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Overview
Hennessy Cornerstone Mid Cap 30 Fund
Quantitatively managed, the Fund maintains a concentrated portfolio of mid-cap companies.
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:
- Market capitalization between $1 and $10 billion
- Price-to-sales ratio below 1.5
- Annual earnings higher than the previous year
- Positive stock price appreciation over the past three- and six-month periods
Portfolio Managers
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Chief Market Strategist and Portfolio Manager-
18Years on Fund
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42Years of Experience
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Chief Investment Officer and Portfolio Manager-
4Years on Fund
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25Years of Experience
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“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
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Performance
Daily Pricing & Performance
as of 9/27/21-
Investor Class (HFMDX)
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NAV
$19.51
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$ Change
$0.26
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% Change
1.35%
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YTD
24.43%
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Institutional Class (HIMDX)
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NAV
$20.37
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$ Change
$0.27
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% Change
1.34%
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YTD
24.82%
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Average Annualized Total Return
as of 8/31/21Name 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% as of 6/30/21Name 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% Hypothetical Growth of $10,000
as of 8/31/2021Value 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% Returns-Based Statistics
Relative to Russell Midcap® Indexas of 6/30/21Investor 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 6/30/21Type 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 6/30/21Type 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
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Investor Class (HFMDX)
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Gross expense ratio
1.37%
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Institutional Class (HIMDX)
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Gross expense ratio
1.01%
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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.
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.
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Portfolio
Portfolio Characteristics
as of 6/30/21Inception 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 6/30/21Fund 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 6/30/21Top 10 Holdings % of Net Assets Vista Outdoor, Inc. 5.4% Allscripts Healthcare Solution 4.2% Valmont Industries, Inc. 4.2% Jefferies Financial Group, Inc. 4.1% Sleep Number Corp. 4.1% Owens & Minor, Inc. 4.0% LPL Financial Holdings, Inc. 3.9% Mattel, Inc. 3.8% LKQ Corp. 3.8% Avient Corp. 3.7% Total as % of Net Assets 41.3% Total Holdings: 30
as of 6/30/21Equity Holdings % of Net Assets Vista Outdoor, Inc. 5.4% Allscripts Healthcare Solution 4.2% Valmont Industries, Inc. 4.2% Jefferies Financial Group, Inc. 4.1% Sleep Number Corp. 4.1% Owens & Minor, Inc. 4.0% LPL Financial Holdings, Inc. 3.9% Mattel, Inc. 3.8% LKQ Corp. 3.8% Avient Corp. 3.7% Williams-Sonoma, Inc. 3.6% Colfax Corporation 3.5% Quanta Services, Inc. 3.5% Commercial Metals Co. 3.5% Sealed Air Corp. 3.4% Arrow Electronics, Inc. 3.3% Timken Co. 3.3% Berry Global Group, Inc. 3.2% Lithia Motors, Inc. 3.1% Maxar Technologies, Inc. 3.1% Big Lots, Inc. 3.0% BJ's Wholesale Club Holdings 2.8% Bed Bath & Beyond, Inc. 2.8% Renewable Energy Group, Inc. 2.7% Concentrix Corp. 2.6% Casey's General Stores, Inc. 2.6% KB Home 2.4% Grocery Outlet Holding Corp. 2.1% Meritage Homes Corp. 2.1% SYNNEX Corp. 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% Country Allocation
as of 6/30/21-
United States
99.5%
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Cash & Other
0.5%
United States 99.5% Cash & Other 0.5% -
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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 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 12/07/2018 -- $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 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.
