• Overview

    Category
    Domestic Equity

    Hennessy Cornerstone Large Growth Fund

    Quantitatively managed, the Fund maintains a concentrated portfolio of large, growth-oriented companies.

    Investor

    HFLGX

    Institutional

    HILGX

    Morningstar style box

    Morningstar style box

    Overall morningstar rating

    • Investor
    • HFLGX
    • Institutional
    • HILGX

    Among 1138 Large Value Funds (Based on risk-adjusted returns, as of 3/31/21)

    Portfolio Manager Commentary
    Portfolio Manager Commentary

    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:

    1. Above-average market capitalization
    2. Price-to-cash flow ratio less than the median of the remaining securities
    3. Positive total capital
    4. Highest one-year return on total capital

    Portfolio Managers

    • Neil J. Hennessy
      Chief Market Strategist and Portfolio Manager
      • 12
        Years on Fund
      • 41
        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
      • 2
        Years on Fund
      • 24
        Years of Experience

    “We believe that return on capital is the best way to assess how effective a company is at turning capital into profits.”

    - Neil Hennessy

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 5/17/21
    • Investor Class (HFLGX)
      • NAV

        $13.93

      • $ Change

        -$0.05

      • % Change

        -0.36%

      • YTD

        25.38%

    • Institutional Class (HILGX)
      • NAV

        $14.08

      • $ Change

        -$0.04

      • % Change

        -0.28%

      • YTD

        25.60%

    Average Annualized Total Return

    as of 4/30/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09)
    Investor Class (HFLGX) 2.79% 22.77% 60.48% 15.57% 14.56% 11.50% 16.00%
    Institutional Class (HILGX) 2.84% 22.93% 60.94% 15.93% 14.89% 11.78% 16.30%
    Russell 1000® Index 5.38% 11.61% 49.48% 19.24% 17.76% 14.23% 17.66%
    S&P 500® Index 5.34% 11.84% 45.98% 18.67% 17.42% 14.17% 17.39%

    Please swipe to view table

    as of 3/31/21
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09)
    Investor Class (HFLGX) 19.44% 19.44% 77.10% 13.73% 13.12% 11.61% 15.85%
    Institutional Class (HILGX) 19.54% 19.54% 77.51% 14.04% 13.43% 11.88% 16.14%
    Russell 1000® Index 5.91% 5.91% 60.59% 17.31% 16.66% 13.97% 17.27%
    S&P 500® Index 6.18% 6.18% 56.35% 16.78% 16.29% 13.91% 17.01%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 4/30/2021

    Value of $10,000 invested between 4/30/2020 and 4/30/2021

    Cornerstone Large Growth Fund (HFLGX) $16,048
    Cornerstone Large Growth Fund (HILGX) $16,094
    Russell 1000® Index $14,948
    S&P 500® Index $14,598

    Value of $10,000 invested between 4/30/2018 and 4/30/2021

    Cornerstone Large Growth Fund (HFLGX) $15,435
    Cornerstone Large Growth Fund (HILGX) $15,583
    Russell 1000® Index $16,955
    S&P 500® Index $16,711

    Value of $10,000 invested between 4/30/2016 and 4/30/2021

    Cornerstone Large Growth Fund (HFLGX) $19,734
    Cornerstone Large Growth Fund (HILGX) $20,015
    Russell 1000® Index $22,647
    S&P 500® Index $22,320

    Value of $10,000 invested between 4/30/2011 and 4/30/2021

    Cornerstone Large Growth Fund (HFLGX) $29,705
    Cornerstone Large Growth Fund (HILGX) $30,440
    Russell 1000® Index $37,840
    S&P 500® Index $37,637

    Value of $10,000 invested between 3/20/2009 and 4/30/2021

    Cornerstone Large Growth Fund (HFLGX) $60,331
    Cornerstone Large Growth Fund (HILGX) $62,245
    Russell 1000® Index $71,658
    S&P 500® Index $69,712

    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 (HFLGX)
    2.59 10.44 33.79 16.18 -6.60 14.69 17.08 -8.98 27.53 5.49
    Institutional Class (HILGX)
    2.97 10.71 34.08 16.29 -6.47 15.05 17.33 -8.66 27.82 5.77
    Russell 1000® Index
    1.50 16.42 33.11 13.24 0.92 12.05 21.69 -4.78 31.43 20.96
    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 (HFLGX)
    Institutional Class (HILGX)
    Russell 1000® Index
    S&P 500® Index
    2010 18.85% 19.28% 16.10% 15.06%

    Please swipe to view table

    Returns-Based Statistics
    Relative to Russell 1000® Index

    as of 3/31/21
    Investor Class (HFLGX)
    Type 3 yr 5 yr 10 yr
    Alpha -4.58 -4.60 -2.70
    Beta 1.14 1.13 1.07
    Upside Capture 102.36 95.85 93.75
    Downside Capture 120.47 114.89 104.18
    Institutional Class (HILGX)
    Type 3 yr 5 yr 10 yr
    Alpha -4.26 -4.28 -2.43
    Beta 1.13 1.13 1.06
    Upside Capture 102.64 96.29 94.34
    Downside Capture 119.51 113.69 103.40

    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 3/31/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HFLGX) 0.62 0.69 0.73
    Institutional Class (HILGX) 0.63 0.71 0.75
    Russell 1000® Index 0.86 1.01 0.97
    Large Value Category Average 0.52 0.69 0.69

    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 3/31/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HFLGX) 22.70 18.77 15.89
    Institutional Class (HILGX) 22.65 18.71 15.87
    Russell 1000® Index 18.99 15.30 13.91
    Large Value Category Average 19.77 15.96 14.28

    Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.

    Fund Expenses

    • Investor Class (HFLGX)
      • Gross expense ratio

        1.31%

    • Institutional Class (HILGX)
      • Gross expense ratio

        1.01%

    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 3/31/21. 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 (HILGX) received 4 stars for the three-year, 4 stars for the five-year and 4 stars for the ten-year periods ended 3/31/21 / Investor Class (HFLGX) received 4 stars for the three-year, 3 stars for the five-year and 4 stars for the ten-year periods ended 3/31/21 among 1138, 1007 and 729 Large Value 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 3/31/21. 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 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.

    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 3/31/21
    Inception Date (HFLGX) 3/20/09
    Inception Date (HILGX) 3/20/09
    Total Fund Assets $153 Million
    Active Share vs. Russell 1000® Index 89%
    Portfolio Turnover 73%
    Median Market Cap $42.0 Billion
    Median Price/Earnings 17.4x
    Median Price/Book 5.7x

    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 3/31/21
    Fund Russell 1000® Index Difference
    Consumer Discretionary 26.7% 12.1% +14.5%
    Health Care 21.0% 13.1% +7.8%
    Industrials 11.5% 9.4% +2.2%
    Consumer Staples 11.4% 5.8% +5.6%
    Information Technology 9.7% 26.7% -17.0%
    Financials 9.5% 11.4% -1.9%
    Communication Services 5.7% 10.5% -4.8%
    Materials 1.9% 2.8% -0.9%
    Energy 0.0% 2.6% -2.6%
    Utilities 0.0% 2.6% -2.6%
    Real Estate 0.0% 3.0% -3.0%
    Cash & Other 2.6%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/21
    Top 10 Holdings Ticker % of Net Assets
    Williams-Sonoma, Inc. WSM 2.4%
    AutoZone, Inc. AZO 2.1%
    Lowe's Companies, Inc. LOW 2.1%
    The Home Depot, Inc. HD 2.1%
    Cardinal Health, Inc. CAH 2.1%
    Dollar Tree, Inc. DLTR 2.1%
    PulteGroup, Inc. PHM 2.1%
    DR Horton, Inc. DHI 2.1%
    Whirlpool Corp. WHR 2.0%
    Cisco Systems, Inc. CSCO 2.0%
    Total as % of Net Assets 21.0%

    Total Holdings: 50

    as of 3/31/21
    Equity Holdings Ticker % of Net Assets
    Williams-Sonoma, Inc. WSM 2.4%
    AutoZone, Inc. AZO 2.1%
    Lowe's Companies, Inc. LOW 2.1%
    The Home Depot, Inc. HD 2.1%
    Cardinal Health, Inc. CAH 2.1%
    Dollar Tree, Inc. DLTR 2.1%
    PulteGroup, Inc. PHM 2.1%
    DR Horton, Inc. DHI 2.1%
    Whirlpool Corp. WHR 2.0%
    Cisco Systems, Inc. CSCO 2.0%
    Best Buy Co., Inc. BBY 2.0%
    Snap-on, Inc. SNA 2.0%
    O'Reilly Automotive, Inc. ORLY 2.0%
    Lockheed Martin Corp. LMT 2.0%
    The Interpublic Group of Cos., Inc. IPG 2.0%
    The Kroger Co. KR 2.0%
    UnitedHealth Group, Inc. UNH 2.0%
    Progressive Corp. PGR 2.0%
    Quest Diagnostics, Inc. DGX 2.0%
    3M Co. MMM 2.0%
    Amgen AMGN 2.0%
    Humana, Inc. HUM 1.9%
    Kellogg Co. K 1.9%
    Hewlett-Packard Co. HPQ 1.9%
    HCA Healthcare, Inc. HCA 1.9%
    NortonLifeLock, Inc. NLOK 1.9%
    FMC Corp. FMC 1.9%
    Oracle Corp. ORCL 1.9%
    eBay, Inc. EBAY 1.9%
    Kimberly-Clark Corp. KMB 1.9%
    Target Corp. TGT 1.9%
    Omnicom Group, Inc. OMC 1.9%
    Allstate Corp. ALL 1.9%
    KKR & Co., Inc. KKR 1.9%
    Dollar General Corp. DG 1.9%
    Union Pacific Corp. UNP 1.9%
    Merck & Co., Inc. MRK 1.9%
    Clorox Co. CLX 1.9%
    T Rowe Price Group, Inc. TROW 1.9%
    Philip Morris International, Inc. PM 1.9%
    Intel Corp. INTC 1.9%
    Verizon Communications, Inc. VZ 1.9%
    Emerson Electric Co. EMR 1.9%
    Regeneron Pharmaceuticals, Inc. REGN 1.9%
    Ameriprise Financial, Inc. AMP 1.9%
    Booz Allen Hamilton Holding Co. BAH 1.9%
    Walmart, Inc. WMT 1.8%
    Hologic, Inc. HOLX 1.8%
    Biogen, Inc. BIIB 1.8%
    AbbVie, Inc. ABBV 1.8%
    Total as % of Net Assets 97.4%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.6%
    Total as % of Net Assets 2.6%

    Country Allocation

    as of 3/31/21
    • United States

      97.4%

    • Cash & Other

      2.6%

    United States 97.4%
    Cash & Other 2.6%
  • 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
    12/29/2020 $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

    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
    12/29/2020 $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

    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 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.