• Overview

    Category
    Domestic Equity

    Hennessy Focus Fund

    Actively managed, the Fund maintains a highly concentrated, best ideas portfolio.

    Investor

    HFCSX

    Institutional

    HFCIX

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Why Invest

    • Highly concentrated portfolio of approximately 20 exceptional investment ideas, conviction weighted with 60-80% of assets in the top 10
    • In-depth, rigorous research process developed by a management team who has worked together for nearly two decades
    • Expectation to hold companies five to 10 years or longer, leading to low portfolio turnover

    Investment Approach

    The Hennessy Focus Fund seeks to identify secular growth businesses that have the potential to produce a sustained mid-teens or higher rate of earnings growth, purchased at a mid-teens or lower multiple of earnings.

    The Portfolio Managers employ independent, fundamental research, with a primary focus on five key investment criteria:

    1. High-Quality Business
    2. Large Growth Opportunity
    3. Excellent Management
    4. Low "Tail Risk"
    5. Discount Valuation

    Portfolio Managers

    The Fund is sub-advised by Broad Run Investment Management, LLC, an independent, employee-owned investment adviser headquartered in Arlington, Virginia.

    “Simply put, we seek to own a small collection of truly great businesses.”

    - David Rainey

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  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 1/26/22
    • Investor Class (HFCSX)
      • NAV

        $61.30

      • $ Change

        -$0.84

      • % Change

        -1.35%

      • YTD

        -11.26%

    • Institutional Class (HFCIX)
      • NAV

        $63.78

      • $ Change

        -$0.88

      • % Change

        -1.36%

      • YTD

        -11.23%

    Average Annualized Total Return

    as of 12/31/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HFCSX) 3.88% 31.55% 31.55% 23.24% 14.85% 14.38% 13.44%
    Institutional Class (HFCIX) 3.92% 32.02% 32.02% 23.68% 15.28% 14.77% 13.65%
    Russell 3000® Index 3.94% 25.66% 25.66% 25.79% 17.97% 16.30% 9.78%
    Russell Midcap® Growth Index 0.35% 12.73% 12.73% 27.46% 19.83% 16.63% 10.45%

    Please swipe to view table

    as of 12/31/21
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HFCSX) 7.41% 31.55% 31.55% 23.24% 14.85% 14.38% 13.44%
    Institutional Class (HFCIX) 7.50% 32.02% 32.02% 23.68% 15.28% 14.77% 13.65%
    Russell 3000® Index 9.28% 25.66% 25.66% 25.79% 17.97% 16.30% 9.78%
    Russell Midcap® Growth Index 2.85% 12.73% 12.73% 27.46% 19.83% 16.63% 10.45%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 12/31/2021

    Value of $10,000 invested between 12/31/2020 and 12/31/2021

    Focus Fund (HFCSX) $13,155
    Focus Fund (HFCIX) $13,202
    Russell 3000® Index $12,566
    Russell Midcap® Growth Index $11,273

    Value of $10,000 invested between 12/31/2018 and 12/31/2021

    Focus Fund (HFCSX) $18,716
    Focus Fund (HFCIX) $18,918
    Russell 3000® Index $19,903
    Russell Midcap® Growth Index $20,706

    Value of $10,000 invested between 12/31/2016 and 12/31/2021

    Focus Fund (HFCSX) $19,985
    Focus Fund (HFCIX) $20,356
    Russell 3000® Index $22,845
    Russell Midcap® Growth Index $24,705

    Value of $10,000 invested between 12/31/2011 and 12/31/2021

    Focus Fund (HFCSX) $38,324
    Focus Fund (HFCIX) $39,668
    Russell 3000® Index $45,285
    Russell Midcap® Growth Index $46,550

    Value of $10,000 invested between 1/3/1997 and 12/31/2021

    Focus Fund (HFCSX) $233,588
    Focus Fund (HFCIX) $244,860
    Russell 3000® Index $102,966
    Russell Midcap® Growth Index $119,862

    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 (HFCSX)
    16.64 35.33 10.20 2.88 7.16 19.27 -10.47 34.86 5.49 31.55
    Institutional Class (HFCIX)
    16.98 35.70 10.55 3.25 7.55 19.71 -10.12 35.34 5.88 32.02
    Russell 3000® Index
    16.42 33.55 12.56 0.48 12.74 21.13 -5.24 31.02 20.89 25.66
    Russell Midcap® Growth Index
    15.81 35.74 11.90 -0.20 7.33 25.27 -4.75 35.47 35.59 12.73
    Year
    Investor Class (HFCSX)
    Institutional Class (HFCIX)
    Russell 3000® Index
    Russell Midcap® Growth Index
    2011 3.63% 3.97% 1.03% -1.65%
    2010 24.55% 24.79% 16.93% 26.38%
    2009 34.80% 35.70% 28.34% 46.29%
    2008 -33.85% -33.81% -37.31% -44.32%
    2007 2.30% 2.30% 5.14% 11.43%
    2006 28.49% 28.49% 15.72% 10.66%
    2005 2.32% 2.32% 6.12% 12.10%
    2004 30.65% 30.65% 11.95% 15.48%
    2003 45.77% 45.77% 31.06% 42.71%
    2002 2.63% 2.63% -21.54% -27.41%
    2001 32.63% 32.63% -11.46% -20.15%
    2000 -8.79% -8.79% -7.46% -11.75%
    1999 19.62% 19.62% 20.90% 51.29%
    1998 -3.52% -3.52% 24.14% 17.86%

    Please swipe to view table

    Returns-Based Statistics
    Relative to Russell 3000® Index

    as of 12/31/21
    Investor Class (HFCSX)
    Type 3 yr 5 yr 10 yr
    Alpha -5.10 -4.16 -2.26
    Beta 1.18 1.13 1.06
    Upside Capture 106.43 100.54 94.47
    Downside Capture 128.88 120.28 102.01
    Institutional Class (HFCIX)
    Type 3 yr 5 yr 10 yr
    Alpha -4.74 -3.79 -1.91
    Beta 1.18 1.13 1.06
    Upside Capture 107.14 101.49 95.45
    Downside Capture 128.26 119.67 101.22

    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 12/31/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HFCSX) 0.99 0.75 0.90
    Institutional Class (HFCIX) 1.00 0.77 0.92
    Russell 3000® Index 1.31 1.05 1.14
    Mid-Cap Growth Category Average 1.25 1.01 0.97

    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 12/31/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HFCSX) 23.43 19.65 15.81
    Institutional Class (HFCIX) 23.44 19.65 15.81
    Russell 3000® Index 18.19 15.96 13.52
    Mid-Cap Growth Category Average 20.28 17.86 15.25

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

    Fund Expenses

    • Investor Class (HFCSX)
      • Gross expense ratio

        1.51%

    • Institutional Class (HFCIX)
      • Gross expense ratio

        1.14%

    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 performance shown for Institutional Class shares / HFCIX prior to 5/30/08 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of Institutional Class shares.

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

    The Russell 3000® Index is an unmanaged index commonly used to measure the performance of U.S. stocks. The Russell Midcap® Growth Index is an unmanaged index commonly used to measure the performance of U.S. medium-capitalization growth stocks. One cannot invest directly in an index

    Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data, and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

  • Portfolio

    Portfolio Characteristics

    as of 12/31/21
    Inception Date (HFCSX) 1/3/97
    Inception Date (HFCIX) 5/30/08
    Total Fund Assets $1.2 Billion
    Active Share vs. Russell 3000® Index 99%
    Portfolio Turnover 4%
    Median Market Cap $20.6 Billion
    Median Price/Earnings 28.1x
    Median Price/Book 4.1x

    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 12/31/21
    Fund Russell 3000® Index Difference
    Financials 39.1% 11.3% +27.8%
    Consumer Discretionary 26.7% 12.4% +14.3%
    Industrials 12.8% 8.9% +3.9%
    Real Estate 10.2% 3.6% +6.6%
    Information Technology 9.0% 28.3% -19.3%
    Communication Services 0.8% 9.2% -8.3%
    Utilities 0.0% 2.5% -2.5%
    Health Care 0.0% 13.4% -13.4%
    Consumer Staples 0.0% 5.4% -5.4%
    Energy 0.0% 2.7% -2.7%
    Materials 0.0% 2.4% -2.4%
    Cash & Other 1.4%

    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
    Brookfield Asset Management, Inc. BAM 10.79% +0.98% +0.93%
    8 Years
    American Tower Corp. AMT 10.17% +0.71% +0.99%
    23 Years
    Encore Capital Group, Inc. ECPG 8.94% -0.13% +0.16%
    14 Years
    Markel Corp. MKL 8.90% +0.05% -0.22%
    24 Years
    Aon PLC AON 8.50% +0.21% +0.40%
    1 Year
    CarMax, Inc. KMX 8.49% -0.07% -0.24%
    19 Years
    O'Reilly Automotive, Inc. ORLY 7.26% +0.82% -2.64%
    17 Years
    NVR, Inc. NVR 6.20% +1.04% +0.81%
    4 Years
    Ashtead Group, PLC AHT 5.89% +0.18% +1.31%
    3 Years
    SS&C Technologies Holdings, Inc. SSNC 5.23% +0.69% +0.21%
    2 Years
    Total as % of Net Assets 80.37%

    Please swipe to view table

    Total Holdings: 19

    as of 12/31/21

    Note: The Fund's position in Hexcel was eliminated shortly after the end of the third quarter.

    % of Net Assets
    Equity Holdings Ticker Current Vs. 3Q21 Vs. 4Q20 10-Year Holdings History (%) Time Held
    Brookfield Asset Management, Inc. BAM 10.79% +0.98% +0.93%
    8 Years
    American Tower Corp. AMT 10.17% +0.71% +0.99%
    23 Years
    Encore Capital Group, Inc. ECPG 8.94% -0.13% +0.16%
    14 Years
    Markel Corp. MKL 8.90% +0.05% -0.22%
    24 Years
    Aon PLC AON 8.50% +0.21% +0.40%
    1 Year
    CarMax, Inc. KMX 8.49% -0.07% -0.24%
    19 Years
    O'Reilly Automotive, Inc. ORLY 7.26% +0.82% -2.64%
    17 Years
    NVR, Inc. NVR 6.20% +1.04% +0.81%
    4 Years
    Ashtead Group, PLC AHT 5.89% +0.18% +1.31%
    3 Years
    SS&C Technologies Holdings, Inc. SSNC 5.23% +0.69% +0.21%
    2 Years
    RH RH 4.75% -1.31% +0.46%
    2 Years
    American Woodmark Corp. AMWD 3.84% -0.10% -2.54%
    18 Years
    CDW Corp. CDW 3.17% +0.28% +2.02%
    1 Year
    Allegiant Travel Co. ALGT 2.55% -0.18% +0.67%
    1 Year
    Marlin Business Services Corp. MRLN 1.90% +0.04% +0.76%
    10 Years
    AST SpaceMobile, Inc. ASTS 0.84% -0.34% +0.84%
    < 1 Year
    Applied Materials, Inc. AMAT 0.59% +0.09% +0.59%
    < 1 Year
    Mistras Group, Inc. MG 0.50% -0.20% -0.19%
    8 Years
    Brookfield Asset Management Reinsurance BAMR 0.08% 0.00% +0.08%
    < 1 Year
    Total as % of Net Assets 98.6%
    Cash & Other Holdings % of Net Assets
    Cash & Other 1.4%
    Total as % of Net Assets 1.4%

    Please swipe to view table

    Country Allocation

    as of 12/31/21
    • United States

      73.3%

    • International

      25.3%

    • Cash & Other

      1.4%

    United States 73.3%
    United Kingdom 14.4%
    Canada 10.8%
    Bermuda 0.1%
    Cash & Other 1.4%
  • Distributions

    The Hennessy Focus Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in late December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/07/2021 -- -- $11.87407 $11.87407 $69.00
    12/08/2020 -- -- $22.03448 $22.03448 $60.94
    12/06/2019 -- -- $8.56199 $8.56199 $80.23
    12/07/2018 -- -- $14.47031 $14.47031 $67.71
    12/07/2017 -- -- $0.00534 $0.00534 $87.76
    12/09/2015 -- -- $0.13953 $0.13953 $70.33
    12/31/2014 $0.01684 -- -- $0.01684 $67.35
    12/08/2014 -- $0.12621 $5.11315 $5.23936 $65.89
    12/10/2013 -- -- $1.06512 $1.06512 $64.42
    12/07/2012 -- -- $4.32119 $4.32119 $49.36
    12/15/2011 -- -- $5.24345 $5.24345 $44.72
    12/15/2010 -- -- $1.72061 $1.72061 $49.14
    12/16/2008 -- -- $5.19180 $5.19180 $30.11
    12/31/2007 $0.12018 -- -- $0.12018 $54.45
    12/14/2007 -- $0.02147 $0.48914 $0.51061 $53.60
    12/15/2006 -- -- $0.12387 $0.12387 $52.62
    07/31/2006 -- -- $0.05348 $0.05348 $44.47
    12/16/2005 -- -- $0.71639 $0.71639 $42.02
    10/31/2005 -- -- $0.00384 $0.00384 $40.36
    12/17/2004 -- $0.34281 $0.22818 $0.57099 $40.66
    12/17/2003 -- -- $0.02779 $0.02779 $31.75
    12/20/2001 -- -- $0.16925 $0.16925 $21.12
    12/20/2000 -- -- $0.64495 $0.64495 $15.56
    12/11/1998 -- $0.21190 $0.22240 $0.43430 $14.30
    12/12/1997 -- $0.48740 -- $0.48740 $16.54

    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
    12/07/2021 -- -- $12.34819 $12.34819 $71.75
    12/08/2020 -- -- $22.82989 $22.82989 $63.14
    12/06/2019 -- -- $8.83830 $8.83830 $82.82
    12/07/2018 -- -- $14.98779 $14.98779 $69.66
    12/07/2017 -- -- $0.00549 $0.00549 $90.04
    12/09/2015 -- -- $0.14191 $0.14191 $71.63
    12/31/2014 $0.04974 -- -- $0.04974 $68.36
    12/08/2014 -- $0.12815 $5.19208 $5.32023 $66.90
    12/10/2013 -- -- $1.06512 $1.06512 $65.20
    12/07/2012 -- -- $4.32119 $4.32119 $49.80
    12/15/2011 -- -- $5.24345 $5.24345 $44.96
    12/15/2010 -- -- $1.72061 $1.72061 $49.23
    12/31/2009 $0.02053 -- -- $0.02053 $2.30
    12/16/2008 -- -- $5.19180 $5.19180 $1.68

    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
    Focus Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Portfolio Updates
    Focus Fund Portfolio Update - October 2021 View
    Focus Fund Portfolio Update - July 2021 View
    Focus Fund Portfolio Update - April 2021 View
    Focus Fund Portfolio Update - January 2021 View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Focus 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.