• 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
      • 4
        Years on Fund
      • 25
        Years of Experience
    • L. Joshua Wein, CAIA
      Portfolio Manager
      • 3
        Years on Fund
      • 24
        Years of Experience

    “The Fund marries value and momentum investing.”

    - Neil Hennessy

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  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 12/2/21
    • Investor Class (HFCGX)
      • NAV

        $30.50

      • $ Change

        $0.59

      • % Change

        1.97%

      • YTD

        23.78%

    • Institutional Class (HICGX)
      • NAV

        $31.79

      • $ Change

        $0.61

      • % Change

        1.96%

      • YTD

        24.18%

    Average Annualized Total Return

    as of 11/30/21
    Name 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%

    Please swipe to view table

    as of 9/30/21
    Name 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%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 11/30/2021

    Value 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%

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    Returns-Based Statistics
    Relative to Russell 2000® Index

    as of 9/30/21
    Investor 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 9/30/21
    Type 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 9/30/21
    Type 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

    • Investor Class (HFCGX)
      • Gross expense ratio

        1.36%

    • Institutional Class (HICGX)
      • Gross expense ratio

        1.05%

    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.

  • Portfolio

    Portfolio Characteristics

    as of 9/30/21
    Inception 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 9/30/21
    Fund 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 9/30/21
    Top 10 Holdings Ticker % of Net Assets
    Danaos Corp. DAC 5.3%
    Hovnanian Enterprises, Inc. HOV 3.5%
    United Natural Foods, Inc. UNFI 3.3%
    Signet Jewelers, Ltd. SIG 3.2%
    Centrus Energy Corp. LEU 3.1%
    MYR Group, Inc. MYRG 2.9%
    AutoNation, Inc. AN 2.9%
    Big 5 Sporting Goods Corp. BGFV 2.8%
    Quanta Services, Inc. PWR 2.6%
    Tronox Holdings PLC TROX 2.5%
    Total as % of Net Assets 32.1%

    Please swipe to view table

    Total Holdings: 50

    as of 9/30/21
    Equity Holdings Ticker % of Net Assets
    Danaos Corp. DAC 5.3%
    Hovnanian Enterprises, Inc. HOV 3.5%
    United Natural Foods, Inc. UNFI 3.3%
    Signet Jewelers, Ltd. SIG 3.2%
    Centrus Energy Corp. LEU 3.1%
    MYR Group, Inc. MYRG 2.9%
    AutoNation, Inc. AN 2.9%
    Big 5 Sporting Goods Corp. BGFV 2.8%
    Quanta Services, Inc. PWR 2.6%
    Tronox Holdings PLC TROX 2.5%
    Gogo, Inc. GOGO 2.4%
    Vista Outdoor, Inc. VSTO 2.3%
    Century Aluminum Co. CENX 2.3%
    BJ's Wholesale Club Holdings BJ 2.3%
    BlueLinx Holdings, Inc. BXC 2.2%
    Molina Healthcare, Inc. MOH 2.2%
    Hibbett, Inc. HIBB 2.2%
    Community Health Systems, Inc. CYH 2.2%
    Citi Trends, Inc. CTRN 2.1%
    Titan Machinery, Inc. TITN 2.0%
    MarineMax, Inc. HZO 2.0%
    Surgery Partners, Inc. SGRY 1.9%
    Yellow Corp. YELL 1.9%
    Owens & Minor, Inc. OMI 1.9%
    Ultra Clean Holdings, Inc. UCTT 1.8%
    1-800-Flowers.com, Inc. FLWS 1.8%
    Sportsman's Warehouse Holdings SPWH 1.8%
    MoneyGram International, Inc. MGI 1.7%
    Green Brick Partners, Inc. GRBK 1.7%
    PennyMac Financial Services, Inc. PFSI 1.7%
    Turtle Beach Corp. HEAR 1.7%
    Alpha & Omega Semiconductor AOSL 1.7%
    Lithia Motors, Inc. LAD 1.7%
    Rayonier Advanced Materials, Inc. RYAM 1.6%
    GoPro, Inc. GPRO 1.6%
    Virtu Financial, Inc. VIRT 1.5%
    Lands' End, Inc. LE 1.5%
    Big Lots, Inc. BIG 1.5%
    Qurate Retail, Inc. QRTEA 1.4%
    Kirkland's, Inc. KIRK 1.3%
    Nu Skin Enterprises, Inc. NUS 1.2%
    Bed Bath & Beyond, Inc. BBBY 1.2%
    Lumber Liquidators Holdings, Inc. LL 1.1%
    VirnetX Holding Corp. VHC 1.1%
    VOXX International Corp. VOXX 1.0%
    SunOpta, Inc. STKL 1.0%
    Infrastructure and Energy Alternatives, Inc. IEA 1.0%
    Renewable Energy Group, Inc. REGI 0.9%
    Covetrus , Inc. CVET 0.9%
    Fluent, Inc. FLNT 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%

    Please swipe to view table

    Country Allocation

    as of 9/30/21
    • United States

      84.0%

    • International

      13.7%

    • 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%
  • 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.

    View information on 2021 capital gains estimates.

    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

    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
    12/07/2018 -- -- $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.