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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-
13Years on Fund
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43Years of Experience
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Chief Investment Officer and Portfolio Manager-
5Years on Fund
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26Years 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 12/8/22-
Investor Class (HFLGX)
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NAV
$9.89
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$ Change
-$1.69
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% Change
-14.59%
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YTD
-10.72%
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Institutional Class (HILGX)
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NAV
$10.02
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$ Change
-$1.71
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% Change
-14.58%
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YTD
-10.45%
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Average Annualized Total Return
as of 11/30/22Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) 8.61% -9.12% -3.57% 9.90% 8.95% 11.41% 13.99% Institutional Class (HILGX) 8.69% -8.88% -3.25% 10.22% 9.26% 11.69% 14.29% Russell 1000® Index 5.41% -14.13% -10.66% 10.56% 10.69% 13.17% 15.23% S&P 500® Index 5.59% -13.10% -9.21% 10.91% 10.98% 13.34% 15.23% as of 9/30/22Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) -4.13% -25.36% -17.96% 5.33% 5.90% 9.22% 12.53% Institutional Class (HILGX) -3.99% -25.19% -17.68% 5.63% 6.22% 9.50% 12.82% Russell 1000® Index -4.61% -24.59% -17.22% 7.95% 9.00% 11.60% 14.33% S&P 500® Index -4.88% -23.87% -15.47% 8.16% 9.24% 11.70% 14.31% Hypothetical Growth of $10,000
as of 11/30/2022Value of $10,000 invested between 11/30/2021 and 11/30/2022
Cornerstone Large Growth Fund (HFLGX) $9,643 Cornerstone Large Growth Fund (HILGX) $9,675 Russell 1000® Index $8,934 S&P 500® Index $9,079 Value of $10,000 invested between 11/30/2019 and 11/30/2022
Cornerstone Large Growth Fund (HFLGX) $13,275 Cornerstone Large Growth Fund (HILGX) $13,391 Russell 1000® Index $13,514 S&P 500® Index $13,641 Value of $10,000 invested between 11/30/2017 and 11/30/2022
Cornerstone Large Growth Fund (HFLGX) $15,349 Cornerstone Large Growth Fund (HILGX) $15,568 Russell 1000® Index $16,619 S&P 500® Index $16,833 Value of $10,000 invested between 11/30/2012 and 11/30/2022
Cornerstone Large Growth Fund (HFLGX) $29,454 Cornerstone Large Growth Fund (HILGX) $30,201 Russell 1000® Index $34,445 S&P 500® Index $34,966 Value of $10,000 invested between 3/20/2009 and 11/30/2022
Cornerstone Large Growth Fund (HFLGX) $60,138 Cornerstone Large Growth Fund (HILGX) $62,320 Russell 1000® Index $69,711 S&P 500® Index $69,711 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
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Investor Class (HFLGX) 10.44 33.79 16.18 -6.60 14.69 17.08 -8.98 27.53 5.49 34.66 Institutional Class (HILGX) 10.71 34.08 16.29 -6.47 15.05 17.33 -8.66 27.82 5.77 35.06 Russell 1000® Index 16.42 33.11 13.24 0.92 12.05 21.69 -4.78 31.43 20.96 26.46 S&P 500® Index 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 Year Investor Class (HFLGX) Institutional Class (HILGX) Russell 1000® Index S&P 500® Index 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 9/30/22Investor Class (HFLGX)Type 3 yr 5 yr 10 yr Alpha -2.50 -3.12 -2.52 Beta 1.07 1.08 1.06 Upside Capture 99.67 99.18 93.81 Downside Capture 108.98 111.91 104.09 Institutional Class (HILGX)Type 3 yr 5 yr 10 yr Alpha -2.21 -2.81 -2.27 Beta 1.07 1.08 1.06 Upside Capture 100.12 99.66 94.43 Downside Capture 108.45 111.20 103.45 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 9/30/22Type 3 yr 5 yr 10 yr Investor Class (HFLGX) 0.31 0.32 0.57 Institutional Class (HILGX) 0.32 0.34 0.59 Russell 1000® Index 0.44 0.49 0.77 Large Value Category Average 0.31 0.32 0.60 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 9/30/22Type 3 yr 5 yr 10 yr Investor Class (HFLGX) 23.57 21.11 16.66 Institutional Class (HILGX) 23.56 21.09 16.65 Russell 1000® Index 20.80 18.45 14.67 Large Value Category Average 20.02 17.79 14.28 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
1.04%
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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 9/30/22. 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 9/30/22Inception Date (HFLGX) 3/20/09 Inception Date (HILGX) 3/20/09 Total Fund Assets $118 Million Active Share vs. Russell 1000® Index 94% Portfolio Turnover 75% Median Market Cap $16.8 Billion Median Price/Earnings 10.0x Median Price/Book 3.4x 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 9/30/22Fund Russell 1000® Index Difference Industrials 18.7% 8.6% +10.1% Health Care 18.5% 14.7% +3.8% Materials 18.1% 2.7% +15.4% Consumer Discretionary 17.5% 11.6% +5.9% Financials 9.9% 11.4% -1.5% Information Technology 7.5% 26.0% -18.5% Communication Services 4.0% 7.8% -3.8% Consumer Staples 2.3% 6.4% -4.2% Energy 2.2% 4.6% -2.4% Utilities 0.0% 3.0% -3.0% Real Estate 0.0% 3.2% -3.2% Cash & Other 1.4% Portfolio Holdings
Top 10 Holdings
as of 9/30/22Top 10 Holdings % of Net Assets Cardinal Health, Inc. 3.0% Northrop Grumman Corp. 2.8% CF Industries Holdings, Inc. 2.7% Gilead Sciences, Inc. 2.7% Regeneron Pharmaceuticals, Inc. 2.6% Darden Restaurants, Inc. 2.5% Snap-on, Inc. 2.5% C.H. Robinson Worldwide, Inc. 2.4% Sirius XM Holdings, Inc. 2.3% Reliance Steel & Aluminum Co. 2.3% Total as % of Net Assets 25.7% Total Holdings: 50
as of 9/30/22Equity Holdings % of Net Assets Cardinal Health, Inc. 3.0% Northrop Grumman Corp. 2.8% CF Industries Holdings, Inc. 2.7% Gilead Sciences, Inc. 2.7% Regeneron Pharmaceuticals, Inc. 2.6% Darden Restaurants, Inc. 2.5% Snap-on, Inc. 2.5% C.H. Robinson Worldwide, Inc. 2.4% Sirius XM Holdings, Inc. 2.3% Reliance Steel & Aluminum Co. 2.3% Philip Morris International, Inc. 2.3% AmerisourceBergen Corp. 2.3% Steel Dynamics, Inc. 2.2% Hologic, Inc. 2.2% APA Corp. 2.2% AbbVie, Inc. 2.2% Ameriprise Financial, Inc. 2.2% Expeditors International of Washington, Inc. 2.1% DR Horton, Inc. 2.1% NVR, Inc. 2.1% Nucor Corp. 2.0% PulteGroup, Inc. 2.0% NortonLifeLock, Inc. 2.0% Builders FirstSource, Inc. 2.0% Tapestry, Inc. 1.9% 3M Co. 1.9% Caterpillar, Inc. 1.9% QUALCOMM, Inc. 1.9% Fidelity National Financial, Inc. 1.9% Williams-Sonoma, Inc. 1.9% Hewlett-Packard Co. 1.9% United Parcel Service (Class B) 1.9% T Rowe Price Group, Inc. 1.8% Dow, Inc. 1.8% Lam Research Corp. 1.8% Moderna, Inc. 1.8% HCA Healthcare, Inc. 1.8% Cincinnati Financial Corp. 1.7% Target Corp. 1.7% Bath & Body Works, Inc. 1.7% Meta Platforms, Inc. 1.7% Sealed Air Corp. 1.7% Best Buy Co., Inc. 1.6% Celanese Corp. 1.6% Freeport-McMoRan, Inc. 1.4% The Carlyle Group, Inc. 1.4% Avis Budget Group, Inc. 1.3% Cleveland-Cliffs, Inc. 1.3% Alcoa Corp. 1.1% Coinbase Global, Inc. 0.9% Total as % of Net Assets 98.7% Cash & Other Holdings % of Net Assets Cash & Other 1.4% Total as % of Net Assets 1.4% Country Allocation
as of 9/30/22-
United States
98.6%
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Cash & Other
1.4%
United States 98.6% Cash & Other 1.4% -
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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 12/08/2022 -- -- $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 12/08/2022 -- -- $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
Download PDF View Online Cornerstone Large Growth Fund Documents Fact Sheet Portfolio Perspective View Summary Prospectus Full Prospectus Statement of Additional Information Cornerstone Large 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.
