• Overview

    Category
    Domestic Equity

    Hennessy Cornerstone Value Fund

    Quantitatively managed, the Fund maintains a concentrated portfolio of large, high dividend-yielding companies.

    Investor

    HFCVX

    Institutional

    HICVX

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Why Invest

    • Quantitatively-driven, repeatable investment process
    • Concentrated portfolio of large, widely-held stocks
    • Focus on high dividend-yielding stocks, which may be undervalued

    Investment Criteria

    From the universe of stocks in the S&P Capital IQ Database (excluding utilities), the Hennessy Cornerstone Value Fund utilizes a quantitative formula to identify 50 common stocks with the highest dividend yield that also meet the following criteria:

    1. Above-average market capitalization
    2. Above-average number of shares outstanding
    3. Trailing 12-month sales 50% greater than average
    4. Above-average cash flow

    Portfolio Managers

    • Neil J. Hennessy
      Chief Market Strategist and Portfolio Manager
      • 21
        Years on Fund
      • 42
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 5
        Years on Fund
      • 26
        Years of Experience
    • L. Joshua Wein, CAIA
      Portfolio Manager
      • 3
        Years on Fund
      • 25
        Years of Experience

    “With a focus on dividend yield, we seek to uncover income-generating, undervalued companies.”

    - Neil Hennessy

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  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 5/13/22
    • Investor Class (HFCVX)
      • NAV

        $20.56

      • $ Change

        $0.35

      • % Change

        1.73%

      • YTD

        4.79%

    • Institutional Class (HICVX)
      • NAV

        $20.59

      • $ Change

        $0.36

      • % Change

        1.78%

      • YTD

        4.94%

    Average Annualized Total Return

    as of 4/30/22
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96)
    Investor Class (HFCVX) -2.99% 2.70% 13.99% 10.08% 9.50% 10.00% 7.36%
    Institutional Class (HICVX) -2.98% 2.80% 14.24% 10.28% 9.74% 10.22% 7.49%
    Russell 1000® Value Index -5.64% -6.34% 1.32% 9.58% 9.06% 11.17% 8.68%
    S&P 500® Index -8.72% -12.92% 0.21% 13.85% 13.66% 13.67% 9.20%

    Please swipe to view table

    as of 3/31/22
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96)
    Investor Class (HFCVX) 5.86% 5.86% 19.75% 12.24% 10.05% 10.34% 7.51%
    Institutional Class (HICVX) 5.96% 5.96% 20.01% 12.47% 10.29% 10.58% 7.65%
    Russell 1000® Value Index -0.74% -0.74% 11.67% 13.02% 10.29% 11.70% 8.96%
    S&P 500® Index -4.60% -4.60% 15.65% 18.92% 15.99% 14.64% 9.63%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 4/30/2022

    Value of $10,000 invested between 4/30/2021 and 4/30/2022

    Cornerstone Value Fund (HFCVX) $11,399
    Cornerstone Value Fund (HICVX) $11,424
    Russell 1000® Value Index $10,132
    S&P 500® Index $10,021

    Value of $10,000 invested between 4/30/2019 and 4/30/2022

    Cornerstone Value Fund (HFCVX) $13,338
    Cornerstone Value Fund (HICVX) $13,414
    Russell 1000® Value Index $13,157
    S&P 500® Index $14,756

    Value of $10,000 invested between 4/30/2017 and 4/30/2022

    Cornerstone Value Fund (HFCVX) $15,746
    Cornerstone Value Fund (HICVX) $15,917
    Russell 1000® Value Index $15,426
    S&P 500® Index $18,968

    Value of $10,000 invested between 4/30/2012 and 4/30/2022

    Cornerstone Value Fund (HFCVX) $25,934
    Cornerstone Value Fund (HICVX) $26,472
    Russell 1000® Value Index $28,823
    S&P 500® Index $36,005

    Value of $10,000 invested between 11/1/1996 and 4/30/2022

    Cornerstone Value Fund (HFCVX) $61,063
    Cornerstone Value Fund (HICVX) $63,105
    Russell 1000® Value Index $83,423
    S&P 500® Index $94,333

    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

      2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
    Investor Class (HFCVX)
    11.94 26.40 8.86 -6.37 17.25 19.16 -9.34 20.79 -6.38 29.91
    Institutional Class (HICVX)
    12.24 26.74 9.06 -6.36 17.61 19.48 -9.12 20.98 -6.20 30.20
    Russell 1000® Value Index
    17.51 32.53 13.45 -3.83 17.34 13.66 -8.27 26.54 2.80 25.16
    S&P 500® Index
    16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71
    Year
    Investor Class (HFCVX)
    Institutional Class (HICVX)
    Russell 1000® Value Index
    S&P 500® Index
    2011 6.47% 6.73% 0.39% 2.11%
    2010 12.51% 12.98% 15.51% 15.06%
    2009 44.62% 45.01% 19.69% 26.46%
    2008 -43.07% -42.98% -36.85% -37.00%
    2007 0.59% 0.59% -0.17% 5.49%
    2006 20.14% 20.14% 22.25% 15.79%
    2005 1.91% 1.91% 7.05% 4.91%
    2004 11.67% 11.67% 16.49% 10.88%
    2003 28.39% 28.39% 30.03% 28.68%
    2002 -16.03% -16.03% -15.52% -22.10%
    2001 6.60% 6.60% -5.59% -11.89%
    2000 8.77% 8.77% 7.01% -9.10%
    1999 6.01% 6.01% 7.35% 21.04%
    1998 6.59% 6.59% 15.63% 28.58%
    1997 15.29% 15.29% 35.18% 33.36%

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    Yield

    as of 4/30/22
    Investor Class (HFCVX) Institutional Class (HICVX)
    Distribution Rate 2.55% 2.78%
    30-Day SEC Yield 2.59% 2.84%
    Distribution Frequency Annually Annually

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    Returns-Based Statistics
    Relative to Russell 1000® Value Index

    as of 3/31/22
    Investor Class (HFCVX)
    Type 3 yr 5 yr 10 yr
    Alpha -0.32 0.08 -0.74
    Beta 0.98 0.98 0.96
    Upside Capture 91.30 94.42 89.19
    Downside Capture 89.84 92.67 89.82
    Institutional Class (HICVX)
    Type 3 yr 5 yr 10 yr
    Alpha -0.11 0.30 -0.52
    Beta 0.98 0.98 0.96
    Upside Capture 91.77 95.00 89.76
    Downside Capture 89.54 92.27 89.22

    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 3/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HFCVX) 0.65 0.59 0.73
    Institutional Class (HICVX) 0.66 0.60 0.74
    Russell 1000® Value Index 0.70 0.61 0.83
    Large Value Category Average 0.72 0.63 0.78

    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 3/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HFCVX) 19.65 16.94 14.03
    Institutional Class (HICVX) 19.67 16.94 14.04
    Russell 1000® Value Index 19.12 16.56 13.82
    Large Value Category Average 18.83 16.36 13.64

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

    Fund Expenses

    • Investor Class (HFCVX)
      • Gross expense ratio

        1.23%

    • Institutional Class (HICVX)
      • Gross expense ratio

        0.99%

    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 3/31/22. 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 S&P Capital IQ Database is a robust source of data on the universe of publicly traded companies.

    Dividend Yield is calculated as the annual dividends paid by a company divided by the price of a share of their stock.

    Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income

    The performance shown for Institutional Class shares / HICVX 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.

    The Russell 1000® Value and S&P 500® are unmanaged indices commonly used to measure the performance of U.S. stocks. The Russell 1000® Value measures value-oriented, large-cap 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.

    Distribution Rate reflects the investment income per share during the last 12 months divided by the share price at the end of the period, expressed as an annual percentage rate. It is calculated by annualizing the Fund’s most recent distribution. The annualized dividend yield may not reflect the actual yield an investor would receive. 30-Day SEC Yield is a standardized yield computed by dividing the net investment income per share earned during the past 30-day period by the share price at the end of the period, expressed as an annual percentage rate. The 30-Day SEC Yield should be regarded as an estimate of the Fund’s rate of recent investment income, and it may not equal the Fund’s actual distribution rate. Past yields are no guarantee of future yields.

    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 3/31/22
    Inception Date (HFCVX) 11/1/96
    Inception Date (HICVX) 3/3/08
    Total Fund Assets $307 Million
    Active Share vs. Russell 1000® Value Index 80%
    Portfolio Turnover 38%
    Median Market Cap $108.0 Billion
    Median Price/Earnings 13.6x
    Median Price/Book 2.7x

    Price/Earnings measures a stock’s price per share compared to earnings. Price/Book measures a stock’s price per share to book value. Portfolio Turnover and Price/Earnings shown reflect the trailing 12-month period.

    Sector Weighting

    as of 3/31/22
    Fund Russell 1000® Value Index Difference
    Consumer Staples 20.0% 7.4% +12.6%
    Energy 19.6% 7.1% +12.5%
    Financials 17.3% 20.8% -3.4%
    Health Care 13.9% 17.9% -4.1%
    Information Technology 13.7% 9.3% +4.5%
    Communication Services 8.0% 7.2% +0.9%
    Industrials 3.9% 11.0% -7.1%
    Materials 2.0% 4.1% -2.1%
    Utilities 0.0% 5.4% -5.4%
    Real Estate 0.0% 4.9% -4.9%
    Consumer Discretionary 0.0% 5.0% -5.0%
    Cash & Other 1.7%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/22
    Top 10 Holdings Ticker % of Net Assets
    General Mills, Inc. GIS 2.1%
    Marathon Petroleum Corp. MPC 2.1%
    Intel Corp. INTC 2.1%
    Kraft Heinz Co. KHC 2.1%
    Manulife Financial Corp. MFC 2.0%
    Merck & Co., Inc. MRK 2.0%
    Paramount Global PARA 2.0%
    BCE, Inc. BCE 2.0%
    Bristol-Myers Squibb Co. BMY 2.0%
    PepsiCo, Inc. PEP 2.0%
    Total as % of Net Assets 20.5%

    Please swipe to view table

    Total Holdings: 50

    as of 3/31/22
    Equity Holdings Ticker % of Net Assets
    General Mills, Inc. GIS 2.1%
    Marathon Petroleum Corp. MPC 2.1%
    Intel Corp. INTC 2.1%
    Kraft Heinz Co. KHC 2.1%
    Manulife Financial Corp. MFC 2.0%
    Merck & Co., Inc. MRK 2.0%
    Paramount Global PARA 2.0%
    BCE, Inc. BCE 2.0%
    Bristol-Myers Squibb Co. BMY 2.0%
    PepsiCo, Inc. PEP 2.0%
    Amgen AMGN 2.0%
    AT&T, Inc. T 2.0%
    The Coca-Cola Company KO 2.0%
    Colgate-Palmolive Co. CL 2.0%
    MetLife, Inc. MET 2.0%
    Aflac, Inc. AFL 2.0%
    GlaxoSmithKline PLC GSK 2.0%
    IBM Corp. IBM 2.0%
    Texas Instruments, Inc. TXN 2.0%
    AbbVie, Inc. ABBV 2.0%
    Unilever PLC UL 2.0%
    British American Tobacco, PLC BTI 2.0%
    Dow, Inc. DOW 2.0%
    Exxon Mobil Corp. XOM 2.0%
    TotalEnergies SE TTE 2.0%
    3M Co. MMM 2.0%
    Altria Group, Inc. MO 2.0%
    Suncor Energy, Inc. SU 2.0%
    Cisco Systems, Inc. CSCO 2.0%
    Gilead Sciences, Inc. GILD 2.0%
    Philip Morris International, Inc. PM 2.0%
    Verizon Communications, Inc. VZ 2.0%
    Canadian Natural Resources Ltd. CNQ 1.9%
    BP PLC BP 1.9%
    Chevron Corp. CVX 1.9%
    Hewlett Packard Enterprise Co. HPE 1.9%
    United Parcel Service (Class B) UPS 1.9%
    Corning, Inc. GLW 1.9%
    J.P. Morgan Chase & Co. JPM 1.9%
    ConocoPhillips COP 1.9%
    EOG Resources, Inc. EOG 1.9%
    Royal Bank of Canada RY 1.9%
    Toronto-Dominion Bank TD 1.9%
    Hewlett-Packard Co. HPQ 1.9%
    Devon Energy Corp. DVN 1.9%
    Pfizer, Inc. PFE 1.9%
    Bank of New York Mellon Corp. BK 1.9%
    Walgreens Boots Alliance, Inc. WBA 1.9%
    Morgan Stanley MS 1.9%
    Citigroup, Inc. C 1.8%
    Total as % of Net Assets 98.4%
    Cash & Other Holdings % of Net Assets
    Cash & Other 1.7%
    Total as % of Net Assets 1.7%

    Please swipe to view table

    Country Allocation

    as of 3/31/22
    • United States

      76.7%

    • International

      21.7%

    • Cash & Other

      1.7%

    United States 76.7%
    Canada 11.8%
    United Kingdom 7.9%
    France 2.0%
    Cash & Other 1.7%
  • Distributions

    The Hennessy Cornerstone Value Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions are paid annually, usually in December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/29/2021 $0.51423 -- -- $0.51423 $19.61
    12/07/2021 -- -- $0.42879 $0.42879 $19.50
    12/29/2020 $0.40873 -- -- $0.40873 $15.71
    12/27/2019 $0.46728 -- -- $0.46728 $17.40
    12/06/2019 -- -- $0.67423 $0.67423 $17.39
    12/27/2018 $0.41092 -- -- $0.41092 $15.23
    12/07/2018 -- $1.09611 $1.12340 $2.21951 $16.58
    12/27/2017 $0.41612 -- -- $0.41612 $19.67
    12/07/2017 -- $0.19820 $2.33230 $2.53050 $19.44
    12/28/2016 $0.43057 -- -- $0.43057 $19.12
    12/29/2015 $0.42745 -- -- $0.42745 $16.91
    12/31/2014 $0.40585 -- -- $0.40585 $18.21
    12/31/2013 $0.43182 -- -- $0.43182 $17.10
    12/31/2012 $0.37990 -- -- $0.37990 $13.87
    12/27/2011 $0.41965 -- -- $0.41965 $12.74
    12/30/2010 $0.37359 -- -- $0.37359 $12.32
    12/29/2009 $0.20357 -- -- $0.20357 $11.40
    12/30/2008 $0.53436 -- -- $0.53436 $7.80
    12/28/2007 $0.41127 -- -- $0.41127 $14.98
    12/28/2006 $0.34761 -- -- $0.34761 $15.31
    12/22/2005 $0.34304 -- -- $0.34304 $13.13
    12/22/2004 $0.24160 -- -- $0.24160 $13.03
    12/23/2003 $0.21117 -- -- $0.21117 $11.68
    12/23/2002 $0.19794 -- -- $0.19794 $9.50
    12/14/2001 $0.26050 -- -- $0.26050 $11.14
    12/29/2000 $0.14150 -- -- $0.14150 $11.04
    12/23/1999 $1.74560 -- -- $1.74560 $10.18
    12/30/1998 $0.75970 -- -- $0.75970 $11.36
    12/30/1997 $0.17070 -- -- $0.17070 $11.36
    12/31/1996 $0.01800 -- -- $0.01800 $10.01

    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
    12/29/2021 $0.56022 -- -- $0.56022 $19.61
    12/07/2021 -- -- $0.42980 $0.42980 $19.55
    12/29/2020 $0.44068 -- -- $0.44068 $15.72
    12/27/2019 $0.49508 -- -- $0.49508 $17.40
    12/06/2019 -- -- $0.67507 $0.67507 $17.41
    12/27/2018 $0.44958 -- -- $0.44958 $15.22
    12/07/2018 -- $1.09801 $1.12535 $2.22336 $16.62
    12/27/2017 $0.45937 -- -- $0.45937 $19.68
    12/07/2017 -- $0.19859 $2.33695 $2.53554 $19.48
    12/28/2016 $0.48834 -- -- $0.48834 $19.11
    12/29/2015 $0.42008 -- -- $0.42008 $16.91
    12/31/2014 $0.43675 -- -- $0.43675 $18.19
    12/31/2013 $0.47334 -- -- $0.47334 $17.08
    12/31/2012 $0.41611 -- -- $0.41611 $13.85
    12/27/2011 $0.46095 -- -- $0.46095 $12.72
    12/30/2010 $0.41391 -- -- $0.41391 $12.30
    12/29/2009 $0.22583 -- -- $0.22583 $11.39
    12/30/2008 $0.56648 -- -- $0.56648 $7.78

    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 Value Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Cornerstone Value 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.