• Overview

    HFCVX
    Investor

    Hennessy Cornerstone Value Fund

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

    Category

    Domestic Equity

    Morningstar style box

    Morningstar style box
    Portfolio Manager Commentary
    Portfolio Manager Commentary

    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 "Database"), the Hennessy Cornerstone Value Fund utilizes a quantitative formula to select 50 stocks with the highest dividend yield, which also meet the following criteria:

    1. Market capitalization that exceeds the Database average
    2. Number of shares outstanding that exceeds the Database average
    3. Trailing 12-month sales that are 50% greater than the Database average
    4. Cash flow that exceeds the Database average

    Portfolio Managers

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

    - Neil Hennessy

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 12/6/19 (Investor)
    • Nav

      $17.39

    • $ Change

      -$0.48

    • % Change

      -2.69%

    • YTD

      17.84%

    Average Annualized Total Return

    as of 11/30/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96)
    Cornerstone Value Fund (HFCVX) 3.16% 17.29% 7.15% 8.75% 6.52% 10.10% 6.98%
    Russell 1000® Value Index 3.09% 23.15% 11.33% 9.59% 7.83% 11.69% 8.62%
    S&P 500® Index 3.63% 27.63% 16.11% 14.88% 10.98% 13.44% 8.73%

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    as of 9/30/19 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96)
    Cornerstone Value Fund (HFCVX) 1.53% 12.33% -1.90% 8.53% 6.27% 9.98% 6.83%
    Russell 1000® Value Index 1.36% 17.81% 4.00% 9.43% 7.79% 11.46% 8.47%
    S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 8.53%

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    Hypothetical Growth of $10,000

    as of 11/30/2019 (Investor)

    Value of $10,000 invested between 11/30/2018 and 11/30/2019

    Cornerstone Value Fund (HFCVX) $10,715
    Russell 1000® Value Index $11,133
    S&P 500® Index $11,611

    Value of $10,000 invested between 11/30/2016 and 11/30/2019

    Cornerstone Value Fund (HFCVX) $12,862
    Russell 1000® Value Index $13,162
    S&P 500® Index $15,162

    Value of $10,000 invested between 11/30/2014 and 11/30/2019

    Cornerstone Value Fund (HFCVX) $13,716
    Russell 1000® Value Index $14,580
    S&P 500® Index $16,834

    Value of $10,000 invested between 11/30/2009 and 11/30/2019

    Cornerstone Value Fund (HFCVX) $26,172
    Russell 1000® Value Index $30,213
    S&P 500® Index $35,289

    Value of $10,000 invested between 11/1/1996 and 11/30/2019

    Cornerstone Value Fund (HFCVX) $47,470
    Russell 1000® Value Index $67,373
    S&P 500® Index $69,004

    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 Value Fund (HFCVX)
    44.62 12.51 6.47 11.94 26.40 8.86 -6.37 17.25 19.16 -9.34
    Russell 1000® Value Index
    19.69 15.51 0.39 17.51 32.53 13.45 -3.83 17.34 13.66 -8.27
    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 Value Fund (HFCVX)
    Russell 1000® Value Index
    S&P 500® Index
    2008 -43.07% -36.85% -37.00%
    2007 0.59% -0.17% 5.49%
    2006 20.14% 22.25% 15.79%
    2005 1.91% 7.05% 4.91%
    2004 11.67% 16.49% 10.88%
    2003 28.39% 30.03% 28.68%
    2002 -16.03% -15.52% -22.10%
    2001 6.60% -5.59% -11.89%
    2000 8.77% 7.01% -9.10%
    1999 6.01% 7.35% 21.04%
    1998 6.59% 15.63% 28.58%
    1997 15.29% 35.18% 33.36%

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    Yield

    as of 11/30/19 (Investor)
    Distribution Rate 2.29%
    30-Day SEC Yield 2.79%
    Distribution Frequency Annually

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    Returns-Based Statistics
    Relative to Russell 1000® Value Index

    as of 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha -0.49 -1.19 -0.03
    Beta 0.96 0.97 0.87
    Upside Capture 95.51 89.78 86.67
    Downside Capture 99.15 95.49 86.31

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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 Value Fund (HFCVX) 0.60 0.47 0.81
    Russell 1000® Value Index 0.66 0.60 0.87
    Large Value Category Average 0.67 0.55 0.79

    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 Value Fund (HFCVX) 12.25 12.29 11.94
    Russell 1000® Value Index 12.34 11.92 12.83
    Large Value Category Average 12.27 11.87 12.65

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

    Fund Expenses

    • Gross expense ratio

      1.22%

    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 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 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.

    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 9/30/19
    Inception Date (HFCVX) 11/1/96
    Total Fund Assets $259 Million
    Active Share vs. Russell 1000® Value Index 76%
    Portfolio Turnover 27%
    Median Market Cap $88.7 Billion
    Median Price/Earnings 13.1x
    Median Price/Book 1.9x

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

    Sector Weighting

    as of 9/30/19
    Fund Russell 1000® Value Index Difference
    Consumer Staples 19.5% 9.2% +10.3%
    Energy 19.4% 8.4% +11.0%
    Financials 13.9% 23.6% -9.7%
    Health Care 13.0% 12.4% +0.6%
    Consumer Discretionary 10.1% 6.1% +4.0%
    Industrials 7.9% 9.4% -1.5%
    Information Technology 7.2% 6.0% +1.2%
    Communication Services 4.5% 8.2% -3.7%
    Materials 1.8% 4.3% -2.5%
    Real Estate 0.0% 5.5% -5.5%
    Utilities 0.0% 7.0% -7.0%
    Cash & Other 2.9%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/19
    Top 10 Holdings Ticker % of Net Assets
    Target Corp. TGT 2.9%
    QUALCOMM, Inc. QCOM 2.8%
    AT&T, Inc. T 2.4%
    Johnson Controls International JCI 2.4%
    Procter & Gamble Co. PG 2.4%
    General Mills, Inc. GIS 2.3%
    Texas Instruments, Inc. TXN 2.3%
    PepsiCo, Inc. PEP 2.3%
    J.P. Morgan Chase & Co. JPM 2.2%
    Verizon Communications, Inc. VZ 2.1%
    Total as % of Net Assets 24.2%

    Total Holdings: 52

    as of 9/30/19
    Equity Holdings Ticker % of Net Assets
    Target Corp. TGT 2.9%
    QUALCOMM, Inc. QCOM 2.8%
    AT&T, Inc. T 2.4%
    Johnson Controls International JCI 2.4%
    Procter & Gamble Co. PG 2.4%
    General Mills, Inc. GIS 2.3%
    Texas Instruments, Inc. TXN 2.3%
    PepsiCo, Inc. PEP 2.3%
    J.P. Morgan Chase & Co. JPM 2.2%
    Verizon Communications, Inc. VZ 2.1%
    The Coca-Cola Company KO 2.1%
    Unilever PLC UL 2.1%
    Phillips 66 PSX 2.1%
    Ford Motor Co. F 2.1%
    United Parcel Service (Class B) UPS 2.1%
    IBM Corp. IBM 2.0%
    Royal Bank of Canada RY 2.0%
    MetLife, Inc. MET 2.0%
    GlaxoSmithKline PLC GSK 2.0%
    British American Tobacco, PLC BTI 2.0%
    Morgan Stanley MS 2.0%
    Toronto-Dominion Bank TD 2.0%
    Wells Fargo & Co. WFC 2.0%
    Amgen AMGN 2.0%
    Bristol Myers Squibb BMY 1.9%
    Chevron Corp. CVX 1.9%
    Canadian Natural Resources Ltd. CNQ 1.9%
    Marathon Petroleum Corp. MPC 1.9%
    Emerson Electric Co. EMR 1.9%
    Suncor Energy, Inc. SU 1.9%
    Archer-Daniels-Midland Co. ADM 1.9%
    Gilead Sciences, Inc. GILD 1.9%
    Las Vegas Sands Corp. LVS 1.8%
    General Motors Co. GM 1.8%
    AbbVie, Inc. ABBV 1.8%
    Philip Morris International, Inc. PM 1.8%
    CVS Health Corp. CVS 1.8%
    Exxon Mobil Corp. XOM 1.8%
    TOTAL SA TOT 1.8%
    Royal Dutch Shell PLC RDS/B 1.8%
    HSBC Holdings PLC HSBC 1.7%
    BP PLC BP 1.7%
    Pfizer, Inc. PFE 1.6%
    Altria Group, Inc. MO 1.6%
    3M Co. MMM 1.5%
    Schlumberger, Ltd. SLB 1.5%
    Carnival Corp. CCL 1.5%
    Occidental Petroleum Corp. OXY 1.3%
    Kraft Heinz Co. KHC 1.1%
    DuPont de Nemours, Inc. DD 0.9%
    Dow, Inc. DOW 0.6%
    Corteva, Inc. CTVA 0.3%
    Total as % of Net Assets 97.2%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.9%
    Total as % of Net Assets 2.9%

    Country Allocation

    as of 9/30/19
    • United States

      71.0%

    • Foreign

      26.2%

    • Cash & Other

      2.9%

    United States 71.0%
    United Kingdom 11.3%
    Canada 7.7%
    Ireland 2.4%
    France 1.8%
    Curacao 1.5%
    Panama 1.5%
    Cash & Other 2.9%
  • 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
    12/06/2019 -- -- $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

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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 Value Fund Fact Sheet
    Cornerstone Value Fund Portfolio Manager Commentary View
    Cornerstone Value Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Shareholder Reports
    Cornerstone Value Fund Semi-Annual Report
    Cornerstone Value Fund Annual Report