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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-
25Years on Fund
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47Years of Experience
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Chief Investment Officer and Portfolio Manager-
9Years on Fund
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30Years 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 1/16/26-
Investor Class (HFCVX)
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NAV
$22.87
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$ Change
-$0.03
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% Change
-0.13%
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YTD
2.69%
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Institutional Class (HICVX)
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NAV
$22.90
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$ Change
-$0.04
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% Change
-0.17%
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YTD
2.64%
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Average Annualized Total Return
as of 12/31/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCVX) 0.96% 18.27% 18.27% 11.11% 13.59% 10.48% 7.68% Institutional Class (HICVX) 1.00% 18.60% 18.60% 11.36% 13.85% 10.73% 7.83% Russell 1000® Value Index 0.68% 15.91% 15.91% 13.90% 11.33% 10.53% 8.95% S&P 500® Index 0.06% 17.88% 17.88% 23.01% 14.42% 14.82% 10.09% as of 12/31/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCVX) 3.98% 18.27% 18.27% 11.11% 13.59% 10.48% 7.68% Institutional Class (HICVX) 4.06% 18.60% 18.60% 11.36% 13.85% 10.73% 7.83% Russell 1000® Value Index 3.81% 15.91% 15.91% 13.90% 11.33% 10.53% 8.95% S&P 500® Index 2.66% 17.88% 17.88% 23.01% 14.42% 14.82% 10.09% Hypothetical Growth of $10,000
as of 12/31/2025Value of $10,000 invested between 12/31/2024 and 12/31/2025
Cornerstone Value Fund (HFCVX) $11,827 Cornerstone Value Fund (HICVX) $11,860 Russell 1000® Value Index $11,591 S&P 500® Index $11,788 Value of $10,000 invested between 12/31/2022 and 12/31/2025
Cornerstone Value Fund (HFCVX) $13,715 Cornerstone Value Fund (HICVX) $13,810 Russell 1000® Value Index $14,776 S&P 500® Index $18,611 Value of $10,000 invested between 12/31/2020 and 12/31/2025
Cornerstone Value Fund (HFCVX) $18,909 Cornerstone Value Fund (HICVX) $19,125 Russell 1000® Value Index $17,099 S&P 500® Index $19,616 Value of $10,000 invested between 12/31/2015 and 12/31/2025
Cornerstone Value Fund (HFCVX) $27,086 Cornerstone Value Fund (HICVX) $27,716 Russell 1000® Value Index $27,213 S&P 500® Index $39,827 Value of $10,000 invested between 11/1/1996 and 12/31/2025
Cornerstone Value Fund (HFCVX) $86,543 Cornerstone Value Fund (HICVX) $90,167 Russell 1000® Value Index $121,681 S&P 500® Index $165,096 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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Investor Class (HFCVX) 17.25% 19.16% -9.34% 20.79% -6.38% 29.91% 6.13% 5.81% 9.59% 18.27% Institutional Class (HICVX) 17.61% 19.48% -9.12% 20.98% -6.20% 30.20% 6.37% 6.00% 9.85% 18.60% Russell 1000® Value Index 17.34% 13.66% -8.27% 26.54% 2.80% 25.16% -7.54% 11.46% 14.37% 15.91% S&P 500® Index 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% 25.02% 17.88% Year Investor Class (HFCVX) Institutional Class (HICVX) Russell 1000® Value Index S&P 500® Index 2015 -6.37% -6.36% -3.83% 1.38% 2014 8.86% 9.06% 13.45% 13.69% 2013 26.40% 26.74% 32.53% 32.39% 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 12/31/25Investor Class (HFCVX) Institutional Class (HICVX) Dividend Yield 2.56% 2.76% 30-Day SEC Yield 2.42% 2.63% Distribution Frequency Annually Annually Returns-Based Statistics
Relative to Russell 1000® Value Indexas of 12/31/25Investor Class (HFCVX)Type 3 yr 5 yr 10 yr Alpha -0.97 3.05 0.53 Beta 0.81 0.87 0.93 Upside Capture 84.58 91.81 91.97 Downside Capture 88.95 74.68 87.60 Institutional Class (HICVX)Type 3 yr 5 yr 10 yr Alpha -0.75 3.27 0.76 Beta 0.81 0.87 0.93 Upside Capture 85.21 92.45 92.59 Downside Capture 88.39 74.33 87.14 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 12/31/25Type 3 yr 5 yr 10 yr Investor Class (HFCVX) 0.55 0.73 0.58 Institutional Class (HICVX) 0.58 0.75 0.60 Russell 1000® Value Index 0.71 0.58 0.58 Large Value Category Average 0.73 0.62 0.59 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 12/31/25Type 3 yr 5 yr 10 yr Investor Class (HFCVX) 11.40 14.12 15.33 Institutional Class (HICVX) 11.41 14.14 15.34 Russell 1000® Value Index 12.59 14.67 15.42 Large Value Category Average 11.78 14.07 15.07 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
1.22%
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Institutional Class (HICVX)
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Gross expense ratio
0.98%
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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 12/31/25. 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.
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.
Dividend Yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. 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 12/31/25Inception Date (HFCVX) 11/1/96 Inception Date (HICVX) 3/3/08 Total Fund Assets $300 Million Active Share vs. Russell 1000® Value Index 78% Portfolio Turnover 27% Median Market Cap $152.3 Billion Median Price/Earnings 18.1x Median Price/Book 2.8x 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 12/31/25Fund Russell 1000® Value Index Difference Health Care 20.9% 12.2% +8.6% Energy 19.0% 5.7% +13.3% Consumer Staples 17.4% 7.2% +10.2% Financials 16.6% 22.3% -5.7% Consumer Discretionary 8.5% 7.4% +1.1% Communication Services 5.1% 8.5% -3.4% Information Technology 4.4% 11.3% -6.9% Industrials 3.9% 13.0% -9.1% Materials 0.0% 4.1% -4.1% Real Estate 0.0% 4.0% -4.0% Utilities 0.0% 4.4% -4.4% Cash & Other 4.2% Portfolio Holdings
Top 10 Holdings
as of 12/31/25Top 10 Holdings % of Net Assets Toronto-Dominion Bank 2.8% HSBC Holdings PLC 2.7% RTX Corp. 2.6% CVS Health Corp. 2.6% GSK PLC 2.5% Citigroup, Inc. 2.5% Royal Bank of Canada 2.4% Johnson & Johnson 2.4% Gilead Sciences, Inc. 2.3% AbbVie, Inc. 2.3% Total as % of Net Assets 24.9% Total Holdings: 51
as of 12/31/25Equity Holdings % of Net Assets Toronto-Dominion Bank 2.8% HSBC Holdings PLC 2.7% RTX Corp. 2.6% CVS Health Corp. 2.6% GSK PLC 2.5% Citigroup, Inc. 2.5% Royal Bank of Canada 2.4% Johnson & Johnson 2.4% Gilead Sciences, Inc. 2.3% AbbVie, Inc. 2.3% Philip Morris International, Inc. 2.3% IBM Corp. 2.3% Ford Motor Co. 2.2% Morgan Stanley 2.2% Cisco Systems, Inc. 2.2% Wells Fargo & Co. 2.1% Bank of America Corp. 2.0% Suncor Energy, Inc. 1.9% The Coca-Cola Company 1.9% AT&T, Inc. 1.9% Altria Group, Inc. 1.9% Abbott Laboratories 1.9% Shell PLC 1.9% TotalEnergies SE 1.9% BP PLC 1.9% McDonald's Corp. 1.9% Medtronic, Inc. 1.9% Canadian Natural Resources Ltd. 1.9% Merck & Co., Inc. 1.8% The Kroger Co. 1.8% Exxon Mobil Corp. 1.8% Verizon Communications, Inc. 1.8% Unilever PLC 1.8% PepsiCo, Inc. 1.7% Bristol-Myers Squibb Co. 1.6% Equinor, ASA 1.6% Pfizer, Inc. 1.6% Chevron Corp. 1.6% Mondelez International, Inc. 1.6% NIKE, Inc. (Class B) 1.5% Colgate-Palmolive Co. 1.5% Procter & Gamble Co. 1.5% Starbucks Corp. 1.5% ConocoPhillips 1.5% SLB, Ltd. 1.5% Petroleo Brasileiro SA 1.5% The Home Depot, Inc. 1.4% Kraft Heinz Co. 1.4% Comcast Corp. 1.4% United Parcel Service (Class B) 1.3% Magnum Ice Cream Co. 0.1% Total as % of Net Assets 95.8% Cash & Other Holdings % of Net Assets Cash & Other 4.2% Total as % of Net Assets 4.2% Country Allocation
as of 12/31/25-
United States
67.7%
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International
28.2%
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Cash & Other
4.2%
United States 67.7% United Kingdom 10.7% Canada 9.0% France 1.9% Ireland 1.9% Norway 1.6% Brazil 1.5% Curacao 1.5% Netherlands 0.1% Cash & Other 4.2% -
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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 12/29/2025 $0.57087 -- -- $0.57087 $22.34 12/04/2025 -- $0.01310 $1.06282 $1.07592 $22.60 12/27/2024 $0.66645 -- -- $0.66645 $20.28 12/05/2024 -- $0.25690 -- $0.25690 $21.85 12/27/2023 $0.68939 -- -- $0.68939 $19.34 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 12/29/2025 $0.61673 -- -- $0.61673 $22.37 12/04/2025 -- $0.01314 $1.06626 $1.07940 $22.67 12/27/2024 $0.71719 -- -- $0.71719 $20.30 12/05/2024 -- $0.25777 -- $0.25777 $21.92 12/27/2023 $0.70442 -- -- $0.70442 $19.36 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.
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Fund Documents
After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or 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.
