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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-
16Years on Fund
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46Years of Experience
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Chief Investment Officer and Portfolio Manager-
8Years on Fund
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29Years 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 7/15/25-
Investor Class (HFLGX)
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NAV
$11.50
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$ Change
-$0.19
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% Change
-1.63%
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YTD
2.95%
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Institutional Class (HILGX)
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NAV
$11.63
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$ Change
-$0.19
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% Change
-1.61%
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YTD
3.10%
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Average Annualized Total Return
as of 6/30/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) 3.33% 2.78% 3.31% 13.29% 13.05% 8.92% 13.17% Institutional Class (HILGX) 3.29% 2.84% 3.52% 13.61% 13.35% 9.21% 13.46% Russell 1000® Index 5.06% 6.12% 15.66% 19.59% 16.30% 13.35% 15.85% S&P 500® Index 5.09% 6.20% 15.16% 19.71% 16.64% 13.65% 15.88% as of 6/30/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) 3.70% 2.78% 3.31% 13.29% 13.05% 8.92% 13.17% Institutional Class (HILGX) 3.66% 2.84% 3.52% 13.61% 13.35% 9.21% 13.46% Russell 1000® Index 11.11% 6.12% 15.66% 19.59% 16.30% 13.35% 15.85% S&P 500® Index 10.94% 6.20% 15.16% 19.71% 16.64% 13.65% 15.88% Hypothetical Growth of $10,000
as of 6/30/2025Value of $10,000 invested between 6/30/2024 and 6/30/2025
Cornerstone Large Growth Fund (HFLGX) $10,331 Cornerstone Large Growth Fund (HILGX) $10,352 Russell 1000® Index $11,566 S&P 500® Index $11,516 Value of $10,000 invested between 6/30/2022 and 6/30/2025
Cornerstone Large Growth Fund (HFLGX) $14,542 Cornerstone Large Growth Fund (HILGX) $14,663 Russell 1000® Index $17,103 S&P 500® Index $17,155 Value of $10,000 invested between 6/30/2020 and 6/30/2025
Cornerstone Large Growth Fund (HFLGX) $18,462 Cornerstone Large Growth Fund (HILGX) $18,712 Russell 1000® Index $21,280 S&P 500® Index $21,589 Value of $10,000 invested between 6/30/2015 and 6/30/2025
Cornerstone Large Growth Fund (HFLGX) $23,498 Cornerstone Large Growth Fund (HILGX) $24,130 Russell 1000® Index $35,016 S&P 500® Index $35,936 Value of $10,000 invested between 3/20/2009 and 6/30/2025
Cornerstone Large Growth Fund (HFLGX) $74,915 Cornerstone Large Growth Fund (HILGX) $78,138 Russell 1000® Index $109,768 S&P 500® Index $110,155 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
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investor Class (HFLGX) -6.60% 14.69% 17.08% -8.98% 27.53% 5.49% 34.66% -13.31% 21.71% 4.40% Institutional Class (HILGX) -6.47% 15.05% 17.33% -8.66% 27.82% 5.77% 35.06% -13.06% 22.06% 4.69% Russell 1000® Index 0.92% 12.05% 21.69% -4.78% 31.43% 20.96% 26.46% -19.13% 26.53% 24.51% S&P 500® Index 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% 25.02% Year Investor Class (HFLGX) Institutional Class (HILGX) Russell 1000® Index S&P 500® Index 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 6/30/25Investor Class (HFLGX)Type 3 yr 5 yr 10 yr Alpha -5.86 -2.89 -4.38 Beta 1.06 1.03 1.07 Upside Capture 93.15 96.92 92.34 Downside Capture 119.56 110.45 111.26 Institutional Class (HILGX)Type 3 yr 5 yr 10 yr Alpha -5.56 -2.60 -4.10 Beta 1.06 1.03 1.07 Upside Capture 93.40 97.28 92.77 Downside Capture 118.37 109.59 110.38 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 6/30/25Type 3 yr 5 yr 10 yr Investor Class (HFLGX) 0.49 0.58 0.44 Institutional Class (HILGX) 0.51 0.59 0.46 Russell 1000® Index 0.90 0.82 0.74 Mid-Cap Value Category Average 0.40 0.68 0.40 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 6/30/25Type 3 yr 5 yr 10 yr Investor Class (HFLGX) 19.38 19.24 18.57 Institutional Class (HILGX) 19.34 19.21 18.54 Russell 1000® Index 16.06 16.60 15.82 Mid-Cap Value Category Average 18.06 17.72 18.04 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
1.27%
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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 6/30/25. 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 6/30/25Inception Date (HFLGX) 3/20/09 Inception Date (HILGX) 3/20/09 Total Fund Assets $133 Million Active Share vs. Russell 1000® Index 94% Portfolio Turnover 43% Median Market Cap $42.9 Billion Median Price/Earnings 17.1x Median Price/Book 6.0x 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 6/30/25Fund Russell 1000® Index Difference Industrials 26.0% 9.2% +16.8% Consumer Discretionary 15.5% 10.4% +5.1% Consumer Staples 14.8% 5.9% +8.9% Information Technology 13.8% 28.2% -14.5% Health Care 11.3% 11.1% +0.2% Energy 10.2% 3.7% +6.5% Financials 4.3% 15.1% -10.8% Materials 2.1% 2.4% -0.2% Communication Services 0.0% 9.0% -9.0% Real Estate 0.0% 2.6% -2.6% Utilities 0.0% 2.4% -2.4% Cash & Other 2.0% Portfolio Holdings
Top 10 Holdings
as of 6/30/25Top 10 Holdings % of Net Assets Philip Morris International, Inc. 3.0% Jabil, Inc. 2.7% Cardinal Health, Inc. 2.7% Cencora, Inc. 2.5% HCA Healthcare, Inc. 2.5% Ferguson Enterprises, Inc. 2.4% Darden Restaurants, Inc. 2.4% Ulta Beauty, Inc. 2.3% Altria Group, Inc. 2.3% Deere & Co. 2.3% Total as % of Net Assets 24.9% Total Holdings: 50
as of 6/30/25Equity Holdings % of Net Assets Philip Morris International, Inc. 3.0% Jabil, Inc. 2.7% Cardinal Health, Inc. 2.7% Cencora, Inc. 2.5% HCA Healthcare, Inc. 2.5% Ferguson Enterprises, Inc. 2.4% Darden Restaurants, Inc. 2.4% Ulta Beauty, Inc. 2.3% Altria Group, Inc. 2.3% Deere & Co. 2.3% AutoZone, Inc. 2.2% Dell Technologies, Inc. 2.2% Progressive Corp. 2.2% 3M Co. 2.2% The Hershey Co. 2.2% LPL Financial Holdings, Inc. 2.2% Freeport-McMoRan, Inc. 2.1% Johnson & Johnson 2.1% Sysco Corp. 2.1% Leidos Holdings, Inc. 2.0% Kimberly-Clark Corp. 2.0% Caterpillar, Inc. 2.0% Union Pacific Corp. 2.0% QUALCOMM, Inc. 1.9% Cheniere Energy, Inc. 1.9% CDW Corp. 1.9% Lockheed Martin Corp. 1.9% Carlisle Cos., Inc. 1.9% Hess Corp. 1.8% PulteGroup, Inc. 1.8% GoDaddy, Inc. 1.8% PepsiCo, Inc. 1.8% Snap-on, Inc. 1.8% EOG Resources, Inc. 1.8% NetApp, Inc. 1.8% DR Horton, Inc. 1.8% PACCAR, Inc. 1.7% Lowe's Companies, Inc. 1.7% ConocoPhillips 1.7% Devon Energy Corp. 1.7% NVR, Inc. 1.7% Best Buy Co., Inc. 1.7% Merck & Co., Inc. 1.6% United Parcel Service (Class B) 1.6% Booz Allen Hamilton Holding Co. 1.5% Hewlett-Packard Co. 1.5% Target Corp. 1.5% Delta Air Lines, Inc. 1.5% Builders FirstSource, Inc. 1.4% Halliburton Co. 1.4% Total as % of Net Assets 98.1% Cash & Other Holdings % of Net Assets Cash & Other 2.0% Total as % of Net Assets 2.0% Country Allocation
as of 6/30/25-
United States
98.0%
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Cash & Other
2.0%
United States 98.0% Cash & Other 2.0% -
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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 12/27/2024 $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 12/27/2024 $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.
