• Overview

    Category
    Domestic Equity

    Hennessy Cornerstone Mid Cap 30 Fund

    Quantitatively managed, the Fund maintains a concentrated portfolio of mid-cap companies.

    Investor

    HFMDX

    Institutional

    HIMDX

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Why Invest

    • Concentrated portfolio of purely mid-cap stocks
    • Quantitatively-driven, repeatable investment process
    • Focus on undervalued companies that have proven sales and earnings growth

    Investment Criteria

    The Hennessy Cornerstone Mid Cap 30 Fund utilizes a quantitative formula to identify a concentrated portfolio of 30 domestic, common stocks with the highest one-year price appreciation that also meet the following criteria:

    1. Market capitalization between $1 and $10 billion
    2. Price-to-sales ratio below 1.5
    3. Annual earnings higher than the previous year
    4. Positive stock price appreciation over the past three- and six-month periods

    Portfolio Managers

    • Neil J. Hennessy
      Chief Market Strategist and Portfolio Manager
      • 18
        Years on Fund
      • 42
        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
      • 3
        Years on Fund
      • 24
        Years of Experience

    “Sitting in the ‘sweet spot’ of the market, we believe mid-caps present a compelling investment opportunity.”

    - Ryan Kelley

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  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 9/27/21
    • Investor Class (HFMDX)
      • NAV

        $19.51

      • $ Change

        $0.26

      • % Change

        1.35%

      • YTD

        24.43%

    • Institutional Class (HIMDX)
      • NAV

        $20.37

      • $ Change

        $0.27

      • % Change

        1.34%

      • YTD

        24.82%

    Average Annualized Total Return

    as of 8/31/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03)
    Investor Class (HFMDX) -0.05% 27.17% 53.62% 12.49% 11.87% 12.21% 11.02%
    Institutional Class (HIMDX) -0.05% 27.51% 54.26% 12.88% 12.27% 12.59% 11.31%
    Russell Midcap® Index 2.54% 20.12% 41.24% 15.58% 15.40% 14.84% 11.71%
    S&P 500® Index 3.04% 21.58% 31.17% 18.07% 18.02% 16.34% 10.83%

    Please swipe to view table

    as of 6/30/21
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03)
    Investor Class (HFMDX) 2.86% 28.51% 84.02% 13.03% 12.72% 10.89% 11.19%
    Institutional Class (HIMDX) 2.94% 28.80% 84.71% 13.45% 13.13% 11.26% 11.48%
    Russell Midcap® Index 7.50% 16.25% 49.80% 16.45% 15.62% 13.24% 11.62%
    S&P 500® Index 8.55% 15.25% 40.79% 18.67% 17.65% 14.84% 10.60%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 8/31/2021

    Value of $10,000 invested between 8/31/2020 and 8/31/2021

    Cornerstone Mid Cap 30 Fund (HFMDX) $15,362
    Cornerstone Mid Cap 30 Fund (HIMDX) $15,426
    Russell Midcap® Index $14,124
    S&P 500® Index $13,117

    Value of $10,000 invested between 8/31/2018 and 8/31/2021

    Cornerstone Mid Cap 30 Fund (HFMDX) $14,233
    Cornerstone Mid Cap 30 Fund (HIMDX) $14,385
    Russell Midcap® Index $15,440
    S&P 500® Index $16,461

    Value of $10,000 invested between 8/31/2016 and 8/31/2021

    Cornerstone Mid Cap 30 Fund (HFMDX) $17,525
    Cornerstone Mid Cap 30 Fund (HIMDX) $17,837
    Russell Midcap® Index $20,467
    S&P 500® Index $22,895

    Value of $10,000 invested between 8/31/2011 and 8/31/2021

    Cornerstone Mid Cap 30 Fund (HFMDX) $31,660
    Cornerstone Mid Cap 30 Fund (HIMDX) $32,740
    Russell Midcap® Index $39,906
    S&P 500® Index $45,424

    Value of $10,000 invested between 9/17/2003 and 8/31/2021

    Cornerstone Mid Cap 30 Fund (HFMDX) $65,329
    Cornerstone Mid Cap 30 Fund (HIMDX) $68,441
    Russell Midcap® Index $73,055
    S&P 500® Index $63,326

    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 (HFMDX)
    4.05 14.10 29.63 16.44 0.02 5.82 20.51 -22.78 15.76 23.37
    Institutional Class (HIMDX)
    4.42 14.54 30.06 16.75 0.23 6.20 20.96 -22.44 16.02 23.82
    Russell Midcap® Index
    -1.55 17.28 34.76 13.22 -2.44 13.80 18.52 -9.06 30.54 17.10
    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 (HFMDX)
    Institutional Class (HIMDX)
    Russell Midcap® Index
    S&P 500® Index
    2010 27.26% 27.82% 25.48% 15.06%
    2009 24.67% 25.13% 40.48% 26.46%
    2008 -33.10% -32.92% -41.46% -37.00%
    2007 6.69% 6.69% 5.60% 5.49%
    2006 11.91% 11.91% 15.26% 15.79%
    2005 32.74% 32.74% 12.65% 4.91%
    2004 14.10% 14.10% 20.22% 10.88%

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    Returns-Based Statistics
    Relative to Russell Midcap® Index

    as of 6/30/21
    Investor Class (HFMDX)
    Type 3 yr 5 yr 10 yr
    Alpha -4.97 -4.88 -3.02
    Beta 1.25 1.25 1.13
    Upside Capture 101.96 102.16 96.58
    Downside Capture 116.90 121.41 108.63
    Institutional Class (HIMDX)
    Type 3 yr 5 yr 10 yr
    Alpha -4.58 -4.50 -2.67
    Beta 1.24 1.25 1.13
    Upside Capture 102.40 102.90 97.40
    Downside Capture 115.92 120.37 107.77

    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 6/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HFMDX) 0.53 0.58 0.60
    Institutional Class (HIMDX) 0.54 0.60 0.61
    Russell Midcap® Index 0.75 0.85 0.83
    Mid-Cap Blend Category Average 0.60 0.74 0.68

    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 6/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HFMDX) 29.53 23.80 19.68
    Institutional Class (HIMDX) 29.50 23.78 19.67
    Russell Midcap® Index 22.10 17.67 15.75
    Mid-Cap Blend Category Average 22.11 17.71 15.96

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

    Fund Expenses

    • Investor Class (HFMDX)
      • Gross expense ratio

        1.37%

    • Institutional Class (HIMDX)
      • 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.

    The performance shown for Institutional Class shares / HIMDX prior to 3/3/08 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of Institutional Class shares.

    Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 6/30/21. 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 Russell Midcap® Index is an unmanaged index commonly used to measure the performance of U.S. medium-capitalization stocks. The S&P 500® Index is an unmanaged index commonly used to measure the performance of U.S. 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 6/30/21
    Inception Date (HFMDX) 9/17/03
    Inception Date (HIMDX) 3/3/08
    Total Fund Assets $413 Million
    Active Share vs. Russell Midcap® Index 99%
    Portfolio Turnover 81%
    Median Market Cap $6.2 Billion
    Median Price/Earnings 18.1x
    Median Price/Book 3.0x
    Median Price/Sales 1.1x

    Price/Earnings measures a stock’s price per share compared to earnings. Price/Book measures a stock’s price per share to book value. Price/Sales measures a stock’s price per share to revenue. Portfolio Turnover, Price/Earnings, and Price/Sales shown reflect the trailing 12-month period.

    Sector Weighting

    as of 6/30/21
    Fund Russell Midcap® Index Difference
    Consumer Discretionary 34.1% 12.8% +21.3%
    Industrials 17.5% 15.4% +2.1%
    Materials 13.8% 5.4% +8.4%
    Health Care 8.2% 12.0% -3.8%
    Financials 8.0% 11.9% -3.8%
    Information Technology 7.8% 18.7% -10.9%
    Consumer Staples 7.4% 3.5% +4.0%
    Energy 2.7% 3.8% -1.1%
    Utilities 0.0% 4.5% -4.5%
    Real Estate 0.0% 7.3% -7.3%
    Communication Services 0.0% 4.9% -4.9%
    Cash & Other 0.5%

    Portfolio Holdings

    Top 10 Holdings

    as of 6/30/21
    Top 10 Holdings Ticker % of Net Assets
    Vista Outdoor, Inc. VSTO 5.4%
    Allscripts Healthcare Solution MDRX 4.2%
    Valmont Industries, Inc. VMI 4.2%
    Jefferies Financial Group, Inc. JEF 4.1%
    Sleep Number Corp. SNBR 4.1%
    Owens & Minor, Inc. OMI 4.0%
    LPL Financial Holdings, Inc. LPLA 3.9%
    Mattel, Inc. MAT 3.8%
    LKQ Corp. LKQ 3.8%
    Avient Corp. AVNT 3.7%
    Total as % of Net Assets 41.3%

    Please swipe to view table

    Total Holdings: 30

    as of 6/30/21
    Equity Holdings Ticker % of Net Assets
    Vista Outdoor, Inc. VSTO 5.4%
    Allscripts Healthcare Solution MDRX 4.2%
    Valmont Industries, Inc. VMI 4.2%
    Jefferies Financial Group, Inc. JEF 4.1%
    Sleep Number Corp. SNBR 4.1%
    Owens & Minor, Inc. OMI 4.0%
    LPL Financial Holdings, Inc. LPLA 3.9%
    Mattel, Inc. MAT 3.8%
    LKQ Corp. LKQ 3.8%
    Avient Corp. AVNT 3.7%
    Williams-Sonoma, Inc. WSM 3.6%
    Colfax Corporation CFX 3.5%
    Quanta Services, Inc. PWR 3.5%
    Commercial Metals Co. CMC 3.5%
    Sealed Air Corp. SEE 3.4%
    Arrow Electronics, Inc. ARW 3.3%
    Timken Co. TKR 3.3%
    Berry Global Group, Inc. BERY 3.2%
    Lithia Motors, Inc. LAD 3.1%
    Maxar Technologies, Inc. MAXR 3.1%
    Big Lots, Inc. BIG 3.0%
    BJ's Wholesale Club Holdings BJ 2.8%
    Bed Bath & Beyond, Inc. BBBY 2.8%
    Renewable Energy Group, Inc. REGI 2.7%
    Concentrix Corp. CNXC 2.6%
    Casey's General Stores, Inc. CASY 2.6%
    KB Home KBH 2.4%
    Grocery Outlet Holding Corp. GO 2.1%
    Meritage Homes Corp. MTH 2.1%
    SYNNEX Corp. SNX 2.0%
    Total as % of Net Assets 99.5%
    Cash & Other Holdings % of Net Assets
    Cash & Other 0.5%
    Total as % of Net Assets 0.5%

    Please swipe to view table

    Country Allocation

    as of 6/30/21
    • United States

      99.5%

    • Cash & Other

      0.5%

    United States 99.5%
    Cash & Other 0.5%
  • Distributions

    The Hennessy Cornerstone Mid Cap 30 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
    12/07/2018 -- $0.15008 $4.34596 $4.49604 $11.60
    12/07/2017 -- -- $3.66211 $3.66211 $19.17
    12/07/2016 -- -- $0.12486 $0.12486 $20.31
    12/29/2015 $0.02570 -- -- $0.02570 $18.93
    12/09/2015 -- $0.14238 -- $0.14238 $19.13
    12/08/2014 -- -- $1.13945 $1.13945 $18.68
    12/31/2013 $0.01748 -- -- $0.01748 $17.04
    12/10/2013 $0.03064 -- $1.26111 $1.29175 $16.81
    12/31/2012 $0.18367 -- -- $0.18367 $14.17
    11/29/2007 -- $0.10246 $1.91402 $2.01648 $11.19
    11/28/2006 -- -- $0.09968 $0.09968 $12.40
    11/17/2005 -- -- $1.61196 $1.61196 $11.12

    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
    12/07/2018 -- $0.15336 $4.44097 $4.59433 $11.99
    12/07/2017 -- -- $3.77322 $3.77322 $19.68
    12/07/2016 -- -- $0.12776 $0.12776 $20.78
    12/29/2015 $0.06342 -- -- $0.06342 $19.31
    12/09/2015 -- $0.14547 -- $0.14547 $19.55
    12/08/2014 -- -- $1.16167 $1.16167 $19.04
    12/31/2013 $0.06065 -- -- $0.06065 $17.33
    12/10/2013 $0.03064 -- $1.26111 $1.29175 $17.13
    12/31/2012 $0.23557 -- -- $0.23557 $14.38

    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 Mid Cap 30 Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Cornerstone Mid Cap 30 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.