Insights & News
Outlook 2020: Continued Confidence in the Strength of the MarketNeil J. HennessyChief Investment Officer and Portfolio Manager
Chief Investment Officer Neil Hennessy reviews current market fundamentals and shares his outlook for the coming year. He provides observations and insights on why he believes this extended bull market still has plenty of room to run.
Trends and Insights for the Energy Sector
Portfolio Managers Toby Loftin and Ben Cookdiscuss the year-to-date volatility in oil prices, consolidation activity in the Energy sector, and catalysts for midstream companies. They also discuss recent portfolio changes.Read the Commentary
CIO Roundtable: 2019 Mid-Year Market Review
Our team of tenured Portfolio Managers shares their mid-year insights on what's ahead for investors. They provide opinions on the direction of interest rates, trade disputes, and renewed volatility in both equity and fixed income markets, and share their insights about where they believe investment opportunities exist today.Read the Commentary
Defining the Energy "Value Chain"
Energy is a large complex sector that accounts for just over 5% of the S&P 500 Index. The sector’s broad sub-industries can be divided into a “value chain,” each segment of which has different characteristics and offers different investment opportunities.Read the Investment Idea
Yahoo! Finance – “What Does a Russia-OPEC Alliance Mean for U.S. Oil Producers?”
Toby Loftin, Portfolio Manager, shares his insight on a Russia-OPEC partnership and what it means for global oil prices. He says that technology has made resources more available and believes U.S. production will continue to grow.View More
Average Annualized Total Returnas of 12/31/19 (Investor)
Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) BP Energy Fund (HNRGX) 9.30% 5.74% 5.74% -9.48% -4.39% -3.96% S&P 500® Energy Index 6.03% 11.82% 11.82% -3.22% -1.85% -2.87% S&P 500® Index 3.02% 31.49% 31.49% 15.27% 11.70% 12.03%as of 12/31/19 (Investor) Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) BP Energy Fund (HNRGX) 5.52% 5.74% 5.74% -9.48% -4.39% -3.96% S&P 500® Energy Index 5.48% 11.82% 11.82% -3.22% -1.85% -2.87% S&P 500® Index 9.07% 31.49% 31.49% 15.27% 11.70% 12.03%
Value of $10,000 invested between 12/31/2018 and 12/31/2019
BP Energy Fund (HNRGX) $10,574 S&P 500® Energy Index $11,180 S&P 500® Index $13,149
Value of $10,000 invested between 12/31/2016 and 12/31/2019
BP Energy Fund (HNRGX) $7,418 S&P 500® Energy Index $9,064 S&P 500® Index $15,317
Value of $10,000 invested between 12/31/2014 and 12/31/2019
BP Energy Fund (HNRGX) $7,988 S&P 500® Energy Index $9,106 S&P 500® Index $17,386
Value of $10,000 invested between 12/31/2013 and 12/31/2019
BP Energy Fund (HNRGX) $7,848 S&P 500® Energy Index $8,396 S&P 500® Index $19,766
Calendar Year Total Returns
2014 2015 2016 2017 2018 2019 BP Energy Fund (HNRGX) -1.75 -24.67 42.96 1.89 -31.16 5.74 S&P 500® Energy Index -7.78 -21.12 27.36 -1.01 -18.09 11.82 S&P 500® Index 13.69 1.38 11.96 21.83 -4.38 31.49 Type 3 yr 5 yr Alpha -5.27 -1.17 Beta 1.15 1.22 Upside Capture 97.31 113.10 Downside Capture 120.42 120.64
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).
Type 3 yr 5 yr BP Energy Fund (HNRGX) -0.35 -0.09 S&P 500® Energy Index -0.14 -0.05 Equity Energy Category Average -0.37 -0.23
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.
Type 3 yr 5 yr BP Energy Fund (HNRGX) 24.47 25.46 S&P 500® Energy Index 20.38 19.99 Equity Energy Category Average 24.05 24.02
Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Gross expense ratio
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 12/31/19. 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.
Allocation % of Net Assets Upstream 48.0% Midstream 26.4% Downstream 21.5% End User 4.1% Inception Date (HNRGX) 12/31/13 Total Fund Assets $43 Million Active Share vs. Energy Select Sector SPDR Fund (XLE) 59% Portfolio Turnover 95% Median Market Cap $14.2 Billion Median Price/Earnings 12.4x 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.
Fund Energy 96.2% Materials 4.1% Cash & Other -0.3% Sub-Industry Weighting % of Net Assets Oil & Gas Exploration & Production 41.7% Oil & Gas Storage & Transportation 23.3% Integrated Oil & Gas 17.1% Oil & Gas Refining & Marketing 10.6% Diversified Chemicals 4.1% Oil & Gas Equipment & Services 3.5% Top 10 Holdings Ticker % of Net Assets Pioneer Natural Resources Co. PXD 6.5% ConocoPhillips COP 6.0% Energy Transfer LP ET 5.2% EOG Resources, Inc. EOG 5.2% WPX Energy, Inc. WPX 5.1% Concho Resources, Inc. CXO 5.0% Enterprise Products Partners, LP EPD 4.6% Marathon Oil Corp. MRO 4.3% Plains All American Pipeline, LP PAA 4.2% Marathon Petroleum Corp. MPC 4.1% Total as % of Net Assets 50.2% Equity Holdings Ticker % of Net Assets Pioneer Natural Resources Co. PXD 6.5% ConocoPhillips COP 6.0% Energy Transfer LP ET 5.2% EOG Resources, Inc. EOG 5.2% WPX Energy, Inc. WPX 5.1% Concho Resources, Inc. CXO 5.0% Enterprise Products Partners, LP EPD 4.6% Marathon Oil Corp. MRO 4.3% Plains All American Pipeline, LP PAA 4.2% Marathon Petroleum Corp. MPC 4.1% Huntsman Corp. HUN 4.1% Exxon Mobil Corp. XOM 3.9% Delek US Holdings, Inc. DK 3.9% Chevron Corp. CVX 3.9% BP PLC BP 3.7% Diamondback Energy, Inc. FANG 3.7% Schlumberger, Ltd. SLB 3.5% ONEOK, Inc. OKE 3.3% Royal Dutch Shell PLC RDS/A 3.3% Noble Energy, Inc. NBL 3.1% Williams Companies, Inc. WMB 3.1% MPLX, LP MPLX 2.9% Continental Resources, Inc. CLR 2.9% Valero Energy Corp. VLO 2.7% Occidental Petroleum Corp. OXY 2.4% Total as % of Net Assets 100.3% Cash & Other Holdings % of Net Assets Cash & Other -0.3% Total as % of Net Assets -0.3%
Cash & Other
United States 89.8% United Kingdom 3.7% Curacao 3.5% Netherlands 3.2% Cash & Other -0.3%
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
Past performance is not a guarantee of future results.Download historical distributions and NAVs
Download PDF View Online Fund Documents BP Energy Fund Fact Sheet BP Energy Fund Portfolio Manager Commentary View BP Energy Fund Summary Prospectus Full Prospectus Statement of Additional Information Shareholder Reports BP Energy Fund Semi-Annual Report BP Energy Fund Annual Report