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

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  • Performance

    Daily Pricing & Performance

    as of 10/15/21
    • Investor Class (GASFX)

      • NAV

        $26.21

      • $ Change

        $0.02

      • % Change

        0.08%

      • YTD

        14.06%

    • Institutional Class (HGASX)

      • NAV

        $26.13

      • $ Change

        $0.02

      • % Change

        0.08%

      • YTD

        14.34%

    Average Annualized Total Return

    as of 9/30/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (5/10/89)
    Investor Class (GASFX) -3.86% 8.89% 16.99% 4.51% 4.05% 8.77% 9.03%
    Institutional Class (HGASX) -3.87% 9.13% 17.34% 4.83% 4.36% 8.94% 9.08%
    AGA Stock Index -3.84% 9.55% 18.20% 5.63% 5.26% 9.81% 10.18%
    S&P 500® Index -4.65% 15.92% 30.00% 15.99% 16.90% 16.63% 10.83%

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    as of 9/30/21
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (5/10/89)
    Investor Class (GASFX) -1.68% 8.89% 16.99% 4.51% 4.05% 8.77% 9.03%
    Institutional Class (HGASX) -1.60% 9.13% 17.34% 4.83% 4.36% 8.94% 9.08%
    AGA Stock Index -1.71% 9.55% 18.20% 5.63% 5.26% 9.81% 10.18%
    S&P 500® Index 0.58% 15.92% 30.00% 15.99% 16.90% 16.63% 10.83%

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    Hypothetical Growth of $10,000

    as of 9/30/2021

    Value of $10,000 invested between 9/30/2020 and 9/30/2021
    Gas Utility Fund (GASFX) $11,699
    Gas Utility Fund (HGASX) $11,734
    AGA Stock Index $11,820
    S&P 500® Index $13,000

    Value of $10,000 invested between 9/30/2018 and 9/30/2021
    Gas Utility Fund (GASFX) $11,413
    Gas Utility Fund (HGASX) $11,519
    AGA Stock Index $11,787
    S&P 500® Index $15,607

    Value of $10,000 invested between 9/30/2016 and 9/30/2021
    Gas Utility Fund (GASFX) $12,196
    Gas Utility Fund (HGASX) $12,381
    AGA Stock Index $12,919
    S&P 500® Index $21,826

    Value of $10,000 invested between 9/30/2011 and 9/30/2021
    Gas Utility Fund (GASFX) $23,186
    Gas Utility Fund (HGASX) $23,537
    AGA Stock Index $25,500
    S&P 500® Index $46,586

    Value of $10,000 invested between 5/10/1989 and 9/30/2021
    Gas Utility Fund (GASFX) $164,565
    Gas Utility Fund (HGASX) $167,058
    AGA Stock Index $231,463
    S&P 500® Index $279,861

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

    Calendar Year Total Returns

      2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
    Investor Class (GASFX)    		 25.15 7.45 25.42 21.20 -16.01 20.70 7.03 -3.51 20.78 -9.32
    Institutional Class (HGASX)    		 25.15 7.45 25.42 21.20 -16.01 20.70 7.34 -3.15 21.18 -9.04
    AGA Stock Index    		 24.98 7.05 26.77 21.72 -14.88 22.27 8.38 -2.59 22.66 -8.25
    S&P 500® Index    		 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40
    Year
    Investor Class (GASFX)
    Institutional Class (HGASX)
    AGA Stock Index
    S&P 500® Index
    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 9/30/21
    Investor Class (GASFX) Institutional Class (HGASX)
    Distribution Rate 2.06% 2.40%
    30-Day SEC Yield 2.66% 2.99%
    Distribution Frequency Quarterly Quarterly

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

    as of 9/30/21
    Investor Class (GASFX)
    Type 3 yr 5 yr 10 yr
    Alpha -5.12 -5.51 -0.85
    Beta 0.62 0.59 0.60
    Upside Capture 45.49 40.87 55.15
    Downside Capture 58.97 60.24 57.17
    Institutional Class (HGASX)
    Type 3 yr 5 yr 10 yr
    Alpha -4.83 -5.22 -0.71
    Beta 0.62 0.59 0.60
    Upside Capture 46.16 41.67 55.60
    Downside Capture 58.60 59.81 56.91

    Alpha measures the fund’s excess return relative to the return of the benchmark. Beta measures the volatility of the fund compared to that of the benchmark. The beta of the benchmark is 1.00. Capture ratios measure the fund’s overall performance in up markets (positive return periods) and down markets (negative return periods).

    Sharpe Ratio

    as of 9/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (GASFX) 0.29 0.28 0.68
    Institutional Class (HGASX) 0.31 0.30 0.69
    S&P 500® Index 0.83 1.03 1.19
    Utilities Category Average 0.54 0.59 0.77

    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 9/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (GASFX) 15.71 13.13 12.65
    Institutional Class (HGASX) 15.72 13.14 12.65
    S&P 500® Index 18.81 15.20 13.26
    Utilities Category Average 14.74 12.73 11.71

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

    Fund Expenses

    • Investor Class (GASFX)

      • Gross expense ratio

        1.02%

    • Institutional Class (HGASX)

      • Gross expense ratio

        0.70%

    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 9/30/21. 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 / 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.

    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.

  • Portfolio

    Portfolio Characteristics

    as of 9/30/21
    Inception Date (GASFX) 5/10/89
    Inception Date (HGASX) 3/1/17
    Total Fund Assets $509 Million
    Portfolio Turnover 17%
    Median Market Cap $13.1 Billion
    Median Price/Earnings 17.8x
    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 9/30/21
    Fund
    Utilities 78.0%
    Energy 16.5%
    Financials 5.0%
    Cash & Other 0.6%
    Sub-Industry Weighting % of Net Assets
    Multi-Utilities 40.4%
    Electric Utilities 19.5%
    Gas Utilities 15.9%
    Oil & Gas Storage & Transportation 15.8%
    Multi-Sector Holdings 5.0%
    Water Utilities 2.2%
    Oil & Gas Exploration & Production 0.7%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/21
    Top 10 Holdings Ticker % of Net Assets
    Cheniere Energy, Inc. LNG 5.1%
    Kinder Morgan, Inc. KMI 5.0%
    Atmos Energy Corp. ATO 5.0%
    Enbridge, Inc. ENB 5.0%
    Berkshire Hathaway, Inc. (Class A) BRK/A 5.0%
    Southern Co. SO 5.0%
    Sempra Energy SRE 5.0%
    WEC Energy Group, Inc. WEC 5.0%
    Dominion Energy, Inc. D 4.9%
    National Grid, PLC NGG 4.9%
    Total as % of Net Assets 49.9%

    Please swipe to view table

    Total Holdings: 48

    as of 9/30/21
    Print All Holdings
    Equity Holdings Ticker % of Net Assets
    Cheniere Energy, Inc. LNG 5.1%
    Kinder Morgan, Inc. KMI 5.0%
    Atmos Energy Corp. ATO 5.0%
    Enbridge, Inc. ENB 5.0%
    Berkshire Hathaway, Inc. (Class A) BRK/A 5.0%
    Southern Co. SO 5.0%
    Sempra Energy SRE 5.0%
    WEC Energy Group, Inc. WEC 5.0%
    Dominion Energy, Inc. D 4.9%
    National Grid, PLC NGG 4.9%
    Duke Energy Corp. DUK 3.2%
    CenterPoint Energy, Inc. CNP 3.2%
    PG&E Corp. PCG 3.0%
    NiSource, Inc. NI 2.9%
    Public Service Enterprise Group PEG 2.8%
    Consolidated Edison, Inc. ED 2.8%
    CMS Energy Corp. CMS 2.7%
    Essential Utilities, Inc. WTRG 2.2%
    Xcel Energy, Inc.. XEL 2.0%
    DTE Energy Co. DTE 1.7%
    ONE Gas, Inc. OGS 1.7%
    Fortis, Inc. FTS 1.7%
    Southwest Gas Holdings, Inc. SWX 1.6%
    Exelon Corp. EXC 1.4%
    National Fuel Gas Co. NFG 1.4%
    Eversource Energy ES 1.4%
    Avangrid, Inc. AGR 1.3%
    New Jersey Resources Corp. NJR 1.3%
    UGI Corp. UGI 1.2%
    MDU Resources Group, Inc. MDU 1.1%
    Spire, Inc. SR 1.1%
    South Jersey Industries, Inc. SJI 1.1%
    Black Hills Corp. BKH 1.1%
    Ameren Corp. AEE 1.0%
    Chesapeake Utilities Corp. CPK 0.7%
    Tellurian, Inc. TELL 0.7%
    Northwest Natural Holding Co. NWN 0.7%
    Plains GP Holdings LP (Class A) PAGP 0.6%
    Algonquin Power & Utilities Co. AQN 0.5%
    NorthWestern Corp. NWE 0.4%
    PPL Corp. PPL 0.3%
    Avista Corp. AVA 0.3%
    MGE Energy, Inc. MGEE 0.2%
    Unitil Corp. UTL 0.2%
    RGC Resources, Inc. RGCO 0.1%
    Entergy Corp. ETR 0.1%
    Corning Natural Gas Corp. CNIG 0.0%
    ALLETE, Inc. ALE 0.0%
    Total as % of Net Assets 99.5%
    Cash & Other Holdings % of Net Assets
    Cash & Other 0.6%
    Total as % of Net Assets 0.6%

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    Country Allocation

    as of 9/30/21

    • United States

      87.4%

    • International

      12.1%

    • Cash & Other

      0.6%
    United States 87.4%
    Canada 7.2%
    United Kingdom 4.9%
    Cash & Other 0.6%

  • 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
    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
    09/30/2021 $0.15106 -- -- $0.15106 $24.94
    06/30/2021 $0.17620 -- -- $0.17620 $25.50
    03/31/2021 $0.16031 -- -- $0.16031 $24.94
    12/29/2020 $0.16458 -- -- $0.16458 $22.98
    12/08/2020 -- -- $1.93335 $1.93335 $23.76
    09/30/2020 $0.19191 -- -- $0.19191 $23.60
    06/30/2020 $0.13957 -- -- $0.13957 $23.67
    03/31/2020 $0.20051 -- -- $0.20051 $22.90
    12/27/2019 $0.11148 -- -- $0.11148 $28.37
    12/06/2019 -- -- $1.43757 $1.43757 $27.45
    09/30/2019 $0.12875 -- -- $0.12875 $29.97
    06/28/2019 $0.21508 -- -- $0.21508 $29.32
    03/29/2019 $0.22574 -- -- $0.22574 --

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

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

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

Glossary of Terms contains definitions and additional information.

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

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

News and Media Page:

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

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

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

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

To view the Morningstar ratings, please click here.

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

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