• Overview

    GASFX
    Investor

    Hennessy Gas Utility Fund

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

    Fund Facts

    Category

    Sector & Specialty - Energy

    Inception Date

    5/10/89

    Morningstar style box

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

    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

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 3/21/19 (Investor)
    • Nav

      $29.03

    • $ Change

      $0.23

    • % Change

      0.80%

    • YTD

      14.11%

    Average Annualized Total Return

    as of 2/28/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (5/10/89)
    Gas Utility Fund (GASFX) 2.89% 10.46% 16.64% 9.61% 6.06% 14.31% 9.57%
    AGA Stock Index 2.98% 10.79% 17.96% 10.93% 7.30% 15.33% 10.72%
    S&P 500® Index 3.21% 11.48% 4.68% 15.28% 10.67% 16.67% 10.03%

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    as of 12/31/18 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (5/10/89)
    Gas Utility Fund (GASFX) -4.30% -3.51% -3.51% 7.62% 4.88% 11.54% 9.26%
    AGA Stock Index -4.39% -2.59% -2.59% 8.88% 5.99% 12.50% 10.40%
    S&P 500® Index -13.52% -4.38% -4.38% 9.26% 8.49% 13.12% 9.69%

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    Hypothetical Growth of $10,000

    as of 2/28/2019 (Investor)

    Value of $10,000 invested between 2/28/2018 and 2/28/2019

    Gas Utility Fund (GASFX) $11,664
    AGA Stock Index $11,796
    S&P 500® Index $10,468

    Value of $10,000 invested between 2/29/2016 and 2/28/2019

    Gas Utility Fund (GASFX) $13,168
    AGA Stock Index $13,649
    S&P 500® Index $15,320

    Value of $10,000 invested between 2/28/2014 and 2/28/2019

    Gas Utility Fund (GASFX) $13,419
    AGA Stock Index $14,226
    S&P 500® Index $16,600

    Value of $10,000 invested between 2/28/2009 and 2/28/2019

    Gas Utility Fund (GASFX) $38,091
    AGA Stock Index $41,633
    S&P 500® Index $46,739

    Value of $10,000 invested between 5/10/1989 and 2/28/2019

    Gas Utility Fund (GASFX) $152,415
    AGA Stock Index $208,009
    S&P 500® Index $172,882

    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

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

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    Yield

    as of 2/28/19 (Investor)
    Distribution Rate 1.71%
    30-Day SEC Yield 2.46%
    Distribution Frequency Quarterly

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

    as of 12/31/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha 3.69 0.80 3.39
    Beta 0.37 0.48 0.61
    Upside Capture 54.20 58.15 70.62
    Downside Capture 29.56 58.79 54.39

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    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 12/31/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Gas Utility Fund (GASFX) 0.66 0.43 0.92
    S&P 500® Index 0.76 0.74 0.95
    Utilities Category Average 0.82 0.62 0.84

    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 12/31/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Gas Utility Fund (GASFX) 10.13 10.87 12.23
    S&P 500® Index 10.95 10.94 13.60
    Utilities Category Average 10.34 10.38 11.23

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

    Fund Expenses

    • Gross expense ratio

      1.01%

    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 12/31/18. 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 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 12/31/18
    Total Fund Assets $846.3 Million
    Portfolio Turnover 14%
    Median Market Cap $10.8 Billion
    Median Price/Earnings 19.3x
    Median Price/Book 1.9x

    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 12/31/18
    Fund
    Utilities 74.6%
    Energy 24.0%
    Financials 0.5%
    Cash & Other 0.8%
    Sub-Industry Weighting % of Net Assets
    Multi-Utilities 40.0%
    Oil & Gas Storage & Transportation 23.3%
    Gas Utilities 18.3%
    Electric Utilities 16.4%
    Oil & Gas Exploration & Production 0.7%
    Multi-Sector Holdings 0.5%

    Portfolio Holdings

    Top 10 Holdings

    as of 12/31/18
    Top 10 Holdings Ticker % of Net Assets
    Atmos Energy Corp. ATO 5.0%
    Enbridge, Inc. ENB 5.0%
    Southern Co. SO 5.0%
    Cheniere Energy, Inc. LNG 5.0%
    Sempra Energy SRE 4.9%
    Kinder Morgan, Inc. KMI 4.9%
    Dominion Energy, Inc. D 4.8%
    TransCanada Corp. TRP 4.8%
    National Grid, PLC NGG 4.2%
    WEC Energy Group, Inc. WEC 4.0%
    Total as % of Net Assets 47.6%

    Total Holdings: 51

    as of 12/31/18
    Equity Holdings Ticker % of Net Assets
    Atmos Energy Corp. ATO 5.0%
    Enbridge, Inc. ENB 5.0%
    Southern Co. SO 5.0%
    Cheniere Energy, Inc. LNG 5.0%
    Sempra Energy SRE 4.9%
    Kinder Morgan, Inc. KMI 4.9%
    Dominion Energy, Inc. D 4.8%
    TransCanada Corp. TRP 4.8%
    National Grid, PLC NGG 4.2%
    WEC Energy Group, Inc. WEC 4.0%
    NiSource, Inc. NI 3.2%
    Duke Energy Corp. DUK 2.8%
    Consolidated Edison, Inc. ED 2.6%
    Equitrans Midstream Corp. ETRN 2.6%
    DTE Energy Co. DTE 2.5%
    Public Service Enterprise Group PEG 2.5%
    CMS Energy Corp. CMS 2.4%
    ONE Gas, Inc. OGS 2.3%
    CenterPoint Energy, Inc. CNP 2.1%
    Southwest Gas Holdings, Inc. SWX 2.0%
    Vectren Corp. VVC 1.9%
    Spire, Inc. SR 1.8%
    PG&E Corp. PCG 1.8%
    Xcel Energy, Inc.. XEL 1.7%
    National Fuel Gas Co. NFG 1.6%
    New Jersey Resources Corp. NJR 1.5%
    UGI Corp. UGI 1.3%
    Fortis, Inc. FTS 1.3%
    Exelon Corp. EXC 1.3%
    Eversource Energy ES 1.1%
    MDU Resources Group, Inc. MDU 1.1%
    South Jersey Industries, Inc. SJI 1.0%
    Black Hills Corp. BKH 1.0%
    Northwest Natural Holding Co. NWN 1.0%
    Plains GP Holdings LP (Class A) PAGP 1.0%
    PPL Corp. PPL 1.0%
    Ameren Corp. AEE 0.8%
    Tellurian, Inc. TELL 0.7%
    SCANA Corp. SCG 0.7%
    Chesapeake Utilities Corp. CPK 0.6%
    Berkshire Hathaway, Inc. (Class A) BRK/A 0.5%
    Algonquin Power & Utilities Co. AQN 0.3%
    NorthWestern Corp. NWE 0.3%
    Avista Corp. AVA 0.3%
    Unitil Corp. UTL 0.3%
    MGE Energy, Inc. MGEE 0.2%
    RGC Resources, Inc. RGCO 0.2%
    Avangrid, Inc. AGR 0.1%
    Entergy Corp. ETR 0.1%
    Corning Natural Gas Corp. CNIG 0.0%
    ALLETE, Inc. ALE 0.0%
    Total as % of Net Assets 99.2%
    Cash & Other Holdings % of Net Assets
    Cash & Other 0.8%
    Total as % of Net Assets 0.8%

    Country Allocation

    as of 12/31/18
    • United States

      83.5%

    • Foreign

      15.7%

    • Cash & Other

      0.8%

    United States 83.5%
    Canada 11.5%
    United Kingdom 4.2%
    Cash & Other 0.8%
  • 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
    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

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    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    Fund Documents
    Gas Utility Fund Fact Sheet
    Gas Utility Fund Portfolio Manager Commentary View
    Gas Utility Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Shareholder Reports
    Gas Utility Fund Semi-Annual Report
    Gas Utility Fund Annual Report