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Overview
Hennessy Cornerstone Growth Fund
Quantitatively managed, the Fund maintains a concentrated portfolio, which seeks growth at a reasonable price.
Investor
HFCGXInstitutional
HICGXMorningstar style box
Overall morningstar rating
Investor
HFCGX
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Institutional
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HICGX
Among 582 Small Blend Funds (Based on risk-adjusted returns, as of 9/30/26)
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-
26Years on Fund
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47Years of Experience
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Chief Investment Officer and Portfolio Manager-
9Years on Fund
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30Years 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 10/8/26-
Investor Class (HFCGX)
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NAV
$38.02
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$ Change
$0.31
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% Change
0.82%
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YTD
14.00%
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Institutional Class (HICGX)
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NAV
$39.92
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$ Change
$0.32
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% Change
0.81%
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YTD
14.29%
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Average Annualized Total Return
as of 9/30/26Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) -2.45% 8.64% 9.85% 17.31% 13.52% 11.62% 9.88% Institutional Class (HICGX) -2.41% 8.90% 10.21% 17.68% 13.88% 11.98% 10.09% Russell 2000® Index -5.25% 13.71% 16.20% 17.72% 6.34% 9.84% 8.74% S&P 500® Index -0.35% 12.75% 15.74% 22.89% 13.79% 15.33% 10.27% as of 9/30/26Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) -4.20% 8.64% 9.85% 17.31% 13.52% 11.62% 9.88% Institutional Class (HICGX) -4.11% 8.90% 10.21% 17.68% 13.88% 11.98% 10.09% Russell 2000® Index -7.23% 13.71% 16.20% 17.72% 6.34% 9.84% 8.74% S&P 500® Index 2.30% 12.75% 15.74% 22.89% 13.79% 15.33% 10.27% Hypothetical Growth of $10,000
as of 9/30/2026Value of $10,000 invested between 9/30/2025 and 9/30/2026
Cornerstone Growth Fund (HFCGX) $10,985 Cornerstone Growth Fund (HICGX) $11,021 Russell 2000® Index $11,620 S&P 500® Index $11,574 Value of $10,000 invested between 9/30/2023 and 9/30/2026
Cornerstone Growth Fund (HFCGX) $16,145 Cornerstone Growth Fund (HICGX) $16,299 Russell 2000® Index $16,314 S&P 500® Index $18,558 Value of $10,000 invested between 9/30/2021 and 9/30/2026
Cornerstone Growth Fund (HFCGX) $18,851 Cornerstone Growth Fund (HICGX) $19,155 Russell 2000® Index $13,595 S&P 500® Index $19,078 Value of $10,000 invested between 9/30/2016 and 9/30/2026
Cornerstone Growth Fund (HFCGX) $30,008 Cornerstone Growth Fund (HICGX) $31,002 Russell 2000® Index $25,552 S&P 500® Index $41,641 Value of $10,000 invested between 11/1/1996 and 9/30/2026
Cornerstone Growth Fund (HFCGX) $167,259 Cornerstone Growth Fund (HICGX) $177,347 Russell 2000® Index $122,624 S&P 500® Index $186,139 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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Investor Class (HFCGX) 8.37% 16.60% -21.22% 20.70% 17.73% 28.89% -4.93% 19.58% 31.64% 4.78% Institutional Class (HICGX) 8.70% 16.99% -20.91% 21.05% 18.08% 29.36% -4.65% 19.99% 32.09% 5.09% Russell 2000® Index 21.31% 14.65% -11.01% 25.52% 19.96% 14.82% -20.44% 16.93% 11.54% 12.81% S&P 500® Index 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% 25.02% 17.88% Year Investor Class (HFCGX) Institutional Class (HICGX) Russell 2000® Index S&P 500® Index 2015 -1.09% -0.86% -4.41% 1.38% 2014 13.82% 14.01% 4.89% 13.69% 2013 35.89% 36.43% 38.82% 32.39% 2012 30.31% 30.76% 16.35% 16.00% 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% Returns-Based Statistics
Relative to Russell 2000® Indexas of 9/30/26Investor Class (HFCGX)Type 3 yr 5 yr 10 yr Alpha 2.53 7.22 2.39 Beta 0.77 0.86 0.96 Upside Capture 81.31 99.90 97.16 Downside Capture 68.93 75.71 89.48 Institutional Class (HICGX)Type 3 yr 5 yr 10 yr Alpha 2.85 7.54 2.72 Beta 0.77 0.87 0.96 Upside Capture 81.84 100.46 97.77 Downside Capture 68.29 75.18 88.93 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 9/30/26Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 0.74 0.52 0.49 Institutional Class (HICGX) 0.76 0.54 0.51 Russell 2000® Index 0.70 0.21 0.43 Small Blend Category Average 0.62 0.22 0.41 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 9/30/26Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 17.70 21.07 22.42 Institutional Class (HICGX) 17.71 21.09 22.42 Russell 2000® Index 19.54 20.83 20.90 Small Blend Category Average 17.57 19.00 19.71 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
1.32%
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Institutional Class (HICGX)
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Gross expense ratio
1.00%
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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 9/30/26. 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. Institutional Class (HICGX) received 4 stars for the three-year, 5 stars for the five-year and 4 stars for the ten-year periods ended 9/30/26 / Investor Class (HFCGX) received 4 stars for the three-year, 5 stars for the five-year and 3 stars for the ten-year periods ended 9/30/26 among 582, 559 and 456 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 9/30/26. 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 9/30/26Inception Date (HFCGX) 11/1/96 Inception Date (HICGX) 3/3/08 Total Fund Assets $436 Million Active Share vs. Russell 2000® Index 97% Portfolio Turnover 97% Median Market Cap $4.1 Billion Median Price/Earnings 14.5x Median Price/Book 2.4x Median Price/Sales 0.8x 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. Quantitatively managed, the Fund maintains a concentrated portfolio, which seeks growth at a reasonable price.
Sector Weighting
as of 9/30/26Fund Russell 2000® Index Difference Energy 26.6% 6.7% +19.8% Industrials 21.0% 14.0% +7.0% Information Technology 15.3% 13.7% +1.6% Materials 10.3% 4.2% +6.1% Financials 5.9% 19.0% -13.1% Consumer Discretionary 5.8% 8.9% -3.1% Health Care 4.0% 20.8% -16.8% Communication Services 3.3% 2.5% +0.9% Consumer Staples 3.2% 2.0% +1.2% Real Estate 2.0% 5.7% -3.7% Utilities 0.0% 2.7% -2.7% Cash & Other 2.7% Portfolio Holdings
Top 10 Holdings
as of 9/30/26Top 10 Holdings % of Net Assets Dell Technologies, Inc. 5.0% PBF Energy, Inc. 3.5% HF Sinclair Corp. 3.1% Calumet, Inc. 3.1% Delek US Holdings, Inc. 3.0% Oceaneering International, Inc. 2.4% Par Pacific Holdings, Inc. 2.4% GigaCloud Technology, Inc. 2.4% BrightSpring Health Services, Inc. 2.3% ArcelorMittal SA 2.2% Total as % of Net Assets 29.6% Total Equity Holdings: 51
as of 9/30/26Equity Holdings % of Net Assets Dell Technologies, Inc. 5.0% PBF Energy, Inc. 3.5% HF Sinclair Corp. 3.1% Calumet, Inc. 3.1% Delek US Holdings, Inc. 3.0% Oceaneering International, Inc. 2.4% Par Pacific Holdings, Inc. 2.4% GigaCloud Technology, Inc. 2.4% BrightSpring Health Services, Inc. 2.3% ArcelorMittal SA 2.2% Encore Capital Group, Inc. 2.2% Vishay Intertechnology, Inc. 2.2% TD SYNNEX Corp. 2.2% DXP Enterprises, Inc./TX 2.1% Cenovus Energy, Inc. 2.1% Pitney Bowes, Inc. 2.0% WESCO International, Inc. 2.0% Garrett Motion, Inc. 2.0% Diversified Healthcare Trust 2.0% Hamilton Insurance Group, Ltd 1.9% Sasol, Ltd 1.9% Sanmina Corp. 1.9% Patterson-UTI Energy, Inc. 1.9% Petroleo Brasileiro SA 1.9% AAR Corp. 1.8% EZCORP, Inc. 1.8% Tutor Perini Corp. 1.8% United Natural Foods, Inc. 1.7% Scholastic Corp. 1.7% Phibro Animal Health Corp. 1.7% Enerflex, Ltd 1.7% Kennametal, Inc. 1.7% Kaiser Aluminum Corp. 1.7% Diebold Nixdorf, Inc. 1.6% USA TODAY Co, Inc. 1.6% Deluxe Corp. 1.6% Jabil, Inc. 1.6% Compass Minerals International 1.6% CH Robinson Worldwide, Inc. 1.6% Constellium SE 1.5% Nabors Industries, Ltd 1.5% Seaboard Corp. 1.5% Dana, Inc. 1.5% MYR Group, Inc. 1.4% FedEx Corp. 1.4% Alcoa Corp. 1.4% Avis Budget Group, Inc. 1.2% Primoris Services Corp. 1.1% Centuri Holdings, Inc. 1.1% ADTRAN Holdings, Inc. 0.8% Fedex Freight Holding Co., Inc. 0.3% Total as % of Net Assets 97.3% Cash & Other Holdings % of Net Assets Cash & Other 2.7% Total as % of Net Assets 2.7% Country Allocation
as of 9/30/26-
United States
80.3%
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International
16.9%
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Cash & Other
2.7%
United States 80.3% Canada 3.7% Bermuda 3.4% Cayman Islands 2.4% Luxembourg 2.2% South Africa 1.9% Brazil 1.8% France 1.5% 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 12/27/2024 $0.03958 -- -- $0.03958 $31.98 12/05/2024 -- -- $4.45193 $4.45193 $34.53 12/27/2023 $0.10342 -- -- $0.10342 $27.78 12/28/2022 $0.27175 -- -- $0.27175 $22.55 12/08/2022 -- -- $0.55021 $0.55021 $23.13 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 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 12/29/2025 $0.02324 -- -- $0.02324 $35.20 12/27/2024 $0.10977 -- -- $0.10977 $33.41 12/05/2024 -- -- $4.65975 $4.65975 $36.14 12/27/2023 $0.18394 -- -- $0.18394 $28.98 12/28/2022 $0.35372 -- -- $0.35372 $23.52 12/08/2022 -- -- $0.57544 $0.57544 $24.19 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 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or 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.
