• Overview

    Category
    Sector & Specialty - Energy

    Hennessy BP Energy 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 BP Energy 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

    • Toby Loftin
      Portfolio Manager
      • 7
        Years on Fund
      • 22
        Years of Experience
    • Ben Cook
      Portfolio Manager
      • 1
        Year on Fund
      • 21
        Years of Experience

    The Fund is sub-advised by Dallas-based BP Capital Fund Advisors, LLC.  Having worked alongside legendary energy investor and BP Capital founder, Boone Pickens, the Portfolio Managers have developed deep relationships across the energy industry and maintain a sole focus on energy investing.

    “We look for opportunities presented by the American energy and industrial renaissance.”

    - Toby Loftin

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 4/9/21
    • Investor Class (HNRGX)
      • NAV

        $14.53

      • $ Change

        -$0.18

      • % Change

        -1.22%

      • YTD

        28.02%

    • Institutional Class (HNRIX)
      • NAV

        $14.73

      • $ Change

        -$0.19

      • % Change

        -1.27%

      • YTD

        28.20%

    Average Annualized Total Return

    as of 3/31/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    Investor Class (HNRGX) 2.00% 30.04% 140.78% -8.79% -0.63% -3.75%
    Institutional Class (HNRIX) 2.05% 30.20% 141.29% -8.55% -0.36% -3.52%
    S&P 500® Energy Index 2.79% 30.86% 75.16% -5.48% -0.75% -4.27%
    S&P 500® Index 4.38% 6.18% 56.35% 16.78% 16.29% 13.38%

    Please swipe to view table

    as of 3/31/21
    Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    Investor Class (HNRGX) 30.04% 30.04% 140.78% -8.79% -0.63% -3.75%
    Institutional Class (HNRIX) 30.20% 30.20% 141.29% -8.55% -0.36% -3.52%
    S&P 500® Energy Index 30.86% 30.86% 75.16% -5.48% -0.75% -4.27%
    S&P 500® Index 6.18% 6.18% 56.35% 16.78% 16.29% 13.38%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 3/31/2021

    Value of $10,000 invested between 3/31/2020 and 3/31/2021

    BP Energy Fund (HNRGX) $24,078
    BP Energy Fund (HNRIX) $24,129
    S&P 500® Energy Index $17,516
    S&P 500® Index $15,635

    Value of $10,000 invested between 3/31/2018 and 3/31/2021

    BP Energy Fund (HNRGX) $7,589
    BP Energy Fund (HNRIX) $7,649
    S&P 500® Energy Index $8,443
    S&P 500® Index $15,925

    Value of $10,000 invested between 3/31/2016 and 3/31/2021

    BP Energy Fund (HNRGX) $9,691
    BP Energy Fund (HNRIX) $9,822
    S&P 500® Energy Index $9,631
    S&P 500® Index $21,271

    Value of $10,000 invested between 12/31/2013 and 3/31/2021

    BP Energy Fund (HNRGX) $7,581
    BP Energy Fund (HNRIX) $7,713
    S&P 500® Energy Index $7,286
    S&P 500® Index $24,848

    Calendar Year Total Returns

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

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

    as of 3/31/21
    Investor Class (HNRGX)
    Type 3 yr 5 yr
    Alpha 0.87 2.57
    Beta 1.16 1.16
    Upside Capture 106.83 109.69
    Downside Capture 112.17 108.56
    Institutional Class (HNRIX)
    Type 3 yr 5 yr
    Alpha 1.12 2.83
    Beta 1.16 1.16
    Upside Capture 107.03 109.93
    Downside Capture 111.84 108.10

    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 3/31/21
    Type 3 yr 5 yr
    Investor Class (HNRGX) 0.05 0.17
    Institutional Class (HNRIX) 0.05 0.17
    S&P 500® Energy Index 0.03 0.11
    Equity Energy Category Average 0.02 0.08

    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 3/31/21
    Type 3 yr 5 yr
    Investor Class (HNRGX) 49.80 40.27
    Institutional Class (HNRIX) 49.77 40.25
    S&P 500® Energy Index 41.04 33.21
    Equity Energy Category Average 44.43 36.24

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

    Fund Expenses

    • Investor Class (HNRGX)
      • Gross expense ratio

        2.59%

    • Institutional Class (HNRIX)
      • Gross expense ratio

        2.01%

    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 3/31/21. 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.

    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 3/31/21
    Allocation % of Net Assets
    Traditional Upstream 69.3%
    Traditional Midstream 16.7%
    Energy End User / Utility 11.0%
    Traditional Downstream 2.2%
    Renewable 0.8%

    Portfolio Characteristics

    as of 3/31/21
    Inception Date (HNRGX) 12/31/13
    Inception Date (HNRIX) 12/31/13
    Total Fund Assets $10 Million
    Active Share vs. Energy Select Sector SPDR Fund (XLE) 69%
    Portfolio Turnover 80%
    Median Market Cap $15.2 Billion
    Median Price/Earnings 12.5x
    Median Price/Book 2.1x

    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 3/31/21
    Fund
    Energy 87.1%
    Utilities 6.4%
    Materials 4.5%
    Industrials 0.8%
    Cash & Other 1.3%
    Sub-Industry Weighting % of Net Assets
    Oil & Gas Exploration & Production 38.9%
    Oil & Gas Equipment & Services 19.8%
    Oil & Gas Storage & Transportation 16.5%
    Integrated Oil & Gas 9.7%
    Electric Utilities 6.4%
    Copper 4.5%
    Oil & Gas Refining & Marketing 2.2%
    Heavy Electrical Equipment 0.8%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/21
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 4Q20 Vs. 1Q20 10-Year Holdings History (%) Time Held
    PDC Energy, Inc. PDCE 5.36% -2.88% +1.47%
    1 Year
    EOG Resources, Inc. EOG 5.17% -0.76% -1.95%
    1 Year
    Suncor Energy, Inc. SU 5.17% +2.03% +5.17%
    < 1 Year
    ConocoPhillips COP 4.85% +4.85% -0.60%
    < 1 Year
    Cabot Oil & Gas Corp. COG 4.78% +0.15% -2.99%
    1 Year
    Pioneer Natural Resources Co. PXD 4.76% -1.05% -4.80%
    5 Years
    Comstock Resources, Inc. CRK 4.73% -1.38% +4.73%
    1 Year
    Diamondback Energy, Inc. FANG 4.60% -1.11% +1.31%
    7 Years
    Freeport-McMoRan, Inc. FCX 4.51% -2.70% +4.51%
    < 1 Year
    Exxon Mobil Corp. XOM 4.49% +4.49% +4.49%
    < 1 Year
    Total as % of Net Assets 48.42%

    Total Holdings: 28

    as of 3/31/21
    % of Net Assets
    Equity Holdings Ticker Current Vs. 4Q20 Vs. 1Q20 10-Year Holdings History (%) Time Held
    PDC Energy, Inc. PDCE 5.36% -2.88% +1.47%
    1 Year
    EOG Resources, Inc. EOG 5.17% -0.76% -1.95%
    1 Year
    Suncor Energy, Inc. SU 5.17% +2.03% +5.17%
    < 1 Year
    ConocoPhillips COP 4.85% +4.85% -0.60%
    < 1 Year
    Cabot Oil & Gas Corp. COG 4.78% +0.15% -2.99%
    1 Year
    Pioneer Natural Resources Co. PXD 4.76% -1.05% -4.80%
    5 Years
    Comstock Resources, Inc. CRK 4.73% -1.38% +4.73%
    1 Year
    Diamondback Energy, Inc. FANG 4.60% -1.11% +1.31%
    7 Years
    Freeport-McMoRan, Inc. FCX 4.51% -2.70% +4.51%
    < 1 Year
    Exxon Mobil Corp. XOM 4.49% +4.49% +4.49%
    < 1 Year
    Schlumberger, NV SLB 4.42% -2.47% +0.69%
    1 Year
    Plains All American Pipeline, LP PAA 4.42% -0.03% +0.61%
    3 Years
    Cheniere Energy, Inc. LNG 4.14% +1.63% +4.14%
    1 Year
    OGE Energy Corp. OGE 3.91% +3.91% +3.91%
    < 1 Year
    MPLX, LP MPLX 3.81% -0.26% -0.37%
    4 Years
    EQT Corp. EQT 3.74% +1.22% +3.74%
    < 1 Year
    TechnipFMC, PLC FTI 3.18% -2.16% +3.18%
    < 1 Year
    Newpark Resources, Inc. NR 3.10% +0.69% +3.10%
    < 1 Year
    Select Energy Services, Inc. WTTR 2.97% -0.13% +2.97%
    < 1 Year
    Solaris Oilfield Infrastructure, Inc. SOI 2.75% +0.44% +2.75%
    < 1 Year
    Enterprise Products Partners, LP EPD 2.48% -0.32% -4.87%
    4 Years
    NextEra Energy, Inc. NEE 2.46% -0.79% -1.09%
    1 Year
    Valero Energy Corp. VLO 2.16% -3.95% -1.92%
    < 1 Year
    Halliburton Co. HAL 2.16% +2.16% +2.16%
    < 1 Year
    Kinder Morgan, Inc. KMI 1.67% +1.67% +1.67%
    < 1 Year
    Technip Energies NV THNPY 1.23% +1.23% +1.23%
    < 1 Year
    Southwestern Energy Co. SWN 0.94% +0.94% +0.94%
    < 1 Year
    TPI Composites, Inc. TPIC 0.76% -1.54% -2.29%
    1 Year
    Total as % of Net Assets 98.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other 1.3%
    Total as % of Net Assets 1.3%

    Country Allocation

    as of 3/31/21
    • United States

      84.7%

    • International

      14.0%

    • Cash & Other

      1.3%

    United States 84.7%
    Canada 5.2%
    Curacao 4.4%
    United Kingdom 3.2%
    Netherlands 1.2%
    Cash & Other 1.3%
  • Distributions

    The Hennessy BP Energy 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
    12/16/2014 -- $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
    12/27/2019 $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
    BP Energy Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    BP Energy 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.