• 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

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

    - Ryan Kelley

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 12/2/20
    • Investor Class (HFMDX)
      • NAV

        $15.06

      • $ Change

        -$0.13

      • % Change

        -0.86%

      • YTD

        18.49%

    • Institutional Class (HIMDX)
      • NAV

        $15.68

      • $ Change

        -$0.13

      • % Change

        -0.82%

      • YTD

        18.97%

    Average Annualized Total Return

    as of 10/31/20
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03)
    Investor Class (HFMDX) -0.75% 4.41% 10.49% -0.79% 2.04% 8.72% 8.96%
    Institutional Class (HIMDX) -0.72% 4.78% 10.83% -0.44% 2.41% 9.09% 9.24%
    Russell Midcap® Index 0.64% -1.72% 4.12% 6.77% 8.95% 11.40% 9.99%
    S&P 500® Index -2.66% 2.77% 9.71% 10.42% 11.71% 13.01% 9.21%

    Please swipe to view table

    as of 9/30/20
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03)
    Investor Class (HFMDX) 22.10% 5.19% 11.70% 0.42% 2.61% 9.31% 9.06%
    Institutional Class (HIMDX) 22.23% 5.54% 12.18% 0.78% 2.97% 9.68% 9.34%
    Russell Midcap® Index 7.46% -2.35% 4.55% 7.13% 10.13% 11.76% 10.00%
    S&P 500® Index 8.93% 5.57% 15.15% 12.28% 14.15% 13.74% 9.43%

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    Hypothetical Growth of $10,000

    as of 11/30/2020

    Value of $10,000 invested between 11/30/2019 and 11/30/2020

    Cornerstone Mid Cap 30 Fund (HFMDX) $11,885
    Cornerstone Mid Cap 30 Fund (HIMDX) $11,925
    Russell Midcap® Index $11,443
    S&P 500® Index $11,746

    Value of $10,000 invested between 11/30/2017 and 11/30/2020

    Cornerstone Mid Cap 30 Fund (HFMDX) $10,698
    Cornerstone Mid Cap 30 Fund (HIMDX) $10,811
    Russell Midcap® Index $13,403
    S&P 500® Index $14,494

    Value of $10,000 invested between 11/30/2015 and 11/30/2020

    Cornerstone Mid Cap 30 Fund (HFMDX) $12,793
    Cornerstone Mid Cap 30 Fund (HIMDX) $13,021
    Russell Midcap® Index $17,431
    S&P 500® Index $19,244

    Value of $10,000 invested between 11/30/2010 and 11/30/2020

    Cornerstone Mid Cap 30 Fund (HFMDX) $24,944
    Cornerstone Mid Cap 30 Fund (HIMDX) $25,796
    Russell Midcap® Index $32,914
    S&P 500® Index $37,703

    Value of $10,000 invested between 9/17/2003 and 11/30/2020

    Cornerstone Mid Cap 30 Fund (HFMDX) $48,948
    Cornerstone Mid Cap 30 Fund (HIMDX) $51,142
    Russell Midcap® Index $58,096
    S&P 500® Index $50,158

    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

      2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
    Investor Class (HFMDX)
    27.26 4.05 14.10 29.63 16.44 0.02 5.82 20.51 -22.78 15.76
    Institutional Class (HIMDX)
    27.82 4.42 14.54 30.06 16.75 0.23 6.20 20.96 -22.44 16.02
    Russell Midcap® Index
    25.48 -1.55 17.28 34.76 13.22 -2.44 13.80 18.52 -9.06 30.54
    S&P 500® Index
    15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49
    Year
    Investor Class (HFMDX)
    Institutional Class (HIMDX)
    Russell Midcap® Index
    S&P 500® Index
    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 9/30/20
    Investor Class (HFMDX)
    Type 3 yr 5 yr 10 yr
    Alpha -6.72 -8.32 -3.10
    Beta 1.30 1.25 1.14
    Upside Capture 102.47 92.08 97.95
    Downside Capture 130.93 130.36 111.95
    Institutional Class (HIMDX)
    Type 3 yr 5 yr 10 yr
    Alpha -6.36 -7.95 -2.75
    Beta 1.30 1.25 1.14
    Upside Capture 103.05 92.94 98.84
    Downside Capture 130.10 129.53 111.11

    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 9/30/20
    Type 3 yr 5 yr 10 yr
    Investor Class (HFMDX) 0.11 0.18 0.54
    Institutional Class (HIMDX) 0.12 0.20 0.55
    Russell Midcap® Index 0.36 0.58 0.77
    Mid-Cap Blend Category Average 0.17 0.41 0.60

    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 9/30/20
    Type 3 yr 5 yr 10 yr
    Investor Class (HFMDX) 28.38 23.10 19.06
    Institutional Class (HIMDX) 28.34 23.08 19.06
    Russell Midcap® Index 20.74 17.30 15.27
    Mid-Cap Blend Category Average 20.57 17.18 15.46

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

    Fund Expenses

    • Investor Class (HFMDX)
      • Gross expense ratio

        1.36%

    • 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 9/30/20. 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. among 368, 295 and 213 Mid-Cap Blend 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 9/30/20. 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 9/30/20
    Inception Date (HFMDX) 9/17/03
    Inception Date (HIMDX) 3/3/08
    Total Fund Assets $310 Million
    Active Share vs. Russell Midcap® Index 99%
    Portfolio Turnover 106%
    Median Market Cap $5.2 Billion
    Median Price/Earnings 16.3x
    Median Price/Book 2.1x
    Median Price/Sales 0.9x

    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 9/30/20
    Fund Russell Midcap® Index Difference
    Consumer Discretionary 39.1% 11.7% +27.4%
    Information Technology 20.3% 19.3% +1.0%
    Financials 12.7% 10.7% +1.9%
    Industrials 11.3% 15.5% -4.2%
    Materials 6.3% 5.3% +1.0%
    Health Care 2.9% 13.4% -10.5%
    Communication Services 2.8% 4.6% -1.8%
    Consumer Staples 0.0% 4.4% -4.4%
    Utilities 0.0% 5.8% -5.8%
    Real Estate 0.0% 7.1% -7.1%
    Energy 0.0% 2.3% -2.3%
    Cash & Other 4.7%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/20
    Top 10 Holdings Ticker % of Net Assets
    RH RH 6.3%
    Synaptics, Inc. SYNA 5.7%
    Scientific Games Corp. SGMS 5.0%
    Lithia Motors, Inc. LAD 4.9%
    Meritage Homes Corp. MTH 4.3%
    Williams-Sonoma, Inc. WSM 3.7%
    SYNNEX Corp. SNX 3.5%
    Crown Holdings, Inc. CCK 3.4%
    SunPower Corp. SPWR 3.4%
    Toll Brothers, Inc. TOL 3.4%
    Total as % of Net Assets 43.6%

    Total Holdings: 31

    as of 9/30/20
    Equity Holdings Ticker % of Net Assets
    RH RH 6.3%
    Synaptics, Inc. SYNA 5.7%
    Scientific Games Corp. SGMS 5.0%
    Lithia Motors, Inc. LAD 4.9%
    Meritage Homes Corp. MTH 4.3%
    Williams-Sonoma, Inc. WSM 3.7%
    SYNNEX Corp. SNX 3.5%
    Crown Holdings, Inc. CCK 3.4%
    SunPower Corp. SPWR 3.4%
    Toll Brothers, Inc. TOL 3.4%
    Whirlpool Corp. WHR 3.3%
    AECOM ACM 3.2%
    KB Home KBH 3.2%
    Landstar System, Inc. LSTR 3.1%
    Owens Corning OC 3.1%
    Packaging Corp of America PKG 2.9%
    Syneos Health, Inc. SYNH 2.9%
    LPL Financial Holdings, Inc. LPLA 2.8%
    News Corp. NWSA 2.8%
    Jabil, Inc. JBL 2.7%
    Taylor Morrison Home Corp. TMHC 2.7%
    First American Financial Corp. FAF 2.4%
    Itron, Inc. ITRI 2.4%
    Skechers USA, Inc. SKX 2.3%
    NCR Corp. NCR 2.1%
    Brighthouse Financial, Inc. BHF 2.0%
    The Hanover Insurance Group, Inc. THG 1.9%
    MasTec, Inc. MTZ 1.8%
    American Financial Group, Inc. AFG 1.8%
    Old Republic International Corp. ORI 1.8%
    Maxeon Solar Technologies, Ltd. MAXN 0.6%
    Total as % of Net Assets 95.3%
    Cash & Other Holdings % of Net Assets
    Cash & Other 4.7%
    Total as % of Net Assets 4.7%

    Full portfolio holdings as of 10/31/20, which relect the Fund's most recent rebalance:

    Equity Holdings Ticker % of Net Assets
    Mattel, Inc. MAT 3.8%
    Grocery Outlet Holding Corp. GO 3.8%
    Valmont Industries, Inc. VMI 3.6%
    Renewable Energy Group, Inc. REGI 3.5%
    LKQ Corp. LKQ 3.5%
    Quanta Services, Inc. PWR 3.5%
    Timken Co. TKR 3.5%
    Owens & Minor, Inc. OMI 3.4%
    Sleep Number Corp. SNBR 3.4%
    Jefferies Financial Group, Inc. JEF 3.4%
    Avient Corp. AVNT 3.4%
    Commercial Metals Co. CMC 3.4%
    LPL Financial Holdings, Inc. LPLA 3.3%
    Vista Outdoor, Inc. VSTO 3.3%
    Allscripts Healthcare Solution MDRX 3.3%
    Sealed Air Corp. SEE 3.3%
    HD Supply Holdings, Inc. HDS 3.3%
    Berry Global Group, Inc. BERY 3.3%
    BJ's Wholesale Club Holdings BJ 3.2%
    Arrow Electronics, Inc. ARW 3.2%
    Casey's General Stores, Inc. CASY 3.2%
    Big Lots, Inc. BIG 3.1%
    SYNNEX Corp. SNX 3.1%
    Colfax Corporation CFX 3.0%
    Williams-Sonoma, Inc. WSM 3.0%
    Lithia Motors, Inc. LAD 3.0%
    Maxar Technologies, Inc. MAXR 2.9%
    KB Home KBH 2.8%
    Bed Bath & Beyond, Inc. BBBY 2.8%
    Meritage Homes Corp. MTH 2.7%
    Cash & Other 2.1%

    Country Allocation

    as of 9/30/20
    • United States

      94.7%

    • International

      0.6%

    • Cash & Other

      4.7%

    United States 94.7%
    Singapore 0.6%
    Cash & Other 4.7%
  • 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.

    The Cornerstone Mid Cap 30 Fund is not expected to pay a capital gain in 2020.

    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
    Fund Documents
    Cornerstone Mid Cap 30 Fund Fact Sheet
    Cornerstone Mid Cap 30 Fund Portfolio Perspective View
    Shareholder Reports
    Cornerstone Mid Cap 30 Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Cornerstone Mid Cap 30 Fund Semi-Annual Report
    Cornerstone Mid Cap 30 Fund Annual Report