24% 15.83% 47.08% 10.75% 14.38% 13.62% 9.39% S&P 500® Index 3.04% 21.58% 31.17% 18.07% 18.02% 16.34% 9.82% as of 6/30/21Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) 7.18% 25.93% 79.36% 12.57% 12.21% 11.22% 9.60% Institutional Class (HICGX) 7.27% 26.17% 80.04% 12.94% 12.58% 11.56% 9.79% Russell 2000® Index 4.29% 17.54% 62.03% 13.52% 16.47% 12.34% 9.53% S&P 500® Index 8.55% 15.25% 40.79% 18.67% 17.65% 14.84% 9.65% Hypothetical Growth of $10,000
as of 8/31/2021Value of $10,000 invested between 8/31/2020 and 8/31/2021
Cornerstone Growth Fund (HFCGX) $15,179 Cornerstone Growth Fund (HICGX) $15,234 Russell 2000® Index $14,708 S&P 500® Index $13,117 Value of $10,000 invested between 8/31/2018 and 8/31/2021
Cornerstone Growth Fund (HFCGX) $13,147 Cornerstone Growth Fund (HICGX) $13,282 Russell 2000® Index $13,583 S&P 500® Index $16,461 Value of $10,000 invested between 8/31/2016 and 8/31/2021
Cornerstone Growth Fund (HFCGX) $16,687 Cornerstone Growth Fund (HICGX) $16,962 Russell 2000® Index $19,581 S&P 500® Index $22,895 Value of $10,000 invested between 8/31/2011 and 8/31/2021
Cornerstone Growth Fund (HFCGX) $33,341 Cornerstone Growth Fund (HICGX) $34,402 Russell 2000® Index $35,840 S&P 500® Index $45,424 Value of $10,000 invested between 11/1/1996 and 8/31/2021
Cornerstone Growth Fund (HFCGX) $92,868 Cornerstone Growth Fund (HICGX) $96,889 Russell 2000® Index $92,936 S&P 500® Index $102,326 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 (HFCGX) -10.78 30.31 35.89 13.82 -1.09 8.37 16.60 -21.22 20.70 17.73 Institutional Class (HICGX) -10.58 30.76 36.43 14.01 -0.86 8.70 16.99 -20.91 21.05 18.08 Russell 2000® Index -4.18 16.35 38.82 4.89 -4.41 21.31 14.65 -11.01 25.52 19.96 S&P 500® Index 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 Year Investor Class (HFCGX) Institutional Class (HICGX) Russell 2000® Index S&P 500® Index 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% Returns-Based Statistics
Relative to Russell 2000® Indexas of 6/30/21Investor Class (HFCGX)Type 3 yr 5 yr 10 yr Alpha -0.79 -3.81 -0.79 Beta 1.07 1.04 1.02 Upside Capture 101.63 91.37 92.73 Downside Capture 105.19 104.27 93.88 Institutional Class (HICGX)Type 3 yr 5 yr 10 yr Alpha -0.44 -3.46 -0.48 Beta 1.07 1.04 1.02 Upside Capture 102.09 92.03 93.36 Downside Capture 104.65 103.71 93.26 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 6/30/21Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 0.52 0.56 0.59 Institutional Class (HICGX) 0.53 0.58 0.60 Russell 2000® Index 0.58 0.78 0.68 Small Blend Category Average 0.49 0.67 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 6/30/21Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 29.15 23.62 21.06 Institutional Class (HICGX) 29.11 23.60 21.04 Russell 2000® Index 25.56 21.00 18.88 Small Blend Category Average 25.07 20.49 18.25 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HFCGX)
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Gross expense ratio
1.36%
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Institutional Class (HICGX)
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Gross expense ratio
1.05%
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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 6/30/21. 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 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.
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.
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Portfolio
Portfolio Characteristics
as of 6/30/21Inception Date (HFCGX) 11/1/96 Inception Date (HICGX) 3/3/08 Total Fund Assets $180 Million Active Share vs. Russell 2000® Index 98% Portfolio Turnover 108% Median Market Cap $1.5 Billion Median Price/Earnings 11.7x Median Price/Book 3.1x 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 6/30/21Fund Russell 2000® Index Difference Consumer Discretionary 41.1% 11.9% +29.3% Industrials 16.2% 14.3% +2.0% Health Care 10.9% 21.2% -10.3% Information Technology 8.5% 13.6% -5.1% Consumer Staples 6.9% 3.2% +3.7% Materials 5.4% 3.8% +1.6% Financials 3.1% 14.8% -11.7% Energy 2.9% 4.3% -1.4% Communication Services 2.2% 3.7% -1.5% Real Estate 0.0% 6.9% -6.9% Utilities 0.0% 2.4% -2.4% Cash & Other 2.7% Portfolio Holdings
Top 10 Holdings
as of 6/30/21Top 10 Holdings % of Net Assets Danaos Corp. 4.6% Hovnanian Enterprises, Inc. 3.6% Signet Jewelers, Ltd. 3.0% Big 5 Sporting Goods Corp. 2.9% Surgery Partners, Inc. 2.7% Community Health Systems, Inc. 2.7% Hibbett, Inc. 2.6% MYR Group, Inc. 2.5% Vista Outdoor, Inc. 2.4% Citi Trends, Inc. 2.4% Total as % of Net Assets 29.3% Total Holdings: 50
as of 6/30/21Equity Holdings % of Net Assets Danaos Corp. 4.6% Hovnanian Enterprises, Inc. 3.6% Signet Jewelers, Ltd. 3.0% Big 5 Sporting Goods Corp. 2.9% Surgery Partners, Inc. 2.7% Community Health Systems, Inc. 2.7% Hibbett, Inc. 2.6% MYR Group, Inc. 2.5% Vista Outdoor, Inc. 2.4% Citi Trends, Inc. 2.4% Lands' End, Inc. 2.3% Owens & Minor, Inc. 2.3% United Natural Foods, Inc. 2.3% Titan Machinery, Inc. 2.2% BlueLinx Holdings, Inc. 2.1% Tronox Holdings PLC 2.1% Ultra Clean Holdings, Inc. 2.1% AutoNation, Inc. 2.1% Bed Bath & Beyond, Inc. 2.0% Big Lots, Inc. 2.0% MoneyGram International, Inc. 2.0% Century Aluminum Co. 2.0% Yellow Corp. 2.0% Molina Healthcare, Inc. 1.9% Quanta Services, Inc. 1.9% Centrus Energy Corp. 1.9% MarineMax, Inc. 1.9% GoPro, Inc. 1.8% BJ's Wholesale Club Holdings 1.8% Turtle Beach Corp. 1.8% Green Brick Partners, Inc. 1.7% 1-800-Flowers.com, Inc. 1.7% Qurate Retail, Inc. 1.7% Lithia Motors, Inc. 1.7% Sportsman's Warehouse Holdings 1.6% PennyMac Financial Services, Inc. 1.6% Virtu Financial, Inc. 1.6% Nu Skin Enterprises, Inc. 1.5% Alpha & Omega Semiconductor 1.5% Gogo, Inc. 1.5% Kirkland's, Inc. 1.4% Rayonier Advanced Materials, Inc. 1.4% SunOpta, Inc. 1.3% Covetrus , Inc. 1.3% Lumber Liquidators Holdings, Inc. 1.2% VOXX International Corp. 1.1% VirnetX Holding Corp. 1.1% Renewable Energy Group, Inc. 1.1% Infrastructure and Energy Alternatives, Inc. 1.0% Fluent, Inc. 0.8% Total as % of Net Assets 97.4% Cash & Other Holdings % of Net Assets Cash & Other 2.7% Total as % of Net Assets 2.7% Country Allocation
as of 6/30/21-
United States
84.9%
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International
12.5%
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Cash & Other
2.7%
United States 84.9% Marshall Islands 4.6% Bermuda 4.5% United Kingdom 2.1% Canada 1.3% Cash & Other 2.7% -
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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 12/07/2018 -- -- $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 Past performance is not a guarantee of future results.
Download historical distributions and NAVsDate Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/07/2018 -- -- $1.87674 $1.87674 $19.20 12/29/2015 $0.05101 -- -- $0.05101 $19.91 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.
