• Overview

    HFLGX
    Investor

    Hennessy Cornerstone Large Growth Fund

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

    Category

    Domestic Equity

    Morningstar style box

    Morningstar style box
    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 select 50 domestic, large-cap stocks with the highest one-year return on capital, which also meet the following criteria:

    1. Market capitalization that exceeds the average of the S&P Capital IQ Database
    2. Price to cash flow ratio less than the median of the S&P Capital IQ Database
    3. Positive total capital

    Portfolio Managers

    “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 12/6/19 (Investor)
    • Nav

      $10.91

    • $ Change

      -$0.05

    • % Change

      -0.46%

    • YTD

      23.91%

    Average Annualized Total Return

    as of 11/30/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09)
    Cornerstone Large Growth Fund (HFLGX) 4.84% 24.02% 10.45% 9.55% 7.37% 11.77% 15.17%
    Russell 1000® Index 3.78% 27.74% 16.10% 14.67% 10.80% 13.49% 16.57%
    S&P 500® Index 3.63% 27.63% 16.11% 14.88% 10.98% 13.44% 16.47%

    Please swipe to view table

    as of 9/30/19 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09)
    Cornerstone Large Growth Fund (HFLGX) 2.59% 15.71% 0.33% 9.79% 6.97% 11.47% 14.67%
    Russell 1000® Index 1.42% 20.53% 3.87% 13.19% 10.62% 13.23% 16.21%
    S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 16.12%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 11/30/2019 (Investor)

    Value of $10,000 invested between 11/30/2018 and 11/30/2019

    Cornerstone Large Growth Fund (HFLGX) $11,045
    Russell 1000® Index $11,610
    S&P 500® Index $11,611

    Value of $10,000 invested between 11/30/2016 and 11/30/2019

    Cornerstone Large Growth Fund (HFLGX) $13,148
    Russell 1000® Index $15,078
    S&P 500® Index $15,162

    Value of $10,000 invested between 11/30/2014 and 11/30/2019

    Cornerstone Large Growth Fund (HFLGX) $14,271
    Russell 1000® Index $16,697
    S&P 500® Index $16,834

    Value of $10,000 invested between 11/30/2009 and 11/30/2019

    Cornerstone Large Growth Fund (HFLGX) $30,428
    Russell 1000® Index $35,453
    S&P 500® Index $35,289

    Value of $10,000 invested between 3/20/2009 and 11/30/2019

    Cornerstone Large Growth Fund (HFLGX) $45,302
    Russell 1000® Index $51,585
    S&P 500® Index $51,103

    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

      2010 2011 2012 2013 2014 2015 2016 2017 2018
    Cornerstone Large Growth Fund (HFLGX)
    18.85 2.59 10.44 33.79 16.18 -6.60 14.69 17.08 -8.98
    Russell 1000® Index
    16.10 1.50 16.42 33.11 13.24 0.92 12.05 21.69 -4.78
    S&P 500® Index
    15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38

    Returns-Based Statistics
    Relative to Russell 1000® Index

    as of 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha -4.04 -3.60 -1.15
    Beta 1.11 1.05 0.97
    Upside Capture 93.03 84.65 90.82
    Downside Capture 112.51 101.10 94.69

    Please swipe to view table

    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 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Cornerstone Large Growth Fund (HFLGX) 0.59 0.48 0.84
    Russell 1000® Index 0.94 0.82 1.00
    Large Value Category Average 0.67 0.55 0.79

    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 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Cornerstone Large Growth Fund (HFLGX) 14.92 13.96 13.41
    Russell 1000® Index 12.32 12.02 12.74
    Large Value Category Average 12.27 11.87 12.65

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

    Fund Expenses

    • Gross expense ratio

      1.24%

    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 9/30/19. 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 9/30/19
    Inception Date (HFLGX) 3/20/09
    Total Fund Assets $135 Million
    Active Share vs. Russell 1000® Index 89%
    Portfolio Turnover 56%
    Median Market Cap $26.3 Billion
    Median Price/Earnings 12.5x
    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 9/30/19
    Fund Russell 1000® Index Difference
    Industrials 26.0% 9.6% +16.4%
    Information Technology 20.0% 22.1% -2.1%
    Consumer Discretionary 17.6% 10.4% +7.2%
    Communication Services 9.3% 9.9% -0.6%
    Consumer Staples 5.9% 7.1% -1.2%
    Health Care 5.4% 13.4% -8.0%
    Materials 5.4% 2.8% +2.6%
    Financials 4.3% 13.0% -8.7%
    Energy 3.4% 4.2% -0.8%
    Real Estate 0.0% 4.1% -4.1%
    Utilities 0.0% 3.5% -3.5%
    Cash & Other 2.9%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/19
    Top 10 Holdings Ticker % of Net Assets
    Target Corp. TGT 2.8%
    NVR, Inc. NVR 2.7%
    KLA Corp. KLAC 2.7%
    DR Horton, Inc. DHI 2.5%
    Northrop Grumman Corp. NOC 2.5%
    Apple, Inc. AAPL 2.5%
    Applied Materials, Inc. AMAT 2.4%
    Lam Research Corp. LRCX 2.4%
    Celanese Corp. CE 2.3%
    PepsiCo, Inc. PEP 2.2%
    Total as % of Net Assets 25.0%

    Total Holdings: 50

    as of 9/30/19
    Equity Holdings Ticker % of Net Assets
    Target Corp. TGT 2.8%
    NVR, Inc. NVR 2.7%
    KLA Corp. KLAC 2.7%
    DR Horton, Inc. DHI 2.5%
    Northrop Grumman Corp. NOC 2.5%
    Apple, Inc. AAPL 2.5%
    Applied Materials, Inc. AMAT 2.4%
    Lam Research Corp. LRCX 2.4%
    Celanese Corp. CE 2.3%
    PepsiCo, Inc. PEP 2.2%
    T Rowe Price Group, Inc. TROW 2.2%
    Waste Management, Inc. WM 2.2%
    Best Buy Co., Inc. BBY 2.2%
    The Walt Disney Co. DIS 2.2%
    Delta Air Lines, Inc. DAL 2.1%
    Ameriprise Financial, Inc. AMP 2.1%
    Masco Corp. MAS 2.1%
    Kellogg Co. K 2.1%
    Verizon Communications, Inc. VZ 2.1%
    United Parcel Service (Class B) UPS 2.1%
    Deere & Co. DE 2.0%
    IBM Corp. IBM 2.0%
    General Dynamics Corp. GD 2.0%
    Omnicom Group, Inc. OMC 2.0%
    Cummins, Inc. CMI 2.0%
    Amgen AMGN 2.0%
    Parker Hannifin Corp. PH 2.0%
    Micron Technology, Inc. MU 1.9%
    PACCAR, Inc. PCAR 1.9%
    Intel Corp. INTC 1.9%
    Southwest Airlines Co. LUV 1.9%
    Skyworks Solutions, Inc. SWKS 1.8%
    HollyFrontier Corp. HFC 1.8%
    AmerisourceBergen Corp. ABC 1.8%
    Las Vegas Sands Corp. LVS 1.8%
    Caterpillar, Inc. CAT 1.7%
    HCA Healthcare, Inc. HCA 1.6%
    Spirit AeroSystems Holdings, Inc. SPR 1.6%
    Nucor Corp. NUE 1.6%
    Viacom, Inc. VIAB 1.6%
    Westlake Chemical Corp. WLK 1.6%
    Altria Group, Inc. MO 1.5%
    Hewlett-Packard Co. HPQ 1.5%
    ConocoPhillips COP 1.5%
    CBS Corp. CBS 1.5%
    Kohl's Corp. KSS 1.4%
    Lear Corp. LEA 1.4%
    Tapestry, Inc. TPR 1.4%
    Gap, Inc. GPS 1.3%
    DXC Technology Co. DXC 0.8%
    Total as % of Net Assets 97.2%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.9%
    Total as % of Net Assets 2.9%

    Country Allocation

    as of 9/30/19
    • United States

      97.1%

    • Cash & Other

      2.9%

    United States 97.1%
    Cash & Other 2.9%
  • 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
    12/06/2019 -- $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
  • Fund Documents

    Download PDF View Online
    Fund Documents
    Cornerstone Large Growth Fund Fact Sheet
    Cornerstone Large Growth Fund Portfolio Manager Commentary View
    Cornerstone Large Growth Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Shareholder Reports
    Cornerstone Large Growth Fund Semi-Annual Report
    Cornerstone Large Growth Fund Annual Report