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Overview
Hennessy Cornerstone Large Growth Fund
Quantitatively managed, the Fund maintains a concentrated portfolio of large, growth-oriented companies.
Investor
HFLGXInstitutional
HILGXMorningstar style box
Overall morningstar rating
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Investor
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HFLGX
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Institutional
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HILGX
Among 1138 Large Value Funds (Based on risk-adjusted returns, as of 6/30/23)
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:
- 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-
14Years on Fund
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44Years of Experience
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Chief Investment Officer and Portfolio Manager-
6Years on Fund
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27Years 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 9/20/23-
Investor Class (HFLGX)
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NAV
$10.60
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$ Change
-$0.11
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% Change
-1.03%
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YTD
11.34%
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Institutional Class (HILGX)
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NAV
$10.73
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$ Change
-$0.10
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% Change
-0.92%
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YTD
11.65%
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Average Annualized Total Return
as of 8/31/23Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) -2.75% 15.34% 20.93% 13.37% 9.36% 10.69% 13.97% Institutional Class (HILGX) -2.63% 15.61% 21.31% 13.70% 9.69% 10.97% 14.27% Russell 1000® Index -1.75% 18.58% 15.40% 9.93% 10.77% 12.55% 15.26% S&P 500® Index -1.59% 18.73% 15.94% 10.52% 11.12% 12.81% 15.28% as of 6/30/23Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) 6.95% 11.55% 24.22% 16.40% 9.96% 10.71% 13.88% Institutional Class (HILGX) 6.98% 11.65% 24.58% 16.71% 10.28% 10.99% 14.18% Russell 1000® Index 8.58% 16.68% 19.36% 14.09% 11.92% 12.64% 15.33% S&P 500® Index 8.74% 16.89% 19.59% 14.60% 12.31% 12.86% 15.35% Hypothetical Growth of $10,000
as of 8/31/2023Value of $10,000 invested between 8/31/2022 and 8/31/2023
Cornerstone Large Growth Fund (HFLGX) $12,093 Cornerstone Large Growth Fund (HILGX) $12,131 Russell 1000® Index $11,540 S&P 500® Index $11,594 Value of $10,000 invested between 8/31/2020 and 8/31/2023
Cornerstone Large Growth Fund (HFLGX) $14,571 Cornerstone Large Growth Fund (HILGX) $14,700 Russell 1000® Index $13,284 S&P 500® Index $13,500 Value of $10,000 invested between 8/31/2018 and 8/31/2023
Cornerstone Large Growth Fund (HFLGX) $15,643 Cornerstone Large Growth Fund (HILGX) $15,878 Russell 1000® Index $16,678 S&P 500® Index $16,943 Value of $10,000 invested between 8/31/2013 and 8/31/2023
Cornerstone Large Growth Fund (HFLGX) $27,603 Cornerstone Large Growth Fund (HILGX) $28,308 Russell 1000® Index $32,629 S&P 500® Index $33,379 Value of $10,000 invested between 3/20/2009 and 8/31/2023
Cornerstone Large Growth Fund (HFLGX) $66,162 Cornerstone Large Growth Fund (HILGX) $68,741 Russell 1000® Index $77,858 S&P 500® Index $77,998 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
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Investor Class (HFLGX) 33.79 16.18 -6.60 14.69 17.08 -8.98 27.53 5.49 34.66 -13.31 Institutional Class (HILGX) 34.08 16.29 -6.47 15.05 17.33 -8.66 27.82 5.77 35.06 -13.06 Russell 1000® Index 33.11 13.24 0.92 12.05 21.69 -4.78 31.43 20.96 26.46 -19.13 S&P 500® Index 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 Year Investor Class (HFLGX) Institutional Class (HILGX) Russell 1000® Index S&P 500® Index 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 6/30/23Investor Class (HFLGX)Type 3 yr 5 yr 10 yr Alpha 1.67 -2.36 -2.36 Beta 1.07 1.11 1.09 Upside Capture 105.36 102.55 96.10 Downside Capture 98.89 111.46 104.55 Institutional Class (HILGX)Type 3 yr 5 yr 10 yr Alpha 1.94 -2.06 -2.10 Beta 1.07 1.11 1.09 Upside Capture 105.87 103.00 96.65 Downside Capture 98.41 110.83 103.86 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 6/30/23Type 3 yr 5 yr 10 yr Investor Class (HFLGX) 0.74 0.46 0.60 Institutional Class (HILGX) 0.75 0.47 0.62 Russell 1000® Index 0.72 0.60 0.79 Large Value Category Average 0.79 0.41 0.57 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 6/30/23Type 3 yr 5 yr 10 yr Investor Class (HFLGX) 21.45 22.66 17.78 Institutional Class (HILGX) 21.45 22.64 17.76 Russell 1000® Index 18.43 19.19 15.19 Large Value Category Average 17.07 18.84 14.96 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
1.30%
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Institutional Class (HILGX)
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Gross expense ratio
0.99%
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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 6/30/23. 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 3 stars for the three-year, 3 stars for the five-year and 4 stars for the ten-year periods ended 6/30/23 / Investor Class (HFLGX) received 3 stars for the three-year, 3 stars for the five-year and 4 stars for the ten-year periods ended 6/30/23 among 1138, 1085 and 809 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 6/30/23. 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 6/30/23Inception Date (HFLGX) 3/20/09 Inception Date (HILGX) 3/20/09 Total Fund Assets $137 Million Active Share vs. Russell 1000® Index 94% Portfolio Turnover 55% Median Market Cap $22.2 Billion Median Price/Earnings 12.0x Median Price/Book 4.1x 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 6/30/23Fund Russell 1000® Index Difference Information Technology 23.1% 27.1% -4.0% Energy 17.5% 4.0% +13.5% Consumer Discretionary 17.0% 10.9% +6.1% Industrials 16.9% 9.5% +7.4% Materials 10.4% 2.7% +7.8% Financials 7.0% 12.9% -5.9% Health Care 5.3% 13.3% -7.9% Communication Services 1.5% 8.1% -6.6% Utilities 0.0% 2.5% -2.5% Real Estate 0.0% 2.8% -2.8% Consumer Staples 0.0% 6.3% -6.3% Cash & Other 1.2% Portfolio Holdings
Top 10 Holdings
as of 6/30/23Top 10 Holdings % of Net Assets Builders FirstSource, Inc. 3.3% Jabil, Inc. 2.7% PulteGroup, Inc. 2.7% Dell Technologies, Inc. 2.6% ON Semiconductor Corp. 2.5% Applied Materials, Inc. 2.5% DR Horton, Inc. 2.4% Lam Research Corp. 2.4% KLA Corp. 2.4% Reliance Steel & Aluminum Co. 2.3% Total as % of Net Assets 25.7% Total Holdings: 50
as of 6/30/23Equity Holdings % of Net Assets Builders FirstSource, Inc. 3.3% Jabil, Inc. 2.7% PulteGroup, Inc. 2.7% Dell Technologies, Inc. 2.6% ON Semiconductor Corp. 2.5% Applied Materials, Inc. 2.5% DR Horton, Inc. 2.4% Lam Research Corp. 2.4% KLA Corp. 2.4% Reliance Steel & Aluminum Co. 2.3% NVR, Inc. 2.3% AmerisourceBergen Corp. 2.3% NetApp, Inc. 2.3% Darden Restaurants, Inc. 2.2% Lowe's Companies, Inc. 2.1% Cisco Systems, Inc. 2.1% Expeditors International of Washington, Inc. 2.1% Masco Corp. 2.1% Hewlett-Packard Co. 2.0% Coterra Energy, Inc. 2.0% Chesapeake Energy Corp. 2.0% Caterpillar, Inc. 1.9% United Parcel Service (Class B) 1.9% Deere & Co. 1.9% T Rowe Price Group, Inc. 1.9% Nucor Corp. 1.9% Ameriprise Financial, Inc. 1.9% Tapestry, Inc. 1.8% C.H. Robinson Worldwide, Inc. 1.8% Best Buy Co., Inc. 1.8% Pioneer Natural Resources Co. 1.8% JB Hunt Transport Services, Inc. 1.8% Diamondback Energy, Inc. 1.8% EOG Resources, Inc. 1.8% ConocoPhillips 1.7% Steel Dynamics, Inc. 1.7% QUALCOMM, Inc. 1.7% Valero Energy Corp. 1.7% Equitable Holdings, Inc. 1.7% Principal Financial Group, Inc. 1.6% Pfizer, Inc. 1.6% Ovintiv, Inc. 1.6% APA Corp. 1.6% CF Industries Holdings, Inc. 1.6% Bath & Body Works, Inc. 1.6% Devon Energy Corp. 1.5% Cleveland-Cliffs, Inc. 1.5% Sirius XM Holdings, Inc. 1.5% Moderna, Inc. 1.4% Mosaic Co. 1.4% Total as % of Net Assets 98.8% Cash & Other Holdings % of Net Assets Cash & Other 1.2% Total as % of Net Assets 1.2% Country Allocation
as of 6/30/23-
United States
98.8%
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Cash & Other
1.2%
United States 98.8% Cash & Other 1.2% -
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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 12/28/2022 $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 12/28/2022 $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
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.
