Hennessy Gas Utility Fund
Investor
GASFX
Institutional
HGASX
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  • Overview

    Category
    Sector & Specialty - Energy

    Hennessy Gas Utility Fund

    Using an index strategy, the Fund maintains a portfolio of distribution-focused natural gas companies.

    Investor

    GASFX

    Institutional

    HGASX

    Documents

    Morningstar style box

    Morningstar style box
    Investment Strategy - View Video
    Investment Strategy - View Video

    Gas Utility Fund Investment Strategy

    Portfolio Manager Ryan Kelley describes the Fund's investment strategy, which focuses on the distribution of natural gas by owning publicly traded members of the American Gas Association.

     

    Why Invest

    • Exposure to companies that should benefit from the growing demand for natural gas
    • Index-based investment methodology
    • Gas utility stocks may provide stability during highly volatile market cycles

    Investment Approach

    The Hennessy Gas Utility Fund holds shares of publicly traded members of the American Gas Association (AGA), which comprise the AGA Stock Index. The AGA Stock Index is market-cap weighted and adjusted for the percentage of natural gas assets on each company’s balance sheet.

    The Fund invests in each company in approximately the same proportion as its weighting in the AGA Stock Index, with no company representing greater than 5% of Fund assets. The Fund tracks the Index on a real-time basis, and the Fund is adjusted daily. The Fund's portfolio remains fully invested, with a goal of correlation of performance to the AGA Stock Index of over 95%.

     

    Portfolio Managers

    “With a 100+ year supply and competitive pricing, clean-burning natural gas represents a compelling investment for decades to come.”

    - Ryan Kelley

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  • Insights & News

    View All Fund Insights

  • Performance

    Daily Pricing & Performance

    as of 6/8/23
    • Investor Class (GASFX)

      • NAV

        $24.43

      • $ Change

        $0.08

      • % Change

        0.33%

      • YTD

        -0.02%

    • Institutional Class (HGASX)

      • NAV

        $24.38

      • $ Change

        $0.09

      • % Change

        0.37%

      • YTD

        0.13%

    Average Annualized Total Return

    as of 5/31/23
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (5/10/89)
    Investor Class (GASFX) -5.76% -4.31% -12.26% 8.09% 5.69% 6.49% 8.92%
    Institutional Class (HGASX) -5.74% -4.18% -12.00% 8.44% 6.03% 6.71% 8.98%
    AGA Stock Index -5.65% -3.85% -11.38% 9.30% 6.87% 7.67% 10.07%
    S&P 500® Index 0.43% 9.65% 2.92% 12.92% 11.01% 11.99% 10.27%

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    as of 3/31/23
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (5/10/89)
    Investor Class (GASFX) -0.88% -0.88% -7.09% 12.12% 7.31% 6.75% 9.08%
    Institutional Class (HGASX) -0.81% -0.81% -6.81% 12.48% 7.65% 6.96% 9.14%
    AGA Stock Index -0.64% -0.64% -6.19% 13.44% 8.51% 7.92% 10.23%
    S&P 500® Index 7.50% 7.50% -7.73% 18.60% 11.19% 12.24% 10.26%

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    Hypothetical Growth of $10,000

    as of 5/31/2023

    Value of $10,000 invested between 5/31/2022 and 5/31/2023
    Gas Utility Fund (GASFX) $8,774
    Gas Utility Fund (HGASX) $8,800
    AGA Stock Index $8,862
    S&P 500® Index $10,292

    Value of $10,000 invested between 5/31/2020 and 5/31/2023
    Gas Utility Fund (GASFX) $12,629
    Gas Utility Fund (HGASX) $12,751
    AGA Stock Index $13,057
    S&P 500® Index $14,399

    Value of $10,000 invested between 5/31/2018 and 5/31/2023
    Gas Utility Fund (GASFX) $13,187
    Gas Utility Fund (HGASX) $13,403
    AGA Stock Index $13,942
    S&P 500® Index $16,862

    Value of $10,000 invested between 5/31/2013 and 5/31/2023
    Gas Utility Fund (GASFX) $18,748
    Gas Utility Fund (HGASX) $19,137
    AGA Stock Index $20,942
    S&P 500® Index $31,034

    Value of $10,000 invested between 5/10/1989 and 5/31/2023
    Gas Utility Fund (GASFX) $183,482
    Gas Utility Fund (HGASX) $187,279
    AGA Stock Index $262,831
    S&P 500® Index $279,001

    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

      2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
    Investor Class (GASFX)    		 25.42 21.20 -16.01 20.70 7.03 -3.51 20.78 -9.32 19.52 6.15
    Institutional Class (HGASX)    		 25.42 21.20 -16.01 20.70 7.34 -3.15 21.18 -9.04 19.91 6.48
    AGA Stock Index    		 26.77 21.72 -14.88 22.27 8.38 -2.59 22.66 -8.25 20.72 7.17
    S&P 500® Index    		 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11
    Year
    Investor Class (GASFX)
    Institutional Class (HGASX)
    AGA Stock Index
    S&P 500® Index
    2012 7.45% 7.45% 7.05% 16.00%
    2011 25.15% 25.15% 24.98% 2.11%
    2010 12.40% 12.40% 13.81% 15.06%
    2009 23.92% 23.92% 25.81% 26.46%
    2008 -28.30% -28.30% -28.38% -37.00%
    2007 14.03% 14.03% 14.43% 5.49%
    2006 21.27% 21.27% 23.33% 15.79%
    2005 13.53% 13.53% 14.78% 4.91%
    2004 23.03% 23.03% 24.43% 10.88%
    2003 23.49% 23.49% 24.71% 28.68%
    2002 -23.93% -23.93% -21.72% -22.10%
    2001 -14.78% -14.78% -16.15% -11.89%
    2000 55.87% 55.87% 61.68% -9.10%
    1999 -3.71% -3.71% -3.79% 21.04%
    1998 5.26% 5.26% 7.74% 28.58%
    1997 24.19% 24.19% 24.93% 33.36%
    1996 20.76% 20.76% 21.44% 22.96%
    1995 30.54% 30.54% 32.75% 37.58%
    1994 -9.77% -9.77% -8.20% 1.32%
    1993 16.57% 16.57% 17.27% 10.08%
    1992 11.40% 11.40% 12.74% 7.62%
    1991 3.24% 3.24% 4.33% 30.47%
    1990 -10.45% -10.45% -8.99% -3.10%

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    Yield

    as of 5/31/23
    Investor Class (GASFX) Institutional Class (HGASX)
    Dividend Yield 2.17% 2.46%
    30-Day SEC Yield 2.82% 3.06%
    Distribution Frequency Quarterly Quarterly

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

    as of 3/31/23
    Investor Class (GASFX)
    Type 3 yr 5 yr 10 yr
    Alpha 0.62 -0.22 -0.79
    Beta 0.62 0.65 0.63
    Upside Capture 63.57 62.93 60.24
    Downside Capture 62.24 62.50 64.21
    Institutional Class (HGASX)
    Type 3 yr 5 yr 10 yr
    Alpha 0.92 0.09 -0.61
    Beta 0.62 0.65 0.63
    Upside Capture 64.22 63.71 60.81
    Downside Capture 61.89 62.17 63.93

    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 3/31/23
    Type 3 yr 5 yr 10 yr
    Investor Class (GASFX) 0.70 0.42 0.47
    Institutional Class (HGASX) 0.72 0.44 0.49
    S&P 500® Index 0.92 0.58 0.79
    Utilities Category Average 0.62 0.49 0.54

    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 3/31/23
    Type 3 yr 5 yr 10 yr
    Investor Class (GASFX) 16.66 16.16 13.95
    Institutional Class (HGASX) 16.69 16.18 13.97
    S&P 500® Index 19.23 18.64 14.85
    Utilities Category Average 16.21 15.20 13.24

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

    Fund Expenses

    • Investor Class (GASFX)

      • Gross expense ratio

        1.00%

    • Institutional Class (HGASX)

      • Gross expense ratio

        0.68%

    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 3/31/23. 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 / HGASX prior to 3/01/17 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 AGA Stock Index is a market capitalization weighted index consisting of member companies of the American Gas Association (AGA), and performance for the AGA Stock Index is provided monthly by the AGA. The S&P 500® Index is an unmanaged index commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.

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

    Dividend Yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. 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.

  • Portfolio

    Portfolio Characteristics

    as of 3/31/23
    Inception Date (GASFX) 5/10/89
    Inception Date (HGASX) 3/1/17
    Total Fund Assets $497 Million
    Portfolio Turnover 20%
    Median Market Cap $17.0 Billion
    Median Price/Earnings 18.9x
    Median Price/Book 1.7x

    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 3/31/23
    Fund
    Utilities 64.9%
    Energy 29.8%
    Financials 5.1%
    Industrials 1.0%
    Cash & Other -0.7%
    Sub-Industry Weighting % of Net Assets
    Multi-Utilities 33.1%
    Oil & Gas Storage & Transportation 25.5%
    Electric Utilities 17.2%
    Gas Utilities 13.0%
    Multi-Sector Holdings 5.1%
    Oil & Gas Exploration & Production 4.3%
    Water Utilities 1.7%
    Construction & Engineering 1.0%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/23
    Top 10 Holdings Ticker % of Net Assets
    Berkshire Hathaway, Inc. (Class A) BRK/A 5.1%
    Sempra Energy SRE 5.0%
    Atmos Energy Corp. ATO 5.0%
    Southern Co. SO 5.0%
    Kinder Morgan, Inc. KMI 5.0%
    Enbridge, Inc. ENB 4.9%
    Cheniere Energy, Inc. LNG 4.9%
    TC Energy Corp. TRP 4.7%
    ONEOK, Inc. OKE 4.4%
    EQT Corp. EQT 4.1%
    Total as % of Net Assets 48.1%

    Please swipe to view table

    Total Holdings: 50

    as of 3/31/23
    Print All Holdings
    Equity Holdings Ticker % of Net Assets
    Berkshire Hathaway, Inc. (Class A) BRK/A 5.1%
    Sempra Energy SRE 5.0%
    Atmos Energy Corp. ATO 5.0%
    Southern Co. SO 5.0%
    Kinder Morgan, Inc. KMI 5.0%
    Enbridge, Inc. ENB 4.9%
    Cheniere Energy, Inc. LNG 4.9%
    TC Energy Corp. TRP 4.7%
    ONEOK, Inc. OKE 4.4%
    EQT Corp. EQT 4.1%
    WEC Energy Group, Inc. WEC 4.0%
    Dominion Energy, Inc. D 3.9%
    National Grid, PLC NGG 3.4%
    PG&E Corp. PCG 3.0%
    Consolidated Edison, Inc. ED 2.9%
    CenterPoint Energy, Inc. CNP 2.9%
    NiSource, Inc. NI 2.6%
    Public Service Enterprise Group PEG 2.5%
    Duke Energy Corp. DUK 2.4%
    CMS Energy Corp. CMS 2.3%
    Essential Utilities, Inc. WTRG 1.7%
    Xcel Energy, Inc.. XEL 1.6%
    DT Midstream, Inc. DTM 1.6%
    ONE Gas, Inc. OGS 1.5%
    New Jersey Resources Corp. NJR 1.5%
    DTE Energy Co. DTE 1.2%
    Fortis, Inc. FTS 1.2%
    National Fuel Gas Co. NFG 1.1%
    Eversource Energy ES 1.0%
    Exelon Corp. EXC 1.0%
    MDU Resources Group, Inc. MDU 1.0%
    Spire, Inc. SR 1.0%
    Southwest Gas Holdings, Inc. SWX 0.9%
    Black Hills Corp. BKH 0.8%
    Ameren Corp. AEE 0.8%
    Avangrid, Inc. AGR 0.8%
    UGI Corp. UGI 0.8%
    PPL Corp. PPL 0.6%
    Northwest Natural Holding Co. NWN 0.6%
    Chesapeake Utilities Corp. CPK 0.6%
    Alliant Energy Corp. LNT 0.4%
    NorthWestern Corp. NWE 0.2%
    Avista Corp. AVA 0.2%
    Unitil Corp. UTL 0.2%
    Algonquin Power & Utilities Co. AQN 0.2%
    MGE Energy, Inc. MGEE 0.2%
    Tellurian, Inc. TELL 0.2%
    Entergy Corp. ETR 0.1%
    RGC Resources, Inc. RGCO 0.1%
    ALLETE, Inc. ALE <0.05%
    Total as % of Net Assets 100.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other <0.05%
    Total as % of Net Assets -0.7%

    Please swipe to view table

    Country Allocation

    as of 3/31/23

    • United States

      86.3%

    • International

      14.4%

    • Cash & Other

      -0.7%
    United States 86.3%
    Canada 11.0%
    United Kingdom 3.4%
    Cash & Other -0.7%

  • Distributions

    The Hennessy Gas Utility 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
    03/31/2023 $0.12506 -- -- $0.12506 $24.22
    12/28/2022 $0.09135 -- -- $0.09135 $24.56
    12/08/2022 -- $0.14394 $1.50647 $1.65041 $24.88
    09/30/2022 $0.12321 -- -- $0.12321 $24.67
    06/30/2022 $0.13618 -- -- $0.13618 $26.36
    03/31/2022 $0.15313 -- -- $0.15313 $28.33
    12/29/2021 $0.08862 -- -- $0.08862 $25.10
    12/07/2021 -- -- $2.15667 $2.15667 $24.47
    09/30/2021 $0.12989 -- -- $0.12989 $25.02
    06/30/2021 $0.15711 -- -- $0.15711 $25.58
    03/31/2021 $0.14062 -- -- $0.14062 $25.01
    12/29/2020 $0.14551 -- -- $0.14551 $23.05
    12/08/2020 -- -- $1.93799 $1.93799 $23.82
    09/30/2020 $0.17112 -- -- $0.17112 $23.67
    06/30/2020 $0.12125 -- -- $0.12125 $23.73
    03/31/2020 $0.17733 -- -- $0.17733 $22.97
    12/27/2019 $0.09282 -- -- $0.09282 $28.44
    12/06/2019 -- -- $1.44077 $1.44077 $27.51
    09/30/2019 $0.10524 -- -- $0.10524 $30.05
    06/28/2019 $0.19629 -- -- $0.19629 $29.40
    03/29/2019 $0.20022 -- -- $0.20022 $28.82
    12/27/2018 $0.12129 -- -- $0.12129 $25.31
    12/07/2018 -- -- $2.48261 $2.48261 $27.18
    09/28/2018 $0.16198 -- -- $0.16198 $29.15
    06/29/2018 $0.17839 -- -- $0.17839 $29.11
    03/29/2018 $0.18667 -- -- $0.18667 $27.32
    12/27/2017 $0.11601 -- -- $0.11601 $29.28
    12/07/2017 -- $0.06521 $0.09201 $0.15722 $30.41
    09/29/2017 $0.14858 -- -- $0.14858 $30.05
    06/30/2017 $0.28895 -- -- $0.28895 $29.59
    03/31/2017 $0.16176 -- -- $0.16176 $29.74
    12/28/2016 $0.12033 -- -- $0.12033 $28.21
    12/07/2016 -- -- $0.39616 $0.39616 $28.00
    09/30/2016 $0.13671 -- -- $0.13671 $29.14
    06/30/2016 $0.16337 -- -- $0.16337 $29.52
    03/31/2016 $0.18005 -- -- $0.18005 $27.10
    12/29/2015 $0.20684 -- -- $0.20684 $24.53
    12/09/2015 -- -- $0.62624 $0.62624 $24.44
    09/30/2015 $0.16112 -- -- $0.16112 $26.35
    06/30/2015 $0.19655 -- -- $0.19655 $28.30
    03/31/2015 $0.17961 -- -- $0.17961 $29.77
    12/31/2014 $0.16638 -- -- $0.16638 $30.51
    12/08/2014 -- $0.57900 $0.32673 $0.90573 $29.83
    09/30/2014 $0.18957 -- -- $0.18957 $30.27
    06/30/2014 $0.13713 -- -- $0.13713 $31.16
    03/31/2014 $0.15228 -- -- $0.15228 $28.28
    12/31/2013 $0.11504 -- -- $0.11504 $26.50
    12/10/2013 -- $0.21812 $0.38497 $0.60309 $25.69
    09/30/2013 $0.13490 -- -- $0.13490 $25.59
    06/28/2013 $0.17375 -- -- $0.17375 $24.52
    03/28/2013 $0.16183 -- -- $0.16183 $25.08
    12/31/2012 $0.13998 -- -- $0.13998 $22.13
    12/07/2012 -- $0.08608 $0.46686 $0.55294 $22.10
    09/28/2012 $0.13903 -- -- $0.13903 $22.98
    06/29/2012 $0.16775 -- -- $0.16775 $22.20
    03/30/2012 $0.16650 -- -- $0.16650 $21.64
    12/30/2011 $0.10218 -- -- $0.10218 $21.70
    12/15/2011 -- $0.08314 $0.08182 $0.16496 $20.86
    09/30/2011 $0.11272 -- -- $0.11272 $19.33
    06/30/2011 $0.16008 -- -- $0.16008 $20.31
    03/31/2011 $0.12123 -- -- $0.12123 $19.57
    12/31/2010 $0.11702 -- -- $0.11702 $17.91
    12/15/2010 -- $0.01493 $0.18954 $0.20447 $17.74
    09/30/2010 $0.10500 -- -- $0.10500 $17.20
    06/30/2010 $0.25531 -- -- $0.25531 $15.47
    03/31/2010 $0.17072 -- -- $0.17072 $16.78
    12/31/2009 $0.05021 -- -- $0.05021 $16.76
    12/16/2009 -- -- $0.01928 $0.01928 $16.72
    09/30/2009 $0.10563 -- -- $0.10563 $15.33
    06/30/2009 $0.16647 -- -- $0.16647 $13.98
    03/31/2009 $0.10069 -- -- $0.10069 $12.33
    12/31/2008 $0.11620 -- -- $0.11620 $13.95
    12/16/2008 -- -- $0.74400 $0.74400 $13.93
    09/30/2008 $0.10751 -- -- $0.10751 $17.69
    06/30/2008 $0.15776 -- -- $0.15776 $21.29
    03/31/2008 $0.09609 -- -- $0.09609 $19.21
    01/12/2008 -- $0.00962 -- $0.00962 $21.11
    12/31/2007 $0.11319 -- -- $0.11319 $21.05
    12/14/2007 -- $0.05731 $1.69240 $1.74971 $20.90
    09/28/2007 $0.11442 -- -- $0.11442 $21.80
    06/29/2007 $0.15541 -- -- $0.15541 $21.53
    03/30/2007 $0.09922 -- -- $0.09922 $21.21
    12/29/2006 $0.11479 -- -- $0.11479 $20.46
    09/29/2006 $0.10704 -- -- $0.10704 $18.73
    06/30/2006 $0.17466 -- -- $0.17466 $18.19
    03/31/2006 $0.10324 -- -- $0.10324 $17.35
    12/30/2005 $0.22499 -- -- $0.22499 $17.33
    09/30/2005 $0.08529 -- -- $0.08529 $18.44
    06/30/2005 $0.12912 -- -- $0.12912 $17.34
    03/31/2005 $0.09248 -- -- $0.09248 $16.14
    12/31/2004 $0.10337 -- -- $0.10337 $15.74
    09/30/2004 $0.10838 -- -- $0.10838 $14.23
    06/30/2004 $0.09766 -- -- $0.09766 $13.48
    03/31/2004 $0.09322 -- -- $0.09322 $13.55
    12/30/2003 $0.08805 -- -- $0.08805 $13.24
    09/30/2003 $0.09288 -- -- $0.09288 $12.32
    06/30/2003 $0.09100 -- -- $0.09100 $12.25
    03/31/2003 $0.09640 -- -- $0.09640 $10.41
    12/30/2002 $0.10669 -- -- $0.10669 $10.97
    09/30/2002 $0.10240 -- -- $0.10240 $10.42
    06/28/2002 $0.11980 -- -- $0.11980 $13.33
    03/31/2002 $0.11200 -- -- $0.11200 $15.53
    12/31/2001 $0.11012 -- -- $0.11012 $14.97
    12/12/2001 -- $0.02500 $2.00600 $2.03100 $14.26
    09/30/2001 $0.14080 -- -- $0.14080 $16.67
    06/29/2001 $0.12420 -- -- $0.12420 $18.54
    03/30/2001 $0.13870 -- -- $0.13870 $19.42
    01/02/2001 -- $0.00622 -- $0.00622 $20.04
    12/29/2000 $0.12800 -- -- $0.12800 $20.67
    12/13/2000 -- $0.41700 $2.09700 $2.51400 $19.61
    09/29/2000 $0.13000 -- -- $0.13000 $21.77
    06/30/2000 $0.12800 -- -- $0.12800 $17.73
    03/31/2000 $0.12980 -- -- $0.12980 $16.93
    12/31/1999 $0.12300 -- -- $0.12300 $15.37
    12/16/1999 -- $0.08400 $1.33300 $1.41700 $16.55
    09/30/1999 $0.13000 -- -- $0.13000 $17.76
    06/30/1999 $0.14000 -- -- $0.14000 $18.17
    03/31/1999 $0.12000 -- -- $0.12000 $16.28
    12/31/1998 $0.12700 -- -- $0.12700 $17.98
    12/11/1998 -- $0.01800 $0.66500 $0.68300 $18.10
    09/30/1998 $0.13000 -- -- $0.13000 $18.22
    06/30/1998 $0.13000 -- -- $0.13000 $18.55
    03/31/1998 $0.12000 -- -- $0.12000 $18.59
    12/31/1997 $0.12000 -- -- $0.12000 $18.25
    12/18/1997 -- -- $0.12100 $0.12100 $17.67
    09/30/1997 $0.12000 -- -- $0.12000 $16.38
    06/30/1997 $0.11000 -- -- $0.11000 $15.61
    03/31/1997 $0.11000 -- -- $0.11000 $14.84
    12/31/1996 $0.10900 -- -- $0.10900 $15.22
    09/30/1996 $0.11000 -- -- $0.11000 $14.14
    06/28/1996 $0.13000 -- -- $0.13000 $13.87
    03/29/1996 $0.10000 -- -- $0.10000 $13.25
    12/29/1995 $0.11500 -- -- $0.11500 $13.01
    09/29/1995 $0.13000 -- -- $0.13000 $12.12
    06/30/1995 $0.11000 -- -- $0.11000 $11.62
    03/31/1995 $0.11000 -- -- $0.11000 $11.13
    12/30/1994 $0.13000 -- -- $0.13000 $10.36
    09/30/1994 $0.10000 -- -- $0.10000 $10.87
    06/30/1994 $0.11000 -- -- $0.11000 $10.79
    03/31/1994 $0.10000 -- -- $0.10000 $11.08
    12/31/1993 $0.11000 -- $0.06400 $0.17400 $11.96
    09/30/1993 $0.10000 -- -- $0.10000 $13.04
    06/30/1993 $0.09600 -- -- $0.09600 $12.59
    03/31/1993 $0.09300 -- -- $0.09300 $12.17
    12/31/1992 $0.10600 -- $0.05900 $0.16500 $10.65
    09/30/1992 $0.10200 -- -- $0.10200 $10.73
    06/30/1992 $0.10000 -- $0.07600 $0.17600 $9.96
    03/31/1992 $0.11000 -- -- $0.11000 $9.45
    12/31/1991 $0.11700 -- -- $0.11700 $10.09
    09/30/1991 $0.11400 -- -- $0.11400 $10.17
    06/28/1991 $0.12300 -- -- $0.12300 $9.57
    03/28/1991 $0.11500 -- -- $0.11500 $10.20
    12/31/1990 $0.13700 -- $0.05100 $0.18800 $10.24
    09/28/1990 $0.12100 -- -- $0.12100 $10.40
    06/29/1990 $0.13300 $0.05100 -- $0.18400 $11.08
    03/30/1990 $0.15300 -- -- $0.15300 $11.20
    12/29/1989 $0.10459 $0.06100 -- $0.16559 $12.14
    09/29/1989 $0.10845 -- -- $0.10845 $11.28
    06/30/1989 $0.03317 -- -- $0.03317 $10.55

    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
    03/31/2023 $0.14143 -- -- $0.14143 $24.15
    12/28/2022 $0.10447 -- -- $0.10447 $24.49
    12/08/2022 -- $0.14357 $1.50271 $1.64628 $24.82
    09/30/2022 $0.14627 -- -- $0.14627 $24.59
    06/30/2022 $0.15889 -- -- $0.15889 --

    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
    Gas Utility Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Gas Utility 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. Current and future holdings are subject to risk. Small and medium-sized companies may have more limited liquidity and greater price volatility than larger companies. Investments in foreign securities may involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Focus, Total Return, Balanced, Large Cap Financial, Small Cap Financial, and 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 market 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.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

ESG investing risk is the risk stemming from the Environmental, Social, and Governance factors that the Fund applies in selecting securities. The Fund intends to invest in companies with measurable high ESG ratings relative to their sector peers, and screen out particular companies that do not meet its ESG criteria. This may affect the Fund’s exposure to certain companies or industries and cause the Fund to forego certain investment opportunities. The Fund’s returns may be lower than other funds that do not seek to invest in companies based on ESG ratings. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. There is no guarantee that the Portfolio Managers’ use of these models will result in effective investment decisions for the Fund. From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Consumer Discretionary and Health Care sectors and its performance is therefore tied closely to, and affected by, developments in these industries.

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 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 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 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 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, Energy Transition, 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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