• Overview

    HNRGX
    Investor

    Hennessy BP Energy Fund

    Actively managed, the Fund maintains a concentrated portfolio of companies across the full spectrum of the Energy sector.

    Category

    Sector & Specialty - Energy

    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
      • 5
        Years on Fund
      • 20
        Years of Experience
    • Ben Cook
      Portfolio Manager
      • 1
        Year on Fund
      • 19
        Years of Experience
    • Tim Dumois
      Portfolio Manager
      • 5
        Years on Fund
      • 10
        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 10/18/19 (Investor)
    • Nav

      $13.99

    • $ Change

      -$0.06

    • % Change

      -0.43%

    • YTD

      -3.18%

    Average Annualized Total Return

    as of 9/30/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    BP Energy Fund (HNRGX) 3.50% 0.21% -32.43% -9.31% -8.11% -5.02%
    S&P 500® Energy Index 3.77% 6.00% -19.21% -2.67% -5.06% -3.89%
    S&P 500® Index 1.87% 20.55% 4.25% 13.39% 10.84% 10.90%

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    as of 9/30/19 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    BP Energy Fund (HNRGX) -10.45% 0.21% -32.43% -9.31% -8.11% -5.02%
    S&P 500® Energy Index -6.30% 6.00% -19.21% -2.67% -5.06% -3.89%
    S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 10.90%

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    Hypothetical Growth of $10,000

    as of 9/30/2019 (Investor)

    Value of $10,000 invested between 9/30/2018 and 9/30/2019

    BP Energy Fund (HNRGX) $6,757
    S&P 500® Energy Index $8,078
    S&P 500® Index $10,425

    Value of $10,000 invested between 9/30/2016 and 9/30/2019

    BP Energy Fund (HNRGX) $7,460
    S&P 500® Energy Index $9,218
    S&P 500® Index $14,580

    Value of $10,000 invested between 9/30/2014 and 9/30/2019

    BP Energy Fund (HNRGX) $6,552
    S&P 500® Energy Index $7,710
    S&P 500® Index $16,727

    Value of $10,000 invested between 12/31/2013 and 9/30/2019

    BP Energy Fund (HNRGX) $7,437
    S&P 500® Energy Index $7,960
    S&P 500® Index $18,122

    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

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

    as of 9/30/19 (Investor)
    Type 3 yr 5 yr
    Alpha -5.62 -1.26
    Beta 1.17 1.19
    Upside Capture 99.56 109.72
    Downside Capture 123.37 118.15

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    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 9/30/19 (Investor)
    Type 3 yr 5 yr
    BP Energy Fund (HNRGX) -0.32 -0.25
    S&P 500® Energy Index -0.11 -0.21
    Equity Energy Category Average -0.37 -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.

    Standard Deviation

    as of 9/30/19 (Investor)
    Type 3 yr 5 yr
    BP Energy Fund (HNRGX) 25.17 25.32
    S&P 500® Energy Index 20.70 20.15
    Equity Energy Category Average 24.22 24.10

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

    Fund Expenses

    • Gross expense ratio

      1.82%

    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 9/30/19. 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.

  • Portfolio

    Portfolio Allocation

    as of 9/30/19
    Allocation % of Net Assets
    Upstream 37.5%
    Midstream 28.3%
    Downstream 22.7%
    End User 11.5%

    Portfolio Characteristics

    as of 9/30/19
    Inception Date (HNRGX) 12/31/13
    Total Fund Assets $56 Million
    Active Share vs. Energy Select Sector SPDR Fund (XLE) 67%
    Portfolio Turnover 86%
    Median Market Cap $12.8 Billion
    Median Price/Earnings 13.1x
    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.

    Sector Weighting

    as of 9/30/19
    Fund
    Energy 83.1%
    Materials 5.9%
    Industrials 4.9%
    Cash & Other 6.1%
    Sub-Industry Weighting % of Net Assets
    Oil & Gas Exploration & Production 32.5%
    Oil & Gas Storage & Transportation 24.4%
    Integrated Oil & Gas 13.3%
    Oil & Gas Refining & Marketing 12.9%
    Diversified Chemicals 3.0%
    Fertilizers & Agricultural Chemicals 2.8%
    Construction & Engineering 2.6%
    Trading Companies & Distributors 2.3%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/19
    Top 10 Holdings Ticker % of Net Assets
    Marathon Petroleum Corp. MPC 5.1%
    Valero Energy Corp. VLO 4.5%
    Energy Transfer LP ET 4.1%
    Diamondback Energy, Inc. FANG 4.0%
    ConocoPhillips COP 4.0%
    Plains All American Pipeline, LP PAA 3.6%
    Enterprise Products Partners, LP EPD 3.6%
    Continental Resources, Inc. CLR 3.5%
    Marathon Oil Corp. MRO 3.5%
    Concho Resources, Inc. CXO 3.5%
    Total as % of Net Assets 39.5%

    Total Holdings: 30

    as of 9/30/19
    Equity Holdings Ticker % of Net Assets
    Marathon Petroleum Corp. MPC 5.1%
    Valero Energy Corp. VLO 4.5%
    Energy Transfer LP ET 4.1%
    Diamondback Energy, Inc. FANG 4.0%
    ConocoPhillips COP 4.0%
    Plains All American Pipeline, LP PAA 3.6%
    Enterprise Products Partners, LP EPD 3.6%
    Continental Resources, Inc. CLR 3.5%
    Marathon Oil Corp. MRO 3.5%
    Concho Resources, Inc. CXO 3.5%
    Targa Resources Corp. TRGP 3.5%
    Parsley Energy, Inc. PE 3.3%
    WPX Energy, Inc. WPX 3.3%
    Delek US Holdings, Inc. DK 3.2%
    Huntsman Corp. HUN 3.1%
    Exxon Mobil Corp. XOM 3.0%
    Pioneer Natural Resources Co. PXD 2.9%
    Chevron Corp. CVX 2.9%
    BP PLC BP 2.9%
    Nutrien, Ltd. NTR 2.8%
    Granite Construction, Inc. GVA 2.6%
    Royal Dutch Shell PLC RDS/A 2.5%
    ONEOK, Inc. OKE 2.5%
    MPLX, LP MPLX 2.4%
    Williams Companies, Inc. WMB 2.4%
    Magellan Midstream Partners, LP MMP 2.3%
    MRC Global, Inc. MRC 2.3%
    EOG Resources, Inc. EOG 2.3%
    Noble Energy, Inc. NBL 2.2%
    Occidental Petroleum Corp. OXY 2.0%
    Total as % of Net Assets 93.9%
    Cash & Other Holdings % of Net Assets
    Cash & Other 6.1%
    Total as % of Net Assets 6.1%

    Country Allocation

    as of 9/30/19
    • United States

      85.7%

    • Foreign

      8.2%

    • Cash & Other

      6.1%

    United States 85.7%
    United Kingdom 2.9%
    Canada 2.8%
    Netherlands 2.5%
    Cash & Other 6.1%
  • 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

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    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 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