• 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 1/20/21
    • Investor Class (HNRGX)
      • NAV

        $13.35

      • $ Change

        -$0.16

      • % Change

        -1.18%

      • YTD

        17.62%

    • Institutional Class (HNRIX)
      • NAV

        $13.52

      • $ Change

        -$0.16

      • % Change

        -1.17%

      • YTD

        17.67%

    Average Annualized Total Return

    as of 12/31/20
    Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    Investor Class (HNRGX) 5.68% -25.72% -25.72% -18.53% -4.66% -7.42%
    Institutional Class (HNRIX) 5.61% -25.63% -25.63% -18.33% -4.42% -7.21%
    S&P 500® Energy Index 4.40% -33.68% -33.68% -15.31% -5.20% -8.02%
    S&P 500® Index 3.84% 18.40% 18.40% 14.18% 15.22% 12.92%

    Please swipe to view table

    as of 12/31/20
    Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    Investor Class (HNRGX) 36.42% -25.72% -25.72% -18.53% -4.66% -7.42%
    Institutional Class (HNRIX) 36.46% -25.63% -25.63% -18.33% -4.42% -7.21%
    S&P 500® Energy Index 27.77% -33.68% -33.68% -15.31% -5.20% -8.02%
    S&P 500® Index 12.15% 18.40% 18.40% 14.18% 15.22% 12.92%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 12/31/2020

    Value of $10,000 invested between 12/31/2019 and 12/31/2020

    BP Energy Fund (HNRGX) $7,428
    BP Energy Fund (HNRIX) $7,437
    S&P 500® Energy Index $6,632
    S&P 500® Index $11,840

    Value of $10,000 invested between 12/31/2017 and 12/31/2020

    BP Energy Fund (HNRGX) $5,407
    BP Energy Fund (HNRIX) $5,447
    S&P 500® Energy Index $6,073
    S&P 500® Index $14,885

    Value of $10,000 invested between 12/31/2015 and 12/31/2020

    BP Energy Fund (HNRGX) $7,877
    BP Energy Fund (HNRIX) $7,977
    S&P 500® Energy Index $7,656
    S&P 500® Index $20,304

    Value of $10,000 invested between 12/31/2013 and 12/31/2020

    BP Energy Fund (HNRGX) $5,829
    BP Energy Fund (HNRIX) $5,924
    S&P 500® Energy Index $5,568
    S&P 500® Index $23,403

    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 12/31/20
    Investor Class (HNRGX)
    Type 3 yr 5 yr
    Alpha 2.83 4.10
    Beta 1.19 1.20
    Upside Capture 106.09 114.30
    Downside Capture 110.60 110.13
    Institutional Class (HNRIX)
    Type 3 yr 5 yr
    Alpha 3.05 4.34
    Beta 1.19 1.20
    Upside Capture 106.20 114.51
    Downside Capture 110.25 109.67

    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 12/31/20
    Type 3 yr 5 yr
    Investor Class (HNRGX) -0.19 0.06
    Institutional Class (HNRIX) -0.19 0.07
    S&P 500® Energy Index -0.26 -0.04
    Equity Energy Category Average -0.22 -0.03

    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 12/31/20
    Type 3 yr 5 yr
    Investor Class (HNRGX) 48.69 39.97
    Institutional Class (HNRIX) 48.65 39.95
    S&P 500® Energy Index 39.25 31.87
    Equity Energy Category Average 43.51 35.80

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

    Fund Expenses

    • Investor Class (HNRGX)
      • Gross expense ratio

        1.98%

    • Institutional Class (HNRIX)
      • Gross expense ratio

        1.67%

    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 12/31/20. 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. among 75 and 68 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 12/31/20. 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 12/31/20
    Allocation % of Net Assets
    Traditional Upstream 65.78%
    Traditional Midstream 13.60%
    Energy End User / Utility 10.29%
    Traditional Downstream 6.01%
    Renewable 4.31%

    Portfolio Characteristics

    as of 12/31/20
    Inception Date (HNRGX) 12/31/13
    Inception Date (HNRIX) 12/31/13
    Total Fund Assets $7 Million
    Active Share vs. Energy Select Sector SPDR Fund (XLE) 83%
    Portfolio Turnover 98%
    Median Market Cap $13.1 Billion
    Median Price/Earnings 11.7x
    Median Price/Book 1.8x

    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 12/31/20
    Fund
    Energy 86.8%
    Materials 9.3%
    Utilities 3.3%
    Industrials 2.3%
    Cash & Other -1.7%
    Sub-Industry Weighting % of Net Assets
    Oil & Gas Exploration & Production 42.6%
    Oil & Gas Equipment & Services 21.1%
    Oil & Gas Storage & Transportation 13.8%
    Copper 7.2%
    Oil & Gas Refining & Marketing 6.1%
    Electric Utilities 3.2%
    Integrated Oil & Gas 3.1%
    Heavy Electrical Equipment 2.3%
    Specialty Chemicals 2.1%

    Portfolio Holdings

    Top 10 Holdings

    as of 12/31/20
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 3Q20 Vs. 4Q19 10-Year Holdings History (%) Time Held
    PDC Energy, Inc. PDCE 8.24% +2.49% +8.24%
    1 Year
    Freeport-McMoRan, Inc. FCX 7.21% +2.21% +7.21%
    < 1 Year
    Schlumberger, NV SLB 6.89% +2.22% +3.39%
    1 Year
    Comstock Resources, Inc. CRK 6.11% -0.97% +6.11%
    < 1 Year
    Valero Energy Corp. VLO 6.11% +1.74% +3.46%
    < 1 Year
    EOG Resources, Inc. EOG 5.93% +0.99% +0.70%
    1 Year
    Pioneer Natural Resources Co. PXD 5.81% +0.75% -0.68%
    5 Years
    Diamondback Energy, Inc. FANG 5.71% +1.61% +2.04%
    7 Years
    TechnipFMC, PLC FTI 5.34% +2.72% +5.34%
    < 1 Year
    Cabot Oil & Gas Corp. COG 4.63% -2.62% +4.63%
    1 Year
    Total as % of Net Assets 61.98%

    Total Holdings: 24

    as of 12/31/20
    % of Net Assets
    Equity Holdings Ticker Current Vs. 3Q20 Vs. 4Q19 10-Year Holdings History (%) Time Held
    PDC Energy, Inc. PDCE 8.24% +2.49% +8.24%
    1 Year
    Freeport-McMoRan, Inc. FCX 7.21% +2.21% +7.21%
    < 1 Year
    Schlumberger, NV SLB 6.89% +2.22% +3.39%
    1 Year
    Comstock Resources, Inc. CRK 6.11% -0.97% +6.11%
    < 1 Year
    Valero Energy Corp. VLO 6.11% +1.74% +3.46%
    < 1 Year
    EOG Resources, Inc. EOG 5.93% +0.99% +0.70%
    1 Year
    Pioneer Natural Resources Co. PXD 5.81% +0.75% -0.68%
    5 Years
    Diamondback Energy, Inc. FANG 5.71% +1.61% +2.04%
    7 Years
    TechnipFMC, PLC FTI 5.34% +2.72% +5.34%
    < 1 Year
    Cabot Oil & Gas Corp. COG 4.63% -2.62% +4.63%
    1 Year
    Plains All American Pipeline, LP PAA 4.45% -0.23% +0.27%
    2 Years
    MPLX, LP MPLX 4.07% -0.86% +1.19%
    4 Years
    Concho Resources, Inc. CXO 3.69% +0.47% -1.29%
    2 Years
    NextEra Energy, Inc. NEE 3.25% -1.23% +3.25%
    1 Year
    Suncor Energy, Inc. SU 3.14% +3.14% +3.14%
    < 1 Year
    Select Energy Services, Inc. WTTR 3.10% +3.10% +3.10%
    < 1 Year
    Enterprise Products Partners, LP EPD 2.80% -4.10% -1.75%
    4 Years
    EQT Corp. EQT 2.52% +2.52% +2.52%
    < 1 Year
    Cheniere Energy, Inc. LNG 2.51% -3.06% +2.51%
    < 1 Year
    Newpark Resources, Inc. NR 2.41% +2.41% +2.41%
    < 1 Year
    Solaris Oilfield Infrastructure, Inc. SOI 2.31% +2.31% +2.31%
    < 1 Year
    TPI Composites, Inc. TPIC 2.30% -4.25% +2.30%
    1 Year
    Livent Corp. LTHM 2.09% -2.21% +2.09%
    < 1 Year
    Cactus, Inc. WHD 1.05% +1.05% +1.05%
    < 1 Year
    Total as % of Net Assets 101.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other -1.7%
    Total as % of Net Assets -1.7%

    Country Allocation

    as of 12/31/20
    • United States

      86.3%

    • International

      15.3%

    • Cash & Other

      -1.7%

    United States 86.3%
    Curacao 6.9%
    United Kingdom 5.3%
    Canada 3.1%
    Cash & Other -1.7%
  • 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
    Fund Documents
    BP Energy Fund Fact Sheet
    BP Energy Fund Portfolio Perspective View
    Shareholder Reports
    BP Energy Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    BP Energy Fund Semi-Annual Report
    BP Energy Fund Annual Report