• 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 - Utilities

    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 Manager

    “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 10/18/18 (Investor)
    • Nav

      $29.43

    • $ Change

      $0.02

    • % Change

      0.07%

    • YTD

      1.79%

    Average Annualized Total Return

    as of 9/30/18 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (5/10/89)
    Gas Utility Fund (GASFX) -0.91% 0.83% -0.28% 7.52% 7.14% 10.07% 9.50%
    AGA Stock Index -0.79% 1.88% 1.08% 8.96% 8.35% 11.02% 10.66%
    S&P 500 Index 0.57% 10.56% 17.91% 17.31% 13.95% 11.97% 10.32%

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    as of 9/30/18 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (5/10/89)
    Gas Utility Fund (GASFX) 0.69% 0.83% -0.28% 7.52% 7.14% 10.07% 9.50%
    AGA Stock Index 1.10% 1.88% 1.08% 8.96% 8.35% 11.02% 10.66%
    S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 10.32%

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    Hypothetical Growth of $10,000

    as of 9/30/2018 (Investor)

    Value of $10,000 invested between 9/30/2017 and 9/30/2018

    Gas Utility Fund (GASFX) $9,972
    AGA Stock Index $10,108
    S&P 500 Index $11,791

    Value of $10,000 invested between 9/30/2015 and 9/30/2018

    Gas Utility Fund (GASFX) $12,429
    AGA Stock Index $12,935
    S&P 500 Index $16,143

    Value of $10,000 invested between 9/30/2013 and 9/30/2018

    Gas Utility Fund (GASFX) $14,115
    AGA Stock Index $14,936
    S&P 500 Index $19,210

    Value of $10,000 invested between 9/30/2008 and 9/30/2018

    Gas Utility Fund (GASFX) $26,094
    AGA Stock Index $28,442
    S&P 500 Index $30,962

    Value of $10,000 invested between 5/10/1989 and 9/30/2018

    Gas Utility Fund (GASFX) $144,186
    AGA Stock Index $196,365
    S&P 500 Index $179,321

    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

    Year Gas Utility Fund (GASFX) AGA Stock Index S&P 500 Index
    2017 7.03% 8.38% 21.83%
    2016 20.70% 22.27% 11.96%
    2015 -16.01% -14.88% 1.38%
    2014 21.20% 21.72% 13.69%
    2013 25.42% 26.77% 32.39%
    2012 7.45% 7.05% 16.00%
    2011 25.15% 24.98% 2.11%
    2010 12.40% 13.81% 15.06%
    2009 23.92% 25.81% 26.46%
    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 9/30/18 (Investor)
    30-Day SEC Yield 2.45%
    Distribution Rate 2.20%
    Distribution Frequency Quarterly

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    Returns-Based Statistics
    Relative to S&P 500 Index

    as of 9/30/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha 1.04 0.70 2.30
    Beta 0.38 0.48 0.65
    Upside Capture 43.51 56.64 69.83
    Downside Capture 38.82 64.50 58.51

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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 9/30/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Gas Utility Fund (GASFX) 0.65 0.65 0.78
    S&P 500 Index 1.69 1.36 0.84
    Utilities Category Average 0.92 0.75 0.68

    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 9/30/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Gas Utility Fund (GASFX) 10.55 10.62 12.95
    S&P 500 Index 9.18 9.55 14.40
    Utilities Category Average 10.09 10.21 11.97

    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 9/30/18. 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.

    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. 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. 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 9/30/18
    Total Fund Assets $959.7 Million
    Portfolio Turnover 12%
    Median Market Cap $12.6 Billion
    Median Price/Earnings 19.9x
    Median Price/Book 2.0x

    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 reflects the trailing 12-month period.

    Sector Weighting

    as of 9/30/18
    Sector % of Net Assets
    Utilities 76.6%
    Energy 22.5%
    Financials 0.6%
    Cash & Other 0.3%
    Sub-Industry Weighting % of Net Assets
    Multi-Utilities 40.0%
    Oil & Gas Storage & Transportation 21.0%
    Gas Utilities 19.0%
    Electric Utilities 17.6%
    Oil & Gas Exploration & Production 1.6%
    Multi-Sector Holdings 0.6%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/18
    Top 10 Holdings Ticker % of Net Assets
    Cheniere Energy, Inc. LNG 5.2%
    Atmos Energy Corp. ATO 5.1%
    Dominion Energy, Inc. D 5.1%
    Sempra Energy SRE 5.0%
    Southern Co. SO 5.0%
    Kinder Morgan, Inc. KMI 5.0%
    TransCanada Corp. TRP 4.9%
    Enbridge, Inc. ENB 4.7%
    National Grid, PLC NGG 4.6%
    WEC Energy Group, Inc. WEC 3.9%
    Total as % of Net Assets 48.4%

    Total Holdings: 51

    as of 9/30/18
    Equity Holdings Ticker % of Net Assets
    Cheniere Energy, Inc. LNG 5.2%
    Atmos Energy Corp. ATO 5.1%
    Dominion Energy, Inc. D 5.1%
    Sempra Energy SRE 5.0%
    Southern Co. SO 5.0%
    Kinder Morgan, Inc. KMI 5.0%
    TransCanada Corp. TRP 4.9%
    Enbridge, Inc. ENB 4.7%
    National Grid, PLC NGG 4.6%
    WEC Energy Group, Inc. WEC 3.9%
    PG&E Corp. PCG 3.4%
    NiSource, Inc. NI 3.1%
    Duke Energy Corp. DUK 2.7%
    Public Service Enterprise Group PEG 2.6%
    Consolidated Edison, Inc. ED 2.5%
    DTE Energy Co. DTE 2.5%
    ONE Gas, Inc. OGS 2.4%
    CMS Energy Corp. CMS 2.4%
    Southwest Gas Holdings, Inc. SWX 1.9%
    Vectren Corp. VVC 1.8%
    Spire, Inc. SR 1.8%
    CenterPoint Energy, Inc. CNP 1.8%
    National Fuel Gas Co. NFG 1.7%
    Xcel Energy, Inc.. XEL 1.6%
    New Jersey Resources Corp. NJR 1.5%
    UGI Corp. UGI 1.4%
    South Jersey Industries, Inc. SJI 1.4%
    Fortis, Inc. FTS 1.3%
    Exelon Corp. EXC 1.3%
    MDU Resources Group, Inc. MDU 1.3%
    Plains GP Holdings LP (Class A) PAGP 1.2%
    Northwest Natural Holding Co. NWN 1.1%
    Eversource Energy ES 1.1%
    PPL Corp. PPL 1.0%
    Tellurian, Inc. TELL 0.9%
    Black Hills Corp. BKH 0.9%
    Ameren Corp. AEE 0.8%
    EQT Corp. EQT 0.6%
    Chesapeake Utilities Corp. CPK 0.6%
    Berkshire Hathaway, Inc. (Class A) BRK/A 0.6%
    SCANA Corp. SCG 0.5%
    Avista Corp. AVA 0.4%
    Algonquin Power & Utilities Co. AQN 0.3%
    NorthWestern Corp. NWE 0.3%
    Unitil Corp. UTL 0.3%
    MGE Energy, Inc. MGEE 0.2%
    RGC Resources, Inc. RGCO 0.1%
    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 99.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other 0.3%
    Total as % of Net Assets 0.3%

    Country Allocation

    as of 9/30/18
    • United States

      83.9%

    • Foreign

      15.8%

    • Cash & Other

      0.3%

    United States 83.9%
    Canada 11.2%
    United Kingdom 4.6%
    Cash & Other 0.3%
  • 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
    09/28/2018 $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