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Overview
Hennessy Cornerstone Value Fund
Quantitatively managed, the Fund maintains a concentrated portfolio of large, high dividend-yielding companies.
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:
- Above-average market capitalization
- Above-average number of shares outstanding
- Trailing 12-month sales 50% greater than average
- Above-average cash flow
Portfolio Managers
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Chief Market Strategist and Portfolio Manager-
22Years on Fund
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43Years 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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“With a focus on dividend yield, we seek to uncover income-generating, undervalued companies.”
- Neil Hennessy
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Insights & News
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Performance
Daily Pricing & Performance
as of 3/22/23-
Investor Class (HFCVX)
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NAV
$18.00
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$ Change
-$0.28
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% Change
-1.53%
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YTD
-4.66%
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Institutional Class (HICVX)
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NAV
$18.01
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$ Change
-$0.28
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% Change
-1.53%
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YTD
-4.61%
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Average Annualized Total Return
as of 2/28/23Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCVX) -3.19% -0.42% 2.39% 14.48% 7.55% 9.12% 7.23% Institutional Class (HICVX) -3.19% -0.42% 2.57% 14.70% 7.76% 9.34% 7.37% Russell 1000® Value Index -3.53% 1.47% -2.81% 10.96% 7.22% 9.60% 8.40% S&P 500® Index -2.44% 3.69% -7.69% 12.15% 9.82% 12.25% 8.79% as of 12/31/22Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCVX) 16.26% 6.13% 6.13% 8.88% 7.17% 9.79% 7.29% Institutional Class (HICVX) 16.33% 6.37% 6.37% 9.11% 7.39% 10.02% 7.43% Russell 1000® Value Index 12.42% -7.54% -7.54% 5.96% 6.67% 10.29% 8.39% S&P 500® Index 7.56% -18.11% -18.11% 7.66% 9.42% 12.56% 8.70% Hypothetical Growth of $10,000
as of 2/28/2023Value of $10,000 invested between 2/28/2022 and 2/28/2023
Cornerstone Value Fund (HFCVX) $10,239 Cornerstone Value Fund (HICVX) $10,257 Russell 1000® Value Index $9,719 S&P 500® Index $9,231 Value of $10,000 invested between 2/29/2020 and 2/28/2023
Cornerstone Value Fund (HFCVX) $15,004 Cornerstone Value Fund (HICVX) $15,092 Russell 1000® Value Index $13,660 S&P 500® Index $14,105 Value of $10,000 invested between 2/28/2018 and 2/28/2023
Cornerstone Value Fund (HFCVX) $14,389 Cornerstone Value Fund (HICVX) $14,532 Russell 1000® Value Index $14,167 S&P 500® Index $15,975 Value of $10,000 invested between 2/28/2013 and 2/28/2023
Cornerstone Value Fund (HFCVX) $23,939 Cornerstone Value Fund (HICVX) $24,420 Russell 1000® Value Index $25,016 S&P 500® Index $31,761 Value of $10,000 invested between 11/1/1996 and 2/28/2023
Cornerstone Value Fund (HFCVX) $62,832 Cornerstone Value Fund (HICVX) $65,015 Russell 1000® Value Index $83,566 S&P 500® Index $91,980 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 (HFCVX) 26.40 8.86 -6.37 17.25 19.16 -9.34 20.79 -6.38 29.91 6.13 Institutional Class (HICVX) 26.74 9.06 -6.36 17.61 19.48 -9.12 20.98 -6.20 30.20 6.37 Russell 1000® Value Index 32.53 13.45 -3.83 17.34 13.66 -8.27 26.54 2.80 25.16 -7.54 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 (HFCVX) Institutional Class (HICVX) Russell 1000® Value Index S&P 500® Index 2012 11.94% 12.24% 17.51% 16.00% 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% Yield
as of 2/28/23Investor Class (HFCVX) Institutional Class (HICVX) Distribution Rate 2.68% 2.91% 30-Day SEC Yield 2.74% 2.91% Distribution Frequency Annually Annually Returns-Based Statistics
Relative to Russell 1000® Value Indexas of 12/31/22Investor Class (HFCVX)Type 3 yr 5 yr 10 yr Alpha 3.07 0.74 0.01 Beta 0.96 0.97 0.96 Upside Capture 95.68 93.97 91.34 Downside Capture 84.92 90.48 89.15 Institutional Class (HICVX)Type 3 yr 5 yr 10 yr Alpha 3.28 0.95 0.22 Beta 0.96 0.97 0.96 Upside Capture 96.11 94.46 91.90 Downside Capture 84.62 90.17 88.69 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 12/31/22Type 3 yr 5 yr 10 yr Investor Class (HFCVX) 0.46 0.39 0.64 Institutional Class (HICVX) 0.47 0.40 0.65 Russell 1000® Value Index 0.34 0.37 0.67 Large Value Category Average 0.37 0.38 0.66 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 12/31/22Type 3 yr 5 yr 10 yr Investor Class (HFCVX) 22.01 19.17 15.23 Institutional Class (HICVX) 22.03 19.18 15.24 Russell 1000® Value Index 21.55 18.86 15.02 Large Value Category Average 21.22 18.62 14.80 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HFCVX)
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Gross expense ratio
1.23%
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Institutional Class (HICVX)
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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.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 12/31/22. 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.
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Portfolio
Portfolio Characteristics
as of 12/31/22Inception Date (HFCVX) 11/1/96 Inception Date (HICVX) 3/3/08 Total Fund Assets $298 Million Active Share vs. Russell 1000® Value Index 79% Portfolio Turnover 35% Median Market Cap $97.5 Billion Median Price/Earnings 11.7x 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 12/31/22Fund Russell 1000® Value Index Difference Energy 22.5% 8.4% +14.1% Consumer Staples 21.1% 7.4% +13.7% Financials 16.3% 20.1% -3.8% Health Care 15.0% 17.4% -2.4% Information Technology 11.7% 8.3% +3.5% Communication Services 5.8% 7.3% -1.5% Industrials 3.2% 10.5% -7.4% Materials 1.6% 4.3% -2.7% Consumer Discretionary 0.0% 6.0% -6.0% Utilities 0.0% 5.8% -5.8% Real Estate 0.0% 4.5% -4.5% Cash & Other 3.0% Portfolio Holdings
Top 10 Holdings
as of 12/31/22Top 10 Holdings % of Net Assets Marathon Petroleum Corp. 2.9% Gilead Sciences, Inc. 2.9% Merck & Co., Inc. 2.8% Exxon Mobil Corp. 2.7% General Mills, Inc. 2.6% TotalEnergies SE 2.4% BP PLC 2.3% ConocoPhillips 2.3% Aflac, Inc. 2.3% Unilever PLC 2.2% Total as % of Net Assets 25.3% Total Holdings: 52
as of 12/31/22Equity Holdings % of Net Assets Marathon Petroleum Corp. 2.9% Gilead Sciences, Inc. 2.9% Merck & Co., Inc. 2.8% Exxon Mobil Corp. 2.7% General Mills, Inc. 2.6% TotalEnergies SE 2.4% BP PLC 2.3% ConocoPhillips 2.3% Aflac, Inc. 2.3% Unilever PLC 2.2% Amgen 2.2% PepsiCo, Inc. 2.2% IBM Corp. 2.2% Chevron Corp. 2.2% Kraft Heinz Co. 2.1% Philip Morris International, Inc. 2.1% Colgate-Palmolive Co. 2.1% EOG Resources, Inc. 2.1% The Coca-Cola Company 2.1% MetLife, Inc. 2.1% Bristol-Myers Squibb Co. 2.0% AbbVie, Inc. 2.0% Devon Energy Corp. 2.0% Suncor Energy, Inc. 1.9% J.P. Morgan Chase & Co. 1.9% British American Tobacco, PLC 1.9% Pfizer, Inc. 1.9% Hewlett Packard Enterprise Co. 1.9% Morgan Stanley 1.8% Texas Instruments, Inc. 1.8% Canadian Natural Resources Ltd. 1.8% Altria Group, Inc. 1.7% Bank of New York Mellon Corp. 1.7% Manulife Financial Corp. 1.7% Cisco Systems, Inc. 1.7% Corning, Inc. 1.7% Royal Bank of Canada 1.6% BCE, Inc. 1.6% 3M Co. 1.6% AT&T, Inc. 1.6% Citigroup, Inc. 1.6% Dow, Inc. 1.6% Toronto-Dominion Bank 1.6% United Parcel Service (Class B) 1.6% Walgreens Boots Alliance, Inc. 1.6% Verizon Communications, Inc. 1.5% Hewlett-Packard Co. 1.4% GSK PLC 1.3% Intel Corp. 1.1% Paramount Global 0.9% Haleon PLC 0.4% Warner Bros Discovery, Inc. 0.2% Total as % of Net Assets 97.1% Cash & Other Holdings % of Net Assets Cash & Other 3.0% Total as % of Net Assets 3.0% Country Allocation
as of 12/31/22-
United States
76.3%
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International
20.7%
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Cash & Other
2.9%
United States 76.3% Canada 10.2% United Kingdom 8.1% France 2.4% Cash & Other 2.9% -
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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 12/28/2022 $0.50354 -- -- $0.50354 $18.71 12/08/2022 -- -- $1.44668 $1.44668 $19.56 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 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 12/28/2022 $0.54645 -- -- $0.54645 $18.71 12/08/2022 -- -- $1.44995 $1.44995 $19.60 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 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.
