Insights & News
CIO Roundtable: 2018 Mid-Year Market Insights and PerspectivesNeil J. HennessyPortfolio Manager & Chief Investment Officer
Our team of tenured Portfolio Managers shares their insights on what's ahead for investors. They provide opinions on the direction of the stock market and interest rates, potential impact of Trump administration policies, hidden earnings power in the U.S. economy, and where they believe investment opportunities exist today.
Why Return on Capital is a Key Stock Selection Metric
The Cornerstone Large Growth Fund's Portfolio Managers explain why Return on Capital is a key stock selection metric. They also share their thoughts on the benefits of quantitatively-managed portfolios.Read the Commentary
Outlook 2018: A Bull Market with Plenty of Room to Run
January 2018 - Chief Investment Officer Neil Hennessy reviews current market fundamentals and shares his outlook for the coming year. He provides observations and insights on why he believes this nine-year bull market still has plenty of room to run.Read the Commentary
CIO Roundtable: 2017 Mid-Year Review
June 2017 - Our team of tenured Portfolio Managers shares their insights on what's ahead for investors. They provide opinions on the direction of the stock market and interest rates, potential impact of Trump administration policies, hidden earnings power in the U.S. economy, and where they believe investment opportunities exist today.Read the Commentary
Average Annualized Total Returnas of 10/31/18 (Investor)
Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (3/20/09) Cornerstone Large Growth Fund (HFLGX) -4.90% -0.16% 8.53% 8.82% 9.12% 15.53% Russell 1000® Index -7.08% 2.67% 6.98% 11.31% 11.05% 16.53% S&P 500 Index -6.84% 3.01% 7.35% 11.52% 11.34% 16.42%as of 9/30/18 (Investor) Name QTR YTD 1 yr 3 yr 5 yr Since Inception (3/20/09) Cornerstone Large Growth Fund (HFLGX) 5.84% 4.98% 13.63% 13.40% 11.15% 16.29% Russell 1000® Index 7.42% 10.49% 17.77% 17.07% 13.67% 17.59% S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 17.44%
Value of $10,000 invested between 10/31/2017 and 10/31/2018
Cornerstone Large Growth Fund (HFLGX) $10,853 Russell 1000® Index $10,698 S&P 500 Index $10,735
Value of $10,000 invested between 10/31/2015 and 10/31/2018
Cornerstone Large Growth Fund (HFLGX) $12,887 Russell 1000® Index $13,793 S&P 500 Index $13,870
Value of $10,000 invested between 10/31/2013 and 10/31/2018
Cornerstone Large Growth Fund (HFLGX) $15,471 Russell 1000® Index $16,891 S&P 500 Index $17,111
Value of $10,000 invested between 3/20/2009 and 10/31/2018
Cornerstone Large Growth Fund (HFLGX) $40,068 Russell 1000® Index $43,544 S&P 500 Index $43,133
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
Year Cornerstone Large Growth Fund (HFLGX) Russell 1000® Index S&P 500 Index 2017 17.08% 21.69% 21.83% 2016 14.69% 12.05% 11.96% 2015 -6.60% 0.92% 1.38% 2014 16.18% 13.24% 13.69% 2013 33.79% 33.11% 32.39% 2012 10.44% 16.42% 16.00% 2011 2.59% 1.50% 2.11% 2010 18.85% 16.10% 15.06% Type 3 yr 5 yr Alpha -2.67 -1.85 Beta 0.98 0.98 Upside Capture 75.88 Downside Capture 64.88 85.36
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).
Type 3 yr 5 yr Cornerstone Large Growth Fund (HFLGX) 1.10 0.98 Russell 1000® Index 1.67 1.34 Large Value Category Average 1.30 0.99
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.
Type 3 yr 5 yr Cornerstone Large Growth Fund (HFLGX) 11.20 10.85 Russell 1000® Index 9.21 9.56 Large Value Category Average 9.25 9.52
Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Gross expense ratio
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 9/30/18. 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. The fund received 3 stars for the three-year and 4 stars for the five-year periods ended 9/30/18 among 1109 and 948 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 9/30/18. 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.
Total Fund Assets $153.9 Million Active Share vs. Russell 1000® Index 89% Portfolio Turnover 72% Median Market Cap $34.2 Billion Median Price/Earnings 13.7x Median Price/Book 3.6x
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 reflects the trailing 12-month period.
Sector % of Net Assets Industrials 20.8% Consumer Discretionary 18.7% Consumer Staples 15.5% Information Technology 13.9% Health Care 9.8% Communication Services 7.7% Materials 7.1% Financials 3.8% Cash & Other 2.7% Top 10 Holdings Ticker % of Net Assets HCA Healthcare, Inc. HCA 2.7% Centene Corp. CNC 2.6% CSX Corp. CSX 2.6% United Continental Holdings, Inc. UAL 2.6% Apple, Inc. AAPL 2.6% Express Scripts Holding Co. ESRX 2.4% Union Pacific Corp. UNP 2.4% Hewlett-Packard Co. HPQ 2.4% Target Corp. TGT 2.3% Kohl's Corp. KSS 2.3% Total as % of Net Assets 24.8% Equity Holdings Ticker % of Net Assets HCA Healthcare, Inc. HCA 2.7% Centene Corp. CNC 2.6% CSX Corp. CSX 2.6% United Continental Holdings, Inc. UAL 2.6% Apple, Inc. AAPL 2.6% Express Scripts Holding Co. ESRX 2.4% Union Pacific Corp. UNP 2.4% Hewlett-Packard Co. HPQ 2.4% Target Corp. TGT 2.3% Kohl's Corp. KSS 2.3% Darden Restaurants, Inc. DRI 2.2% The Walt Disney Co. DIS 2.1% Best Buy Co., Inc. BBY 2.1% CVS Health Corp. CVS 2.1% Waste Management, Inc. WM 2.1% Delta Air Lines, Inc. DAL 2.1% Southwest Airlines Co. LUV 2.1% Allstate Corp. ALL 2.0% CBS Corp. CBS 2.0% Micron Technology, Inc. MU 2.0% The Kroger Co. KR 2.0% Verizon Communications, Inc. VZ 2.0% Walgreens Boots Alliance, Inc. WBA 2.0% Intel Corp. INTC 2.0% AutoZone, Inc. AZO 2.0% Starbucks Corp. SBUX 1.9% Steel Dynamics, Inc. STLD 1.9% FedEx Corp. FDX 1.9% Kimberly-Clark Corp. KMB 1.9% Nucor Corp. NUE 1.9% IBM Corp. IBM 1.9% PACCAR, Inc. PCAR 1.9% Eastman Chemical Co. EMN 1.8% Conagra Brands, Inc. CAG 1.8% Deere & Co. DE 1.8% Ameriprise Financial, Inc. AMP 1.8% Walmart, Inc. WMT 1.8% Altria Group, Inc. MO 1.7% Gap, Inc. GPS 1.7% Lam Research Corp. LRCX 1.6% Omnicom Group, Inc. OMC 1.6% American Airlines Group, Inc. AAL 1.5% General Motors Co. GM 1.5% Tyson Foods, Inc. TSN 1.5% Freeport-McMoRan, Inc. FCX 1.5% Campbell Soup Co. CPB 1.5% General Mills, Inc. GIS 1.5% Applied Materials, Inc. AMAT 1.5% L Brands, Inc. LB 1.2% Wyndham Hotels & Resorts, Inc. WH 0.9% Wyndham Destinations, Inc WYND 0.7% Total as % of Net Assets 97.3% Cash & Other Holdings % of Net Assets Cash & Other 2.7% Total as % of Net Assets 2.7%
Cash & Other
United States 97.3% Cash & Other 2.7%
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 12/27/2017 $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 NAVs
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