• Overview

    HFMDX
    Investor

    Hennessy Cornerstone Mid Cap 30 Fund

    Quantitatively managed, the Fund maintains a concentrated portfolio of mid-cap companies.

    Category

    Domestic Equity

    Morningstar style box

    Morningstar style box
    Portfolio Manager Commentary
    Portfolio Manager Commentary

    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 select a concentrated portfolio of 30 domestic, mid-cap stocks with the highest 12-month price appreciation, which 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 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 10/18/19 (Investor)
    • Nav

      $12.10

    • $ Change

      $0.01

    • % Change

      0.08%

    • YTD

      10.20%

    Average Annualized Total Return

    as of 9/30/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03)
    Cornerstone Mid Cap 30 Fund (HFMDX) 3.10% 9.02% -10.94% 1.28% 2.77% 9.99% 8.90%
    Russell Midcap® Index 1.97% 21.93% 3.19% 10.69% 9.10% 13.07% 10.35%
    S&P 500® Index 1.87% 20.55% 4.25% 13.39% 10.84% 13.24% 9.09%

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    as of 9/30/19 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (9/17/03)
    Cornerstone Mid Cap 30 Fund (HFMDX) -2.13% 9.02% -10.94% 1.28% 2.77% 9.99% 8.90%
    Russell Midcap® Index 0.48% 21.93% 3.19% 10.69% 9.10% 13.07% 10.35%
    S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 9.09%

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    Hypothetical Growth of $10,000

    as of 9/30/2019 (Investor)

    Value of $10,000 invested between 9/30/2018 and 9/30/2019

    Cornerstone Mid Cap 30 Fund (HFMDX) $8,906
    Russell Midcap® Index $10,319
    S&P 500® Index $10,425

    Value of $10,000 invested between 9/30/2016 and 9/30/2019

    Cornerstone Mid Cap 30 Fund (HFMDX) $10,388
    Russell Midcap® Index $13,563
    S&P 500® Index $14,580

    Value of $10,000 invested between 9/30/2014 and 9/30/2019

    Cornerstone Mid Cap 30 Fund (HFMDX) $11,466
    Russell Midcap® Index $15,458
    S&P 500® Index $16,727

    Value of $10,000 invested between 9/30/2009 and 9/30/2019

    Cornerstone Mid Cap 30 Fund (HFMDX) $25,905
    Russell Midcap® Index $34,162
    S&P 500® Index $34,674

    Value of $10,000 invested between 9/17/2003 and 9/30/2019

    Cornerstone Mid Cap 30 Fund (HFMDX) $39,217
    Russell Midcap® Index $48,510
    S&P 500® Index $40,334

    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

      2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
    Cornerstone Mid Cap 30 Fund (HFMDX)
    24.67 27.26 4.05 14.10 29.63 16.44 0.02 5.82 20.51 -22.78
    Russell Midcap® Index
    40.48 25.48 -1.55 17.28 34.76 13.22 -2.44 13.80 18.52 -9.06
    S&P 500® Index
    26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38
    Year
    Cornerstone Mid Cap 30 Fund (HFMDX)
    Russell Midcap® Index
    S&P 500® Index
    2008 -33.10% -41.46% -37.00%
    2007 6.69% 5.60% 5.49%
    2006 11.91% 15.26% 15.79%
    2005 32.74% 12.65% 4.91%
    2004 14.10% 20.22% 10.88%

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    Returns-Based Statistics
    Relative to Russell Midcap® Index

    as of 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha -9.48 -5.79 -2.02
    Beta 1.10 1.00 0.95
    Upside Capture 79.50 81.59 89.72
    Downside Capture 133.47 117.42 101.29

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    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 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Cornerstone Mid Cap 30 Fund (HFMDX) 0.06 0.19 0.68
    Russell Midcap® Index 0.70 0.67 0.91
    Mid-Cap Blend Category Average 0.54 0.48 0.74

    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 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Cornerstone Mid Cap 30 Fund (HFMDX) 15.99 14.50 14.96
    Russell Midcap® Index 13.44 12.75 14.05
    Mid-Cap Blend Category Average 13.65 12.76 14.29

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

    Fund Expenses

    • Gross expense ratio

      1.31%

    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.

    Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 9/30/19. 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 9/30/19
    Inception Date (HFMDX) 9/17/03
    Total Fund Assets $382 Million
    Active Share vs. Russell Midcap® Index 99%
    Portfolio Turnover 0%
    Median Market Cap $3.3 Billion
    Median Price/Earnings 17.4x
    Median Price/Book 2.3x
    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 9/30/19
    Fund Russell Midcap® Index Difference
    Consumer Discretionary 25.1% 11.5% +13.6%
    Industrials 18.9% 13.7% +5.2%
    Consumer Staples 11.6% 4.1% +7.5%
    Information Technology 10.3% 17.2% -6.9%
    Financials 8.4% 13.3% -4.9%
    Utilities 7.9% 7.2% +0.7%
    Materials 6.1% 5.2% +0.9%
    Health Care 5.7% 9.8% -4.1%
    Energy 3.8% 3.9% -0.1%
    Communication Services 0.0% 4.1% -4.1%
    Real Estate 0.0% 10.1% -10.1%
    Cash & Other 2.2%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/19
    Top 10 Holdings Ticker % of Net Assets
    Casey's General Stores, Inc. CASY 5.1%
    Booz Allen Hamilton Holding Co. BAH 5.0%
    Crocs, Inc. CROX 4.9%
    Aaron's, Inc. AAN 4.6%
    AES Corp. AES 4.5%
    Assurant, Inc. AIZ 4.5%
    CACI International, Inc. CACI 4.3%
    RH RH 4.1%
    Clean Harbors, Inc. CLH 4.1%
    Post Holdings, Inc. POST 4.0%
    Total as % of Net Assets 45.1%

    Total Holdings: 31

    as of 9/30/19
    Equity Holdings Ticker % of Net Assets
    Casey's General Stores, Inc. CASY 5.1%
    Booz Allen Hamilton Holding Co. BAH 5.0%
    Crocs, Inc. CROX 4.9%
    Aaron's, Inc. AAN 4.6%
    AES Corp. AES 4.5%
    Assurant, Inc. AIZ 4.5%
    CACI International, Inc. CACI 4.3%
    RH RH 4.1%
    Clean Harbors, Inc. CLH 4.1%
    Post Holdings, Inc. POST 4.0%
    Old Republic International Corp. ORI 3.9%
    Murphy USA, Inc. MUSA 3.7%
    Landstar System, Inc. LSTR 3.5%
    UGI Corp. UGI 3.4%
    Ashland Global Holdings, Inc. ASH 3.4%
    Insperity, Inc. NSP 3.0%
    Molina Healthcare, Inc. MOH 2.9%
    Spirit Airlines, Inc. SAVE 2.8%
    Allscripts Healthcare Solution MDRX 2.8%
    Cleveland-Cliffs, Inc. CLF 2.7%
    Sprouts Farmers Market, Inc. SFM 2.6%
    NOW, Inc. DNOW 2.5%
    American Eagle Outfitters, Inc. AEO 2.2%
    Penn National Gaming, Inc. PENN 2.0%
    Trinity Industries, Inc. TRN 2.0%
    EnLink Midstream, LLC ENLC 1.9%
    BJ's Restaurants, Inc. BJRI 1.9%
    PBF Energy, Inc. PBF 1.9%
    American Axle & Manufacturing AXL 1.7%
    Arcosa, Inc. ACA 1.1%
    Conduent Inc CNDT 1.0%
    Total as % of Net Assets 97.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.2%
    Total as % of Net Assets 2.2%

    Country Allocation

    as of 9/30/19
    • United States

      97.8%

    • Cash & Other

      2.2%

    United States 97.8%
    Cash & Other 2.2%
  • 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
    12/07/2018 -- $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

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    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 Manager Commentary View
    Cornerstone Mid Cap 30 Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Shareholder Reports
    Cornerstone Mid Cap 30 Fund Semi-Annual Report
    Cornerstone Mid Cap 30 Fund Annual Report