• Overview

    Category
    Sector & Specialty - Energy

    Hennessy Energy Transition Fund

    Actively managed, the Fund maintains a concentrated portfolio of companies across the full spectrum of the Energy sector.

    Investor

    HNRGX

    Institutional

    HNRIX

    Morningstar style box

    Morningstar style box
    Portfolio Manager Commentary
    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

  • Performance

    Daily Pricing & Performance

    as of 12/8/22
    • Investor Class (HNRGX)
      • NAV

        $22.33

      • $ Change

        -$0.22

      • % Change

        -0.98%

      • YTD

        43.23%

    • Institutional Class (HNRIX)
      • NAV

        $22.74

      • $ Change

        -$0.23

      • % Change

        -1.00%

      • YTD

        43.65%

    Average Annualized Total Return

    as of 11/30/22
    Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    Investor Class (HNRGX) 1.12% 56.64% 61.21% 25.50% 7.25% 4.00%
    Institutional Class (HNRIX) 1.14% 57.11% 61.77% 25.85% 7.56% 4.27%
    S&P 500® Energy Index 1.25% 70.74% 76.00% 22.91% 10.96% 4.42%
    S&P 500® Index 5.59% -13.10% -9.21% 10.91% 10.98% 11.40%

    Please swipe to view table

    as of 9/30/22
    Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    Investor Class (HNRGX) 0.93% 25.47% 30.50% 15.19% 2.93% 1.48%
    Institutional Class (HNRIX) 1.01% 25.84% 30.92% 15.53% 3.24% 1.74%
    S&P 500® Energy Index 2.35% 34.94% 45.69% 13.44% 6.09% 1.73%
    S&P 500® Index -4.88% -23.87% -15.47% 8.16% 9.24% 9.95%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 11/30/2022

    Value of $10,000 invested between 11/30/2021 and 11/30/2022

    Energy Transition Fund (HNRGX) $16,121
    Energy Transition Fund (HNRIX) $16,177
    S&P 500® Energy Index $17,602
    S&P 500® Index $9,079

    Value of $10,000 invested between 11/30/2019 and 11/30/2022

    Energy Transition Fund (HNRGX) $19,765
    Energy Transition Fund (HNRIX) $19,933
    S&P 500® Energy Index $18,567
    S&P 500® Index $13,641

    Value of $10,000 invested between 11/30/2017 and 11/30/2022

    Energy Transition Fund (HNRGX) $14,192
    Energy Transition Fund (HNRIX) $14,393
    S&P 500® Energy Index $16,819
    S&P 500® Index $16,833

    Value of $10,000 invested between 12/31/2013 and 11/30/2022

    Energy Transition Fund (HNRGX) $14,191
    Energy Transition Fund (HNRIX) $14,521
    S&P 500® Energy Index $14,703
    S&P 500® Index $26,173

    Calendar Year Total Returns

      2014 2015 2016 2017 2018 2019 2020 2021
    Investor Class (HNRGX)
    -1.75 -24.67 42.96 1.89 -31.16 5.74 -25.72 55.42
    Institutional Class (HNRIX)
    -1.75 -24.41 43.33 2.17 -30.94 6.05 -25.63 56.02
    S&P 500® Energy Index
    -7.78 -21.12 27.36 -1.01 -18.09 11.82 -33.68 54.65
    S&P 500® Index
    13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71

    Returns-Based Statistics
    Relative to S&P 500® Energy Index

    as of 9/30/22
    Investor Class (HNRGX)
    Type 3 yr 5 yr
    Alpha 3.32 -1.49
    Beta 1.10 1.11
    Upside Capture 105.55 103.74
    Downside Capture 103.36 110.76
    Institutional Class (HNRIX)
    Type 3 yr 5 yr
    Alpha 3.61 -1.19
    Beta 1.10 1.11
    Upside Capture 105.79 104.00
    Downside Capture 103.05 110.35

    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 9/30/22
    Type 3 yr 5 yr
    Investor Class (HNRGX) 0.54 0.26
    Institutional Class (HNRIX) 0.54 0.27
    S&P 500® Energy Index 0.49 0.31
    Equity Energy Category Average 0.44 0.19

    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 9/30/22
    Type 3 yr 5 yr
    Investor Class (HNRGX) 50.05 42.59
    Institutional Class (HNRIX) 50.04 42.56
    S&P 500® Energy Index 43.56 36.60
    Equity Energy Category Average 45.08 38.61

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

    Fund Expenses

    • Investor Class (HNRGX)
      • Gross expense ratio

        2.96%

    • Institutional Class (HNRIX)
      • Gross expense ratio

        2.61%

    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 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.

    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.

  • Portfolio

    Portfolio Allocation

    as of 9/30/22
    Allocation % of Net Assets
    Cash/Other 1.3%
    Renewable 0.0%
    End User 4.8%
    Downstream 8.1%
    Midstream 12.9%
    Upstream 72.9%

    Portfolio Characteristics

    as of 9/30/22
    Inception Date (HNRGX) 12/31/13
    Inception Date (HNRIX) 12/31/13
    Total Fund Assets $19 Million
    Active Share vs. Energy Select Sector SPDR Fund (XLE) 60%
    Portfolio Turnover 33%
    Median Market Cap $9.8 Billion
    Median Price/Earnings 12.9x
    Median Price/Book 2.0x

    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 9/30/22
    Fund
    Energy 93.9%
    Materials 2.8%
    Utilities 2.0%
    Cash & Other 1.3%
    Sub-Industry Weighting % of Net Assets
    Oil & Gas Exploration & Production 39.9%
    Oil & Gas Equipment & Services 22.6%
    Oil & Gas Storage & Transportation 12.9%
    Integrated Oil & Gas 10.4%
    Oil & Gas Refining & Marketing 8.1%
    Copper 2.8%
    Electric Utilities 2.0%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/22
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 2Q22 Vs. 3Q21 10-Year Holdings History (%) Time Held
    EOG Resources, Inc. EOG 5.21% +0.32% 0.00%
    3 Years
    Antero Resources Corp. AR 5.00% +0.85% +2.18%
    1 Year
    Schlumberger, NV SLB 4.99% +0.27% +1.04%
    3 Years
    ConocoPhillips COP 4.94% +0.82% +0.30%
    1 Year
    EQT Corp. EQT 4.86% +0.63% +1.11%
    2 Years
    Plains All American Pipeline, LP PAA 4.73% -0.77% +0.23%
    4 Years
    Phillips 66 PSX 4.48% +0.16% +4.48%
    < 1 Year
    Solaris Oilfield Infrastructure, Inc. SOI 4.35% -0.45% +2.02%
    2 Years
    Pioneer Natural Resources Co. PXD 4.17% -0.47% -0.38%
    6 Years
    Exxon Mobil Corp. XOM 4.15% -0.71% -0.16%
    1 Year
    Total as % of Net Assets 46.88%

    Please swipe to view table

    Total Holdings: 28

    as of 9/30/22
    % of Net Assets
    Equity Holdings Ticker Current Vs. 2Q22 Vs. 3Q21 10-Year Holdings History (%) Time Held
    EOG Resources, Inc. EOG 5.21% +0.32% 0.00%
    3 Years
    Antero Resources Corp. AR 5.00% +0.85% +2.18%
    1 Year
    Schlumberger, NV SLB 4.99% +0.27% +1.04%
    3 Years
    ConocoPhillips COP 4.94% +0.82% +0.30%
    1 Year
    EQT Corp. EQT 4.86% +0.63% +1.11%
    2 Years
    Plains All American Pipeline, LP PAA 4.73% -0.77% +0.23%
    4 Years
    Phillips 66 PSX 4.48% +0.16% +4.48%
    < 1 Year
    Solaris Oilfield Infrastructure, Inc. SOI 4.35% -0.45% +2.02%
    2 Years
    Pioneer Natural Resources Co. PXD 4.17% -0.47% -0.38%
    6 Years
    Exxon Mobil Corp. XOM 4.15% -0.71% -0.16%
    1 Year
    Diamondback Energy, Inc. FANG 3.89% +0.17% -1.51%
    8 Years
    PDC Energy, Inc. PDCE 3.69% -0.05% -1.73%
    2 Years
    Marathon Petroleum Corp. MPC 3.62% +0.77% +3.62%
    1 Year
    Cheniere Energy, Inc. LNG 3.59% -1.15% -1.60%
    2 Years
    Suncor Energy, Inc. SU 3.55% -0.65% -0.63%
    2 Years
    Halliburton Co. HAL 3.53% -0.74% +1.55%
    1 Year
    Coterra Energy, Inc. CTRA 3.52% +0.09% -1.53%
    2 Years
    Tenaris SA TS 3.41% +0.19% +3.41%
    < 1 Year
    TechnipFMC, PLC FTI 2.91% +0.71% -0.77%
    2 Years
    Freeport-McMoRan, Inc. FCX 2.77% -0.05% -0.84%
    2 Years
    Magnolia Oil & Gas Corp. MGY 2.70% -0.02% +1.37%
    1 Year
    Chevron Corp. CVX 2.69% -1.16% +2.69%
    1 Year
    MPLX, LP MPLX 2.39% +0.18% -0.83%
    5 Years
    Antero Midstream Corp. AM 2.21% +2.21% +2.21%
    < 1 Year
    NextEra Energy, Inc. NEE 1.98% +0.13% -0.35%
    2 Years
    Marathon Oil Corp. MRO 1.91% +0.11% +1.91%
    < 1 Year
    Select Energy Services, Inc. WTTR 1.83% +0.03% -0.22%
    2 Years
    Newpark Resources, Inc. NR 1.61% -0.34% -1.50%
    2 Years
    Total as % of Net Assets 98.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other 1.3%
    Total as % of Net Assets 1.3%

    Please swipe to view table

    Country Allocation

    as of 9/30/22
    • United States

      83.8%

    • International

      14.8%

    • Cash & Other

      1.3%

    United States 83.8%
    Curacao 5.0%
    Canada 3.5%
    Luxembourg 3.4%
    United Kingdom 2.9%
    Cash & Other 1.3%
  • 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
    12/29/2021 $2.06575 -- -- $2.06575 $15.71
    12/16/2014 -- $0.48157 -- $0.48157 $17.72

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    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

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    Energy Transition Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Energy Transition 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.