• 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

    Overall morningstar rating

    • Investor
    • HFMDX
    • Institutional
    • HIMDX

    Among 456 Small Value Funds (Based on risk-adjusted returns, as of 12/31/23)

    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
      • 21
        Years on Fund
      • 44
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 7
        Years on Fund
      • 28
        Years of Experience
    • L. Joshua Wein, CAIA
      Portfolio Manager
      • 5
        Years on Fund
      • 27
        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 2/27/24
    • Investor Class (HFMDX)
      • NAV

        $21.75

      • $ Change

        $0.27

      • % Change

        1.26%

      • YTD

        10.13%

    • Institutional Class (HIMDX)
      • NAV

        $22.92

      • $ Change

        $0.29

      • % Change

        1.28%

      • YTD

        10.19%

    Average Annualized Total Return

    as of 1/31/24
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03)
    Investor Class (HFMDX) -0.71% -0.71% 20.38% 15.88% 16.95% 10.98% 11.22%
    Institutional Class (HIMDX) -0.72% -0.72% 20.78% 16.30% 17.36% 11.35% 11.52%
    Russell Midcap® Index -1.42% -1.42% 6.70% 5.50% 10.08% 9.48% 10.12%
    S&P 500® Index 1.68% 1.68% 20.82% 10.99% 14.30% 12.62% 10.06%

    Please swipe to view table

    as of 12/31/23
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03)
    Investor Class (HFMDX) 8.92% 30.78% 30.78% 19.59% 19.55% 10.85% 11.31%
    Institutional Class (HIMDX) 9.09% 31.27% 31.27% 20.05% 19.98% 11.23% 11.61%
    Russell Midcap® Index 12.82% 17.23% 17.23% 5.92% 12.68% 9.42% 10.24%
    S&P 500® Index 11.69% 26.29% 26.29% 10.00% 15.69% 12.03% 10.01%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 1/31/2024

    Value of $10,000 invested between 1/31/2023 and 1/31/2024

    Cornerstone Mid Cap 30 Fund (HFMDX) $12,038
    Cornerstone Mid Cap 30 Fund (HIMDX) $12,078
    Russell Midcap® Index $10,670
    S&P 500® Index $12,082

    Value of $10,000 invested between 1/31/2021 and 1/31/2024

    Cornerstone Mid Cap 30 Fund (HFMDX) $15,562
    Cornerstone Mid Cap 30 Fund (HIMDX) $15,732
    Russell Midcap® Index $11,744
    S&P 500® Index $13,672

    Value of $10,000 invested between 1/31/2019 and 1/31/2024

    Cornerstone Mid Cap 30 Fund (HFMDX) $21,879
    Cornerstone Mid Cap 30 Fund (HIMDX) $22,267
    Russell Midcap® Index $16,161
    S&P 500® Index $19,506

    Value of $10,000 invested between 1/31/2014 and 1/31/2024

    Cornerstone Mid Cap 30 Fund (HFMDX) $28,344
    Cornerstone Mid Cap 30 Fund (HIMDX) $29,314
    Russell Midcap® Index $24,739
    S&P 500® Index $32,807

    Value of $10,000 invested between 9/17/2003 and 1/31/2024

    Cornerstone Mid Cap 30 Fund (HFMDX) $87,237
    Cornerstone Mid Cap 30 Fund (HIMDX) $92,201
    Russell Midcap® Index $71,235
    S&P 500® Index $70,493

    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

      2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
    Investor Class (HFMDX)
    16.44 0.02 5.82 20.51 -22.78 15.76 23.37 27.22 2.79 30.78
    Institutional Class (HIMDX)
    16.75 0.23 6.20 20.96 -22.44 16.02 23.82 27.76 3.17 31.27
    Russell Midcap® Index
    13.22 -2.44 13.80 18.52 -9.06 30.54 17.10 22.58 -17.32 17.23
    S&P 500® Index
    13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 26.29
    Year
    Investor Class (HFMDX)
    Institutional Class (HIMDX)
    Russell Midcap® Index
    S&P 500® Index
    2013 29.63% 30.06% 34.76% 32.39%
    2012 14.10% 14.54% 17.28% 16.00%
    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%

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    Returns-Based Statistics
    Relative to Russell Midcap® Index

    as of 12/31/23
    Investor Class (HFMDX)
    Type 3 yr 5 yr 10 yr
    Alpha 12.90 5.77 1.18
    Beta 0.96 1.13 1.10
    Upside Capture 107.71 109.12 102.13
    Downside Capture 60.93 88.42 95.96
    Institutional Class (HIMDX)
    Type 3 yr 5 yr 10 yr
    Alpha 13.29 6.13 1.52
    Beta 0.96 1.13 1.10
    Upside Capture 108.41 109.60 102.88
    Downside Capture 60.22 87.65 95.18

    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 12/31/23
    Type 3 yr 5 yr 10 yr
    Investor Class (HFMDX) 0.83 0.74 0.53
    Institutional Class (HIMDX) 0.84 0.75 0.55
    Russell Midcap® Index 0.26 0.57 0.53
    Small Value Category Average 0.49 0.49 0.36

    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 12/31/23
    Type 3 yr 5 yr 10 yr
    Investor Class (HFMDX) 21.59 26.65 21.17
    Institutional Class (HIMDX) 21.61 26.63 21.16
    Russell Midcap® Index 19.38 21.50 17.25
    Small Value Category Average 20.63 24.92 20.26

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

    Fund Expenses

    • Investor Class (HFMDX)
      • Gross expense ratio

        1.35%

    • Institutional Class (HIMDX)
      • Gross expense ratio

        1.00%

    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.

    Morningstar Proprietary Ratings reflect risk-adjusted performance as of 12/31/23. 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. Institutional Class (HIMDX) received 5 stars for the three-year, 5 stars for the five-year and 5 stars for the ten-year periods ended 12/31/23 / Investor Class (HFMDX) received 5 stars for the three-year, 5 stars for the five-year and 5 stars for the ten-year periods ended 12/31/23 among 456, 427 and 333 Small 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 12/31/23. 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.

  • Portfolio

    Portfolio Characteristics

    as of 12/31/23
    Inception Date (HFMDX) 9/17/03
    Inception Date (HIMDX) 3/3/08
    Total Fund Assets $752 Million
    Active Share vs. Russell Midcap® Index 100%
    Portfolio Turnover 110%
    Median Market Cap $4.4 Billion
    Median Price/Earnings 18.6x
    Median Price/Book 3.3x
    Median Price/Sales 0.8x

    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 12/31/23
    Fund Russell Midcap® Index Difference
    Industrials 34.7% 19.3% +15.4%
    Energy 21.9% 4.8% +17.1%
    Consumer Discretionary 20.1% 10.6% +9.6%
    Consumer Staples 7.3% 3.5% +3.8%
    Information Technology 5.8% 13.6% -7.9%
    Materials 3.0% 5.8% -2.7%
    Communication Services 2.1% 3.5% -1.4%
    Financials 1.3% 15.5% -14.2%
    Utilities 0.0% 5.2% -5.2%
    Health Care 0.0% 10.3% -10.3%
    Real Estate 0.0% 8.0% -8.0%
    Cash & Other 3.8% % %

    Portfolio Holdings

    Top 10 Holdings

    as of 12/31/23
    Top 10 Holdings Ticker % of Net Assets
    Gap, Inc. GPS 5.6%
    Abercrombie & Fitch Co. ANF 4.4%
    Coca-Cola Consolidated, Inc. COKE 4.1%
    Kyndryl Holdings, Inc. KD 3.9%
    Modine Manufacturing Co. MOD 3.7%
    Comfort Systems USA, Inc. FIX 3.4%
    Sterling Infrastructure, Inc. STRL 3.4%
    XPO , Inc. XPO 3.3%
    Group 1 Automotive, Inc. GPI 3.3%
    Parsons Corp. PSN 3.2%
    Total as % of Net Assets 38.3%

    Please swipe to view table

    Total Holdings: 31

    as of 12/31/23
    Equity Holdings Ticker % of Net Assets
    Gap, Inc. GPS 5.6%
    Abercrombie & Fitch Co. ANF 4.4%
    Coca-Cola Consolidated, Inc. COKE 4.1%
    Kyndryl Holdings, Inc. KD 3.9%
    Modine Manufacturing Co. MOD 3.7%
    Comfort Systems USA, Inc. FIX 3.4%
    Sterling Infrastructure, Inc. STRL 3.4%
    XPO , Inc. XPO 3.3%
    Group 1 Automotive, Inc. GPI 3.3%
    Parsons Corp. PSN 3.2%
    Sprouts Farmers Market, Inc. SFM 3.2%
    Oshkosh Corp. OSK 3.2%
    Fluor Corp. FLR 3.1%
    MillerKnoll, Inc. MLKN 3.1%
    Applied Industrial Technologiees AIT 3.1%
    Guess?, Inc. GES 3.1%
    Carpenter Technology Corp. CRS 3.0%
    Flowserve Corp. FLS 3.0%
    Par Pacific Holdings, Inc. PARR 3.0%
    EMCOR Group, Inc. EME 2.9%
    MSC Industrial Direct Co., Inc. MSM 2.9%
    Plains GP Holdings LP (Class A) PAGP 2.9%
    EnLink Midstream, LLC ENLC 2.9%
    Liberty Energy, Inc. LBRT 2.8%
    CONSOL Energy, Inc. CEIX 2.8%
    California Resources Corp. CRC 2.8%
    PBF Energy, Inc. PBF 2.5%
    Oceaneering International, Inc. OII 2.4%
    Cinemark Holdings, Inc. CNK 2.1%
    NCR Voyix Corp. VYX 1.9%
    NCR Atleos Corp. NATL 1.3%
    Total as % of Net Assets 96.2%
    Cash & Other Holdings % of Net Assets
    Cash & Other 3.8%
    Total as % of Net Assets 3.8%

    Please swipe to view table

    Country Allocation

    as of 12/31/23
    • United States

      96.2%

    • Cash & Other

      3.8%

    United States 96.2%
    Cash & Other 3.8%
  • 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
    12/07/2023 -- -- $1.89834 $1.89834 $18.63
    12/08/2022 -- -- $3.60395 $3.60395 $17.05
    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

    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
    12/07/2023 -- -- $1.99820 $1.99820 $19.61
    12/08/2022 -- -- $3.77950 $3.77950 $17.88
    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

    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

    Currently, paper copies of the annual and semi-annual reports are not 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.

    **Please note the upcoming change to shareholder report delivery.**

    After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or 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.