• Overview

    Category
    Sector & Specialty - Financial

    Hennessy Large Cap Financial Fund

    Actively managed, the Fund maintains a concentrated portfolio of large-cap Financial Services sector stocks.

    Investor

    HLFNX

    Institutional

    HILFX

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Why Invest

    • An opportunity to invest in a select group of larger banks and financial services companies
    • Managed by Dave Ellison, the most tenured fund manager in the Financial Services sector
    • Concentrated, actively managed portfolio of 25-50 stocks

    Investment Approach

    From a universe of banks and Financial Services companies with market capitalizations over $3 billion, the Hennessy Large Cap Financial Fund seeks stocks that offer value and/or a catalyst for positive change. The Managers seeks businesses with the following characteristics:

    - High-quality management team with a long-term view and experience through market cycles

    - Uncomplicated business model with a low-cost operating structure

    - Conservative lending culture with high-quality deposits

    - Well-capitalized, well-structured balance sheets

    - Sustainable earnings and book value growth opportunities

    - Attractive valuation relative to peers 

    Portfolio Managers

    • David Ellison
      Portfolio Manager
      • 25
        Years on Fund
      • 39
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 17
        Years on Fund
      • 26
        Years of Experience

    “With stronger economic growth and higher interest rates, the opportunity in Financials appears promising.”

    - Dave Ellison

    Share
  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 5/13/22
    • Investor Class (HLFNX)
      • NAV

        $24.53

      • $ Change

        $0.35

      • % Change

        1.45%

      • YTD

        -23.37%

    • Institutional Class (HILFX)
      • NAV

        $24.79

      • $ Change

        $0.35

      • % Change

        1.43%

      • YTD

        -23.27%

    Average Annualized Total Return

    as of 4/30/22
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HLFNX) -10.64% -20.74% -18.71% 5.49% 8.41% 10.07% 7.92%
    Institutional Class (HILFX) -10.63% -20.64% -18.41% 5.86% 8.78% 10.35% 8.03%
    Russell 1000® Index Financials -10.22% -11.83% -3.31% 12.49% 13.03% 14.04% 7.91%
    Russell 1000® Index -8.91% -13.59% -2.10% 13.57% 13.44% 13.53% 9.10%

    Please swipe to view table

    as of 3/31/22
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HLFNX) -11.31% -11.31% -2.20% 12.66% 10.76% 11.06% 8.43%
    Institutional Class (HILFX) -11.20% -11.20% -1.84% 13.06% 11.15% 11.34% 8.54%
    Russell 1000® Index Financials -1.79% -1.79% 14.55% 19.10% 15.48% 15.11% 8.40%
    Russell 1000® Index -5.13% -5.13% 13.27% 18.71% 15.82% 14.53% 9.54%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 4/30/2022

    Value of $10,000 invested between 4/30/2021 and 4/30/2022

    Large Cap Financial Fund (HLFNX) $8,129
    Large Cap Financial Fund (HILFX) $8,159
    Russell 1000® Index Financials $9,669
    Russell 1000® Index $9,790

    Value of $10,000 invested between 4/30/2019 and 4/30/2022

    Large Cap Financial Fund (HLFNX) $11,738
    Large Cap Financial Fund (HILFX) $11,863
    Russell 1000® Index Financials $14,234
    Russell 1000® Index $14,647

    Value of $10,000 invested between 4/30/2017 and 4/30/2022

    Large Cap Financial Fund (HLFNX) $14,974
    Large Cap Financial Fund (HILFX) $15,234
    Russell 1000® Index Financials $18,445
    Russell 1000® Index $18,785

    Value of $10,000 invested between 4/30/2012 and 4/30/2022

    Large Cap Financial Fund (HLFNX) $26,097
    Large Cap Financial Fund (HILFX) $26,775
    Russell 1000® Index Financials $37,200
    Russell 1000® Index $35,585

    Value of $10,000 invested between 1/3/1997 and 4/30/2022

    Large Cap Financial Fund (HLFNX) $68,911
    Large Cap Financial Fund (HILFX) $70,704
    Russell 1000® Index Financials $68,751
    Russell 1000® Index $90,720

    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

      2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
    Investor Class (HLFNX)
    27.77 42.03 7.85 -6.11 14.96 19.38 -11.73 29.75 16.55 18.80
    Institutional Class (HILFX)
    27.77 42.03 7.85 -5.88 15.53 19.73 -11.40 30.21 16.92 19.24
    Russell 1000® Index Financials
    27.21 34.80 14.66 0.70 16.54 21.57 -8.11 33.76 7.23 35.04
    Russell 1000® Index
    16.42 33.11 13.24 0.92 12.05 21.69 -4.78 31.43 20.96 26.46
    Year
    Investor Class (HLFNX)
    Institutional Class (HILFX)
    Russell 1000® Index Financials
    Russell 1000® Index
    2011 -18.38% -18.38% -12.95% 1.50%
    2010 7.42% 7.42% 11.73% 16.10%
    2009 33.23% 33.23% 20.14% 28.43%
    2008 -29.11% -29.11% -51.13% -37.60%
    2007 -11.95% -11.95% -16.23% 5.77%
    2006 14.15% 14.15% 19.36% 15.46%
    2005 -0.45% -0.45% 6.97% 6.27%
    2004 11.73% 11.73% 12.73% 11.40%
    2003 32.52% 32.52% 31.13% 29.89%
    2002 -4.06% -4.06% -13.64% -21.65%
    2001 -1.72% -1.72% -5.94% -12.45%
    2000 47.19% 47.19% 25.42% -7.79%
    1999 -16.55% -16.55% 2.88% 20.91%
    1998 3.56% 3.56% 10.09% 27.02%

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    Returns-Based Statistics
    Relative to Russell 1000® Index Financials

    as of 3/31/22
    Investor Class (HLFNX)
    Type 3 yr 5 yr 10 yr
    Alpha -5.79 -4.54 -4.40
    Beta 1.03 1.05 1.08
    Upside Capture 87.70 93.83 98.75
    Downside Capture 105.42 113.43 122.19
    Institutional Class (HILFX)
    Type 3 yr 5 yr 10 yr
    Alpha -5.45 -4.19 -4.15
    Beta 1.03 1.05 1.08
    Upside Capture 88.35 94.55 99.28
    Downside Capture 104.85 112.65 121.44

    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 3/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HLFNX) 0.59 0.54 0.64
    Institutional Class (HILFX) 0.60 0.56 0.65
    Russell 1000® Index Financials 0.88 0.81 0.93
    Financial Category Average 0.63 0.50 0.67

    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 3/31/22
    Type 3 yr 5 yr 10 yr
    Investor Class (HLFNX) 24.05 20.85 18.18
    Institutional Class (HILFX) 24.05 20.86 18.18
    Russell 1000® Index Financials 21.84 18.79 15.86
    Financial Category Average 24.22 20.86 17.23

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

    Fund Expenses

    • Investor Class (HLFNX)
      • Gross expense ratio

        1.68%

    • Institutional Class (HILFX)
      • Gross expense ratio

        1.32%

    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 3/31/22. 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 / HILFX prior to 6/15/15 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of Institutional Class shares.

    The performance shown for periods prior to 10/26/12 is that of the predecessor FBR Fund.

    The Russell 1000® Index Financials is an unmanaged index commonly used to measure the performance of U.S. large-capitalization financial sector stocks. The Russell 1000® Index is an unmanaged index commonly used to measure the performance of U.S. large-capitalization stocks. One cannot invest directly in an index.

    Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data, and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

    Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

  • Portfolio

    Portfolio Characteristics

    as of 3/31/22
    Inception Date (HLFNX) 1/3/97
    Inception Date (HILFX) 6/15/15
    Total Fund Assets $61 Million
    Active Share vs. Russell 1000® Index Financials 62%
    Portfolio Turnover 57%
    Median Market Cap $78.7 Billion
    Median Price/Earnings 11.3x
    Median Price/Book 1.5x

    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 3/31/22
    Fund
    Financials 83.9%
    Information Technology 14.2%
    Cash & Other 2.0%
    Sub-Industry Weighting % of Net Assets
    Regional Banks 26.4%
    Diversified Banks 20.2%
    Data Processing & Outsourced Services 9.9%
    Asset Management & Custody Banks 9.1%
    Investment Banking & Brokerage 8.7%
    Consumer Finance 7.6%
    Financial Exchanges & Data 5.9%
    Multi-Sector Holdings 5.9%
    Technology Hardware, Storage & Peripherals 4.3%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/22
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 4Q21 Vs. 1Q21 10-Year Holdings History (%) Time Held
    Berkshire Hathaway, Inc. (Class B) BRK/B 5.94% +5.94% +5.94%
    < 1 Year
    Bank of America Corp. BAC 5.55% +0.51% -0.50%
    25 Years
    State Street Corp. STT 5.35% +1.37% +5.35%
    < 1 Year
    Wells Fargo & Co. WFC 5.34% +0.70% -0.43%
    14 Years
    J.P. Morgan Chase & Co. JPM 5.27% +0.44% +0.24%
    14 Years
    KeyCorp KEY 4.97% +1.78% +4.97%
    < 1 Year
    Citizens Financial Group, Inc. CFG 4.80% +4.80% +4.80%
    < 1 Year
    Capital One Financial Corp. COF 4.64% -0.11% -0.67%
    13 Years
    Morgan Stanley MS 4.56% -0.06% -0.30%
    1 Year
    Huntington Bancshares, Inc. HBAN 4.55% +1.25% +0.18%
    1 Year
    Total as % of Net Assets 50.97%

    Please swipe to view table

    Total Holdings: 27

    as of 3/31/22
    % of Net Assets
    Equity Holdings Ticker Current Vs. 4Q21 Vs. 1Q21 10-Year Holdings History (%) Time Held
    Berkshire Hathaway, Inc. (Class B) BRK/B 5.94% +5.94% +5.94%
    < 1 Year
    Bank of America Corp. BAC 5.55% +0.51% -0.50%
    25 Years
    State Street Corp. STT 5.35% +1.37% +5.35%
    < 1 Year
    Wells Fargo & Co. WFC 5.34% +0.70% -0.43%
    14 Years
    J.P. Morgan Chase & Co. JPM 5.27% +0.44% +0.24%
    14 Years
    KeyCorp KEY 4.97% +1.78% +4.97%
    < 1 Year
    Citizens Financial Group, Inc. CFG 4.80% +4.80% +4.80%
    < 1 Year
    Capital One Financial Corp. COF 4.64% -0.11% -0.67%
    13 Years
    Morgan Stanley MS 4.56% -0.06% -0.30%
    1 Year
    Huntington Bancshares, Inc. HBAN 4.55% +1.25% +0.18%
    1 Year
    Apple, Inc. AAPL 4.26% -0.89% -0.41%
    2 Years
    Goldman Sachs Group, Inc. GS 4.16% -0.54% -0.96%
    13 Years
    Mastercard, Inc. MA 4.15% -0.81% -1.30%
    5 Years
    Visa, Inc. V 4.10% -0.84% -1.20%
    13 Years
    Citigroup, Inc. C 4.00% +0.11% -1.31%
    13 Years
    Moody's Corp. MCO 3.97% -0.45% -0.18%
    5 Years
    Zions Bancorp ZION 3.86% +3.86% +3.86%
    < 1 Year
    Fifth Third Bancorp FITB 2.90% +2.90% +2.90%
    < 1 Year
    Truist Financial Corp. TFC 2.86% +2.86% +2.86%
    < 1 Year
    Ally Financial, Inc. ALLY 2.56% -1.29% +2.56%
    1 Year
    Signature Bank SBNY 2.47% +0.91% +0.03%
    1 Year
    BlackRock, Inc. BLK 2.31% -2.37% +2.31%
    < 1 Year
    Tradeweb Markets, Inc. TW 1.92% -2.92% -2.84%
    1 Year
    PayPal Holdings, Inc. PYPL 1.46% -2.76% -3.61%
    6 Years
    The Blackstone Inc. BX 1.45% -3.19% -2.44%
    2 Years
    SoFi Technologies, Inc. SOFI 0.45% -3.49% +0.45%
    1 Year
    Block, Inc. SQ 0.21% -2.02% -3.74%
    3 Years
    Total as % of Net Assets 98.1%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.0%
    Total as % of Net Assets 2.0%

    Please swipe to view table

    Country Allocation

    as of 3/31/22
    • United States

      98.1%

    • Cash & Other

      1.9%

    United States 98.1%
    Cash & Other 1.9%
  • Distributions

    The Hennessy Large Cap Financial Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/07/2021 -- -- $1.65118 $1.65118 $32.56
    12/07/2018 -- -- $0.58896 $0.58896 $19.74
    12/07/2017 -- -- $1.00493 $1.00493 $21.75
    12/28/2016 $0.10420 -- -- $0.10420 $19.26
    12/29/2015 $0.02138 -- -- $0.02138 $17.02
    12/09/2015 -- -- $1.69087 $1.69087 $16.78
    12/08/2014 -- $0.10319 $2.01658 $2.11977 $19.71
    12/10/2013 -- -- $0.57670 $0.57670 $19.42
    12/31/2012 $0.01278 -- -- $0.01278 $14.63
    12/31/2008 $0.11509 -- -- $0.11509 $9.81
    12/31/2007 $0.18441 -- -- $0.18441 $14.00
    12/14/2007 -- -- $3.68369 $3.68369 $13.96
    12/29/2006 $0.11145 -- -- $0.11145 $20.36
    12/15/2006 -- -- $2.01751 $2.01751 $20.38
    12/30/2005 $0.15866 -- -- $0.15866 $19.71
    12/16/2005 -- -- $2.85624 $2.85624 $20.14
    12/31/2004 $0.07948 -- -- $0.07948 $22.79
    12/17/2004 -- $0.82152 $2.00040 $2.82192 $22.46
    12/30/2003 $0.06798 -- $0.03448 $0.10246 $23.00
    12/17/2003 -- -- $0.04650 $0.04650 $22.44
    12/30/2002 $0.08613 -- -- $0.08613 $17.53
    12/28/2001 $0.07567 -- -- $0.07567 $18.41
    12/20/2001 -- -- $1.15335 $1.15335 $18.26
    12/20/2000 $0.15844 -- -- $0.15844 $18.92
    12/21/1999 $0.08350 -- $0.13280 $0.21630 $13.39
    12/14/1998 $0.11980 $0.32080 $0.96940 $1.41000 $15.58
    12/12/1997 $0.04300 $0.19010 -- $0.23310 $17.07

    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
    12/07/2021 -- -- $1.66621 $1.66621 $32.86
    12/07/2018 -- -- $0.59199 $0.59199 $19.71
    12/07/2017 -- -- $1.00418 $1.00418 $21.64
    12/28/2016 $0.30751 -- -- $0.30751 $19.11
    12/29/2015 $0.09017 -- -- $0.09017 $16.99
    12/09/2015 -- -- $1.69707 $1.69707 $16.82

    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
    Large Cap Financial Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Large Cap Financial 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.