• 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 4/23/24
    • Investor Class (HNRGX)
      • NAV

        $26.95

      • $ Change

        $0.15

      • % Change

        0.56%

      • YTD

        13.57%

    • Institutional Class (HNRIX)
      • NAV

        $27.51

      • $ Change

        $0.15

      • % Change

        0.55%

      • YTD

        13.68%

    Average Annualized Total Return

    as of 3/31/24
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (12/31/13)
    Investor Class (HNRGX) 11.08% 11.93% 22.51% 26.97% 12.29% 3.73% 4.38%
    Institutional Class (HNRIX) 11.11% 12.02% 22.89% 27.41% 12.64% 4.02% 4.66%
    S&P 500® Energy Index 10.60% 13.68% 17.67% 30.00% 12.86% 4.74% 4.70%
    S&P 500® Index 3.22% 10.56% 29.88% 11.49% 15.05% 12.96% 12.83%

    Please swipe to view table

    as of 3/31/24
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (12/31/13)
    Investor Class (HNRGX) 11.93% 11.93% 22.51% 26.97% 12.29% 3.73% 4.38%
    Institutional Class (HNRIX) 12.02% 12.02% 22.89% 27.41% 12.64% 4.02% 4.66%
    S&P 500® Energy Index 13.68% 13.68% 17.67% 30.00% 12.86% 4.74% 4.70%
    S&P 500® Index 10.56% 10.56% 29.88% 11.49% 15.05% 12.96% 12.83%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 3/31/2024

    Value of $10,000 invested between 3/31/2023 and 3/31/2024

    Energy Transition Fund (HNRGX) $12,251
    Energy Transition Fund (HNRIX) $12,289
    S&P 500® Energy Index $11,766
    S&P 500® Index $12,988

    Value of $10,000 invested between 3/31/2021 and 3/31/2024

    Energy Transition Fund (HNRGX) $20,467
    Energy Transition Fund (HNRIX) $20,681
    S&P 500® Energy Index $21,969
    S&P 500® Index $13,859

    Value of $10,000 invested between 3/31/2019 and 3/31/2024

    Energy Transition Fund (HNRGX) $17,854
    Energy Transition Fund (HNRIX) $18,132
    S&P 500® Energy Index $18,309
    S&P 500® Index $20,157

    Value of $10,000 invested between 3/31/2014 and 3/31/2024

    Energy Transition Fund (HNRGX) $14,420
    Energy Transition Fund (HNRIX) $14,825
    S&P 500® Energy Index $15,882
    S&P 500® Index $33,826

    Value of $10,000 invested between 12/31/2013 and 3/31/2024

    Energy Transition Fund (HNRGX) $15,515
    Energy Transition Fund (HNRIX) $15,951
    S&P 500® Energy Index $16,008
    S&P 500® Index $34,438

    Calendar Year Total Returns

      2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
    Investor Class (HNRGX)
    -1.75% -24.67% 42.96% 1.89% -31.16% 5.74% -25.72% 55.42% 47.53% 3.72%
    Institutional Class (HNRIX)
    -1.75% -24.41% 43.33% 2.17% -30.94% 6.05% -25.63% 56.02% 48.01% 4.09%
    S&P 500® Energy Index
    -7.78% -21.12% 27.36% -1.01% -18.09% 11.82% -33.68% 54.65% 65.71% -1.33%
    S&P 500® Index
    13.69% 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29%

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

    as of 3/31/24
    Investor Class (HNRGX)
    Type 3 yr 5 yr 10 yr
    Alpha -1.47 0.58 0.00
    Beta 0.97 1.08 1.10
    Upside Capture 99.62 105.02 106.74
    Downside Capture 108.53 107.29 109.97
    Institutional Class (HNRIX)
    Type 3 yr 5 yr 10 yr
    Alpha -1.09 0.89 0.28
    Beta 0.97 1.08 1.10
    Upside Capture 99.98 105.27 107.00
    Downside Capture 107.88 106.84 109.46

    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 3/31/24
    Type 3 yr 5 yr 10 yr
    Investor Class (HNRGX) 0.87 0.45 0.24
    Institutional Class (HNRIX) 0.88 0.45 0.25
    S&P 500® Energy Index 0.95 0.45 0.25
    Equity Energy Category Average 0.72 0.36 0.09

    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 3/31/24
    Type 3 yr 5 yr 10 yr
    Investor Class (HNRGX) 28.94 42.40 34.48
    Institutional Class (HNRIX) 28.91 42.38 34.46
    S&P 500® Energy Index 28.79 37.38 29.77
    Equity Energy Category Average 27.90 38.47 31.82

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

    Fund Expenses

    • Investor Class (HNRGX)
      • Gross expense ratio

        2.42%

      • Net expense ratio

        2.27%

    • Institutional Class (HNRIX)
      • Gross expense ratio

        2.08%

      • Net expense ratio

        1.93%

    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 3/31/24. 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.

  • Portfolio

    Portfolio Allocation

    as of 3/31/24
    Allocation % of Net Assets
    Upstream 76.7%
    Midstream 5.1%
    Downstream 7.3%
    End User 10.1%
    Renewable 0.0%
    Cash/Other 0.7%

    Portfolio Characteristics

    as of 3/31/24
    Inception Date (HNRGX) 12/31/13
    Inception Date (HNRIX) 12/31/13
    Total Fund Assets $15 Million
    Active Share vs. Energy Select Sector SPDR Fund (XLE) 64%
    Portfolio Turnover 13%
    Median Market Cap $25.0 Billion
    Median Price/Earnings 14.9x
    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 3/31/24
    Fund
    Energy 89.2%
    Materials 5.3%
    Utilities 4.8%
    Cash & Other 0.7%
    Sub-Industry Weighting % of Net Assets
    Oil & Gas Exploration & Production 45.8%
    Oil & Gas Equipment & Services 19.8%
    Integrated Oil & Gas 11.2%
    Oil & Gas Refining & Marketing 7.3%
    Copper 5.3%
    Oil & Gas Storage & Transportation 5.1%
    Electric Utilities 4.8%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/24
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 4Q23 Vs. 1Q23 10-Year Holdings History (%) Time Held
    ConocoPhillips COP 6.00% +0.52% +1.81%
    3 Years
    Antero Resources Corp. AR 5.99% -0.10% +1.98%
    2 Years
    Canadian Natural Resources Ltd. CNQ 5.86% +0.09% +0.81%
    1 Year
    EOG Resources, Inc. EOG 5.44% +0.29% +0.72%
    4 Years
    Freeport-McMoRan, Inc. FCX 5.33% +0.22% +0.44%
    3 Years
    Diamondback Energy, Inc. FANG 5.32% -0.16% +1.08%
    10 Years
    Pioneer Natural Resources Co. PXD 5.30% -0.12% +0.64%
    8 Years
    Chevron Corp. CVX 5.30% +0.29% +2.33%
    2 Years
    Cheniere Energy, Inc. LNG 5.15% -0.86% -0.26%
    4 Years
    Suncor Energy, Inc. SU 5.11% -0.90% -0.42%
    3 Years
    Total as % of Net Assets 54.8%

    Please swipe to view table

    Total Holdings: 23

    as of 3/31/24
    % of Net Assets
    Equity Holdings Ticker Current Vs. 4Q23 Vs. 1Q23 10-Year Holdings History (%) Time Held
    ConocoPhillips COP 6.00% +0.52% +1.81%
    3 Years
    Antero Resources Corp. AR 5.99% -0.10% +1.98%
    2 Years
    Canadian Natural Resources Ltd. CNQ 5.86% +0.09% +0.81%
    1 Year
    EOG Resources, Inc. EOG 5.44% +0.29% +0.72%
    4 Years
    Freeport-McMoRan, Inc. FCX 5.33% +0.22% +0.44%
    3 Years
    Diamondback Energy, Inc. FANG 5.32% -0.16% +1.08%
    10 Years
    Pioneer Natural Resources Co. PXD 5.30% -0.12% +0.64%
    8 Years
    Chevron Corp. CVX 5.30% +0.29% +2.33%
    2 Years
    Cheniere Energy, Inc. LNG 5.15% -0.86% -0.26%
    4 Years
    Suncor Energy, Inc. SU 5.11% -0.90% -0.42%
    3 Years
    Solaris Oilfield Infrastructure, Inc. SOI 4.96% +0.40% +1.11%
    3 Years
    NextEra Energy, Inc. NEE 4.81% -0.17% +2.93%
    4 Years
    Marathon Oil Corp. MRO 4.76% +0.70% +2.39%
    2 Years
    Halliburton Co. HAL 4.27% +0.35% -0.13%
    3 Years
    EQT Corp. EQT 4.25% -0.19% +0.55%
    3 Years
    Phillips 66 PSX 3.72% +0.25% +0.60%
    2 Years
    Valero Energy Corp. VLO 3.61% +0.86% +0.93%
    1 Year
    TechnipFMC, PLC FTI 2.92% +0.58% -1.64%
    3 Years
    Comstock Resources, Inc. CRK 2.84% +0.13% +0.63%
    1 Year
    Schlumberger NV SLB 2.61% -2.41% -2.50%
    4 Years
    Tenaris SA TS 2.56% +0.29% -1.08%
    2 Years
    NOV, Inc. NOV 2.48% -0.10% +2.48%
    < 1 Year
    Exxon Mobil Corp. XOM 0.76% -0.54% -4.30%
    3 Years
    Total as % of Net Assets 99.4%
    Cash & Other Holdings % of Net Assets
    Cash & Other 0.7%
    Total as % of Net Assets 0.7%

    Please swipe to view table

    Country Allocation

    as of 3/31/24
    • United States

      80.3%

    • International

      19.1%

    • Cash & Other

      0.7%

    United States 80.3%
    Canada 11.0%
    United Kingdom 2.9%
    Luxembourg 2.6%
    Curacao 2.6%
    Cash & Other 0.7%
  • 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

    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
    12/28/2022 $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

    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

    Currently, paper copies of the annual and semi-annual reports are not 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.

    **Please note the upcoming change to shareholder report delivery.**

    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.