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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 Investment Officer and Portfolio Manager-
19Years on Fund
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40Years 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 5/28/20-
Investor Class (HFCGX)
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NAV
$16.44
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$ Change
-$0.55
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% Change
-3.24%
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YTD
-21.45%
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Institutional Class (HICGX)
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NAV
$17.06
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$ Change
-$0.56
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% Change
-3.18%
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YTD
-21.31%
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Average Annualized Total Return
as of 4/30/20Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) 17.07% -28.91% -22.05% -7.52% -3.32% 4.43% 6.71% Institutional Class (HICGX) 17.07% -28.83% -21.79% -7.22% -3.02% 4.76% 6.88% Russell 2000® Index 13.74% -21.08% -16.39% -0.82% 2.88% 7.69% 7.34% S&P 500® Index 12.82% -9.29% 0.86% 9.04% 9.12% 11.69% 8.26% as of 3/31/20Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) -39.27% -39.27% -32.43% -12.23% -7.19% 3.11% 6.02% Institutional Class (HICGX) -39.21% -39.21% -32.20% -11.93% -6.89% 3.43% 6.19% Russell 2000® Index -30.61% -30.61% -23.99% -4.64% -0.25% 6.90% 6.78% S&P 500® Index -19.60% -19.60% -6.98% 5.10% 6.73% 10.53% 7.73% Hypothetical Growth of $10,000
as of 4/30/2020Value of $10,000 invested between 4/30/2019 and 4/30/2020
Cornerstone Growth Fund (HFCGX) $7,795 Cornerstone Growth Fund (HICGX) $7,821 Russell 2000® Index $8,361 S&P 500® Index $10,086 Value of $10,000 invested between 4/30/2017 and 4/30/2020
Cornerstone Growth Fund (HFCGX) $7,909 Cornerstone Growth Fund (HICGX) $7,986 Russell 2000® Index $9,756 S&P 500® Index $12,966 Value of $10,000 invested between 4/30/2015 and 4/30/2020
Cornerstone Growth Fund (HFCGX) $8,445 Cornerstone Growth Fund (HICGX) $8,577 Russell 2000® Index $11,527 S&P 500® Index $15,474 Value of $10,000 invested between 4/30/2010 and 4/30/2020
Cornerstone Growth Fund (HFCGX) $15,425 Cornerstone Growth Fund (HICGX) $15,915 Russell 2000® Index $20,984 S&P 500® Index $30,221 Value of $10,000 invested between 11/1/1996 and 4/30/2020
Cornerstone Growth Fund (HFCGX) $46,001 Cornerstone Growth Fund (HICGX) $47,779 Russell 2000® Index $52,784 S&P 500® Index $64,482 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
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Investor Class (HFCGX) 11.50 -10.78 30.31 35.89 13.82 -1.09 8.37 16.60 -21.22 20.70 Institutional Class (HICGX) 12.06 -10.58 30.76 36.43 14.01 -0.86 8.70 16.99 -20.91 21.05 Russell 2000® Index 26.85 -4.18 16.35 38.82 4.89 -4.41 21.31 14.65 -11.01 25.52 S&P 500® Index 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 Year Investor Class (HFCGX) Institutional Class (HICGX) Russell 2000® Index S&P 500® Index 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 3/31/20Investor Class (HFCGX)Type 3 yr 5 yr 10 yr Alpha -7.11 -6.85 -3.33 Beta 1.07 0.97 1.01 Upside Capture 77.86 65.55 85.77 Downside Capture 110.25 96.24 98.59 Institutional Class (HICGX)Type 3 yr 5 yr 10 yr Alpha -6.80 -6.54 -3.02 Beta 1.07 0.97 1.02 Upside Capture 78.62 66.22 86.46 Downside Capture 109.72 95.60 98.03 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 3/31/20Type 3 yr 5 yr 10 yr Investor Class (HFCGX) -0.48 -0.32 0.23 Institutional Class (HICGX) -0.47 -0.30 0.24 Russell 2000® Index -0.20 0.03 0.42 Small Blend Category Average -0.32 -0.08 0.36 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 3/31/20Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 24.05 20.22 20.34 Institutional Class (HICGX) 24.02 20.19 20.34 Russell 2000® Index 21.20 19.15 18.49 Small Blend Category Average 21.07 18.61 17.91 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
1.34%
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Institutional Class (HICGX)
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Gross expense ratio
1.01%
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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.
Morningstar Proprietary Ratings reflect risk-adjusted performance as of 3/31/20. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. among 628, 501 and 362 Small Blend Funds, respectively. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentage.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 3/31/20. 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 3/31/20Inception Date (HFCGX) 11/1/96 Inception Date (HICGX) 3/3/08 Total Fund Assets $87 Million Active Share vs. Russell 2000® Index 98% Portfolio Turnover 178% Median Market Cap $1.6 Billion Median Price/Earnings 9.6x Median Price/Book 1.7x Median Price/Sales 0.5x 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 3/31/20Fund Russell 2000® Index Difference Consumer Discretionary 30.6% 8.3% +22.3% Information Technology 20.7% 15.3% +5.3% Industrials 18.2% 15.2% +3.1% Financials 10.5% 16.5% -6.0% Energy 6.9% 1.8% +5.1% Materials 5.7% 3.4% +2.2% Health Care 3.9% 21.8% -17.9% Real Estate 2.1% 7.3% -5.2% Utilities 0.0% 4.6% -4.6% Communication Services 0.0% 2.3% -2.3% Consumer Staples 0.0% 3.6% -3.6% Cash & Other 1.6% Portfolio Holdings
Top 10 Holdings
as of 3/31/20Top 10 Holdings % of Net Assets Sportsman's Warehouse Holdings 3.2% Teekay Tankers Ltd. 3.1% Leidos Holdings, Inc. 3.0% Arcosa, Inc. 2.9% Sony Corporation 2.7% Crown Holdings, Inc. 2.6% Universal Forest Products, Inc. 2.5% Target Corp. 2.5% Brookfield Asset Management, Inc. 2.5% Alamo Group, Inc. 2.3% Total as % of Net Assets 27.3% Total Holdings: 50
as of 3/31/20Equity Holdings % of Net Assets Sportsman's Warehouse Holdings 3.2% Teekay Tankers Ltd. 3.1% Leidos Holdings, Inc. 3.0% Arcosa, Inc. 2.9% Sony Corporation 2.7% Crown Holdings, Inc. 2.6% Universal Forest Products, Inc. 2.5% Target Corp. 2.5% Brookfield Asset Management, Inc. 2.5% Alamo Group, Inc. 2.3% The Carlyle Group, Inc. 2.3% Methode Electronics, Inc. 2.2% R1 RCM, Inc. 2.2% Itron, Inc. 2.2% Voya Financial, Inc. 2.2% CDW Corp. 2.2% JinkoSolar Holding Co., Ltd. 2.1% Best Buy Co., Inc. 2.1% CBRE Group, Inc. 2.1% Carvana Co. 2.0% World Fuel Services Corp. 2.0% BMC Stock Holdings, Inc. 2.0% Insight Enterprises, Inc. 1.9% Jabil, Inc. 1.9% Williams-Sonoma, Inc. 1.9% Skechers U.S.A., Inc. 1.9% Benchmark Electronics, Inc. 1.9% Installed Building Products, Inc. 1.9% Equitable Holdings, Inc. 1.8% LPL Financial Holdings, Inc. 1.8% Arconic Corporation 1.8% Cosan, Ltd. 1.8% The Buckle, Inc. 1.7% Colfax Corporation 1.7% Zumiez, Inc. 1.7% RadNet, Inc. 1.7% KB Home 1.7% America's Car-Mart, Inc. 1.7% Xerox Holdings Corp. 1.7% Atkore International Group, Inc. 1.7% SYNNEX Corp. 1.6% Rent-A-Center, Inc. 1.6% Builders FirstSource, Inc. 1.5% Skyline Champion Corporation 1.5% Dick's Sporting Goods, Inc. 1.4% American Woodmark Corp. 1.4% JELD-WEN Holding, Inc. 1.3% M/I Homes, Inc. 1.3% Koppers Holdings, Inc. 1.2% Triumph Group, Inc. 1.0% Total as % of Net Assets 98.4% Cash & Other Holdings % of Net Assets Cash & Other 1.6% Total as % of Net Assets 1.6% Country Allocation
as of 3/31/20-
United States
86.2%
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Foreign
12.2%
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Cash & Other
1.6%
United States 86.2% Marshall Islands 3.1% Japan 2.7% Canada 2.5% Cayman Islands 2.1% Bermuda 1.8% Cash & Other 1.6% -
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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 Fund Documents Cornerstone Growth Fund Fact Sheet Cornerstone Growth Fund Portfolio Perspective View Shareholder Reports Cornerstone Growth Fund Summary Prospectus Full Prospectus Statement of Additional Information Cornerstone Growth Fund Semi-Annual Report Cornerstone Growth Fund Annual Report
