Insights & News
CIO Roundtable: 2019 Mid-Year Market ReviewNeil J. HennessyChief Investment Officer and Portfolio Manager
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.
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
Energy Stocks Offer Growth Potential and Higher Dividends
Portfolio Managers Toby Loftin, Trip Rodgers, and Tim Dumois discuss the Fund’s correlation to oil prices, how energy companies are responding to shareholder preferences, and the outlook for energy markets.Read the Commentary
The Wall Street Transcript - "Investing Across the Value Chain in American Energy Independence"
Toby Loftin, Portfolio Manager, highlights the investment philosophy and strategy of the Hennessy BP Energy Fund. He shares his thoughts on the U.S. energy sector and stocks that support U.S. energy independence in the long-term.View More
Average Annualized Total Returnas of 7/31/19 (Investor)
Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) BP Energy Fund (HNRGX) -2.47% 9.14% -28.48% -3.83% -6.84% -3.71% S&P 500® Energy Index -1.78% 11.11% -15.99% 0.25% -5.24% -3.19% S&P 500® Index 1.44% 20.24% 7.99% 13.36% 11.34% 11.19%as of 6/30/19 (Investor) Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) BP Energy Fund (HNRGX) -4.43% 11.90% -24.65% -2.36% -7.13% -3.32% S&P 500® Energy Index -2.84% 13.13% -13.25% 0.21% -5.54% -2.92% S&P 500® Index 4.30% 18.54% 10.42% 14.19% 10.71% 11.08%
Value of $10,000 invested between 7/31/2018 and 7/31/2019
BP Energy Fund (HNRGX) $7,152 S&P 500® Energy Index $8,400 S&P 500® Index $10,799
Value of $10,000 invested between 7/31/2016 and 7/31/2019
BP Energy Fund (HNRGX) $8,895 S&P 500® Energy Index $10,075 S&P 500® Index $14,566
Value of $10,000 invested between 7/31/2014 and 7/31/2019
BP Energy Fund (HNRGX) $7,015 S&P 500® Energy Index $7,639 S&P 500® Index $17,108
Value of $10,000 invested between 12/31/2013 and 7/31/2019
BP Energy Fund (HNRGX) $8,099 S&P 500® Energy Index $8,343 S&P 500® Index $18,076
Calendar Year Total Returns
2014 2015 2016 2017 2018 BP Energy Fund (HNRGX) -1.75 -24.67 42.96 1.89 -31.16 S&P 500® Energy Index -7.78 -21.12 27.36 -1.01 -18.09 S&P 500® Index 13.69 1.38 11.96 21.83 -4.38 Type 3 yr 5 yr Alpha -1.71 0.30 Beta 1.16 1.19 Upside Capture 106.22 112.88 Downside Capture 115.63 115.37
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) -0.03 -0.21 S&P 500® Energy Index 0.04 -0.23 Equity Energy Category Average -0.15 -0.48
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) 24.56 25.15 S&P 500® Energy Index 20.12 20.10 Equity Energy Category Average 23.48 23.93
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.
Morningstar Proprietary Ratings reflect risk-adjusted performance as of 6/30/19. 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. The fund received 3 stars for the three-year and 4 stars for the five-year periods ended 6/30/19 among 91 and 78 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.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 6/30/19. 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 40.3% Midstream 24.0% Downstream 18.3% End User 17.4% Inception Date (HNRGX) 12/31/13 Total Fund Assets $63 Million Active Share vs. Energy Select Sector SPDR Fund (XLE) 75% Portfolio Turnover 72% Median Market Cap $16.2 Billion Median Price/Earnings 14.0x Median Price/Book 2.4x
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 76.5% Industrials 11.8% Materials 8.5% Cash & Other 3.3% Sub-Industry Weighting % of Net Assets Oil & Gas Exploration & Production 26.7% Oil & Gas Storage & Transportation 21.8% Oil & Gas Refining & Marketing 12.3% Integrated Oil & Gas 7.9% Oil & Gas Equipment & Services 5.2% Construction & Engineering 4.8% Commodity Chemicals 3.2% Trading Companies & Distributors 2.9% Diversified Chemicals 2.7% Oil & Gas Drilling 2.7% Aluminum 2.6% Construction Machinery & Heavy Trucks 2.4% Heavy Electrical Equipment 1.7% Top 10 Holdings Ticker % of Net Assets Diamondback Energy, Inc. FANG 4.6% Delek US Holdings, Inc. DK 4.4% Parsley Energy, Inc. PE 4.0% Valero Energy Corp. VLO 4.0% Energy Transfer LP ET 3.9% Marathon Petroleum Corp. MPC 3.9% WPX Energy, Inc. WPX 3.7% Marathon Oil Corp. MRO 3.6% Concho Resources, Inc. CXO 3.5% Plains All American Pipeline, LP PAA 3.5% Total as % of Net Assets 39.1% Equity Holdings Ticker % of Net Assets Diamondback Energy, Inc. FANG 4.6% Delek US Holdings, Inc. DK 4.4% Parsley Energy, Inc. PE 4.0% Valero Energy Corp. VLO 4.0% Energy Transfer LP ET 3.9% Marathon Petroleum Corp. MPC 3.9% WPX Energy, Inc. WPX 3.7% Marathon Oil Corp. MRO 3.6% Concho Resources, Inc. CXO 3.5% Plains All American Pipeline, LP PAA 3.5% Enterprise Products Partners, LP EPD 3.4% Westlake Chemical Corp. WLK 3.2% Occidental Petroleum Corp. OXY 3.0% Pioneer Natural Resources Co. PXD 2.9% MRC Global, Inc. MRC 2.9% Quanta Services, Inc. PWR 2.9% Halliburton Co. HAL 2.8% Continental Resources, Inc. CLR 2.8% Huntsman Corp. HUN 2.7% Patterson-UTI Energy, Inc. PTEN 2.7% Alcoa Corp. AA 2.6% Targa Resources Corp. TRGP 2.5% MPLX, LP MPLX 2.5% Exxon Mobil Corp. XOM 2.4% Royal Dutch Shell PLC RDS/A 2.4% Greenbrier Cos. Inc. GBX 2.4% ProPetro Holding Corp. PUMP 2.4% ONEOK, Inc. OKE 2.0% Williams Companies, Inc. WMB 2.0% Magellan Midstream Partners, LP MMP 2.0% Fluor Corp. FLR 1.9% TPI Composites, Inc. TPIC 1.7% ConocoPhillips COP 1.6% Total as % of Net Assets 96.7% Cash & Other Holdings % of Net Assets Cash & Other 3.3% Total as % of Net Assets 3.3%
Cash & Other
United States 94.3% Netherlands 2.4% Cash & Other 3.3%
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