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Overview
Hennessy Cornerstone Large Growth Fund
Quantitatively managed, the Fund maintains a concentrated portfolio of large, growth-oriented companies.
Why Invest
- Quantitatively-driven, repeatable investment process
- Focus on large companies with high levels of profitability, trading at reasonable valuations
Investment Criteria
The Hennessy Cornerstone Large Growth Fund utilizes a quantitative formula to identify 50 domestic, common stocks from the investable common stocks of public companies in the S&P Capital IQ Database that meet the following criteria, in the specified order:
- Above-average market capitalization
- Price-to-cash flow ratio less than the median of the remaining securities
- Positive total capital
- Highest one-year return on total capital
Portfolio Managers
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Chief Market Strategist and Portfolio Manager-
17Years 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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“We believe that return on capital is the best way to assess how effective a company is at turning capital into profits.”
- Neil Hennessy
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Insights & News
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Performance
Daily Pricing & Performance
as of 7/8/26-
Investor Class (HFLGX)
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NAV
$12.79
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$ Change
-$0.10
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% Change
-0.78%
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YTD
12.99%
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Institutional Class (HILGX)
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NAV
$12.94
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$ Change
-$0.10
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% Change
-0.77%
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YTD
13.21%
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Average Annualized Total Return
as of 6/30/26Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) 2.02% 11.48% 16.51% 10.90% 7.32% 11.55% 13.36% Institutional Class (HILGX) 2.08% 11.64% 16.91% 11.23% 7.62% 11.86% 13.66% Russell 1000® Index -0.50% 10.33% 22.02% 20.47% 12.66% 15.30% 16.20% S&P 500® Index -0.95% 10.21% 22.33% 20.61% 13.41% 15.51% 16.24% as of 6/30/26Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) 6.95% 11.48% 16.51% 10.90% 7.32% 11.55% 13.36% Institutional Class (HILGX) 7.05% 11.64% 16.91% 11.23% 7.62% 11.86% 13.66% Russell 1000® Index 15.14% 10.33% 22.02% 20.47% 12.66% 15.30% 16.20% S&P 500® Index 15.20% 10.21% 22.33% 20.61% 13.41% 15.51% 16.24% Hypothetical Growth of $10,000
as of 6/30/2026Value of $10,000 invested between 6/30/2025 and 6/30/2026
Cornerstone Large Growth Fund (HFLGX) $11,651 Cornerstone Large Growth Fund (HILGX) $11,691 Russell 1000® Index $12,202 S&P 500® Index $12,233 Value of $10,000 invested between 6/30/2023 and 6/30/2026
Cornerstone Large Growth Fund (HFLGX) $13,639 Cornerstone Large Growth Fund (HILGX) $13,760 Russell 1000® Index $17,484 S&P 500® Index $17,547 Value of $10,000 invested between 6/30/2021 and 6/30/2026
Cornerstone Large Growth Fund (HFLGX) $14,237 Cornerstone Large Growth Fund (HILGX) $14,435 Russell 1000® Index $18,149 S&P 500® Index $18,757 Value of $10,000 invested between 6/30/2016 and 6/30/2026
Cornerstone Large Growth Fund (HFLGX) $29,822 Cornerstone Large Growth Fund (HILGX) $30,673 Russell 1000® Index $41,509 S&P 500® Index $42,271 Value of $10,000 invested between 3/20/2009 and 6/30/2026
Cornerstone Large Growth Fund (HFLGX) $87,281 Cornerstone Large Growth Fund (HILGX) $91,352 Russell 1000® Index $133,942 S&P 500® Index $134,747 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 (HFLGX) 14.69% 17.08% -8.98% 27.53% 5.49% 34.66% -13.31% 21.71% 4.40% 7.41% Institutional Class (HILGX) 15.05% 17.33% -8.66% 27.82% 5.77% 35.06% -13.06% 22.06% 4.69% 7.70% Russell 1000® Index 12.05% 21.69% -4.78% 31.43% 20.96% 26.46% -19.13% 26.53% 24.51% 17.37% 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 (HFLGX) Institutional Class (HILGX) Russell 1000® Index S&P 500® Index 2015 -6.60% -6.47% 0.92% 1.38% 2014 16.18% 16.29% 13.24% 13.69% 2013 33.79% 34.08% 33.11% 32.39% 2012 10.44% 10.71% 16.42% 16.00% 2011 2.59% 2.97% 1.50% 2.11% 2010 18.85% 19.28% 16.10% 15.06% Returns-Based Statistics
Relative to Russell 1000® Indexas of 6/30/26Investor Class (HFLGX)Type 3 yr 5 yr 10 yr Alpha -4.89 -4.22 -3.44 Beta 0.78 0.96 1.04 Upside Capture 74.67 86.09 93.36 Downside Capture 109.53 104.92 109.17 Institutional Class (HILGX)Type 3 yr 5 yr 10 yr Alpha -4.57 -3.94 -3.14 Beta 0.77 0.96 1.04 Upside Capture 75.08 86.58 93.83 Downside Capture 107.89 104.15 108.21 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 6/30/26Type 3 yr 5 yr 10 yr Investor Class (HFLGX) 0.48 0.28 0.56 Institutional Class (HILGX) 0.50 0.29 0.58 Russell 1000® Index 1.13 0.60 0.84 Mid-Cap Value Category Average 0.68 0.37 0.50 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 6/30/26Type 3 yr 5 yr 10 yr Investor Class (HFLGX) 14.08 18.03 18.24 Institutional Class (HILGX) 14.04 18.02 18.21 Russell 1000® Index 13.20 15.97 15.64 Mid-Cap Value Category Average 13.85 16.32 17.69 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HFLGX)
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Gross expense ratio
1.29%
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Institutional Class (HILGX)
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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.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 6/30/26. 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 S&P Capital IQ Database is a robust source of data on the universe of publicly traded companies.
Price to cash flow ratio is a stock valuation measure calculated by dividing a firm's cash flow per share into the current stock price.
The Russell 1000® and S&P 500® are unmanaged indices commonly used to measure the performance of U.S. stocks. The Russell 1000® measures large-cap 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.
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
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 6/30/26Inception Date (HFLGX) 3/20/09 Inception Date (HILGX) 3/20/09 Total Fund Assets $141 Million Active Share vs. Russell 1000® Index 92% Portfolio Turnover 62% Median Market Cap $45.6 Billion Median Price/Earnings 16.6x Median Price/Book 5.9x Price/Earnings measures a stock’s price per share compared to earnings. Price/Book measures a stock’s price per share to book value. Portfolio Turnover and Price/Earnings shown reflect the trailing 12-month period.
Sector Weighting
as of 6/30/26Fund Russell 1000® Index Difference Financials 17.2% 12.0% +5.2% Consumer Discretionary 16.8% 9.4% +7.4% Consumer Staples 15.2% 4.5% +10.7% Information Technology 15.2% 36.0% -20.8% Health Care 14.9% 9.1% +5.8% Industrials 11.1% 10.1% +1.0% Energy 4.3% 3.0% +1.3% Communication Services 1.7% 9.5% -7.8% Materials 1.4% 2.1% -0.7% Real Estate 0.0% 2.1% -2.1% Utilities 0.0% 2.2% -2.2% Cash & Other 2.2% Portfolio Holdings
Top 10 Holdings
as of 6/30/26Top 10 Holdings % of Net Assets Dell Technologies, Inc. 7.1% NetApp, Inc. 3.0% Jabil, Inc. 2.9% JB Hunt Transport Services, Inc. 2.6% eBay, Inc. 2.3% Deere & Co. 2.3% Allstate Corp. 2.3% The Travelers Cos, Inc. 2.2% Union Pacific Corp. 2.2% Altria Group, Inc. 2.2% Total as % of Net Assets 29.1% Total Equity Holdings: 50
as of 6/30/26Equity Holdings % of Net Assets Dell Technologies, Inc. 7.1% NetApp, Inc. 3.0% Jabil, Inc. 2.9% JB Hunt Transport Services, Inc. 2.6% eBay, Inc. 2.3% Deere & Co. 2.3% Allstate Corp. 2.3% The Travelers Cos, Inc. 2.2% Union Pacific Corp. 2.2% Altria Group, Inc. 2.2% EOG Resources, Inc. 2.2% Johnson & Johnson 2.2% Cheniere Energy, Inc. 2.2% Merck & Co., Inc. 2.2% United Therapeutics Corp. 2.1% Williams-Sonoma, Inc. 2.1% Incyte Corp. 2.0% Colgate-Palmolive Co. 2.0% Kimberly-Clark Corp. 2.0% T Rowe Price Group, Inc. 2.0% Sysco Corp. 2.0% Progressive Corp. 2.0% PulteGroup, Inc. 2.0% Bristol-Myers Squibb Co. 2.0% W R Berkley Corp. 1.9% Amazon.com, Inc. 1.9% The Hartford Insurance Group, Inc. 1.9% Gilead Sciences, Inc. 1.9% Procter & Gamble Co. 1.9% Darden Restaurants, Inc. 1.9% United Parcel Service (Class B) 1.9% Dollar Tree, Inc. 1.7% PepsiCo, Inc. 1.7% Ameriprise Financial, Inc. 1.7% Marsh & McLennan Cos, Inc. 1.7% Omnicom Group, Inc. 1.7% The Kroger Co. 1.6% AutoZone, Inc. 1.6% HCA Healthcare, Inc. 1.5% Lowe's Companies, Inc. 1.5% NVR, Inc. 1.5% Newmont Corp 1.4% PayPal Holdings, Inc. 1.4% Adobe Inc. 1.3% Broadridge Financial Solutions 1.2% Lululemon Athletica, Inc. 1.1% Tractor Supply Co. 1.1% Zoetis, Inc. 1.1% Leidos Holdings, Inc. 1.0% Cognizant Technology Solutions 0.9% Total as % of Net Assets 97.8% Cash & Other Holdings % of Net Assets Cash & Other 2.2% Total as % of Net Assets 2.2% Country Allocation
as of 6/30/26-
United States
97.8%
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Cash & Other
2.2%
United States 97.8% Cash & Other 2.2% -
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Distributions
The Hennessy Cornerstone Large 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 12/29/2025 $0.10341 -- -- $0.10341 $11.43 12/04/2025 -- $0.00693 $0.57633 $0.58326 $11.59 12/27/2024 $0.10898 -- -- $0.10898 $11.24 12/05/2024 -- $0.11932 $0.26756 $0.38688 $12.04 12/27/2023 $0.11423 -- -- $0.11423 $11.26 12/07/2023 -- -- $0.30276 $0.30276 $10.53 12/28/2022 $0.08232 -- -- $0.08232 $9.42 12/08/2022 -- -- $1.76094 $1.76094 $9.89 12/29/2021 $0.08229 -- -- $0.08229 $13.07 12/07/2021 -- $0.03744 $1.74592 $1.78336 $12.81 12/29/2020 $0.09707 -- -- $0.09707 $11.01 12/08/2020 -- -- $0.48736 $0.48736 $11.13 12/27/2019 $0.13920 -- -- $0.13920 $11.12 12/06/2019 -- $0.10746 $0.02252 $0.12998 $10.91 12/27/2018 $0.08724 -- -- $0.08724 $8.86 12/07/2018 -- -- $2.29850 $2.29850 $9.57 12/27/2017 $0.07705 -- -- $0.07705 $12.33 12/07/2017 -- $0.01724 $0.40932 $0.42656 $12.05 12/28/2016 $0.12393 -- -- $0.12393 $10.98 12/29/2015 $0.15914 -- -- $0.15914 $9.78 12/09/2015 -- -- $2.73419 $2.73419 $9.86 12/31/2014 $0.14224 -- -- $0.14224 $13.37 12/08/2014 -- -- $2.23720 $2.23720 $13.35 12/31/2013 $0.14574 -- -- $0.14574 $13.58 12/10/2013 -- $0.00147 $0.67490 $0.67637 $13.33 12/31/2012 $0.10383 -- -- $0.10383 $10.78 12/07/2012 -- -- $0.01678 $0.01678 $10.79 12/27/2011 $0.07380 -- -- $0.07380 $9.96 12/05/2011 -- -- $2.46063 $2.46063 $10.07 12/30/2010 $0.09412 -- -- $0.09412 $12.07 12/02/2010 -- -- $0.01631 $0.01631 $12.00 12/29/2009 $0.04948 -- -- $0.04948 $10.33 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 $0.13726 -- -- $0.13726 $11.54 12/04/2025 -- $0.00703 $0.58345 $0.59048 $11.73 12/27/2024 $0.14194 -- -- $0.14194 $11.35 12/05/2024 -- $0.12077 $0.27083 $0.39160 $12.19 12/27/2023 $0.14365 -- -- $0.14365 $11.37 12/07/2023 -- -- $0.30642 $0.30642 $10.65 12/28/2022 $0.11646 -- -- $0.11646 $9.51 12/08/2022 -- -- $1.78324 $1.78324 $10.02 12/29/2021 $0.11077 -- -- $0.11077 $13.20 12/07/2021 -- $0.03787 $1.76609 $1.80396 $12.96 12/29/2020 $0.12771 -- -- $0.12771 $11.12 12/08/2020 -- -- $0.49308 $0.49308 $11.26 12/27/2019 $0.16582 -- -- $0.16582 $11.22 12/06/2019 -- $0.10864 $0.02276 $0.13140 $11.03 12/27/2018 $0.11796 -- -- $0.11796 $8.93 12/07/2018 -- -- $2.32790 $2.32790 $9.68 12/27/2017 $0.09506 -- -- $0.09506 $12.44 12/07/2017 -- $0.01747 $0.41414 $0.43161 $12.17 12/28/2016 $0.14888 -- -- $0.14888 $11.07 12/29/2015 $0.17106 -- -- $0.17106 $9.86 12/09/2015 -- -- $2.76324 $2.76324 $9.94 12/31/2014 $0.16466 -- -- $0.16466 $13.47 12/08/2014 -- -- $2.25762 $2.25762 $13.47 12/31/2013 $0.17419 -- -- $0.17419 $13.69 12/10/2013 -- $0.00147 $0.67490 $0.67637 $13.46 12/31/2012 $0.11645 -- -- $0.11645 $10.86 12/07/2012 -- -- $0.01678 $0.01678 $10.88 12/27/2011 $0.09891 -- -- $0.09891 $10.01 12/05/2011 -- -- $2.46063 $2.46063 $10.15 12/30/2010 $0.12215 -- -- $0.12215 $12.11 12/02/2010 -- -- $0.01631 $0.01631 $12.06 12/29/2009 $0.05037 -- -- $0.05037 $10.35 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.
