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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 12/2/21-
Investor Class (HFCGX)
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NAV
$30.50
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$ Change
$0.59
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% Change
1.97%
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YTD
23.78%
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Institutional Class (HICGX)
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NAV
$31.79
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$ Change
$0.61
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% Change
1.96%
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YTD
24.18%
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Average Annualized Total Return
as of 11/30/21Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) 2.98% 24.68% 31.06% 16.57% 10.29% 13.42% 9.39% Institutional Class (HICGX) 2.99% 25.08% 31.50% 16.94% 10.65% 13.77% 9.58% Russell 2000® Index -4.17% 12.31% 22.03% 14.22% 12.14% 13.06% 9.16% S&P 500® Index -0.69% 23.18% 27.92% 20.38% 17.90% 16.16% 9.77% as of 9/30/21Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) -7.51% 16.48% 43.72% 8.37% 9.74% 14.28% 9.16% Institutional Class (HICGX) -7.43% 16.80% 44.24% 8.74% 10.11% 14.63% 9.34% Russell 2000® Index -4.36% 12.41% 47.68% 10.54% 13.45% 14.63% 9.23% S&P 500® Index 0.58% 15.92% 30.00% 15.99% 16.90% 16.63% 9.58% Hypothetical Growth of $10,000
as of 11/30/2021Value of $10,000 invested between 11/30/2020 and 11/30/2021
Cornerstone Growth Fund (HFCGX) $13,106 Cornerstone Growth Fund (HICGX) $13,150 Russell 2000® Index $12,202 S&P 500® Index $12,792 Value of $10,000 invested between 11/30/2018 and 11/30/2021
Cornerstone Growth Fund (HFCGX) $15,838 Cornerstone Growth Fund (HICGX) $15,992 Russell 2000® Index $14,903 S&P 500® Index $17,446 Value of $10,000 invested between 11/30/2016 and 11/30/2021
Cornerstone Growth Fund (HFCGX) $16,321 Cornerstone Growth Fund (HICGX) $16,588 Russell 2000® Index $17,737 S&P 500® Index $22,781 Value of $10,000 invested between 11/30/2011 and 11/30/2021
Cornerstone Growth Fund (HFCGX) $35,235 Cornerstone Growth Fund (HICGX) $36,330 Russell 2000® Index $34,119 S&P 500® Index $44,726 Value of $10,000 invested between 11/1/1996 and 11/30/2021
Cornerstone Growth Fund (HFCGX) $94,971 Cornerstone Growth Fund (HICGX) $99,149 Russell 2000® Index $90,115 S&P 500® Index $103,679 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 9/30/21Investor Class (HFCGX)Type 3 yr 5 yr 10 yr Alpha -1.80 -3.36 0.08 Beta 1.08 1.05 1.00 Upside Capture 102.73 94.45 92.84 Downside Capture 110.06 107.34 89.32 Institutional Class (HICGX)Type 3 yr 5 yr 10 yr Alpha -1.46 -3.01 0.40 Beta 1.08 1.05 1.00 Upside Capture 103.20 95.11 93.47 Downside Capture 109.53 106.77 88.66 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 9/30/21Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 0.39 0.47 0.74 Institutional Class (HICGX) 0.40 0.48 0.76 Russell 2000® Index 0.48 0.65 0.81 Small Blend Category Average 0.43 0.58 0.76 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 9/30/21Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 29.44 23.86 20.03 Institutional Class (HICGX) 29.41 23.84 20.02 Russell 2000® Index 25.69 21.11 18.24 Small Blend Category Average 25.10 20.53 17.54 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 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 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.
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Portfolio
Portfolio Characteristics
as of 9/30/21Inception Date (HFCGX) 11/1/96 Inception Date (HICGX) 3/3/08 Total Fund Assets $168 Million Active Share vs. Russell 2000® Index 98% Portfolio Turnover 100% Median Market Cap $1.4 Billion Median Price/Earnings 8.9x Median Price/Book 2.2x Median Price/Sales 0.6x Price/Earnings measures a stock’s price per share compared to earnings. Price/Book measures a stock’s price per share to book value. 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 9/30/21Fund Russell 2000® Index Difference Consumer Discretionary 38.4% 11.5% +26.9% Industrials 17.9% 14.4% +3.4% Health Care 9.1% 20.2% -11.2% Information Technology 8.0% 14.1% -6.2% Consumer Staples 7.7% 3.2% +4.5% Materials 6.4% 3.8% +2.6% Energy 4.0% 4.5% -0.5% Financials 3.2% 15.5% -12.3% Communication Services 3.1% 3.5% -0.4% Real Estate 0.0% 6.9% -6.9% Utilities 0.0% 2.4% -2.4% Cash & Other 2.3% Portfolio Holdings
Top 10 Holdings
as of 9/30/21Top 10 Holdings % of Net Assets Danaos Corp. 5.3% Hovnanian Enterprises, Inc. 3.5% United Natural Foods, Inc. 3.3% Signet Jewelers, Ltd. 3.2% Centrus Energy Corp. 3.1% MYR Group, Inc. 2.9% AutoNation, Inc. 2.9% Big 5 Sporting Goods Corp. 2.8% Quanta Services, Inc. 2.6% Tronox Holdings PLC 2.5% Total as % of Net Assets 32.1% Total Holdings: 50
as of 9/30/21Equity Holdings % of Net Assets Danaos Corp. 5.3% Hovnanian Enterprises, Inc. 3.5% United Natural Foods, Inc. 3.3% Signet Jewelers, Ltd. 3.2% Centrus Energy Corp. 3.1% MYR Group, Inc. 2.9% AutoNation, Inc. 2.9% Big 5 Sporting Goods Corp. 2.8% Quanta Services, Inc. 2.6% Tronox Holdings PLC 2.5% Gogo, Inc. 2.4% Vista Outdoor, Inc. 2.3% Century Aluminum Co. 2.3% BJ's Wholesale Club Holdings 2.3% BlueLinx Holdings, Inc. 2.2% Molina Healthcare, Inc. 2.2% Hibbett, Inc. 2.2% Community Health Systems, Inc. 2.2% Citi Trends, Inc. 2.1% Titan Machinery, Inc. 2.0% MarineMax, Inc. 2.0% Surgery Partners, Inc. 1.9% Yellow Corp. 1.9% Owens & Minor, Inc. 1.9% Ultra Clean Holdings, Inc. 1.8% 1-800-Flowers.com, Inc. 1.8% Sportsman's Warehouse Holdings 1.8% MoneyGram International, Inc. 1.7% Green Brick Partners, Inc. 1.7% PennyMac Financial Services, Inc. 1.7% Turtle Beach Corp. 1.7% Alpha & Omega Semiconductor 1.7% Lithia Motors, Inc. 1.7% Rayonier Advanced Materials, Inc. 1.6% GoPro, Inc. 1.6% Virtu Financial, Inc. 1.5% Lands' End, Inc. 1.5% Big Lots, Inc. 1.5% Qurate Retail, Inc. 1.4% Kirkland's, Inc. 1.3% Nu Skin Enterprises, Inc. 1.2% Bed Bath & Beyond, Inc. 1.2% Lumber Liquidators Holdings, Inc. 1.1% VirnetX Holding Corp. 1.1% VOXX International Corp. 1.0% SunOpta, Inc. 1.0% Infrastructure and Energy Alternatives, Inc. 1.0% Renewable Energy Group, Inc. 0.9% Covetrus , Inc. 0.9% Fluent, Inc. 0.7% Total as % of Net Assets 97.7% Cash & Other Holdings % of Net Assets Cash & Other 2.3% Total as % of Net Assets 2.3% Country Allocation
as of 9/30/21-
United States
84.0%
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International
13.7%
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Cash & Other
2.3%
United States 84.0% Marshall Islands 5.3% Bermuda 4.9% United Kingdom 2.5% Canada 1.0% Cash & Other 2.3% -
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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.
