Hennessy Equity and Income Fund
Investor
HEIFX
Institutional
HEIIX
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  • Overview

    Category
    Multi-Asset

    Hennessy Equity and Income Fund

    Actively managed and conservative by design, the Fund maintains a balanced portfolio of both equities and fixed-income securities.

    Investor

    HEIFX

    Institutional

    HEIIX

    Documents

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Equity & Income Fund Investment Strategy

    Portfolio Managers Mark DeVaul and Gary Cloud discuss the investment strategy of this 60% / 40% balanced fund. They discuss key selection criteria for both equity and fixed income securities.

     

    Why Invest

    • A balanced portfolio of high-quality equity and fixed-income securities
    • Access to institutionally-oriented portfolio management teams 
    • Focus on participating in equity market upside while dampening downside risk 

    Investment Approach

    The Hennessy Equity and Income Fund's portfolio consists of up to 70% large-cap, value-oriented stocks and the remainder in high-quality fixed-income securities. The Portfolio Managers take a long-term perspective and maintain a primary focus on downside protection.

    The Equity Portfolio Management Team employs a research-driven approach, utilizing a proprietary Balance Sheet Optimization model. They run a focused, high-conviction portfolio, and maintain low turnover by selecting stocks with the following characteristics:

    - High return on capital

    - Consistent free cash flow generation

    - Earnings yield

    - Attractive and conservative valuations

    The Fixed Income Portfolio Management Team utilizes a rigorous, bottom-up selection process built upon continuous analysis. They believe that duration management is critical to buffering interest rate sensitivity and that sector allocation is an important factor in performance results. They seek to include fixed income securities with the following characteristics:

    - Low duration, intermediate-term

    - Primarily Treasuries, agencies, and high-quality corporate obligations

    - Average Credit Quality – A by Moody’s

    - Select non-investment grade obligations to enhance yield

    Portfolio Managers

    The Fund is sub-advised by The London Company (equity allocation) and FCI Advisors (fixed income allocation).

    The London Company, located in Richmond, VA, is a registered investment advisor providing equity portfolio management services to a diverse mix of corporations, trusts, foundations, endowments, pensions, banks, individuals, and mutual fund accounts since 1994.

    FCI Advisors, located in Kansas City, MO, is an independently owned investment adviser and has been providing investment advisory services since 1966.

    “We believe markets are much less efficient at assessing risk than reward.”

    - Steve Goddard

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  • Insights & News

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  • Performance

    Daily Pricing & Performance

    as of 9/27/21
    • Investor Class (HEIFX)

      • NAV

        $17.05

      • $ Change

        -$0.01

      • % Change

        -0.06%

      • YTD

        10.70%

    • Institutional Class (HEIIX)

      • NAV

        $16.03

      • $ Change

        -$0.01

      • % Change

        -0.06%

      • YTD

        10.99%

    Average Annualized Total Return

    as of 8/31/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (6/3/97)
    Investor Class (HEIFX) 1.05% 12.20% 17.09% 9.51% 9.34% 8.80% 7.28%
    Institutional Class (HEIIX) 1.12% 12.52% 17.59% 9.93% 9.77% 9.17% 7.51%
    60/40 Blended Balanced Index 1.76% 12.41% 18.05% 13.00% 11.98% 10.88% 7.63%
    70/30 Blended Balanced Index 2.08% 14.65% 21.24% 14.31% 13.50% 12.26% 8.06%
    S&P 500® Index 3.04% 21.58% 31.17% 18.07% 18.02% 16.34% 9.19%

    Please swipe to view table

    as of 6/30/21
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (6/3/97)
    Investor Class (HEIFX) 3.86% 9.79% 24.67% 10.40% 9.22% 8.41% 7.23%
    Institutional Class (HEIIX) 4.01% 10.03% 25.16% 10.82% 9.65% 8.78% 7.47%
    60/40 Blended Balanced Index 5.49% 8.58% 23.28% 13.35% 11.72% 10.11% 7.53%
    70/30 Blended Balanced Index 6.25% 10.22% 27.49% 14.72% 13.21% 11.31% 7.94%
    S&P 500® Index 8.55% 15.25% 40.79% 18.67% 17.65% 14.84% 9.01%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 8/31/2021

    Value of $10,000 invested between 8/31/2020 and 8/31/2021
    Equity and Income Fund (HEIFX) $11,709
    Equity and Income Fund (HEIIX) $11,759
    60/40 Blended Balanced Index $11,805
    70/30 Blended Balanced Index $12,124
    S&P 500® Index $13,117

    Value of $10,000 invested between 8/31/2018 and 8/31/2021
    Equity and Income Fund (HEIFX) $13,132
    Equity and Income Fund (HEIIX) $13,284
    60/40 Blended Balanced Index $14,430
    70/30 Blended Balanced Index $14,937
    S&P 500® Index $16,461

    Value of $10,000 invested between 8/31/2016 and 8/31/2021
    Equity and Income Fund (HEIFX) $15,629
    Equity and Income Fund (HEIIX) $15,935
    60/40 Blended Balanced Index $17,609
    70/30 Blended Balanced Index $18,838
    S&P 500® Index $22,895

    Value of $10,000 invested between 8/31/2011 and 8/31/2021
    Equity and Income Fund (HEIFX) $23,235
    Equity and Income Fund (HEIIX) $24,043
    60/40 Blended Balanced Index $28,097
    70/30 Blended Balanced Index $31,776
    S&P 500® Index $45,424

    Value of $10,000 invested between 6/3/1997 and 8/31/2021
    Equity and Income Fund (HEIFX) $54,910
    Equity and Income Fund (HEIIX) $57,909
    60/40 Blended Balanced Index $59,463
    70/30 Blended Balanced Index $65,356
    S&P 500® Index $84,188

    This data illustrates the performance of a hypothetical $10,000 investment made in the Fund for the period noted, and it assumes reinvestment of dividends and capital gains. This chart does not imply future performance.

    Calendar Year Total Returns

      2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
    Investor Class (HEIFX)    		 10.61 8.82 15.03 11.26 -2.62 5.73 13.51 -4.33 15.99 8.97
    Institutional Class (HEIIX)    		 10.84 9.06 15.40 11.58 -2.25 6.19 13.88 -3.98 16.50 9.35
    60/40 Blended Balanced Index    		 3.86 11.16 18.10 9.43 1.49 8.06 13.59 -2.01 21.30 14.28
    70/30 Blended Balanced Index    		 3.46 12.37 21.54 10.49 1.49 9.04 15.61 -2.57 23.81 15.40
    S&P 500® Index    		 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40
    Year
    Investor Class (HEIFX)
    Institutional Class (HEIIX)
    60/40 Blended Balanced Index
    70/30 Blended Balanced Index
    S&P 500® Index
    2010 11.34% 11.53% 11.84% 12.70% 15.06%
    2009 18.43% 18.76% 18.11% 20.22% 26.46%
    2008 -20.91% -20.73% -22.08% -26.03% -37.00%
    2007 8.98% 9.33% 6.39% 6.19% 5.49%
    2006 15.63% 15.87% 11.01% 12.19% 15.79%
    2005 5.39% 5.58% 3.65% 3.98% 4.91%
    2004 13.77% 13.99% 7.76% 8.54% 10.88%
    2003 26.08% 26.48% 18.56% 21.05% 28.68%
    2002 -14.63% -14.83% -9.96% -13.08% -22.10%
    2001 2.46% 2.50% -3.53% -5.62% -11.89%
    2000 11.18% 11.18% -1.53% -3.44% -9.10%
    1999 6.67% 6.67% 12.54% 14.63% 21.04%
    1998 -0.38% -0.38% 20.87% 22.85% 28.58%

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    Yield

    as of 8/31/21
    Investor Class (HEIFX) Institutional Class (HEIIX)
    Distribution Rate 0.43% 0.84%
    30-Day SEC Yield 0.19% 0.51%
    Distribution Frequency Quarterly Quarterly

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

    as of 6/30/21
    Investor Class (HEIFX)
    Type 3 yr 5 yr 10 yr
    Alpha -1.68 -2.11 -0.50
    Beta 0.63 0.63 0.59
    Upside Capture 60.15 58.23 57.54
    Downside Capture 63.96 64.77 57.82
    Institutional Class (HEIIX)
    Type 3 yr 5 yr 10 yr
    Alpha -1.28 -1.71 -0.16
    Beta 0.63 0.63 0.59
    Upside Capture 60.91 59.27 58.45
    Downside Capture 63.31 64.03 56.91

    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 6/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HEIFX) 0.79 0.84 0.94
    Institutional Class (HEIIX) 0.82 0.88 0.98
    S&P 500® Index 0.95 1.09 1.05
    Allocation--50% to 70% Equity Category Average 0.82 0.90 0.82

    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 6/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HEIFX) 11.85 9.72 8.31
    Institutional Class (HEIIX) 11.83 9.70 8.31
    S&P 500® Index 18.52 14.99 13.59
    Allocation--50% to 70% Equity Category Average 12.22 9.80 9.02

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

    Fund Expenses

    • Investor Class (HEIFX)

      • Gross expense ratio

        1.56%

    • Institutional Class (HEIIX)

      • Gross expense ratio

        1.19%

    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 6/30/21. 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 performance shown for the Investor Class / HEIFX for periods prior to 9/24/01 represents the performance of Institutional Class shares of the Fund and includes expenses that are not applicable to and are lower than those of Investor Class shares.

    The performance shown for periods prior to 10/26/12 is that of the predecessor FBR Fund.

    The 60/40 Blended Balanced Index and the 70/30 Blended Balanced Index comprise a mix of common stocks and bonds, with 60% or 70%, respectively, common stocks represented by the S&P 500® Index and 40% or 30%, respectively, bonds represented by the Bloomberg Barclays Intermediate U.S. Government/Credit Index.

    The S&P 500® Index is an unmanaged index commonly used to measure the performance of U.S. stocks. The Bloomberg Barclays U.S. Intermediate Gov/Credit Index is an unmanaged index commonly used to measure the performance of intermediate-term U.S. bonds. One cannot invest directly in an index.

    Distribution Rate reflects the investment income per share during the last 12 months divided by the share price at the end of the period, expressed as an annual percentage rate. It is calculated by annualizing the Fund’s most recent distribution. The annualized dividend yield may not reflect the actual yield an investor would receive. 30-Day SEC Yield is a standardized yield computed by dividing the net investment income per share earned during the past 30-day period by the share price at the end of the period, expressed as an annual percentage rate. The 30-Day SEC Yield should be regarded as an estimate of the Fund’s rate of recent investment income, and it may not equal the Fund’s actual distribution rate. Past yields are no guarantee of future yields.

    Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

    Credit Quality Bond Ratings typically range from AAA/Aaa (highest) to D (lowest). The credit ratings shown are based on each portfolio security’s rating as generally provided by Moody’s. If a Moody’s rating is not available, then the rating is provided by Standard and Poor’s (“S&P”), a Nationally Recognized Statistical Rating Organization (“NRSRO”). The credit quality of the investments in the Fund’s portfolio does not apply to the stability or safety of the Fund.

  • Portfolio

    Portfolio Allocation

    as of 6/30/21
    Allocation % of Net Assets
    Equities 68.50%
    Fixed Income 26.50%
    Cash & Other 5.00%

    Portfolio Characteristics

    as of 6/30/21
    Inception Date (HEIFX) 9/24/01
    Inception Date (HEIIX) 6/3/97
    Total Fund Assets $121 Million
    Portfolio Turnover 23%
    Median Market Cap $137.1 Billion
    Median Price/Earnings 27.3x
    Median Price/Book 5.0x
    Effective Maturity 4.5 years
    Effective Duration 4.0 years

    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.

    Equity Sector Weighting

    as of 6/30/21
    Fund
    Information Technology 12.6%
    Financials 12.0%
    Consumer Discretionary 9.0%
    Communication Services 8.2%
    Consumer Staples 7.1%
    Industrials 6.8%
    Materials 6.0%
    Health Care 4.3%
    Real Estate 2.5%

    Portfolio Holdings

    Top 10 Holdings

    as of 6/30/21
    Top 10 Equity Holdings Ticker % of Net Assets
    Berkshire Hathaway, Inc. (Class B) BRK/B 4.7%
    Alphabet, Inc. (Class C) GOOG 4.1%
    Apple, Inc. AAPL 3.9%
    The Charles Schwab Corp. SCHW 3.5%
    Altria Group, Inc. MO 2.9%
    FedEx Corp. FDX 2.9%
    Visa, Inc. V 2.8%
    Texas Instruments, Inc. TXN 2.8%
    CarMax, Inc. KMX 2.7%
    The Home Depot, Inc. HD 2.6%
    Total as % of Net Assets 32.7%

    Please swipe to view table

    Total Equity Holdings: 29
    Total Fixed-Income Holdings: 48

    as of 6/30/21
    Print All Holdings
    Equity Holdings Ticker % of Net Assets
    Berkshire Hathaway, Inc. (Class B) BRK/B 4.7%
    Alphabet, Inc. (Class C) GOOG 4.1%
    Apple, Inc. AAPL 3.9%
    The Charles Schwab Corp. SCHW 3.5%
    Altria Group, Inc. MO 2.9%
    FedEx Corp. FDX 2.9%
    Visa, Inc. V 2.8%
    Texas Instruments, Inc. TXN 2.8%
    CarMax, Inc. KMX 2.7%
    The Home Depot, Inc. HD 2.6%
    STORE Capital Corp. STOR 2.5%
    Norfolk Southern Corp. NSC 2.5%
    Martin Marietta Materials, Inc. MLM 2.5%
    O'Reilly Automotive, Inc. ORLY 2.4%
    Facebook, Inc. FB 2.4%
    Nestle SA NSRGY 2.3%
    BlackRock, Inc. BLK 2.1%
    Air Products & Chemicals, Inc. APD 2.0%
    Church & Dwight Co., Inc. CHD 1.9%
    Johnson & Johnson JNJ 1.8%
    Progressive Corp. PGR 1.8%
    Verizon Communications, Inc. VZ 1.7%
    Cisco Systems, Inc. CSCO 1.7%
    NewMarket Corp. NEU 1.6%
    Citrix Systems, Inc. CTXS 1.5%
    Old Dominion Freight Line, Inc. ODFL 1.4%
    Pfizer, Inc. PFE 1.3%
    Lowe's Companies, Inc. LOW 1.3%
    Bristol-Myers Squibb Co. BMY 1.1%
    Total as % of Net Assets 68.5%
    Fixed Income Holdings Ticker % of Net Assets
    U.S. Treasury Note/Bond - 1 7/8% (7/31/26) 912828Y95 1.5%
    U.S. Treasury Note/Bond - 0.125% (3/31/23) 91282CBU4 1.4%
    U.S. Treasury Note/Bond - 2 3/4% (2/15/24) 912828B66 1.4%
    U.S. Treasury Note/Bond - 0.75% (4/30/26) 91282CBW0 1.2%
    U.S. Treasury Note/Bond - 0.5% (2/28/26) 91282CBQ3 1.2%
    Fannie Mae Pool - AU4405 3138X33P5 1.1%
    Synovus Financial - 3.125% (11/01/22) 87161CAL9 1.1%
    Dell Technologies 5.45% (6/15/23) 24703TAA4 1.1%
    U.S. Treasury Note/Bond - 0 5/8% (3/31/27) 912828ZE3 1.0%
    General Motors - 3.7% (5/9/23) 37045XBK1 0.9%
    U.S. Treasury Note/Bond - 4 1/4% (3/1/27) 00206RDQ2 0.9%
    Alibaba Group - 3.6% (11/28/24) 01609WAQ5 0.9%
    Canadian Natural Resources, Ltd. - 3.9% (2/1/25) 136385AV3 0.9%
    U.S. Treasury Note/Bond - 1 3/4% (5/15/23) 912828VB3 0.9%
    Freddie Mac Gold Pool - Q11129 3132HMHE4 0.8%
    Edwards Lifesciences - 4.3% (6/15/28) 28176EAD0 0.7%
    Paypal - 2.85% (10/01/29) 70450YAE3 0.7%
    Willis Tower Watson - 3.6% (5/15/24) 970648AF8 0.7%
    Cigna Corporation - 3 1/2% (6/15/24) 30219GAK4 0.6%
    U.S. Treasury Note/Bond - 1.25% (4/30/28) 91282CBZ3 0.6%
    Synchrony Financial - 3.95% (12/01/27) 87165BAM5 0.6%
    U.S. Treasury Note/Bond - 1.125% (2/15/31) 91282CBL4 0.6%
    Autodesk - 2.85% (01/15/30) 052769AG1 0.6%
    Discover Financial Services - 5.2% (4/27/22) 254709AG3 0.6%
    Freddie Mac Gold Pool - Q08238 3132GTPX9 0.5%
    Huntington Bancshares - 2.55% (02/04/30) 446150AS3 0.5%
    AT&T - 3% (10/31/25) 9128285J5 0.4%
    Broadcom 4.11% (09/15/28) 11135FAL5 0.4%
    Prudential Financial - 3.878% (03/27/28) 74432QCC7 0.4%
    General Electric Co. - 3 5/8% (5/1/30) 369604BW2 0.4%
    Huntington Bancshares - 4% (5/15/25) 446150AM6 0.3%
    Aflac - 3.6% (04/01/30) 001055BJ0 0.3%
    U.S. Treasury Note/Bond - 0 5/8% (8/15/30) 91282CAE1 0.2%
    U.S. Treasury Note/Bond - 3 1/8% (11/15/28) 9128285M8 0.2%
    Fannie Mae Pool - AB4300 31417AX61 0.2%
    Starbucks - 4.45% (08/15/49) 855244AU3 0.2%
    Ginnie Mae - 2013-24 BD 38378FM72 0.1%
    Freddie Mac REMICS - 4322 DJ 3137B8MS3 0.1%
    Fannie Mae Pool - 928831 31412L4Q0 0.1%
    Fannie Mae REMICS - 2013-52 MD 3136AEJ24 0.1%
    Freddie Mac Gold Pool - G02922 3128M4SK0 0.1%
    Freddie Mac REMICS - 4309 JD 3137B7US6 0.1%
    Fannie Mae REMICS - 2012-16 Y 3136A4RW1 0.1%
    Freddie Mac REMICS - 3928 HC 3137AEZ65 0.0%
    Fannie Mae REMICS - 2010-134 DJ 31398SMH3 0.0%
    Freddie Mac REMICS - 3870 NH 3137ABXJ5 0.0%
    Freddie Mac REMICS - 4146 ML 3137AXGC1 0.0%
    Fannie Mae REMICS - 2012-22 PA 3136A4AJ8 0.0%
    Total as % of Net Assets 26.5%
    Preferred Holdings Ticker % of Net Assets
    CHS, Inc. - 7 1/2% 12542R803 0.1%
    Morgan Stanley - 6 3/8% 61761J406 0.1%
    State Street Corp. - 5.9% 857477608 0.1%
    JPMorgan Chase & Co. - 4.55% 48128B580 0.1%
    Capital One Financial Corp. - 5.0% 14040H824 0.0%
    Royal Bank of Scotland - 0% (06/21/13) 020002127 0.0%
    First Citizens 5 3/8% 319626305 0.0%
    TCF Financial Corp. - 5.25% 89832Q745 0.0%
    Regions Financial Corp. - 4.45% 7591EP886 0.0%
    Synchrony Financial - 5.625% 87165B202 0.0%
    Capital One - 4.8% 14040H782 0.0%
    JPMorgan Chase & Co. - 4.625% 48128B549 0.0%
    Fifth Third - 4.95% 316773860 0.0%
    AT&T - 4.75% 00206R706 0.0%
    KeyCorp - 6 1/8% 493267702 0.0%
    MetLife - 4.75% 59156R850 0.0%
    Wells Fargo & Co. - 6 5/8% 949746465 0.0%
    Wells Fargo & Co. - 4.75% 94988U151 0.0%
    Enbridge, Inc. - 6 3/8% 29250N477 0.0%
    Huntington Bancshares, Inc. - 4 1/2% 446150823 0.0%
    Washington Federal - 4 7/8% 938824307 0.0%
    American International Group - 5.85% 026874768 0.0%
    TCF Financial Corp. - 4.75% 89832Q695 0.0%
    U.S. Bancorp - 3.5% 902973155 0.0%
    Hartford Financial - 6% 416518603 0.0%
    Monmouth Real Estate Investment Corp. - 6.125% 609720404 0.0%
    CitiGroup. - 7.125% 172967358 0.0%
    Bank of America Corp - 6% 060505229 0.0%
    Chimera Investment Corp. - 7.75% 16934Q505 0.0%
    Annaly Capital Management - 6.75% 035710847 0.0%
    Regions Financial Corp. - 5.7% 7591EP704 0.0%
    Allstate - 5.1% 020002838 0.0%
    Equitable Holdings - 5.25% 29452E200 0.0%
    SVB Financial Group - 5.25% 78486Q200 0.0%
    Citizens Financial Group - 6.35% 174610204 0.0%
    Fifth Third Bancorp - 6 5/8% 316773605 0.0%
    Goldman Sachs Group, Inc. - 5.5% 38145G308 0.0%
    Goldman Sachs Group, Inc. - 6 3/8% 38148B108 0.0%
    First Republic Bank - 4.7% 33616C787 0.0%
    Kimco Realty Corp. - 5 1/4% 49446R711 0.0%
    Bank of America - 5 3/8% 06053U601 0.0%
    Arch Capital Group - 4.55% 03939A404 0.0%
    Axis Capital Holdings - 5.50% 05461T305 0.0%
    Citigroup - 6.875% 172967341 0.0%
    Aegon NV - 5.1% 00775V104 0.0%
    First Horizon - 6 5/8% 320517501 0.0%
    Agilent Technologies. Inc. - 5% (7/15/20) 493267876 0.0%
    Synovus - 5.875% 87161C709 0.0%
    Huntington Bancshares, Inc. - 5.7% 446150781 0.0%
    Synovus - 6.25% 87161C600 0.0%
    Legg Mason, Inc. - 5.45% 524901600 0.0%
    Cullen Frost Bankers - 4.45% 229899307 0.0%
    Morgan Stanley - 5.85% 61762V606 0.0%
    Federal Agricultural Mortgage - 5 1/4% 313148843 0.0%
    Texas Capital Bankshares - 5.75% 88224Q305 0.0%
    Chimera Investment Corp. - 8% 16934Q406 0.0%
    First Horizon - 6.1% 320517808 0.0%
    BancorpSouth Bank - 5.5% 05971J201 0.0%
    Ford - 6% 345370837 0.0%
    CHS, Inc. - 6 3/4% 12542R704 0.0%
    Arch Capital Group - 5.45% 03939A107 0.0%
    Total as % of Net Assets 1.9%
    Cash & Other Holdings % of Net Assets
    Cash & Other 3.1%
    Total as % of Net Assets 3.1%

    Please swipe to view table

    Country Allocation

    as of 6/30/21

    • United States

      91.0%

    • International

      4.0%

    • Cash & Other

      5.0%
    United States 91.0%
    Switzerland 2.2%
    Cayman Islands 0.9%
    Canada 0.9%
    Cash & Other 5.0%

    Quality Distribution

    as of 6/30/21
    Aaa/AAA 53.7%
    Aa/AA 0.0%
    A 8.2%
    Baa/BBB 29.6%
    Below Baa/BBB 0.0%
    N/A 6.2%
    Non-rated 2.3%

  • Distributions

    The Hennessy Equity and Income Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions are paid quarterly, at the end of March, June, September, and December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    06/30/2021 $0.01873 -- -- $0.01873 $16.91
    03/31/2021 $0.03313 -- -- $0.03313 $16.30
    12/29/2020 $0.02721 -- -- $0.02721 $15.37
    12/08/2020 -- -- $0.86006 $0.86006 $15.40
    09/30/2020 $0.03077 -- -- $0.03077 $15.37
    06/30/2020 $0.04042 -- -- $0.04042 $14.42
    03/31/2020 $0.05230 -- -- $0.05230 $12.84
    12/27/2019 $0.03530 -- -- $0.03530 $15.15
    12/06/2019 -- -- $0.99889 $0.99889 $15.01
    09/30/2019 $0.03879 -- -- $0.03879 $15.55
    06/28/2019 $0.04382 -- -- $0.04382 $15.36
    03/29/2019 $0.05402 -- -- $0.05402 $15.10
    12/27/2018 $0.03034 -- -- $0.03034 $13.98
    12/07/2018 -- $0.00988 $1.12438 $1.13426 $14.39
    09/28/2018 $0.03365 -- -- $0.03365 $16.52
    06/29/2018 $0.03238 -- -- $0.03238 $15.72
    03/29/2018 $0.04376 -- -- $0.04376 $15.74
    12/27/2017 $0.02788 -- -- $0.02788 $16.04
    12/07/2017 -- -- $0.83721 $0.83721 $15.87
    09/29/2017 $0.02783 -- -- $0.02783 $16.13
    06/30/2017 $0.02750 -- -- $0.02750 $15.69
    03/31/2017 $0.03479 -- -- $0.03479 $15.42
    12/28/2016 $0.03026 -- -- $0.03026 $14.97
    12/07/2016 -- -- $1.33654 $1.33654 $15.05
    09/30/2016 $0.02778 -- -- $0.02778 $15.87
    06/30/2016 $0.03392 -- -- $0.03392 $15.85
    03/31/2016 $0.03288 -- -- $0.03288 $15.59
    12/29/2015 $0.03720 -- -- $0.03720 $15.67
    12/09/2015 -- -- $0.38708 $0.38708 $15.64
    09/30/2015 $0.03017 -- -- $0.03017 $15.47
    06/30/2015 $0.03304 -- -- $0.03304 $16.34
    03/31/2015 $0.03383 -- -- $0.03383 $16.51
    12/31/2014 $0.03361 -- -- $0.03361 $16.48
    12/08/2014 -- $0.00476 $0.63992 $0.64468 $16.46
    09/30/2014 $0.03877 -- -- $0.03877 $16.39
    06/30/2014 $0.03886 -- -- $0.03886 $16.37
    03/31/2014 $0.04441 -- -- $0.04441 $15.82
    12/31/2013 $0.03803 -- -- $0.03803 $15.54
    12/10/2013 -- -- $0.49682 $0.49682 $15.41
    09/30/2013 $0.05030 -- -- $0.05030 $15.27
    06/28/2013 $0.04402 -- -- $0.04402 $15.03
    03/28/2013 $0.02552 -- -- $0.02552 $14.95
    12/31/2012 $0.10560 -- -- $0.10560 $14.09
    09/28/2012 $0.04241 -- -- $0.04241 $14.04
    06/29/2012 $0.04351 -- -- $0.04351 $13.91
    03/30/2012 $0.04654 -- -- $0.04654 $13.83
    12/30/2011 $0.06327 -- -- $0.06327 $13.17
    09/30/2011 $0.05228 -- -- $0.05228 $12.21
    06/30/2011 $0.07319 -- -- $0.07319 $12.81
    03/31/2011 $0.07897 -- -- $0.07897 $12.56
    12/31/2010 $0.06906 -- -- $0.06906 $12.16
    09/30/2010 $0.08956 -- -- $0.08956 $11.69
    06/30/2010 $0.07191 -- -- $0.07191 $10.87
    03/10/2010 $0.14560 -- -- $0.14560 $11.40
    09/29/2009 $0.07930 -- -- $0.07930 $10.73
    06/29/2009 $0.06720 -- -- $0.06720 $9.76
    03/30/2009 $0.05550 -- -- $0.05550 $8.85
    12/30/2008 $0.05180 -- -- $0.05180 $9.66
    09/29/2008 $0.08250 -- -- $0.08250 $11.04
    06/27/2008 $0.08660 $0.09590 $0.07110 $0.25360 $11.53
    03/28/2008 $0.07230 -- -- $0.07230 $12.25
    12/19/2007 $0.10130 $0.29740 $2.04260 $2.44130 $12.76
    09/28/2007 $0.10750 -- -- $0.10750 $15.21
    06/29/2007 $0.08930 $0.04010 $0.19180 $0.32120 $15.01
    03/30/2007 $0.08650 -- -- $0.08650 $14.48
    12/29/2006 $0.08300 -- $0.16240 $0.24540 $14.49
    09/29/2006 $0.08300 -- -- $0.08300 $14.01
    06/30/2006 $0.08000 -- -- $0.08000 $13.70
    03/31/2006 $0.07900 -- -- $0.07900 $13.48
    12/30/2005 $0.09400 -- -- $0.09400 $12.97
    09/30/2005 $0.09300 -- -- $0.09300 $13.10
    06/30/2005 $0.09800 -- -- $0.09800 $12.66
    03/31/2005 $0.06900 -- -- $0.06900 $12.58
    12/31/2004 $0.10200 -- -- $0.10200 $12.65
    09/30/2004 $0.08800 -- -- $0.08800 $12.07
    06/30/2004 $0.09200 -- -- $0.09200 $11.94
    03/31/2004 $0.09500 -- -- $0.09500 $11.69
    12/31/2003 $0.08900 -- -- $0.08900 $11.47
    09/30/2003 $0.08200 -- -- $0.08200 $10.69
    06/30/2003 $0.05200 -- -- $0.05200 $10.49
    03/31/2003 $0.06600 -- -- $0.06600 $9.30
    12/31/2002 $0.06500 -- -- $0.06500 $9.35
    09/25/2002 $0.07000 -- -- $0.07000 $8.94
    06/26/2002 $0.06000 -- -- $0.06000 $10.09
    03/27/2002 $0.06000 -- -- $0.06000 $11.43
    12/28/2001 $0.05940 -- -- $0.05940 $11.38
    09/26/2001 $0.00640 -- -- $0.00640 $9.92

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    06/30/2021 $0.03416 -- -- $0.03416 $15.89
    03/31/2021 $0.04948 -- -- $0.04948 $15.31
    12/29/2020 $0.04229 -- -- $0.04229 $14.44
    12/08/2020 -- -- $0.80897 $0.80897 $14.49
    09/30/2020 $0.04659 -- -- $0.04659 $14.45
    06/30/2020 $0.05269 -- -- $0.05269 $13.56
    03/31/2020 $0.06728 -- -- $0.06728 $12.08
    12/27/2019 $0.05265 -- -- $0.05265 $14.26
    12/06/2019 -- -- $0.94088 $0.94088 $14.14
    09/30/2019 $0.05369 -- -- $0.05369 $14.64
    06/28/2019 $0.05820 -- -- $0.05820 $14.46
    03/29/2019 $0.06936 -- -- $0.06936 $14.23
    12/27/2018 $0.05691 -- -- $0.05691 $13.17
    12/07/2018 -- $0.00932 $1.06068 $1.07000 $13.58
    09/28/2018 $0.04981 -- -- $0.04981 $15.58
    06/29/2018 $0.04913 -- -- $0.04913 $14.83
    03/29/2018 $0.06070 -- -- $0.06070 $14.85
    12/27/2017 $0.04459 -- -- $0.04459 $15.14
    12/07/2017 -- -- $0.79119 $0.79119 $14.99
    09/29/2017 $0.04408 -- -- $0.04408 $15.23
    06/30/2017 $0.04284 -- -- $0.04284 $14.82
    03/31/2017 $0.05044 -- -- $0.05044 $14.56
    12/28/2016 $0.04636 -- -- $0.04636 $14.14
    12/07/2016 -- -- $1.26622 $1.26622 $14.23
    09/30/2016 $0.04457 -- -- $0.04457 $15.00
    06/30/2016 $0.05140 -- -- $0.05140 $14.98
    03/31/2016 $0.04864 -- -- $0.04864 $14.75
    12/29/2015 $0.05209 -- -- $0.05209 $14.82
    12/09/2015 -- -- $0.36612 $0.36612 $14.81
    09/30/2015 $0.04894 -- -- $0.04894 $14.64
    06/30/2015 $0.04792 -- -- $0.04792 $15.46
    03/31/2015 $0.04696 -- -- $0.04696 $15.63
    12/31/2014 $0.04620 -- -- $0.04620 $15.60
    12/08/2014 -- $0.00451 $0.60674 $0.61125 $15.59
    09/30/2014 $0.05055 -- -- $0.05055 $15.52
    06/30/2014 $0.04906 -- -- $0.04906 $15.51
    03/31/2014 $0.05471 -- -- $0.05471 $14.99
    12/31/2013 $0.04919 -- -- $0.04919 $14.72
    12/10/2013 -- -- $0.49682 $0.49682 $14.61
    09/30/2013 $0.05905 -- -- $0.05905 $14.49
    06/28/2013 $0.05310 -- -- $0.05310 $14.26
    03/28/2013 $0.03576 -- -- $0.03576 $14.19
    12/31/2012 $0.13870 -- -- $0.13870 $13.37
    09/28/2012 $0.05218 -- -- $0.05218 $13.36
    06/29/2012 $0.04780 -- -- $0.04780 $13.24
    03/30/2012 $0.05319 -- -- $0.05319 $13.16
    12/30/2011 $0.07334 -- -- $0.07334 $12.53
    09/30/2011 $0.06200 -- -- $0.06200 $11.63
    06/30/2011 $0.08090 -- -- $0.08090 $12.20
    03/31/2011 $0.08649 -- -- $0.08649 $11.97
    12/31/2010 $0.07644 -- -- $0.07644 $11.59
    09/30/2010 $0.09675 -- -- $0.09675 $11.15
    06/30/2010 $0.07421 -- -- $0.07421 $10.38
    03/31/2010 $0.00897 -- -- $0.00897 $10.99
    03/10/2010 $0.15810 -- -- $0.15810 $10.88
    09/29/2009 $0.08540 -- -- $0.08540 $10.25
    06/29/2009 $0.07300 -- -- $0.07300 $9.32
    03/30/2009 $0.06120 -- -- $0.06120 $8.46
    12/30/2008 $0.05790 -- -- $0.05790 $9.23
    09/29/2008 $0.08940 -- -- $0.08940 $10.56
    06/27/2008 $0.09410 $0.09590 $0.07110 $0.26110 $11.03
    03/28/2008 $0.07920 -- -- $0.07920 $11.73
    12/19/2007 $0.11130 $0.29740 $2.04260 $2.45130 $12.21
    09/28/2007 $0.11740 -- -- $0.11740 $14.67
    06/29/2007 $0.09870 $0.04010 $0.19180 $0.33060 $14.49
    03/30/2007 $0.09630 -- -- $0.09630 $13.98
    12/29/2006 $0.09900 -- $0.16240 $0.26140 $13.99
    09/29/2006 $0.09400 -- -- $0.09400 $13.54
    06/30/2006 $0.08900 -- -- $0.08900 $13.25
    03/31/2006 $0.08600 -- -- $0.08600 $13.04
    12/30/2005 $0.10400 -- -- $0.10400 $12.55
    09/30/2005 $0.10200 -- -- $0.10200 $12.68
    06/30/2005 $0.10900 -- -- $0.10900 $12.27
    03/31/2005 $0.08100 -- -- $0.08100 $12.19
    12/31/2004 $0.11600 -- -- $0.11600 $12.27
    09/30/2004 $0.10200 -- -- $0.10200 $11.72
    06/30/2004 $0.11400 -- -- $0.11400 --

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs

  • Fund Documents

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    Equity and Income Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Equity and Income 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.

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The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 1-800-966-4354.

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 and can be found here. Neither forward earnings nor earnings growth is a measure of a fund’s future performance.

Mutual fund investing involves risk. Principal loss is possible. Small and medium-capitalization companies may have more limited liquidity and greater price volatility than large-capitalization companies. Investments in foreign securities may involve greater volatility and political, economic, and currency risk and differences in accounting methods. The Focus, Total Return, Balanced, Large Cap Financial, Small Cap Financial, and BP Midstream Funds are considered non-diversified funds. A non-diversified fund, which may concentrate its assets in fewer individual holdings than a diversified fund, is more exposed to individual stock volatility than a diversified fund. A fund that concentrates its investments within one country, one sector, or a small group of industries, such as Japan, Technology, Financials, or Energy, may be subject to a higher degree of risk. Investments in debt securities typically decrease in value when interest rates rise. The risk is greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Mortgage- and asset-backed securities are subject to prepayment risk, which is the risk that the borrower will prepay some or all of the principal owed to the issuer. Funds that invest in pooled investment vehicles (including ETFs) may experience higher fees. The formula-based strategy employed by some Funds may cause those Funds to buy or sell securities at times when it may not be advantageous.

Master Limited Partnerships (MLPs) and MLP investments have unique characteristics. A Fund does not receive the same tax benefits as a direct investment in an MLP.

The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for a Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. If the BP Energy Transition Fund’s MLP investments exceed 25% of its assets, it may not qualify for treatment as a regulated investment company (“RIC”) under the Internal Revenue Code (“Code”), and the Fund would be taxed as an ordinary corporation, which could substantially reduce its net assets and its distributions to shareholders. The BP Midstream Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes, and therefore, is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 21%) as well as state and local income taxes. The BP Midstream Fund will not benefit from current favorable federal income tax rates on long-term capital gains, and Fund income and losses will not be passed on to shareholders. The BP Midstream Fund accrues deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV, and as a result, the Fund’s after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.

Glossary of Terms contains definitions and additional information.

To view the top 10 holdings of a Fund, please click the Fund name: Cornerstone Growth, Focus, Cornerstone Mid Cap 30, Cornerstone Large Growth, Cornerstone Value, Total Return, Equity and Income, Balanced, BP Energy Transition, BP Midstream, Gas Utility, Japan, Japan Small Cap, Large Cap Financial, Small Cap Financial, Technology. Fund holdings are subject to change and not recommendations to buy or sell any security.

Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

News and Media Page:

To view the Morningstar ratings for the Japan Fund, please click here. (Media - TD Ameritrade)

To view the Morningstar ratings for the Focus Fund, please click here. (Media - CNBC-B. Macualey).

1 USD = 105.36 Yen as of 07/27/2020 (Media - Ticker - M. Takeda)

Tom White is a TD Ameritrade Network contributor and is not affiliated with the Hennessy Funds. Content is not investment advice, or a recommendation of any security, strategy, or account type. Options involve risks and are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.(Media - TD Ameritrade-Rothberg)

To view the Morningstar ratings, please click here.

The Hennessy Funds are offered only to United States residents, and information on this web site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Hennessy Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

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