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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
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Investor
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HNRGX
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Institutional
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HNRIX
Among 68 Equity Energy Funds (Based on risk-adjusted returns, as of 6/30/23)
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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Performance
Daily Pricing & Performance
as of 9/20/23-
Investor Class (HNRGX)
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NAV
$24.59
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$ Change
-$0.27
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% Change
-1.09%
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YTD
7.47%
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Institutional Class (HNRIX)
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NAV
$25.05
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$ Change
-$0.28
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% Change
-1.11%
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YTD
7.74%
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Average Annualized Total Return
as of 8/31/23Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) Investor Class (HNRGX) 0.66% 7.39% 13.76% 42.15% 5.35% 3.81% Institutional Class (HNRIX) 0.68% 7.66% 14.19% 42.65% 5.67% 4.09% S&P 500® Energy Index 1.81% 3.31% 15.10% 42.47% 8.95% 4.10% S&P 500® Index -1.59% 18.73% 15.94% 10.52% 11.12% 11.76% as of 6/30/23Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) Investor Class (HNRGX) 2.08% -3.28% 14.79% 39.96% 3.24% 2.74% Institutional Class (HNRIX) 2.13% -3.10% 15.13% 40.40% 3.55% 3.01% S&P 500® Energy Index -0.89% -5.52% 18.76% 35.42% 6.61% 3.20% S&P 500® Index 8.74% 16.89% 19.59% 14.60% 12.31% 11.80% Hypothetical Growth of $10,000
as of 8/31/2023Value of $10,000 invested between 8/31/2022 and 8/31/2023
Energy Transition Fund (HNRGX) $11,376 Energy Transition Fund (HNRIX) $11,419 S&P 500® Energy Index $11,510 S&P 500® Index $11,594 Value of $10,000 invested between 8/31/2020 and 8/31/2023
Energy Transition Fund (HNRGX) $28,721 Energy Transition Fund (HNRIX) $29,029 S&P 500® Energy Index $28,922 S&P 500® Index $13,500 Value of $10,000 invested between 8/31/2018 and 8/31/2023
Energy Transition Fund (HNRGX) $12,974 Energy Transition Fund (HNRIX) $13,174 S&P 500® Energy Index $15,350 S&P 500® Index $16,943 Value of $10,000 invested between 12/31/2013 and 8/31/2023
Energy Transition Fund (HNRGX) $14,353 Energy Transition Fund (HNRIX) $14,728 S&P 500® Energy Index $14,744 S&P 500® Index $29,285 Calendar Year Total Returns
2014 2015 2016 2017 2018 2019 2020 2021 2022 Investor Class (HNRGX) -1.75 -24.67 42.96 1.89 -31.16 5.74 -25.72 55.42 47.53 Institutional Class (HNRIX) -1.75 -24.41 43.33 2.17 -30.94 6.05 -25.63 56.02 48.01 S&P 500® Energy Index -7.78 -21.12 27.36 -1.01 -18.09 11.82 -33.68 54.65 65.71 S&P 500® Index 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 Returns-Based Statistics
Relative to S&P 500® Energy Indexas of 6/30/23Investor Class (HNRGX)Type 3 yr 5 yr Alpha 6.71 -1.60 Beta 0.89 1.10 Upside Capture 97.80 104.71 Downside Capture 85.62 111.91 Institutional Class (HNRIX)Type 3 yr 5 yr Alpha 7.04 -1.31 Beta 0.89 1.10 Upside Capture 98.06 104.94 Downside Capture 85.12 111.50 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 6/30/23Type 3 yr 5 yr Investor Class (HNRGX) 1.13 0.26 Institutional Class (HNRIX) 1.14 0.27 S&P 500® Energy Index 0.98 0.31 Equity Energy Category Average 0.94 0.20 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 6/30/23Type 3 yr 5 yr Investor Class (HNRGX) 33.19 43.83 Institutional Class (HNRIX) 33.16 43.80 S&P 500® Energy Index 35.57 38.17 Equity Energy Category Average 34.05 39.78 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
2.42%
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Net expense ratio
2.25%
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Institutional Class (HNRIX)
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Gross expense ratio
2.09%
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Net expense ratio
1.92%
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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 6/30/23. 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 and 3 stars for the five-year periods ended 6/30/23 / Investor Class (HNRGX) received 5 stars for the three-year and 3 stars for the five-year periods ended 6/30/23 among 68 and 66 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. The 10-year Morningstar Rating is an extended performance rating based on the historically adjusted returns prior to the inception date of the Institutional Class share class (12/31/13) and reflects the historical performance, fees, and expenses of the Investor share class.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 6/30/23. 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 7/31/25.
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 6/30/23Allocation % of Net Assets Upstream 78.2% Midstream 9.7% Downstream 4.4% End User 6.9% Renewable 0.0% Cash/Other 0.7% Portfolio Characteristics
as of 6/30/23Inception Date (HNRGX) 12/31/13 Inception Date (HNRIX) 12/31/13 Total Fund Assets $18 Million Active Share vs. Energy Select Sector SPDR Fund (XLE) 63% Portfolio Turnover 24% Median Market Cap $17.2 Billion Median Price/Earnings 13.2x Median Price/Book 3.1x 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 6/30/23Fund Energy 92.3% Materials 5.0% Utilities 1.9% Cash & Other 0.7% Sub-Industry Weighting % of Net Assets Oil & Gas Exploration & Production 43.0% Oil & Gas Equipment & Services 22.4% Integrated Oil & Gas 12.9% Oil & Gas Storage & Transportation 9.7% Copper 5.0% Oil & Gas Refining & Marketing 4.4% Electric Utilities 1.9% Portfolio Holdings
Top 10 Holdings
as of 6/30/23% of Net Assets Top 10 Holdings Ticker Current Vs. 1Q23 Vs. 2Q22 10-Year Holdings History (%) Time Held Cheniere Energy, Inc. LNG 5.50% +0.09% +0.76% 3 Years Canadian Natural Resources Ltd. CNQ 5.39% +0.34% +5.39% < 1 Year Schlumberger NV SLB 5.37% +0.26% +0.65% 3 Years Exxon Mobil Corp. XOM 5.20% +0.14% +0.34% 2 Years Freeport-McMoRan, Inc. FCX 5.02% +0.13% +2.20% 3 Years EQT Corp. EQT 5.01% +1.31% +0.78% 2 Years Pioneer Natural Resources Co. PXD 4.97% +0.31% +0.33% 7 Years EOG Resources, Inc. EOG 4.95% +0.23% +0.06% 4 Years Halliburton Co. HAL 4.82% +0.42% +0.55% 2 Years Suncor Energy, Inc. SU 4.70% -0.83% +0.50% 2 Years Total as % of Net Assets 50.93% Total Holdings: 24
as of 6/30/23% of Net Assets Equity Holdings Current Vs. 1Q23 Vs. 2Q22 10-Year Holdings History (%) Time Held Cheniere Energy, Inc. 5.50% +0.09% +0.76% 3 Years Canadian Natural Resources Ltd. 5.39% +0.34% +5.39% < 1 Year Schlumberger NV 5.37% +0.26% +0.65% 3 Years Exxon Mobil Corp. 5.20% +0.14% +0.34% 2 Years Freeport-McMoRan, Inc. 5.02% +0.13% +2.20% 3 Years EQT Corp. 5.01% +1.31% +0.78% 2 Years Pioneer Natural Resources Co. 4.97% +0.31% +0.33% 7 Years EOG Resources, Inc. 4.95% +0.23% +0.06% 4 Years Halliburton Co. 4.82% +0.42% +0.55% 2 Years Suncor Energy, Inc. 4.70% -0.83% +0.50% 2 Years PDC Energy, Inc. 4.63% +0.65% +0.89% 3 Years ConocoPhillips 4.60% +0.41% +0.48% 2 Years Diamondback Energy, Inc. 4.33% +0.09% +0.61% 9 Years Antero Resources Corp. 4.20% +0.19% +0.05% 2 Years TechnipFMC, PLC 4.19% -0.37% +1.99% 3 Years Plains All American Pipeline, LP 4.18% +0.66% -1.32% 5 Years Tenaris SA 4.03% +0.39% +0.81% 1 Year Solaris Oilfield Infrastructure, Inc. 3.94% +0.09% -0.86% 2 Years Chevron Corp. 3.01% +0.04% -0.84% 1 Year Comstock Resources, Inc. 2.50% +0.29% +2.50% < 1 Year Marathon Oil Corp. 2.39% +0.02% +0.59% 1 Year Valero Energy Corp. 2.37% -0.31% +2.37% < 1 Year Phillips 66 2.05% -1.07% -2.27% 1 Year NextEra Energy, Inc. 1.91% +0.03% +0.06% 3 Years Total as % of Net Assets 99.3% Cash & Other Holdings % of Net Assets Cash & Other 0.7% Total as % of Net Assets 0.7% Country Allocation
as of 6/30/23-
United States
75.6%
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International
23.7%
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Cash & Other
0.7%
United States 75.6% Canada 10.1% Curacao 5.4% United Kingdom 4.2% Luxembourg 4.0% Cash & Other 0.7% -
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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 12/28/2022 $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 12/28/2022 $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.
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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.
