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Overview
Hennessy Focus Fund
Actively managed, the Fund maintains a highly concentrated, best ideas portfolio.
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:
- High-Quality Business
- Large Growth Opportunity
- Excellent Management
- Low "Tail Risk"
- 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
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Performance
Daily Pricing & Performance
as of 10/8/25-
Investor Class (HFCSX)
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NAV
$59.14
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$ Change
$1.81
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% Change
3.16%
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YTD
36.93%
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Institutional Class (HFCIX)
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NAV
$62.39
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$ Change
$1.90
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% Change
3.14%
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YTD
37.33%
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Average Annualized Total Return
as of 9/30/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HFCSX) -1.23% 15.44% 9.44% 19.83% 11.83% 10.28% 12.30% Institutional Class (HFCIX) -1.20% 15.78% 9.86% 20.28% 12.25% 10.69% 12.54% Russell 3000® Index 3.45% 14.40% 17.41% 24.12% 15.74% 14.71% 9.84% Russell Midcap® Growth Index -0.26% 12.84% 22.02% 22.85% 11.26% 13.37% 9.94% as of 9/30/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HFCSX) 1.44% 15.44% 9.44% 19.83% 11.83% 10.28% 12.30% Institutional Class (HFCIX) 1.54% 15.78% 9.86% 20.28% 12.25% 10.69% 12.54% Russell 3000® Index 8.18% 14.40% 17.41% 24.12% 15.74% 14.71% 9.84% Russell Midcap® Growth Index 2.78% 12.84% 22.02% 22.85% 11.26% 13.37% 9.94% Hypothetical Growth of $10,000
as of 9/30/2025Value of $10,000 invested between 9/30/2024 and 9/30/2025
Focus Fund (HFCSX) $10,944 Focus Fund (HFCIX) $10,986 Russell 3000® Index $11,741 Russell Midcap® Growth Index $12,202 Value of $10,000 invested between 9/30/2022 and 9/30/2025
Focus Fund (HFCSX) $17,206 Focus Fund (HFCIX) $17,401 Russell 3000® Index $19,121 Russell Midcap® Growth Index $18,538 Value of $10,000 invested between 9/30/2020 and 9/30/2025
Focus Fund (HFCSX) $17,492 Focus Fund (HFCIX) $17,822 Russell 3000® Index $20,771 Russell Midcap® Growth Index $17,050 Value of $10,000 invested between 9/30/2015 and 9/30/2025
Focus Fund (HFCSX) $26,604 Focus Fund (HFCIX) $27,610 Russell 3000® Index $39,447 Russell Midcap® Growth Index $35,084 Value of $10,000 invested between 1/3/1997 and 9/30/2025
Focus Fund (HFCSX) $280,600 Focus Fund (HFCIX) $298,339 Russell 3000® Index $148,405 Russell Midcap® Growth Index $152,318 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
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investor Class (HFCSX) 2.88% 7.16% 19.27% -10.47% 34.86% 5.49% 31.55% -24.99% 20.85% 14.79% Institutional Class (HFCIX) 3.25% 7.55% 19.71% -10.12% 35.34% 5.88% 32.02% -24.71% 21.31% 15.21% Russell 3000® Index 0.48% 12.74% 21.13% -5.24% 31.02% 20.89% 25.66% -19.21% 25.96% 23.81% Russell Midcap® Growth Index -0.20% 7.33% 25.27% -4.75% 35.47% 35.59% 12.73% -26.72% 25.87% 22.10% Year Investor Class (HFCSX) Institutional Class (HFCIX) Russell 3000® Index Russell Midcap® Growth Index 2014 10.20% 10.55% 12.56% 11.90% 2013 35.33% 35.70% 33.55% 35.74% 2012 16.64% 16.98% 16.42% 15.81% 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% Returns-Based Statistics
Relative to Russell 3000® Indexas of 9/30/25Investor Class (HFCSX)Type 3 yr 5 yr 10 yr Alpha -7.25 -4.96 -5.15 Beta 1.29 1.21 1.16 Upside Capture 108.71 109.95 100.54 Downside Capture 153.30 137.62 125.99 Institutional Class (HFCIX)Type 3 yr 5 yr 10 yr Alpha -6.87 -4.59 -4.78 Beta 1.29 1.21 1.16 Upside Capture 109.52 110.73 101.44 Downside Capture 152.36 136.84 125.28 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 9/30/25Type 3 yr 5 yr 10 yr Investor Class (HFCSX) 0.70 0.46 0.47 Institutional Class (HFCIX) 0.71 0.48 0.49 Russell 3000® Index 1.28 0.79 0.81 Mid-Cap Blend Category Average 0.69 0.60 0.51 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 9/30/25Type 3 yr 5 yr 10 yr Investor Class (HFCSX) 22.56 22.75 20.71 Institutional Class (HFCIX) 22.56 22.76 20.71 Russell 3000® Index 13.91 16.26 15.80 Mid-Cap Blend Category Average 16.50 17.44 17.26 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HFCSX)
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Gross expense ratio
1.49%
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Institutional Class (HFCIX)
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Gross expense ratio
1.11%
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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 9/30/25. 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.
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Portfolio
Portfolio Characteristics
as of 9/30/25Inception Date (HFCSX) 1/3/97 Inception Date (HFCIX) 5/30/08 Total Fund Assets $523 Million Active Share vs. Russell 3000® Index 99% Portfolio Turnover 1% Median Market Cap $23.6 Billion Median Price/Earnings 31.3x Median Price/Book 3.7x 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 9/30/25Fund Russell 3000® Index Difference Communication Services 33.6% 9.5% +24.1% Financials 22.3% 13.9% +8.3% Consumer Discretionary 17.6% 10.7% +6.9% Industrials 10.6% 9.5% +1.0% Information Technology 7.7% 32.3% -24.6% Real Estate 4.9% 2.4% +2.5% Health Care 2.7% 9.4% -6.7% Consumer Staples 0.0% 4.6% -4.6% Energy 0.0% 3.0% -3.0% Materials 0.0% 2.2% -2.2% Utilities 0.0% 2.4% -2.4% Cash & Other 0.7% Portfolio Holdings
Top 10 Holdings
as of 9/30/25% of Net Assets Top 10 Holdings Ticker Current Vs. 2Q25 Vs. 3Q24 10-Year Holdings History (%) Time Held AST SpaceMobile, Inc. ASTS 27.97% +2.01% +16.96% 4 Years Brookfield Corp. BN 7.66% +0.92% +0.33% 3 Years Ashtead Group, PLC AHT 7.41% +0.48% +0.68% 7 Years O'Reilly Automotive, Inc. ORLY 6.27% +1.16% -0.21% 20 Years Markel Group, Inc. MKL 5.42% -0.10% -0.11% 28 Years Aon PLC AON 5.19% +0.12% -0.99% 5 Years Applied Materials, Inc. AMAT 4.40% +0.56% +0.14% 4 Years Brookfield Asset Management, Ltd. BAM 3.78% +0.20% +0.74% 3 Years Cogent Communications Holdings CCOI 3.61% -0.81% -1.67% 3 Years NVR, Inc. NVR 3.37% +0.35% +0.12% 8 Years Total as % of Net Assets 75.08% Total Holdings: 22
as of 9/30/25% of Net Assets Equity Holdings Current Vs. 2Q25 Vs. 3Q24 10-Year Holdings History (%) Time Held AST SpaceMobile, Inc. 27.97% +2.01% +16.96% 4 Years Brookfield Corp. 7.66% +0.92% +0.33% 3 Years Ashtead Group, PLC 7.41% +0.48% +0.68% 7 Years O'Reilly Automotive, Inc. 6.27% +1.16% -0.21% 20 Years Markel Group, Inc. 5.42% -0.10% -0.11% 28 Years Aon PLC 5.19% +0.12% -0.99% 5 Years Applied Materials, Inc. 4.40% +0.56% +0.14% 4 Years Brookfield Asset Management, Ltd. 3.78% +0.20% +0.74% 3 Years Cogent Communications Holdings 3.61% -0.81% -1.67% 3 Years NVR, Inc. 3.37% +0.35% +0.12% 8 Years CDW Corp. 3.30% -0.30% -1.29% 5 Years Hilton Worldwide Holdings, Inc. 3.17% -0.01% +0.43% 3 Years American Tower Corp. 2.82% -0.33% -3.51% 27 Years TransDigm Group, Inc. 2.72% -0.34% -0.06% 3 Years Danaher Corp 2.68% +0.07% -0.10% 3 Years RH 2.06% +0.19% -1.68% 5 Years Shenandoah Telecommunications 2.04% +0.01% +0.45% 3 Years Altus Group, Ltd./Canada 2.03% +0.23% +0.93% 2 Years CarMax, Inc. 1.88% -0.86% -4.15% 23 Years Floor & Decor Holdings, Inc. 0.87% -0.01% -0.22% 1 Year RELX PLC 0.43% -0.05% +0.43% < 1 Year Brookfield Wealth Solutions, Ltd. 0.21% +0.03% +0.09% 1 Year Total as % of Net Assets 99.3% Cash & Other Holdings % of Net Assets Cash & Other 0.7% Total as % of Net Assets 0.7% Country Allocation
as of 9/30/25-
United States
72.6%
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International
26.7%
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Cash & Other
0.7%
United States 72.6% Canada 13.5% United Kingdom 7.8% Ireland 5.2% Bermuda 0.2% Cash & Other 0.7% -
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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 12/05/2024 -- -- $6.88263 $6.88263 $45.71 12/07/2023 -- -- $10.60940 $10.60940 $40.61 12/08/2022 -- -- $6.84360 $6.84360 $46.59 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 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 12/05/2024 -- -- $7.23822 $7.23822 $48.07 12/07/2023 -- -- $11.11527 $11.11527 $42.55 12/08/2022 -- -- $7.14363 $7.14363 $48.63 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 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Focus Fund Documents Portfolio Perspective View Portfolio Updates Focus Fund Portfolio Update - July 2025 View Focus Fund Portfolio Update - April 2025 View Focus Fund Portfolio Update - January 2025 View Focus Fund Portfolio Update - November 2024 View
After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or 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.