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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 "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:
- Market capitalization that exceeds the Database average
- Number of shares outstanding that exceeds the Database average
- Trailing 12-month sales that are 50% greater than the Database average
- Cash flow that exceeds the Database average
Portfolio Managers
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Chief Investment Officer and Portfolio Manager-
19Years on Fund
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40Years 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 10/18/19 (Investor)-
Nav
$17.18
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$ Change
$0.01
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% Change
0.06%
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YTD
12.07%
Average Annualized Total Return
as of 9/30/19 (Investor)Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Cornerstone Value Fund (HFCVX) 3.92% 12.33% -1.90% 8.53% 6.27% 9.98% 6.83% Russell 1000® Value Index 3.57% 17.81% 4.00% 9.43% 7.79% 11.46% 8.47% S&P 500® Index 1.87% 20.55% 4.25% 13.39% 10.84% 13.24% 8.53% 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% Hypothetical Growth of $10,000
as of 9/30/2019 (Investor)Value of $10,000 invested between 9/30/2018 and 9/30/2019
Cornerstone Value Fund (HFCVX) $9,810 Russell 1000® Value Index $10,400 S&P 500® Index $10,425 Value of $10,000 invested between 9/30/2016 and 9/30/2019
Cornerstone Value Fund (HFCVX) $12,784 Russell 1000® Value Index $13,104 S&P 500® Index $14,580 Value of $10,000 invested between 9/30/2014 and 9/30/2019
Cornerstone Value Fund (HFCVX) $13,553 Russell 1000® Value Index $14,553 S&P 500® Index $16,727 Value of $10,000 invested between 9/30/2009 and 9/30/2019
Cornerstone Value Fund (HFCVX) $25,892 Russell 1000® Value Index $29,598 S&P 500® Index $34,674 Value of $10,000 invested between 11/1/1996 and 9/30/2019
Cornerstone Value Fund (HFCVX) $45,464 Russell 1000® Value Index $64,452 S&P 500® Index $65,175 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% Yield
as of 9/30/19 (Investor)Distribution Rate 2.39% 30-Day SEC Yield 2.88% Distribution Frequency Annually Returns-Based Statistics
Relative to Russell 1000® Value Indexas 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 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
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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.
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Portfolio
Portfolio Characteristics
as of 9/30/19Inception 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 9/30/19Fund 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 9/30/19Top 10 Holdings % of Net Assets Target Corp. 2.9% QUALCOMM, Inc. 2.8% AT&T, Inc. 2.4% Johnson Controls International 2.4% Procter & Gamble Co. 2.4% General Mills, Inc. 2.3% Texas Instruments, Inc. 2.3% PepsiCo, Inc. 2.3% J.P. Morgan Chase & Co. 2.2% Verizon Communications, Inc. 2.1% Total as % of Net Assets 24.2% Total Holdings: 52
as of 9/30/19Equity Holdings % of Net Assets Target Corp. 2.9% QUALCOMM, Inc. 2.8% AT&T, Inc. 2.4% Johnson Controls International 2.4% Procter & Gamble Co. 2.4% General Mills, Inc. 2.3% Texas Instruments, Inc. 2.3% PepsiCo, Inc. 2.3% J.P. Morgan Chase & Co. 2.2% Verizon Communications, Inc. 2.1% The Coca-Cola Company 2.1% Unilever PLC 2.1% Phillips 66 2.1% Ford Motor Co. 2.1% United Parcel Service (Class B) 2.1% IBM Corp. 2.0% Royal Bank of Canada 2.0% MetLife, Inc. 2.0% GlaxoSmithKline PLC 2.0% British American Tobacco, PLC 2.0% Morgan Stanley 2.0% Toronto-Dominion Bank 2.0% Wells Fargo & Co. 2.0% Amgen 2.0% Bristol Myers Squibb 1.9% Chevron Corp. 1.9% Canadian Natural Resources Ltd. 1.9% Marathon Petroleum Corp. 1.9% Emerson Electric Co. 1.9% Suncor Energy, Inc. 1.9% Archer-Daniels-Midland Co. 1.9% Gilead Sciences, Inc. 1.9% Las Vegas Sands Corp. 1.8% General Motors Co. 1.8% AbbVie, Inc. 1.8% Philip Morris International, Inc. 1.8% CVS Health Corp. 1.8% Exxon Mobil Corp. 1.8% TOTAL SA 1.8% Royal Dutch Shell PLC 1.8% HSBC Holdings PLC 1.7% BP PLC 1.7% Pfizer, Inc. 1.6% Altria Group, Inc. 1.6% 3M Co. 1.5% Schlumberger, Ltd. 1.5% Carnival Corp. 1.5% Occidental Petroleum Corp. 1.3% Kraft Heinz Co. 1.1% DuPont de Nemours, Inc. 0.9% Dow, Inc. 0.6% Corteva, Inc. 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%
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Foreign
26.2%
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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% -
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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 12/27/2018 $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 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
