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Overview
Hennessy Cornerstone Mid Cap 30 Fund
Quantitatively managed, the Fund maintains a concentrated portfolio of mid-cap companies.
Investor
HFMDXInstitutional
HIMDXMorningstar style box
Overall morningstar rating
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Investor
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HFMDX
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Institutional
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HIMDX
Among 447 Small Value Funds (Based on risk-adjusted returns, as of 9/30/23)
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:
- 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-
20Years on Fund
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44Years of Experience
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Chief Investment Officer and Portfolio Manager-
6Years on Fund
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27Years 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 11/29/23-
Investor Class (HFMDX)
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NAV
$20.40
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$ Change
$0.03
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% Change
0.15%
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YTD
22.60%
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Institutional Class (HIMDX)
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NAV
$21.47
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$ Change
$0.03
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% Change
0.14%
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YTD
22.97%
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Average Annualized Total Return
as of 10/31/23Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03) Investor Class (HFMDX) -5.31% 13.70% 10.03% 20.67% 13.91% 9.95% 10.63% Institutional Class (HIMDX) -5.24% 14.03% 10.43% 21.11% 14.32% 10.33% 10.93% Russell Midcap® Index -5.00% -1.28% -1.01% 6.04% 7.14% 8.05% 9.39% S&P 500® Index -2.10% 10.69% 10.14% 10.36% 11.01% 11.18% 9.38% as of 9/30/23Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03) Investor Class (HFMDX) 1.42% 20.07% 33.13% 22.57% 12.87% 10.91% 10.98% Institutional Class (HIMDX) 1.50% 20.33% 33.60% 23.00% 13.26% 11.28% 11.28% Russell Midcap® Index -4.68% 3.91% 13.45% 8.09% 6.38% 8.98% 9.71% S&P 500® Index -3.27% 13.07% 21.62% 10.15% 9.92% 11.91% 9.54% Hypothetical Growth of $10,000
as of 10/31/2023Value of $10,000 invested between 10/31/2022 and 10/31/2023
Cornerstone Mid Cap 30 Fund (HFMDX) $11,003 Cornerstone Mid Cap 30 Fund (HIMDX) $11,043 Russell Midcap® Index $9,899 S&P 500® Index $11,014 Value of $10,000 invested between 10/31/2020 and 10/31/2023
Cornerstone Mid Cap 30 Fund (HFMDX) $17,569 Cornerstone Mid Cap 30 Fund (HIMDX) $17,763 Russell Midcap® Index $11,922 S&P 500® Index $13,441 Value of $10,000 invested between 10/31/2018 and 10/31/2023
Cornerstone Mid Cap 30 Fund (HFMDX) $19,176 Cornerstone Mid Cap 30 Fund (HIMDX) $19,522 Russell Midcap® Index $14,117 S&P 500® Index $16,859 Value of $10,000 invested between 10/31/2013 and 10/31/2023
Cornerstone Mid Cap 30 Fund (HFMDX) $25,825 Cornerstone Mid Cap 30 Fund (HIMDX) $26,722 Russell Midcap® Index $21,693 S&P 500® Index $28,847 Value of $10,000 invested between 9/17/2003 and 10/31/2023
Cornerstone Mid Cap 30 Fund (HFMDX) $76,384 Cornerstone Mid Cap 30 Fund (HIMDX) $80,676 Russell Midcap® Index $60,853 S&P 500® Index $60,766 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
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Investor Class (HFMDX) 29.63 16.44 0.02 5.82 20.51 -22.78 15.76 23.37 27.22 2.79 Institutional Class (HIMDX) 30.06 16.75 0.23 6.20 20.96 -22.44 16.02 23.82 27.76 3.17 Russell Midcap® Index 34.76 13.22 -2.44 13.80 18.52 -9.06 30.54 17.10 22.58 -17.32 S&P 500® Index 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 Year Investor Class (HFMDX) Institutional Class (HIMDX) Russell Midcap® Index S&P 500® Index 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% Returns-Based Statistics
Relative to Russell Midcap® Indexas of 9/30/23Investor Class (HFMDX)Type 3 yr 5 yr 10 yr Alpha 13.45 6.44 1.58 Beta 0.96 1.15 1.12 Upside Capture 108.69 110.26 103.87 Downside Capture 57.54 90.08 95.66 Institutional Class (HIMDX)Type 3 yr 5 yr 10 yr Alpha 13.80 6.79 1.91 Beta 0.96 1.15 1.12 Upside Capture 109.34 110.75 104.63 Downside Capture 56.88 89.36 94.89 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 9/30/23Type 3 yr 5 yr 10 yr Investor Class (HFMDX) 0.95 0.52 0.55 Institutional Class (HIMDX) 0.97 0.53 0.56 Russell Midcap® Index 0.39 0.31 0.53 Small Value Category Average 0.72 0.22 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 9/30/23Type 3 yr 5 yr 10 yr Investor Class (HFMDX) 21.74 27.15 20.92 Institutional Class (HIMDX) 21.76 27.14 20.92 Russell Midcap® Index 19.52 21.68 16.78 Small Value Category Average 21.80 25.27 19.84 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
1.35%
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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 9/30/23. 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 9/30/23 / 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 9/30/23 among 447, 420 and 327 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 9/30/23. 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.
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Portfolio
Portfolio Characteristics
as of 9/30/23Inception Date (HFMDX) 9/17/03 Inception Date (HIMDX) 3/3/08 Total Fund Assets $621 Million Active Share vs. Russell Midcap® Index 99% Portfolio Turnover 4% Median Market Cap $5.5 Billion Median Price/Earnings 9.5x Median Price/Book 2.4x Median Price/Sales 0.6x 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 9/30/23Fund Russell Midcap® Index Difference Energy 23.4% 5.4% +18.0% Consumer Discretionary 21.2% 10.2% +11.0% Industrials 16.8% 19.0% -2.2% Materials 11.9% 5.9% +6.0% Information Technology 11.1% 13.3% -2.3% Consumer Staples 8.5% 3.7% +4.8% Financials 3.5% 15.0% -11.5% Health Care 1.0% 11.0% -9.9% Communication Services 0.0% 3.5% -3.5% Utilities 0.0% 5.3% -5.3% Real Estate 0.0% 7.6% -7.6% Cash & Other 2.5% % % Portfolio Holdings
Top 10 Holdings
as of 9/30/23Top 10 Holdings % of Net Assets Super Micro Computer, Inc. 11.1% EMCOR Group, Inc. 4.8% PBF Energy, Inc. 4.2% Clean Harbors, Inc. 3.8% Penske Automotive Group, Inc. 3.8% ATI, Inc. 3.7% Plains GP Holdings LP (Class A) 3.6% Plains All American Pipeline, LP 3.5% Unum Group 3.5% Casey's General Stores, Inc. 3.4% Total as % of Net Assets 45.4% Total Holdings: 30
as of 9/30/23Equity Holdings % of Net Assets Super Micro Computer, Inc. 11.1% EMCOR Group, Inc. 4.8% PBF Energy, Inc. 4.2% Clean Harbors, Inc. 3.8% Penske Automotive Group, Inc. 3.8% ATI, Inc. 3.7% Plains GP Holdings LP (Class A) 3.6% Plains All American Pipeline, LP 3.5% Unum Group 3.5% Casey's General Stores, Inc. 3.4% Commercial Metals Co. 3.3% AutoNation, Inc. 3.3% Murphy USA, Inc. 3.2% Visteon Corp. 3.1% Encore Wire Corp. 3.1% Academy Sports & Outdoors, Inc. 3.0% WESCO International, Inc. 3.0% Peabody Energy Corp. 2.9% Dick's Sporting Goods, Inc. 2.8% CVR Energy, Inc. 2.8% Delek US Holdings, Inc. 2.7% Graphic Packaging Holding Co. 2.7% BJ's Wholesale Club Holdings 2.6% Cal-Maine Foods, Inc. 2.4% Sonoco Products Co. 2.3% Green Plains, Inc. 2.3% Dycom Industries, Inc. 2.2% Sonic Automotive, Inc. 2.0% W&T Offshore, Inc. 1.5% AdaptHealth Corp. 1.0% Total as % of Net Assets 97.5% Cash & Other Holdings % of Net Assets Cash & Other 2.5% Total as % of Net Assets 2.5% Full portfolio holdings as of 10/31/23, which reflect the Fund's most recent rebalance.
Equity Holdings % of Net Assets Gap, Inc. 4.0% Liberty Energy, Inc. 3.6% Comfort Systems USA, Inc. 3.5% Abercrombie & Fitch Co. 3.5% Parsons Corp. 3.4% EnLink Midstream, LLC 3.4% Guess?, Inc. 3.4% XPO, Inc. 3.3% Plains GP Holdings LP (Class A) 3.3% Sterling Infrastructure, Inc. 3.3% EMCOR Group, Inc. 3.3% Sprouts Farmers Market, Inc. 3.3% Coca-Cola Consolidated, Inc. 3.2% Applied Industrial Technologiees 3.2% MillerKnoll, Inc. 3.2% Kyndryl Holdings, Inc. 3.2% Group 1 Automotive, Inc. 3.2% MSC Industrial Direct Co., Inc. 3.2% Carpenter Technology Corp. 3.1% PBF Energy, Inc. 3.1% Par Pacific Holdings, Inc. 3.1% California Resources Corp. 3.1% Fluor Corp. 3.1% Flowserve Corp. 3.1% Oshkosh Corp. 3.0% CONSOL Energy, Inc. 3.0% Cinemark Holdings, Inc. 2.9% Modine Manufacturing Co. 2.9% Oceaneering International, Inc. 2.8% NCR Voyix Corp. 2.0% NCR Atleos Corp. 1.4% Cash & Other 3.0% Country Allocation
as of 9/30/23-
United States
97.5%
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Cash & Other
2.5%
United States 97.5% Cash & Other 2.5% -
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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 12/08/2022 -- -- $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 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 12/08/2022 -- -- $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 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.
