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Overview
Hennessy Energy Transition Fund
Actively managed, the Fund maintains a concentrated portfolio of companies across the full spectrum of the Energy sector.
Investor
HNRGXInstitutional
HNRIXMorningstar style box
Overall morningstar rating
Investor
HNRGX
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Institutional
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HNRIX
Among 68 Equity Energy Funds (Based on risk-adjusted returns, as of 3/31/25)
Portfolio Manager Commentary
Why Invest
- Opportunistically invests across the entire energy "value chain" seeking the best balance of reward and risk
- Concentrated, actively managed portfolio of 25-40 companies
- In-depth, rigorous "boots-on-the-ground" research led by managers with decades of combined energy investing experience
Investment Approach
The Hennessy Energy Transition Fund invests across the full spectrum of the energy supply/demand value chain, including upstream, midstream, and downstream energy companies, as well as energy end-users. The Fund's Portfolio Managers have the flexibility to opportunistically move up and down this energy value chain, overweighting sectors they believe will generate the best balance of reward and risk.
The Portfolio Managers employ a fundamental, “boots-on-the-ground” research-intensive investment process to select holdings, focusing on four key steps:
- Develop commodity forecasts and key sector investment themes
- Identify primary beneficiaries of investment themes
- Value companies on both a relative and absolute basis to uncover potential stock mispricing opportunities
- Size position based on conviction, expected return, volatility, and liquidity
Portfolio Managers
“We carefully evaluate the best opportunities within the entire energy "value chain," including renewables and end-users.”
- Ben Cook
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Insights & News
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Investment IdeaDefining the Energy "Value Chain"
Ben Cook, CFAPortfolio ManagerRead the Investment IdeaEnergy is a large and complex sector. The sector’s broad sub-industries can be divided into a “value chain,” each segment of which has different characteristics and offers different investment opportunities.
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Schwab Network - Energy Sustainability 'Backseat' to Affordability Ahead of Trump 2.0
January 2025
Hennessy Energy Transition Fund Portfolio Manager Ben Cook says energy sustainability hasn't been a key focus as Americans penny-pinch their budgets. However, energy output can increase under a new Trump administration, noting the United States is now the number one producer of oil. Ben explains why he labels Exxon Mobil (XOM), Suncor Energy (SU) and Cheniere Energy (LNG) as his top picks in the space.
View MorePerformance 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. Performance data current to the most recent month end may be obtained by visiting hennessyfunds.com.
Current and future holdings are subject to risk.
For standardized performance and fund holdings ,click here.
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Performance
Daily Pricing & Performance
as of 5/16/25-
Investor Class (HNRGX)
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NAV
$27.40
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$ Change
-$0.10
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% Change
-0.36%
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YTD
1.82%
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Institutional Class (HNRIX)
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NAV
$28.05
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$ Change
-$0.10
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% Change
-0.36%
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YTD
1.96%
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Average Annualized Total Return
as of 4/30/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (12/31/13) Investor Class (HNRGX) -12.25% -6.28% -5.43% 6.78% 26.36% 2.66% 3.49% Institutional Class (HNRIX) -12.24% -6.18% -5.15% 7.14% 26.77% 2.96% 3.77% S&P 500® Energy Index -13.65% -4.83% -10.82% 6.32% 21.28% 4.02% 3.13% S&P 500® Index -0.68% -4.92% 12.10% 12.18% 15.61% 12.32% 12.25% as of 3/31/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (12/31/13) Investor Class (HNRGX) 6.80% 6.80% 8.29% 11.09% 39.78% 4.99% 4.72% Institutional Class (HNRIX) 6.91% 6.91% 8.64% 11.47% 40.22% 5.30% 5.01% S&P 500® Energy Index 10.21% 10.21% 2.49% 11.08% 31.58% 6.24% 4.50% S&P 500® Index -4.27% -4.27% 8.25% 9.06% 18.59% 12.50% 12.41% Hypothetical Growth of $10,000
as of 4/30/2025Value of $10,000 invested between 4/30/2024 and 4/30/2025
Energy Transition Fund (HNRGX) $9,457 Energy Transition Fund (HNRIX) $9,485 S&P 500® Energy Index $8,918 S&P 500® Index $11,210 Value of $10,000 invested between 4/30/2022 and 4/30/2025
Energy Transition Fund (HNRGX) $12,174 Energy Transition Fund (HNRIX) $12,298 S&P 500® Energy Index $12,018 S&P 500® Index $14,116 Value of $10,000 invested between 4/30/2020 and 4/30/2025
Energy Transition Fund (HNRGX) $32,220 Energy Transition Fund (HNRIX) $32,737 S&P 500® Energy Index $26,238 S&P 500® Index $20,651 Value of $10,000 invested between 4/30/2015 and 4/30/2025
Energy Transition Fund (HNRGX) $12,996 Energy Transition Fund (HNRIX) $13,393 S&P 500® Energy Index $14,828 S&P 500® Index $31,955 Value of $10,000 invested between 12/31/2013 and 4/30/2025
Energy Transition Fund (HNRGX) $14,744 Energy Transition Fund (HNRIX) $15,208 S&P 500® Energy Index $14,165 S&P 500® Index $37,026 Calendar Year Total Returns
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investor Class (HNRGX) -24.67% 42.96% 1.89% -31.16% 5.74% -25.72% 55.42% 47.53% 3.72% 13.49% Institutional Class (HNRIX) -24.41% 43.33% 2.17% -30.94% 6.05% -25.63% 56.02% 48.01% 4.09% 13.84% S&P 500® Energy Index -21.12% 27.36% -1.01% -18.09% 11.82% -33.68% 54.65% 65.71% -1.33% 5.72% S&P 500® Index 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% 25.02% Year Investor Class (HNRGX) Institutional Class (HNRIX) S&P 500® Energy Index S&P 500® Index 2014 -1.75% -1.75% -7.78% 13.69% Returns-Based Statistics
Relative to S&P 500® Energy Indexas of 3/31/25Investor Class (HNRGX)Type 3 yr 5 yr 10 yr Alpha 0.36 6.83 -0.32 Beta 0.97 0.99 1.10 Upside Capture 98.25 103.74 106.42 Downside Capture 97.59 82.67 110.71 Institutional Class (HNRIX)Type 3 yr 5 yr 10 yr Alpha 0.71 7.17 -0.02 Beta 0.97 0.99 1.10 Upside Capture 98.63 104.03 106.74 Downside Capture 96.78 81.97 110.17 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 3/31/25Type 3 yr 5 yr 10 yr Investor Class (HNRGX) 0.36 1.08 0.26 Institutional Class (HNRIX) 0.37 1.09 0.27 S&P 500® Energy Index 0.36 0.93 0.29 Equity Energy Category Average 0.10 0.85 0.13 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 3/31/25Type 3 yr 5 yr 10 yr Investor Class (HNRGX) 26.09 33.48 34.38 Institutional Class (HNRIX) 26.06 33.45 34.36 S&P 500® Energy Index 25.77 31.55 29.63 Equity Energy Category Average 25.05 31.19 31.45 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HNRGX)
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Gross expense ratio
2.61%
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Net expense ratio
2.44%
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Institutional Class (HNRIX)
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Gross expense ratio
2.28%
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Net expense ratio
2.11%
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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.
Morningstar Proprietary Ratings reflect risk-adjusted performance as of 3/31/25. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Institutional Class (HNRIX) received 5 stars for the three-year, 5 stars for the five-year and 3 stars for the ten-year periods ended 3/31/25 / Investor Class (HNRGX) received 5 stars for the three-year, 5 stars for the five-year and 3 stars for the ten-year periods ended 3/31/25 among 68, 66 and 59 Equity Energy Funds, respectively. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentage.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 3/31/25. 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 500® Energy Index is an index that comprises those companies included in the S&P 500 that are classified as members of the GICS energy sector. The S&P 500® Index is an unmanaged index commonly used to measure the performance of U.S. 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.
The performance shown for periods on or prior to 10/26/18 is that of the predecessor BP Capital TwinLine Energy Fund.
Certain service provider expenses for the Energy Transition Fund will be voluntarily waived through 7/31/28.
Active share was calculated versus the Energy Select Sector SPDR Fund (XLE), which differs from the Fund's primary benchmark. References to other investment products should not be interpreted as an offer of these securities
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 Allocation
as of 3/31/25Allocation % of Net Assets Upstream 65.0% Midstream 4.4% Downstream 9.4% End User 12.2% Renewable 1.9% Cash/Other 7.1% Portfolio Characteristics
as of 3/31/25Inception Date (HNRGX) 12/31/13 Inception Date (HNRIX) 12/31/13 Total Fund Assets $16 Million Active Share vs. Energy Select Sector SPDR Fund (XLE) 60% Portfolio Turnover 31% Median Market Cap $46.3 Billion Median Price/Earnings 15.2x 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 3/31/25Fund Energy 77.7% Utilities 9.2% Materials 4.1% Information Technology 1.9% Cash & Other 7.1% Sub-Industry Weighting % of Net Assets Oil & Gas Exploration & Production 31.1% Integrated Oil & Gas 15.2% Oil & Gas Equipment & Services 15.1% Oil & Gas Refining & Marketing 8.5% Gas Utilities 4.7% Electric Utilities 4.5% Oil & Gas Storage & Transportation 4.4% Copper 4.1% Oil & Gas Drilling 3.5% Semiconductors 1.9% Portfolio Holdings
Top 10 Holdings
as of 3/31/25% of Net Assets Top 10 Holdings Ticker Current Vs. 4Q24 Vs. 1Q24 10-Year Holdings History (%) Time Held ConocoPhillips COP 8.75% -0.82% +2.75% 4 Years Exxon Mobil Corp. XOM 5.88% -0.28% +5.12% 4 Years Chevron Corp. CVX 5.20% -0.01% -0.10% 3 Years Valero Energy Corp. VLO 4.74% +0.42% +1.13% 2 Years National Fuel Gas Co. NFG 4.68% -0.53% +4.68% 1 Year NOV, Inc. NOV 4.67% +1.27% +2.19% 1 Year NextEra Energy, Inc. NEE 4.52% +0.23% -0.29% 5 Years Antero Resources Corp. AR 4.44% -1.48% -1.55% 3 Years Cheniere Energy, Inc. LNG 4.40% -2.20% -0.75% 5 Years EOG Resources, Inc. EOG 4.28% -0.45% -1.16% 5 Years Total as % of Net Assets 51.56% Total Holdings: 23
as of 3/31/25% of Net Assets Equity Holdings Current Vs. 4Q24 Vs. 1Q24 10-Year Holdings History (%) Time Held ConocoPhillips 8.75% -0.82% +2.75% 4 Years Exxon Mobil Corp. 5.88% -0.28% +5.12% 4 Years Chevron Corp. 5.20% -0.01% -0.10% 3 Years Valero Energy Corp. 4.74% +0.42% +1.13% 2 Years National Fuel Gas Co. 4.68% -0.53% +4.68% 1 Year NOV, Inc. 4.67% +1.27% +2.19% 1 Year NextEra Energy, Inc. 4.52% +0.23% -0.29% 5 Years Antero Resources Corp. 4.44% -1.48% -1.55% 3 Years Cheniere Energy, Inc. 4.40% -2.20% -0.75% 5 Years EOG Resources, Inc. 4.28% -0.45% -1.16% 5 Years Suncor Energy, Inc. 4.10% -0.27% -1.01% 4 Years Freeport-McMoRan, Inc. 4.09% +0.26% -1.24% 4 Years Diamondback Energy, Inc. 3.97% -0.74% -1.35% 11 Years Schlumberger NV 3.73% -0.23% +1.12% 5 Years Phillips 66 3.72% +0.94% 0.00% 3 Years EQT Corp. 3.67% -1.28% -0.58% 4 Years Halliburton Co. 3.67% -0.12% -0.60% 4 Years Canadian Natural Resources Ltd. 3.64% -0.58% -2.22% 2 Years Helmerich & Payne, Inc. 3.47% +3.47% +3.47% < 1 Year Expand Energy Corp. 2.35% -0.43% +2.35% < 1 Year First Solar, Inc. 1.91% +1.91% +1.91% < 1 Year Tenaris SA 1.65% -1.51% -0.91% 3 Years ProFrac Holding Corp. 1.37% -0.25% +1.37% < 1 Year Total as % of Net Assets 92.9% Cash & Other Holdings % of Net Assets Cash & Other 7.1% Total as % of Net Assets 7.1% Country Allocation
as of 3/31/25-
United States
79.8%
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International
13.1%
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Cash & Other
7.1%
United States 79.8% Canada 7.7% Curacao 3.7% Luxembourg 1.7% Cash & Other 7.1% -
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Distributions
The Hennessy Energy Transition Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in December.
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/27/2024 $0.02081 -- -- $0.02081 $26.40 12/28/2022 $0.11746 -- -- $0.11746 $22.50 12/29/2021 $2.06575 -- -- $2.06575 $15.71 12/16/2014 -- $0.48157 -- $0.48157 $17.72 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 12/27/2024 $0.03814 -- -- $0.03814 $27.00 12/28/2022 $0.17710 -- -- $0.17710 $22.87 12/29/2021 $2.11238 -- -- $2.11238 $15.95 12/27/2019 $0.03341 -- -- $0.03341 $15.40 11/29/2016 $0.03302 -- -- $0.03302 $19.10 12/16/2014 -- $0.48157 -- $0.48157 $17.72 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
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.
