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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-
19Years on Fund
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43Years of Experience
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Chief Investment Officer and Portfolio Manager-
5Years on Fund
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26Years 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 10/5/22-
Investor Class (HFMDX)
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NAV
$19.46
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$ Change
-$0.01
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% Change
-0.05%
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YTD
-0.76%
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Institutional Class (HIMDX)
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NAV
$20.39
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$ Change
-$0.01
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% Change
-0.05%
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YTD
-0.54%
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Average Annualized Total Return
as of 8/31/22Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03) Investor Class (HFMDX) 2.35% 2.09% 2.13% 20.60% 10.12% 10.88% 10.53% Institutional Class (HIMDX) 2.44% 2.34% 2.54% 21.02% 10.53% 11.26% 10.83% Russell Midcap® Index -3.14% -16.53% -14.82% 9.36% 9.17% 11.61% 10.12% S&P 500® Index -4.08% -16.14% -11.23% 12.39% 11.83% 13.08% 9.54% as of 6/30/22Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03) Investor Class (HFMDX) -13.00% -9.94% -10.85% 13.67% 7.53% 10.11% 9.89% Institutional Class (HIMDX) -12.95% -9.80% -10.54% 14.07% 7.92% 10.47% 10.19% Russell Midcap® Index -16.85% -21.57% -17.30% 6.59% 7.96% 11.29% 9.86% S&P 500® Index -16.10% -19.96% -10.62% 10.60% 11.31% 12.96% 9.36% Hypothetical Growth of $10,000
as of 8/31/2022Value of $10,000 invested between 8/31/2021 and 8/31/2022
Cornerstone Mid Cap 30 Fund (HFMDX) $10,213 Cornerstone Mid Cap 30 Fund (HIMDX) $10,254 Russell Midcap® Index $8,518 S&P 500® Index $8,877 Value of $10,000 invested between 8/31/2019 and 8/31/2022
Cornerstone Mid Cap 30 Fund (HFMDX) $17,541 Cornerstone Mid Cap 30 Fund (HIMDX) $17,723 Russell Midcap® Index $13,081 S&P 500® Index $14,198 Value of $10,000 invested between 8/31/2017 and 8/31/2022
Cornerstone Mid Cap 30 Fund (HFMDX) $16,197 Cornerstone Mid Cap 30 Fund (HIMDX) $16,498 Russell Midcap® Index $15,505 S&P 500® Index $17,486 Value of $10,000 invested between 8/31/2012 and 8/31/2022
Cornerstone Mid Cap 30 Fund (HFMDX) $28,089 Cornerstone Mid Cap 30 Fund (HIMDX) $29,070 Russell Midcap® Index $30,002 S&P 500® Index $34,173 Value of $10,000 invested between 9/17/2003 and 8/31/2022
Cornerstone Mid Cap 30 Fund (HFMDX) $66,721 Cornerstone Mid Cap 30 Fund (HIMDX) $70,178 Russell Midcap® Index $62,228 S&P 500® Index $56,216 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
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Investor Class (HFMDX) 14.10 29.63 16.44 0.02 5.82 20.51 -22.78 15.76 23.37 27.22 Institutional Class (HIMDX) 14.54 30.06 16.75 0.23 6.20 20.96 -22.44 16.02 23.82 27.76 Russell Midcap® Index 17.28 34.76 13.22 -2.44 13.80 18.52 -9.06 30.54 17.10 22.58 S&P 500® Index 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 Year Investor Class (HFMDX) Institutional Class (HIMDX) Russell Midcap® Index S&P 500® Index 2011 4.05% 4.42% -1.55% 2.11% 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 6/30/22Investor Class (HFMDX)Type 3 yr 5 yr 10 yr Alpha 6.70 -0.54 -1.87 Beta 1.22 1.18 1.14 Upside Capture 116.28 101.52 100.00 Downside Capture 93.35 103.90 107.30 Institutional Class (HIMDX)Type 3 yr 5 yr 10 yr Alpha 7.05 -0.17 -1.53 Beta 1.22 1.18 1.14 Upside Capture 116.81 102.25 100.89 Downside Capture 92.57 103.17 106.53 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 6/30/22Type 3 yr 5 yr 10 yr Investor Class (HFMDX) 0.58 0.38 0.56 Institutional Class (HIMDX) 0.59 0.39 0.58 Russell Midcap® Index 0.38 0.44 0.73 Mid-Cap Blend Category Average 0.38 0.37 0.64 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 6/30/22Type 3 yr 5 yr 10 yr Investor Class (HFMDX) 28.81 24.98 19.68 Institutional Class (HIMDX) 28.79 24.96 19.68 Russell Midcap® Index 21.66 19.33 15.47 Mid-Cap Blend Category Average 21.08 18.95 15.26 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
1.36%
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Institutional Class (HIMDX)
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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.
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 6/30/22. 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.
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
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 6/30/22Inception Date (HFMDX) 9/17/03 Inception Date (HIMDX) 3/3/08 Total Fund Assets $352 Million Active Share vs. Russell Midcap® Index 99% Portfolio Turnover 104% Median Market Cap $4.0 Billion Median Price/Earnings 6.0x Median Price/Book 1.5x Median Price/Sales 0.4x 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 6/30/22Fund Russell Midcap® Index Difference Consumer Discretionary 27.8% 11.2% +16.7% Energy 27.8% 4.8% +23.0% Materials 10.4% 6.3% +4.1% Consumer Staples 10.2% 3.8% +6.4% Industrials 8.9% 14.6% -5.7% Financials 8.8% 13.6% -4.7% Information Technology 3.1% 16.4% -13.3% Utilities 0.0% 6.0% -6.0% Health Care 0.0% 10.8% -10.8% Communication Services 0.0% 4.1% -4.1% Real Estate 0.0% 8.6% -8.6% Cash & Other 2.9% Portfolio Holdings
Top 10 Holdings
as of 6/30/22Top 10 Holdings % of Net Assets Peabody Energy Corp. 6.6% Antero Resources Corp. 5.7% HF Sinclair Corp. 4.9% NOV, Inc. 4.4% BJ's Wholesale Club Holdings 3.9% Commercial Metals Co. 3.7% Alcoa Corp. 3.7% Penske Automotive Group, Inc. 3.6% Plains All American Pipeline, LP 3.6% Group 1 Automotive, Inc. 3.5% Total as % of Net Assets 43.5% Total Holdings: 29
as of 6/30/22Equity Holdings % of Net Assets Peabody Energy Corp. 6.6% Antero Resources Corp. 5.7% HF Sinclair Corp. 4.9% NOV, Inc. 4.4% BJ's Wholesale Club Holdings 3.9% Commercial Metals Co. 3.7% Alcoa Corp. 3.7% Penske Automotive Group, Inc. 3.6% Plains All American Pipeline, LP 3.6% Group 1 Automotive, Inc. 3.5% AutoNation, Inc. 3.4% Spectrum Brands Holdings, Inc. 3.2% Asbury Automotive Group, Inc. 3.2% Jabil, Inc. 3.1% Old Republic International Corp. 3.1% Dillard's, Inc. 3.1% United Natural Foods, Inc. 3.1% Mr. Cooper Group, Inc. 3.1% Ryder System, Inc. 3.1% Academy Sports & Outdoors, Inc. 3.0% Olin Corp. 3.0% WESCO International, Inc. 3.0% ArcBest Corp. 2.9% First American Financial Corp. 2.7% Green Plains, Inc. 2.7% Macy's, Inc. 2.6% Goodyear Tire & Rubber Co. 2.1% PVH Corp. 1.9% Abercrombie & Fitch Co. 1.6% Total as % of Net Assets 97.1% Cash & Other Holdings % of Net Assets Cash & Other 2.9% Total as % of Net Assets 2.9% Country Allocation
as of 6/30/22-
United States
97.1%
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Cash & Other
2.9%
United States 97.1% Cash & Other 2.9% -
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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 12/29/2021 $0.33969 -- -- $0.33969 $19.71 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 12/29/2021 $0.35150 -- -- $0.35150 $20.60 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.
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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.
