• 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

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    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

  • Performance

    Daily Pricing & Performance

    as of 5/13/22
    • Investor Class (HEIFX)
      • NAV

        $14.68

      • $ Change

        $0.14

      • % Change

        0.96%

      • YTD

        -12.60%

    • Institutional Class (HEIIX)
      • NAV

        $13.80

      • $ Change

        $0.14

      • % Change

        1.02%

      • YTD

        -12.43%

    Average Annualized Total Return

    as of 4/30/22
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (6/3/97)
    Investor Class (HEIFX) -6.14% -11.76% -5.37% 5.61% 6.31% 6.68% 6.71%
    Institutional Class (HEIIX) -6.07% -11.61% -4.98% 6.00% 6.72% 7.06% 6.95%
    70/30 Blended Balanced Index -6.70% -10.92% -1.62% 10.14% 10.11% 10.11% 7.50%
    60/40 Blended Balanced Index -6.03% -10.26% -2.26% 8.86% 8.89% 8.91% 7.09%
    S&P 500® Index -8.72% -12.92% 0.21% 13.85% 13.66% 13.67% 8.58%

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    as of 3/31/22
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (6/3/97)
    Investor Class (HEIFX) -5.99% -5.99% 3.79% 8.79% 7.83% 7.44% 7.01%
    Institutional Class (HEIIX) -5.90% -5.90% 4.20% 9.17% 8.24% 7.82% 7.24%
    70/30 Blended Balanced Index -4.51% -4.51% 9.55% 13.79% 11.85% 10.86% 7.83%
    60/40 Blended Balanced Index -4.50% -4.50% 7.55% 12.06% 10.44% 9.59% 7.38%
    S&P 500® Index -4.60% -4.60% 15.65% 18.92% 15.99% 14.64% 9.00%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 4/30/2022

    Value of $10,000 invested between 4/30/2021 and 4/30/2022

    Equity and Income Fund (HEIFX) $9,463
    Equity and Income Fund (HEIIX) $9,502
    70/30 Blended Balanced Index $9,838
    60/40 Blended Balanced Index $9,774
    S&P 500® Index $10,021

    Value of $10,000 invested between 4/30/2019 and 4/30/2022

    Equity and Income Fund (HEIFX) $11,781
    Equity and Income Fund (HEIIX) $11,911
    70/30 Blended Balanced Index $13,361
    60/40 Blended Balanced Index $12,899
    S&P 500® Index $14,756

    Value of $10,000 invested between 4/30/2017 and 4/30/2022

    Equity and Income Fund (HEIFX) $13,577
    Equity and Income Fund (HEIIX) $13,843
    70/30 Blended Balanced Index $16,185
    60/40 Blended Balanced Index $15,309
    S&P 500® Index $18,968

    Value of $10,000 invested between 4/30/2012 and 4/30/2022

    Equity and Income Fund (HEIFX) $19,098
    Equity and Income Fund (HEIIX) $19,784
    70/30 Blended Balanced Index $26,206
    60/40 Blended Balanced Index $23,480
    S&P 500® Index $36,005

    Value of $10,000 invested between 6/3/1997 and 4/30/2022

    Equity and Income Fund (HEIFX) $50,401
    Equity and Income Fund (HEIIX) $53,284
    70/30 Blended Balanced Index $60,441
    60/40 Blended Balanced Index $55,028
    S&P 500® Index $77,611

    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

      2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
    Investor Class (HEIFX)
    8.82 15.03 11.26 -2.62 5.73 13.51 -4.33 15.99 8.97 16.71
    Institutional Class (HEIIX)
    9.06 15.40 11.58 -2.25 6.19 13.88 -3.98 16.50 9.35 17.13
    70/30 Blended Balanced Index
    12.37 21.54 10.49 1.49 9.04 15.61 -2.57 23.81 15.40 19.01
    60/40 Blended Balanced Index
    11.16 18.10 9.43 1.49 8.06 13.59 -2.01 21.30 14.28 15.91
    S&P 500® Index
    16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71
    Year
    Investor Class (HEIFX)
    Institutional Class (HEIIX)
    70/30 Blended Balanced Index
    60/40 Blended Balanced Index
    S&P 500® Index
    2011 10.61% 10.84% 3.46% 3.86% 2.11%
    2010 11.34% 11.53% 12.70% 11.84% 15.06%
    2009 18.43% 18.76% 20.22% 18.11% 26.46%
    2008 -20.91% -20.73% -26.03% -22.08% -37.00%
    2007 8.98% 9.33% 6.19% 6.39% 5.49%
    2006 15.63% 15.87% 12.19% 11.01% 15.79%
    2005 5.39% 5.58% 3.98% 3.65% 4.91%
    2004 13.77% 13.99% 8.54% 7.76% 10.88%
    2003 26.08% 26.48% 21.05% 18.56% 28.68%
    2002 -14.63% -14.83% -13.08% -9.96% -22.10%
    2001 2.46% 2.50% -5.62% -3.53% -11.89%
    2000 11.18% 11.18% -3.44% -1.53% -9.10%
    1999 6.67% 6.67% 14.63% 12.54% 21.04%
    1998 -0.38% -0.38% 22.85% 20.87% 28.58%

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    Yield

    as of 4/30/22
    Investor Class (HEIFX) Institutional Class (HEIIX)
    Distribution Rate 0.37% 0.83%
    30-Day SEC Yield 0.76% 1.12%
    Distribution Frequency Quarterly Quarterly

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

    as of 3/31/22
    Investor Class (HEIFX)
    Type 3 yr 5 yr 10 yr
    Alpha -3.58 -2.54 -1.67
    Beta 0.66 0.63 0.62
    Upside Capture 59.48 58.68 57.71
    Downside Capture 71.96 67.86 64.90
    Institutional Class (HEIIX)
    Type 3 yr 5 yr 10 yr
    Alpha -3.20 -2.15 -1.31
    Beta 0.66 0.63 0.61
    Upside Capture 60.09 59.64 58.68
    Downside Capture 71.16 67.21 64.03

    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 3/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HEIFX) 0.70 0.68 0.82
    Institutional Class (HEIIX) 0.73 0.71 0.86
    S&P 500® Index 1.03 0.95 1.06
    Allocation--50% to 70% Equity Category Average 0.79 0.70 0.81

    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 3/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HEIFX) 12.02 10.31 8.48
    Institutional Class (HEIIX) 12.00 10.30 8.48
    S&P 500® Index 17.76 15.78 13.24
    Allocation--50% to 70% Equity Category Average 11.74 10.28 8.64

    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 3/31/22. 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 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 Intermediate U.S. Government/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.

    Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.

    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 3/31/22
    Allocation % of Net Assets
    Equities 67.80%
    Fixed Income 27.30%
    Preferred Stock 1.90%
    Cash & Other 2.90%

    Portfolio Characteristics

    as of 3/31/22
    Inception Date (HEIFX) 9/24/01
    Inception Date (HEIIX) 6/3/97
    Total Fund Assets $111 Million
    Portfolio Turnover 21%
    Median Market Cap $125.3 Billion
    Median Price/Earnings 22.0x
    Median Price/Book 4.0x
    Effective Maturity 4.7 years
    Effective Duration 4.1 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 3/31/22
    Fund
    Information Technology 13.5%
    Financials 12.7%
    Communication Services 8.1%
    Consumer Discretionary 8.1%
    Consumer Staples 7.5%
    Industrials 6.4%
    Materials 5.8%
    Health Care 3.6%
    Real Estate 2.1%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/22
    Top 10 Equity Holdings Ticker % of Net Assets
    Berkshire Hathaway, Inc. (Class B) BRK/B 5.7%
    Apple, Inc. AAPL 4.8%
    Alphabet, Inc. (Class C) GOOG 4.4%
    The Charles Schwab Corp. SCHW 3.2%
    Altria Group, Inc. MO 3.1%
    O'Reilly Automotive, Inc. ORLY 2.8%
    Norfolk Southern Corp. NSC 2.6%
    Martin Marietta Materials, Inc. MLM 2.6%
    Texas Instruments, Inc. TXN 2.6%
    Visa, Inc. V 2.6%
    Total as % of Net Assets 34.4%

    Please swipe to view table

    Total Equity Holdings: 28
    Total Fixed-Income Holdings: 63

    as of 3/31/22
    Equity Holdings Ticker % of Net Assets
    Berkshire Hathaway, Inc. (Class B) BRK/B 5.7%
    Apple, Inc. AAPL 4.8%
    Alphabet, Inc. (Class C) GOOG 4.4%
    The Charles Schwab Corp. SCHW 3.2%
    Altria Group, Inc. MO 3.1%
    O'Reilly Automotive, Inc. ORLY 2.8%
    Norfolk Southern Corp. NSC 2.6%
    Martin Marietta Materials, Inc. MLM 2.6%
    Texas Instruments, Inc. TXN 2.6%
    Visa, Inc. V 2.6%
    The Home Depot, Inc. HD 2.3%
    Nestle SA NSRGY 2.3%
    Meta Platforms Inc FB 2.3%
    Church & Dwight Co., Inc. CHD 2.2%
    FedEx Corp. FDX 2.1%
    STORE Capital Corp. STOR 2.1%
    Progressive Corp. PGR 2.0%
    Fiserv, Inc. FISV 1.9%
    Johnson & Johnson JNJ 1.9%
    BlackRock, Inc. BLK 1.8%
    Pfizer, Inc. PFE 1.7%
    Cisco Systems, Inc. CSCO 1.7%
    Air Products & Chemicals, Inc. APD 1.7%
    Old Dominion Freight Line, Inc. ODFL 1.6%
    CarMax, Inc. KMX 1.6%
    NewMarket Corp. NEU 1.5%
    Verizon Communications, Inc. VZ 1.5%
    Lowe's Companies, Inc. LOW 1.4%
    Total as % of Net Assets 67.8%
    Fixed Income Holdings Ticker % of Net Assets
    U.S. Treasury Note/Bond - 1 7/8% (7/31/26) 912828Y95 1.4%
    U.S. Treasury Note/Bond - 0.75% (4/30/26) 91282CBW0 1.3%
    Synovus Financial - 3.125% (11/01/22) 87161CAL9 1.2%
    U.S. Treasury Note/Bond - 0 1/2% (11/30/23) 91282CDM0 1.1%
    U.S. Treasury Note/Bond - 0 1/4% (8/31/25) 91282CAJ0 1.1%
    General Motors - 3.7% (5/9/23) 37045XBK1 1.0%
    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%
    Fannie Mae Pool - AU4405 3138X33P5 0.9%
    U.S. Treasury Note/Bond - 1% (7/31/28) 91282CCR0 0.8%
    Willis Tower Watson - 3.6% (5/15/24) 970648AF8 0.7%
    Edwards Lifesciences - 4.3% (6/15/28) 28176EAD0 0.7%
    Paypal - 2.85% (10/01/29) 70450YAE3 0.7%
    Cigna Corporation - 3 1/2% (6/15/24) 30219GAK4 0.7%
    Freddie Mac Gold Pool - Q11129 3132HMHE4 0.6%
    Discover Financial Services - 5.2% (4/27/22) 254709AG3 0.6%
    Synchrony Financial - 3.95% (12/01/27) 87165BAM5 0.6%
    Autodesk - 2.85% (01/15/30) 052769AG1 0.6%
    U.S. Treasury Note/Bond - 1 1/4% (12/31/26) 91282CDQ1 0.5%
    U.S. Treasury Note/Bond - 2 3/4% (2/15/24) 912828B66 0.5%
    Bank of America Corp. - 2.299% (7/21/32) 06051GKA6 0.5%
    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%
    Williams Company - 2.6% (3/15/31) 969457BY5 0.4%
    Broadcom 4.11% (09/15/28) 11135FAL5 0.4%
    0 91282CDY4 0.4%
    U.S. Treasury Note/Bond - 0 5/8% (3/31/27) 912828ZE3 0.4%
    Starbucks - 3.5% (3/1/28) 855244AP4 0.4%
    U.S. Treasury Note/Bond - 1.25% (4/30/28) 91282CBZ3 0.4%
    General Electric Co. - 3 5/8% (5/1/30) 369604BW2 0.3%
    Huntington Bancshares - 4% (5/15/25) 446150AM6 0.3%
    Regeneron Pharmaceuticals - 1 3/4% (9/15/30) 75886FAE7 0.3%
    Dell Technologies 5.45% (6/15/23) 24703TAA4 0.3%
    Aflac - 3.6% (04/01/30) 001055BJ0 0.3%
    Goldman Sachs - 4.223% (5/1/29) 38141GWZ3 0.3%
    IBM - 2.72% (2/09/32) 459200KN0 0.3%
    Lowe's Co. - 2 5/8% (4/1/31) 548661EA1 0.3%
    JPMorgan Chase & Co. - 2.069% (6/1/29) 46647PCJ3 0.3%
    Marsh & McLennan - 4.375 (3/15/29) 571748BG6 0.3%
    Morgan Stanley - 2.239% (7/21/32) 61747YED3 0.3%
    Regions Financial, Inc. - 1.8% (8/12/28) 7591EPAT7 0.3%
    Morgan Stanley - 1.593% (5/4/27) 61772BAB9 0.3%
    Prudential Financial - 3.878% (03/27/28) 74432QCC7 0.2%
    Fifth Third Bank - 3.65% (1/25/24) 316773CX6 0.2%
    Bank of America Corp. - 2.196% (2/4/26) 097023DG7 0.2%
    0 91282CDZ1 0.2%
    Fannie Mae Pool - AB4300 31417AX61 0.2%
    Intercontinental Exchange - 0.7% (6/15/23) 45866FAM6 0.2%
    T-Mobile - 3.875% (4/15/30) 87264ABF1 0.1%
    IBM - 2.2% (2/09/27) 459200KM2 0.1%
    Ginnie Mae - 2013-24 BD 38378FM72 0.1%
    Fannie Mae Pool - 928831 31412L4Q0 0.1%
    Freddie Mac REMICS - 4322 DJ 3137B8MS3 0.1%
    U.S. Treasury Note/Bond - 1 1/2% (11/30/28) 91282CDL2 0.1%
    Freddie Mac Gold Pool - G02922 3128M4SK0 0.0%
    Freddie Mac REMICS - 4309 JD 3137B7US6 0.0%
    Fannie Mae REMICS - 2012-16 Y 3136A4RW1 0.0%
    Fannie Mae REMICS - 2013-52 MD 3136AEJ24 0.0%
    Freddie Mac REMICS - 4146 ML 3137AXGC1 0.0%
    Freddie Mac REMICS - 3870 NH 3137ABXJ5 0.0%
    Fannie Mae REMICS - 2010-134 DJ 31398SMH3 0.0%
    Total as % of Net Assets 27.4%
    Preferred Holdings Ticker % of Net Assets
    Hartford Financial - 6% 416518603 0.1%
    Morgan Stanley - 4 1/4% 61762V861 0.1%
    State Street Corp. - 5.9% 857477608 0.1%
    American International Group - 5.85% 026874768 0.0%
    AT&T - 4.75% 00206R706 0.0%
    Bank of America - 5% 06055H202 0.0%
    Capital One - 4.8% 14040H782 0.0%
    Capital One Financial Corp. - 5.0% 14040H824 0.0%
    Fifth Third - 4.95% 316773860 0.0%
    First Citizens 5 3/8% 319626305 0.0%
    Huntington Bancshares, Inc. - 4 1/2% 446150823 0.0%
    JPMorgan Chase & Co. - 4.55% 48128B580 0.0%
    JPMorgan Chase & Co. - 4.625% 48128B549 0.0%
    MetLife - 4.75% 59156R850 0.0%
    Regions Financial Corp. - 4.45% 7591EP886 0.0%
    Charles Schwab Corp. - 4.45% 808513865 0.0%
    Synchrony Financial - 5.625% 87165B202 0.0%
    TCF Financial Corp. - 4.75% 89832Q695 0.0%
    TCF Financial Corp. - 5.25% 89832Q745 0.0%
    U.S. Bancorp - 3.5% 902973155 0.0%
    Wells Fargo & Co. - 4.75% 94988U151 0.0%
    Wells Fargo & Co. - 6 5/8% 949746465 0.0%
    Allstate - 5.1% 020002838 0.0%
    Annaly Capital Management - 6.75% 035710847 0.0%
    Bank of Hawaii - 4 3/8% 062545207 0.0%
    Bank of the Ozarks - 4.625% 06417N202 0.0%
    Bank of America - 4 1/4% 06055H806 0.0%
    Chimera Investment Corp. - 7.75% 16934Q505 0.0%
    CHS, Inc. - 7 1/2% 12542R803 0.0%
    Citizens Financial Group - 6.35% 174610204 0.0%
    Equitable Holdings - 5.25% 29452E200 0.0%
    First Republic Bank - 4.5% 33616C696 0.0%
    Goldman Sachs Group, Inc. - 6 3/8% 38148B108 0.0%
    Goldman Sachs Group, Inc. - 5.5% 38145G308 0.0%
    Kimco Realty Corp. - 5 1/4% 49446R711 0.0%
    Public Storage - 4% 74460W461 0.0%
    Regions Financial Corp. - 5.7% 7591EP704 0.0%
    Signature Bank - 5% 82669G203 0.0%
    SVB Financial Group - 5.25% 78486Q200 0.0%
    U.S. Bancorp - 4.25% 902973668 0.0%
    Washington Federal - 4 7/8% 938824307 0.0%
    Aegon NV - 5.1% 00775V104 0.0%
    Arch Capital Group - 4.55% 03939A404 0.0%
    AT&T - 5% 00206R508 0.0%
    Axis Capital Holdings - 5.50% 05461T305 0.0%
    Bank of America - 5 3/8% 06053U601 0.0%
    Cadence Bank - 5.5% 12740C202 0.0%
    Carlyle Group - 4 5/8% 14314C105 0.0%
    Chimera Investment Corp. - 8% 16934Q406 0.0%
    Citigroup - 6.875% 172967341 0.0%
    ConnectOne Bancorp - 5.25% 20786W503 0.0%
    Cullen Frost Bankers - 4.45% 229899307 0.0%
    Federal Agricultural Mortgage - 5 1/4% 313148843 0.0%
    First Horizon - 6 5/8% 320517501 0.0%
    First Horizon - 6.1% 320517808 0.0%
    Ford - 6.2% 345370845 0.0%
    Agilent Technologies. Inc. - 5% (7/15/20) 493267876 0.0%
    KeyCorp - 5 5/8% 493267868 0.0%
    Morgan Stanley - 5.85% 61762V606 0.0%
    Morgan Stanley - 6 3/8% 61761J406 0.0%
    Synovus - 5.875% 87161C709 0.0%
    Synovus - 6.25% 87161C600 0.0%
    Texas Capital Bankshares - 5.75% 88224Q305 0.0%
    Arch Capital Group - 5.45% 03939A107 0.0%
    CHS, Inc. - 6 3/4% 12542R704 0.0%
    Ford - 6% 345370837 0.0%
    KeyCorp - 6 1/8% 493267702 0.0%
    Voya Financial - 5.35% 929089209 0.0%
    Total as % of Net Assets 2.0%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.9%
    Total as % of Net Assets 2.9%

    Please swipe to view table

    Country Allocation

    as of 3/31/22
    • United States

      91.0%

    • International

      4.1%

    • Cash & Other

      4.9%

    United States 91.0%
    Switzerland 2.3%
    Cayman Islands 0.9%
    Canada 0.9%
    Cash & Other 4.9%

    Fixed Income Quality Distribution

    as of 3/31/22
    Aaa/AAA 40.5%
    Aa/AA 0.0%
    A 15.3%
    Baa/BBB 35.3%
    Below Baa/BBB 0.0%
    N/A 6.5%
    Non-rated 2.4%
  • 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
    03/31/2022 $0.01343 -- -- $0.01343 $15.79
    12/29/2021 $0.01625 -- -- $0.01625 $16.83
    12/07/2021 -- $0.00524 $1.10487 $1.11011 $16.51
    09/30/2021 $0.01669 -- -- $0.01669 $16.64
    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
    03/31/2022 $0.02860 -- -- $0.02860 $14.83
    12/29/2021 $0.02836 -- -- $0.02836 $15.81
    12/07/2021 -- $0.00491 $1.03848 $1.04339 $15.52
    09/30/2021 $0.03181 -- -- $0.03181 $15.63
    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 --

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    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.