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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-
5Years on Fund
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26Years 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 12/8/22-
Investor Class (HFCVX)
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NAV
$19.56
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$ Change
-$1.37
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% Change
-6.55%
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YTD
7.07%
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Institutional Class (HICVX)
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NAV
$19.60
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$ Change
-$1.38
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% Change
-6.58%
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YTD
7.29%
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Average Annualized Total Return
as of 11/30/22Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCVX) 6.16% 9.84% 18.08% 11.22% 8.58% 10.27% 7.46% Institutional Class (HICVX) 6.19% 10.09% 18.38% 11.48% 8.81% 10.49% 7.60% Russell 1000® Value Index 6.25% -3.65% 2.42% 8.40% 7.86% 10.97% 8.59% S&P 500® Index 5.59% -13.10% -9.21% 10.91% 10.98% 13.34% 8.98% as of 9/30/22Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCVX) -7.92% -8.72% -0.40% 6.08% 5.32% 8.28% 6.75% Institutional Class (HICVX) -7.91% -8.56% -0.17% 6.31% 5.53% 8.50% 6.88% Russell 1000® Value Index -5.62% -17.75% -11.36% 4.36% 5.29% 9.17% 7.99% S&P 500® Index -4.88% -23.87% -15.47% 8.16% 9.24% 11.70% 8.48% Hypothetical Growth of $10,000
as of 11/30/2022Value of $10,000 invested between 11/30/2021 and 11/30/2022
Cornerstone Value Fund (HFCVX) $11,808 Cornerstone Value Fund (HICVX) $11,838 Russell 1000® Value Index $10,242 S&P 500® Index $9,079 Value of $10,000 invested between 11/30/2019 and 11/30/2022
Cornerstone Value Fund (HFCVX) $13,757 Cornerstone Value Fund (HICVX) $13,854 Russell 1000® Value Index $12,737 S&P 500® Index $13,641 Value of $10,000 invested between 11/30/2017 and 11/30/2022
Cornerstone Value Fund (HFCVX) $15,089 Cornerstone Value Fund (HICVX) $15,254 Russell 1000® Value Index $14,599 S&P 500® Index $16,833 Value of $10,000 invested between 11/30/2012 and 11/30/2022
Cornerstone Value Fund (HFCVX) $26,576 Cornerstone Value Fund (HICVX) $27,125 Russell 1000® Value Index $28,324 S&P 500® Index $34,966 Value of $10,000 invested between 11/1/1996 and 11/30/2022
Cornerstone Value Fund (HFCVX) $65,305 Cornerstone Value Fund (HICVX) $67,579 Russell 1000® Value Index $85,812 S&P 500® Index $94,130 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% Yield
as of 11/30/22Investor Class (HFCVX) Institutional Class (HICVX) Distribution Rate 2.39% 2.59% 30-Day SEC Yield 2.55% 2.72% Distribution Frequency Annually Annually Returns-Based Statistics
Relative to Russell 1000® Value Indexas of 9/30/22Investor Class (HFCVX)Type 3 yr 5 yr 10 yr Alpha 1.97 0.31 -0.29 Beta 0.94 0.95 0.94 Upside Capture 92.31 92.36 89.21 Downside Capture 84.98 90.73 88.79 Institutional Class (HICVX)Type 3 yr 5 yr 10 yr Alpha 2.18 0.52 -0.08 Beta 0.94 0.95 0.94 Upside Capture 92.75 92.86 89.76 Downside Capture 84.66 90.40 88.27 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 9/30/22Type 3 yr 5 yr 10 yr Investor Class (HFCVX) 0.36 0.31 0.57 Institutional Class (HICVX) 0.37 0.32 0.58 Russell 1000® Value Index 0.28 0.31 0.63 Large Value Category Average 0.31 0.32 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 9/30/22Type 3 yr 5 yr 10 yr Investor Class (HFCVX) 20.45 18.09 14.55 Institutional Class (HICVX) 20.47 18.09 14.56 Russell 1000® Value Index 20.45 18.09 14.56 Large Value Category Average 20.02 17.79 14.28 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
0.99%
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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 9/30/22. 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 9/30/22Inception Date (HFCVX) 11/1/96 Inception Date (HICVX) 3/3/08 Total Fund Assets $263 Million Active Share vs. Russell 1000® Value Index 80% Portfolio Turnover 37% Median Market Cap $80.2 Billion Median Price/Earnings 9.5x Median Price/Book 2.1x 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 9/30/22Fund Russell 1000® Value Index Difference Energy 22.1% 7.8% +14.3% Consumer Staples 21.4% 7.2% +14.2% Financials 16.5% 20.0% -3.4% Health Care 14.5% 17.3% -2.8% Information Technology 12.0% 8.8% +3.2% Communication Services 6.6% 8.0% -1.5% Industrials 3.4% 10.0% -6.6% Materials 1.6% 4.1% -2.5% Consumer Discretionary 0.0% 6.0% -6.0% Utilities 0.0% 6.0% -6.0% Real Estate 0.0% 4.8% -4.8% Cash & Other 1.9% Portfolio Holdings
Top 10 Holdings
as of 9/30/22Top 10 Holdings % of Net Assets Marathon Petroleum Corp. 2.9% General Mills, Inc. 2.8% Merck & Co., Inc. 2.5% Exxon Mobil Corp. 2.5% Gilead Sciences, Inc. 2.4% PepsiCo, Inc. 2.3% Bristol-Myers Squibb Co. 2.3% ConocoPhillips 2.3% Devon Energy Corp. 2.3% Unilever PLC 2.3% Total as % of Net Assets 24.5% Total Holdings: 52
as of 9/30/22Equity Holdings % of Net Assets Marathon Petroleum Corp. 2.9% General Mills, Inc. 2.8% Merck & Co., Inc. 2.5% Exxon Mobil Corp. 2.5% Gilead Sciences, Inc. 2.4% PepsiCo, Inc. 2.3% Bristol-Myers Squibb Co. 2.3% ConocoPhillips 2.3% Devon Energy Corp. 2.3% Unilever PLC 2.3% BP PLC 2.2% Amgen 2.2% Colgate-Palmolive Co. 2.2% IBM Corp. 2.2% The Coca-Cola Company 2.1% TotalEnergies SE 2.1% EOG Resources, Inc. 2.1% Aflac, Inc. 2.1% Kraft Heinz Co. 2.1% MetLife, Inc. 2.0% Philip Morris International, Inc. 2.0% Chevron Corp. 2.0% Suncor Energy, Inc. 2.0% Texas Instruments, Inc. 2.0% Morgan Stanley 2.0% British American Tobacco, PLC 2.0% AbbVie, Inc. 1.9% Pfizer, Inc. 1.9% Royal Bank of Canada 1.8% BCE, Inc. 1.8% Altria Group, Inc. 1.8% Corning, Inc. 1.8% Manulife Financial Corp. 1.8% J.P. Morgan Chase & Co. 1.7% Toronto-Dominion Bank 1.7% Canadian Natural Resources Ltd. 1.7% 3M Co. 1.7% United Parcel Service (Class B) 1.7% Verizon Communications, Inc. 1.7% Bank of New York Mellon Corp. 1.7% Citigroup, Inc. 1.7% Cisco Systems, Inc. 1.7% Hewlett Packard Enterprise Co. 1.6% Dow, Inc. 1.6% AT&T, Inc. 1.5% Hewlett-Packard Co. 1.5% Walgreens Boots Alliance, Inc. 1.5% Intel Corp. 1.3% GSK PLC 1.2% Paramount Global 1.2% Haleon PLC 0.3% Warner Bros Discovery, Inc. 0.3% Total as % of Net Assets 98.1% Cash & Other Holdings % of Net Assets Cash & Other 1.9% Total as % of Net Assets 1.9% Country Allocation
as of 9/30/22-
United States
77.1%
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International
21.0%
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Cash & Other
1.9%
United States 77.1% Canada 10.9% United Kingdom 8.0% France 2.1% Cash & Other 1.9% -
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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 12/08/2022 -- -- $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 12/08/2022 -- -- $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.
