• 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

    Overall morningstar rating

    Based on risk-adjusted returns among 91 Equity Energy funds, as of 6/30/19.

    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
    • Trip Rodgers
      Portfolio Manager
      • 2
        Years on Fund
      • 24
        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.  Working 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 7/23/19 (Investor)
    • Nav

      $15.85

    • $ Change

      $0.12

    • % Change

      0.76%

    • YTD

      9.69%

    Average Annualized Total Return

    as of 6/30/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    BP Energy Fund (HNRGX) 9.85% 11.90% -24.65% -2.36% -7.13% -3.32%
    S&P 500® Energy Index 9.27% 13.13% -13.25% 0.21% -5.54% -2.92%
    S&P 500® Index 7.05% 18.54% 10.42% 14.19% 10.71% 11.08%

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    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%

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    Hypothetical Growth of $10,000

    as of 6/30/2019 (Investor)

    Value of $10,000 invested between 6/30/2018 and 6/30/2019

    BP Energy Fund (HNRGX) $7,535
    S&P 500® Energy Index $8,674
    S&P 500® Index $11,042

    Value of $10,000 invested between 6/30/2016 and 6/30/2019

    BP Energy Fund (HNRGX) $9,309
    S&P 500® Energy Index $10,060
    S&P 500® Index $14,889

    Value of $10,000 invested between 6/30/2014 and 6/30/2019

    BP Energy Fund (HNRGX) $6,909
    S&P 500® Energy Index $7,519
    S&P 500® Index $16,633

    Value of $10,000 invested between 12/31/2013 and 6/30/2019

    BP Energy Fund (HNRGX) $8,305
    S&P 500® Energy Index $8,495
    S&P 500® Index $17,820

    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 6/30/19 (Investor)
    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

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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 6/30/19 (Investor)
    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.

    Standard Deviation

    as of 6/30/19 (Investor)
    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.

    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.

    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.

  • Portfolio

    Portfolio Allocation

    as of 6/30/19
    Allocation % of Net Assets
    Upstream 40.3%
    Midstream 24.0%
    Downstream 18.3%
    End User 17.4%

    Portfolio Characteristics

    as of 6/30/19
    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.

    Sector Weighting

    as of 6/30/19
    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%

    Portfolio Holdings

    Top 10 Holdings

    as of 6/30/19
    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%

    Total Holdings: 33

    as of 6/30/19
    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%

    Country Allocation

    as of 6/30/19
    • United States

      94.3%

    • Foreign

      2.4%

    • Cash & Other

      3.3%

    United States 94.3%
    Netherlands 2.4%
    Cash & Other 3.3%
  • 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