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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 Investment Officer and Portfolio Manager-
17Years on Fund
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41Years 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 11/30/20-
Investor Class (HFMDX)
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NAV
$14.94
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$ Change
-$0.29
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% Change
-1.90%
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YTD
17.55%
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Institutional Class (HIMDX)
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NAV
$15.55
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$ Change
-$0.31
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% Change
-1.95%
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YTD
17.98%
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Average Annualized Total Return
as of 10/31/20Name 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% as of 9/30/20Name 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% Hypothetical Growth of $10,000
as of 10/31/2020Value of $10,000 invested between 10/31/2019 and 10/31/2020
Cornerstone Mid Cap 30 Fund (HFMDX) $11,049 Cornerstone Mid Cap 30 Fund (HIMDX) $11,083 Russell Midcap® Index $10,412 S&P 500® Index $10,971 Value of $10,000 invested between 10/31/2017 and 10/31/2020
Cornerstone Mid Cap 30 Fund (HFMDX) $9,764 Cornerstone Mid Cap 30 Fund (HIMDX) $9,867 Russell Midcap® Index $12,172 S&P 500® Index $13,464 Value of $10,000 invested between 10/31/2015 and 10/31/2020
Cornerstone Mid Cap 30 Fund (HFMDX) $11,064 Cornerstone Mid Cap 30 Fund (HIMDX) $11,265 Russell Midcap® Index $15,353 S&P 500® Index $17,397 Value of $10,000 invested between 10/31/2010 and 10/31/2020
Cornerstone Mid Cap 30 Fund (HFMDX) $23,067 Cornerstone Mid Cap 30 Fund (HIMDX) $23,863 Russell Midcap® Index $29,442 S&P 500® Index $33,987 Value of $10,000 invested between 9/17/2003 and 10/31/2020
Cornerstone Mid Cap 30 Fund (HFMDX) $43,476 Cornerstone Mid Cap 30 Fund (HIMDX) $45,419 Russell Midcap® Index $51,041 S&P 500® Index $45,209 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% Returns-Based Statistics
Relative to Russell Midcap® Indexas of 9/30/20Investor 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 9/30/20Type 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 9/30/20Type 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
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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
1.00%
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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.
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.
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Portfolio
Portfolio Characteristics
as of 9/30/20Inception 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 9/30/20Fund 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 9/30/20Top 10 Holdings % of Net Assets RH 6.3% Synaptics, Inc. 5.7% Scientific Games Corp. 5.0% Lithia Motors, Inc. 4.9% Meritage Homes Corp. 4.3% Williams-Sonoma, Inc. 3.7% SYNNEX Corp. 3.5% Crown Holdings, Inc. 3.4% SunPower Corp. 3.4% Toll Brothers, Inc. 3.4% Total as % of Net Assets 43.6% Total Holdings: 31
as of 9/30/20Equity Holdings % of Net Assets RH 6.3% Synaptics, Inc. 5.7% Scientific Games Corp. 5.0% Lithia Motors, Inc. 4.9% Meritage Homes Corp. 4.3% Williams-Sonoma, Inc. 3.7% SYNNEX Corp. 3.5% Crown Holdings, Inc. 3.4% SunPower Corp. 3.4% Toll Brothers, Inc. 3.4% Whirlpool Corp. 3.3% AECOM 3.2% KB Home 3.2% Landstar System, Inc. 3.1% Owens Corning 3.1% Packaging Corp of America 2.9% Syneos Health, Inc. 2.9% LPL Financial Holdings, Inc. 2.8% News Corp. 2.8% Jabil, Inc. 2.7% Taylor Morrison Home Corp. 2.7% First American Financial Corp. 2.4% Itron, Inc. 2.4% Skechers USA, Inc. 2.3% NCR Corp. 2.1% Brighthouse Financial, Inc. 2.0% The Hanover Insurance Group, Inc. 1.9% MasTec, Inc. 1.8% American Financial Group, Inc. 1.8% Old Republic International Corp. 1.8% Maxeon Solar Technologies, Ltd. 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% Country Allocation
as of 9/30/20-
United States
94.7%
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International
0.6%
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Cash & Other
4.7%
United States 94.7% Singapore 0.6% Cash & Other 4.7% -
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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.
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 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 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
