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Overview
Hennessy BP Energy Transition Fund
Actively managed, the Fund maintains a concentrated portfolio of companies across the full spectrum of the Energy sector.
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 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
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 carefully evaluate the best opportunities within the entire energy "value chain," including renewables and end-users.”
- Ben Cook
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Insights & News
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Performance
Daily Pricing & Performance
as of 1/26/22-
Investor Class (HNRGX)
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NAV
$17.33
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$ Change
-$0.03
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% Change
-0.17%
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YTD
11.16%
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Institutional Class (HNRIX)
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NAV
$17.60
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$ Change
-$0.03
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% Change
-0.17%
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YTD
11.18%
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Average Annualized Total Return
as of 12/31/21Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) Investor Class (HNRGX) 2.92% 55.42% 55.42% 6.88% -3.05% -1.23% Institutional Class (HNRIX) 2.97% 56.02% 56.02% 7.16% -2.78% -0.98% S&P 500® Energy Index 3.08% 54.65% 54.65% 4.67% -1.45% -1.85% S&P 500® Index 4.48% 28.71% 28.71% 26.07% 18.47% 14.78% as of 12/31/21Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) Investor Class (HNRGX) 4.01% 55.42% 55.42% 6.88% -3.05% -1.23% Institutional Class (HNRIX) 4.04% 56.02% 56.02% 7.16% -2.78% -0.98% S&P 500® Energy Index 7.97% 54.65% 54.65% 4.67% -1.45% -1.85% S&P 500® Index 11.03% 28.71% 28.71% 26.07% 18.47% 14.78% Hypothetical Growth of $10,000
as of 12/31/2021Value of $10,000 invested between 12/31/2020 and 12/31/2021
BP Energy Transition Fund (HNRGX) $15,542 BP Energy Transition Fund (HNRIX) $15,602 S&P 500® Energy Index $15,464 S&P 500® Index $12,871 Value of $10,000 invested between 12/31/2018 and 12/31/2021
BP Energy Transition Fund (HNRGX) $12,208 BP Energy Transition Fund (HNRIX) $12,305 S&P 500® Energy Index $11,466 S&P 500® Index $20,037 Value of $10,000 invested between 12/31/2016 and 12/31/2021
BP Energy Transition Fund (HNRGX) $8,563 BP Energy Transition Fund (HNRIX) $8,683 S&P 500® Energy Index $9,296 S&P 500® Index $23,341 Value of $10,000 invested between 12/31/2013 and 12/31/2021
BP Energy Transition Fund (HNRGX) $9,060 BP Energy Transition Fund (HNRIX) $9,243 S&P 500® Energy Index $8,611 S&P 500® Index $30,121 Calendar Year Total Returns
2014 2015 2016 2017 2018 2019 2020 2021 Investor Class (HNRGX) -1.75 -24.67 42.96 1.89 -31.16 5.74 -25.72 55.42 Institutional Class (HNRIX) -1.75 -24.41 43.33 2.17 -30.94 6.05 -25.63 56.02 S&P 500® Energy Index -7.78 -21.12 27.36 -1.01 -18.09 11.82 -33.68 54.65 S&P 500® Index 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 Returns-Based Statistics
Relative to S&P 500® Energy Indexas of 12/31/21Investor Class (HNRGX)Type 3 yr 5 yr Alpha 4.68 0.80 Beta 1.15 1.15 Upside Capture 111.76 106.31 Downside Capture 107.51 109.63 Institutional Class (HNRIX)Type 3 yr 5 yr Alpha 4.94 1.07 Beta 1.15 1.14 Upside Capture 112.00 106.57 Downside Capture 107.20 109.19 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 12/31/21Type 3 yr 5 yr Investor Class (HNRGX) 0.38 0.11 Institutional Class (HNRIX) 0.38 0.12 S&P 500® Energy Index 0.29 0.09 Equity Energy Category Average 0.30 0.03 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 12/31/21Type 3 yr 5 yr Investor Class (HNRGX) 48.94 40.44 Institutional Class (HNRIX) 48.93 40.42 S&P 500® Energy Index 40.68 33.74 Equity Energy Category Average 43.66 36.65 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HNRGX)
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Gross expense ratio
2.59%
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Institutional Class (HNRIX)
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Gross expense ratio
2.01%
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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 12/31/21. 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.
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.
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Portfolio
Portfolio Allocation
as of 12/31/21Allocation % of Net Assets Cash/Other 2.4% Renewable 0.0% End User 13.3% Downstream 6.5% Midstream 12.8% Upstream 65.1% Portfolio Characteristics
as of 12/31/21Inception Date (HNRGX) 12/31/13 Inception Date (HNRIX) 12/31/13 Total Fund Assets $16 Million Active Share vs. Energy Select Sector SPDR Fund (XLE) 63% Portfolio Turnover 49% Median Market Cap $10.9 Billion Median Price/Earnings 11.8x 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 12/31/21Fund Energy 84.3% Utilities 6.9% Materials 3.8% Industrials 2.6% Consumer Discretionary 0.5% Cash & Other 1.9% Sub-Industry Weighting % of Net Assets Oil & Gas Exploration & Production 36.2% Oil & Gas Equipment & Services 16.2% Oil & Gas Storage & Transportation 12.8% Integrated Oil & Gas 12.7% Electric Utilities 6.9% Oil & Gas Refining & Marketing 6.5% Copper 3.8% Aerospace & Defense 2.6% Auto Parts & Equipment 0.5% Portfolio Holdings
Top 10 Holdings
as of 12/31/21% of Net Assets Top 10 Holdings Ticker Current Vs. 3Q21 Vs. 4Q20 10-Year Holdings History (%) Time Held Diamondback Energy, Inc. FANG 5.04% -0.36% -0.67% 8 Years EOG Resources, Inc. EOG 4.73% -0.48% -1.20% 2 Years PDC Energy, Inc. PDCE 4.57% -0.85% -3.67% 2 Years Plains All American Pipeline, LP PAA 4.51% +0.01% +0.06% 3 Years Cheniere Energy, Inc. LNG 4.41% -0.78% +1.90% 1 Year Chevron Corp. CVX 4.31% +4.31% +4.31% < 1 Year Exxon Mobil Corp. XOM 4.24% -0.07% +4.24% 1 Year Suncor Energy, Inc. SU 4.14% -0.04% +1.00% 1 Year Pioneer Natural Resources Co. PXD 4.07% -0.48% -1.74% 6 Years ConocoPhillips COP 4.05% -0.59% +4.05% 1 Year Total as % of Net Assets 44.07% Total Holdings: 30
as of 12/31/21% of Net Assets Equity Holdings Current Vs. 3Q21 Vs. 4Q20 10-Year Holdings History (%) Time Held Diamondback Energy, Inc. 5.04% -0.36% -0.67% 8 Years EOG Resources, Inc. 4.73% -0.48% -1.20% 2 Years PDC Energy, Inc. 4.57% -0.85% -3.67% 2 Years Plains All American Pipeline, LP 4.51% +0.01% +0.06% 3 Years Cheniere Energy, Inc. 4.41% -0.78% +1.90% 1 Year Chevron Corp. 4.31% +4.31% +4.31% < 1 Year Exxon Mobil Corp. 4.24% -0.07% +4.24% 1 Year Suncor Energy, Inc. 4.14% -0.04% +1.00% 1 Year Pioneer Natural Resources Co. 4.07% -0.48% -1.74% 6 Years ConocoPhillips 4.05% -0.59% +4.05% 1 Year Freeport-McMoRan, Inc. 3.79% +0.18% -3.42% 1 Year Valero Energy Corp. 3.76% -0.55% -2.35% 1 Year OGE Energy Corp. 3.46% -0.17% +3.46% 1 Year Antero Resources Corp. 3.43% +0.61% +3.43% < 1 Year Solaris Oilfield Infrastructure, Inc. 3.42% +1.09% +1.11% 1 Year NextEra Energy, Inc. 3.42% +1.09% +0.17% 2 Years EQT Corp. 3.27% -0.48% +0.75% 1 Year Schlumberger, NV 3.27% -0.68% -3.62% 2 Years Coterra Energy, Inc. 3.09% -1.96% -1.54% 2 Years Halliburton Co. 2.84% +0.86% +2.84% 1 Year MPLX, LP 2.74% -0.48% -1.33% 5 Years Marathon Petroleum Corp. 2.71% +2.71% +2.71% < 1 Year BWX Technologies, Inc. 2.61% +2.61% +2.61% < 1 Year TechnipFMC, PLC 2.37% -1.31% -2.97% 1 Year Newpark Resources, Inc. 2.27% -0.84% -0.14% 1 Year Select Energy Services, Inc. 2.01% -0.04% -1.09% 1 Year Magnolia Oil & Gas Corp. 1.97% +0.64% +1.97% < 1 Year Comstock Resources, Inc. 1.97% -3.38% -4.14% 1 Year Enterprise Products Partners, LP 1.17% -0.24% -1.63% 5 Years Solid Power, Inc. 0.48% +0.48% +0.48% < 1 Year Total as % of Net Assets 98.1% Cash & Other Holdings % of Net Assets Cash & Other 1.9% Total as % of Net Assets 1.9% Country Allocation
as of 12/31/21-
United States
88.3%
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International
9.8%
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Cash & Other
1.9%
United States 88.3% Canada 4.1% Curacao 3.3% United Kingdom 2.4% Cash & Other 1.9% -
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Distributions
The Hennessy BP 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 12/29/2021 $2.06575 -- -- $2.06575 $15.71 12/16/2014 -- $0.48157 -- $0.48157 $17.72 Past performance is not a guarantee of future results.
Download historical distributions and NAVsDate Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 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 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online BP Energy Transition Fund Documents Fact Sheet Portfolio Perspective View Summary Prospectus Full Prospectus Statement of Additional Information BP Energy Transition Fund Shareholder Reports and Quarterly Holdings Q1 Holdings Semi-Annual Report Q3 Holdings Annual Report Paper copies of the annual and semi-annual reports will no longer be 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.
