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Overview
Hennessy Large Cap Financial Fund
Actively managed, the Fund maintains a concentrated portfolio of large-cap Financial Services sector stocks.
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
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Chief Investment Officer and Portfolio Manager-
20Years on Fund
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29Years of Experience
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“With stronger economic growth and higher interest rates, the opportunity in Financials appears promising.”
- Dave Ellison
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Insights & News
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Performance
Daily Pricing & Performance
as of 7/28/25-
Investor Class (HLFNX)
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NAV
$35.37
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$ Change
-$0.21
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% Change
-0.59%
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YTD
20.22%
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Institutional Class (HILFX)
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NAV
$35.80
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$ Change
-$0.20
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% Change
-0.56%
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YTD
20.46%
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Average Annualized Total Return
as of 6/30/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 9.99% 15.26% 40.38% 17.48% 12.22% 9.18% 8.46% Institutional Class (HILFX) 10.04% 15.44% 40.87% 17.87% 12.59% 9.57% 8.60% Russell 1000® Index Financials 4.43% 10.30% 29.83% 22.50% 20.96% 14.18% 9.01% Russell 1000® Index 5.06% 6.12% 15.66% 19.59% 16.30% 13.35% 9.76% as of 6/30/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 18.73% 15.26% 40.38% 17.48% 12.22% 9.18% 8.46% Institutional Class (HILFX) 18.84% 15.44% 40.87% 17.87% 12.59% 9.57% 8.60% Russell 1000® Index Financials 7.31% 10.30% 29.83% 22.50% 20.96% 14.18% 9.01% Russell 1000® Index 11.11% 6.12% 15.66% 19.59% 16.30% 13.35% 9.76% Hypothetical Growth of $10,000
as of 6/30/2025Value of $10,000 invested between 6/30/2024 and 6/30/2025
Large Cap Financial Fund (HLFNX) $14,038 Large Cap Financial Fund (HILFX) $14,087 Russell 1000® Index Financials $12,983 Russell 1000® Index $11,566 Value of $10,000 invested between 6/30/2022 and 6/30/2025
Large Cap Financial Fund (HLFNX) $16,216 Large Cap Financial Fund (HILFX) $16,376 Russell 1000® Index Financials $18,381 Russell 1000® Index $17,103 Value of $10,000 invested between 6/30/2020 and 6/30/2025
Large Cap Financial Fund (HLFNX) $17,798 Large Cap Financial Fund (HILFX) $18,096 Russell 1000® Index Financials $25,890 Russell 1000® Index $21,280 Value of $10,000 invested between 6/30/2015 and 6/30/2025
Large Cap Financial Fund (HLFNX) $24,062 Large Cap Financial Fund (HILFX) $24,939 Russell 1000® Index Financials $37,677 Russell 1000® Index $35,016 Value of $10,000 invested between 1/3/1997 and 6/30/2025
Large Cap Financial Fund (HLFNX) $101,128 Large Cap Financial Fund (HILFX) $104,813 Russell 1000® Index Financials $116,637 Russell 1000® Index $141,945 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
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investor Class (HLFNX) -6.11% 14.96% 19.38% -11.73% 29.75% 16.55% 18.80% -24.88% 4.57% 28.46% Institutional Class (HILFX) -5.88% 15.53% 19.73% -11.40% 30.21% 16.92% 19.24% -24.62% 4.86% 28.91% Russell 1000® Index Financials 0.70% 16.54% 21.57% -8.11% 33.76% 7.23% 35.04% -10.90% 15.46% 31.83% Russell 1000® Index 0.92% 12.05% 21.69% -4.78% 31.43% 20.96% 26.46% -19.13% 26.53% 24.51% Year Investor Class (HLFNX) Institutional Class (HILFX) Russell 1000® Index Financials Russell 1000® Index 2014 7.85% 7.85% 14.66% 13.24% 2013 42.03% 42.03% 34.80% 33.11% 2012 27.77% 27.77% 27.21% 16.42% 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% Returns-Based Statistics
Relative to Russell 1000® Index Financialsas of 6/30/25Investor Class (HLFNX)Type 3 yr 5 yr 10 yr Alpha -8.08 -9.75 -5.60 Beta 1.33 1.19 1.15 Upside Capture 115.11 98.84 103.71 Downside Capture 149.22 134.16 128.46 Institutional Class (HILFX)Type 3 yr 5 yr 10 yr Alpha -7.75 -9.43 -5.25 Beta 1.33 1.19 1.15 Upside Capture 115.65 99.40 104.37 Downside Capture 148.64 133.58 127.72 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 6/30/25Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 0.55 0.46 0.41 Institutional Class (HILFX) 0.56 0.47 0.42 Russell 1000® Index Financials 0.90 0.90 0.69 Financial Category Average 0.63 0.73 0.45 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 6/30/25Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 27.62 25.94 23.14 Institutional Class (HILFX) 27.62 25.95 23.14 Russell 1000® Index Financials 19.47 20.16 18.82 Financial Category Average 20.42 20.38 20.16 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HLFNX)
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Gross expense ratio
1.89%
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Institutional Class (HILFX)
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Gross expense ratio
1.57%
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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 6/30/25. 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.
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Portfolio
Portfolio Characteristics
as of 6/30/25Inception Date (HLFNX) 1/3/97 Inception Date (HILFX) 6/15/15 Total Fund Assets $32 Million Active Share vs. Russell 1000® Index Financials 66% Portfolio Turnover 43% Median Market Cap $85.9 Billion Median Price/Earnings 14.3x 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 reflect the trailing 12-month period.
Sector Weighting
as of 6/30/25Fund Financials 99.0% Information Technology 0.1% Cash & Other 0.9% Sub-Industry Weighting % of Net Assets Diversified Banks 26.6% Transaction & Payment Processing 20.1% Investment Banking & Brokerage 16.8% Consumer Finance 9.1% Financial Exchanges & Data 6.5% Regional Banks 6.0% Diversified Financial Services 4.7% Multi-Sector Holdings 4.5% Property & Casualty Insurance 4.0% Commercial & Residential Mortgages 0.7% Application Software 0.1% Portfolio Holdings
Top 10 Holdings
as of 6/30/25% of Net Assets Top 10 Holdings Ticker Current Vs. 1Q25 Vs. 2Q24 10-Year Holdings History (%) Time Held Robinhood Markets, Inc. HOOD 6.68% +2.12% +6.68% < 1 Year Coinbase Global, Inc. COIN 6.53% +2.45% +2.04% 1 Year Citigroup, Inc. C 5.81% +0.29% +0.22% 16 Years J.P. Morgan Chase & Co. JPM 5.40% +0.64% -0.54% 17 Years Block, Inc. XYZ 5.27% +1.05% +5.27% < 1 Year Bank of America Corp. BAC 5.14% -0.02% -0.70% 28 Years Wells Fargo & Co. WFC 4.97% -0.35% -0.48% 18 Years Capital One Financial Corp. COF 4.95% +0.20% +1.90% 16 Years PNC Financial Services Group, Inc. PNC 4.92% -0.05% +0.07% 1 Year Truist Financial Corp. TFC 4.87% +0.15% +1.73% 2 Years Total as % of Net Assets 54.54% Total Holdings: 26
as of 6/30/25% of Net Assets Equity Holdings Current Vs. 1Q25 Vs. 2Q24 10-Year Holdings History (%) Time Held Robinhood Markets, Inc. 6.68% +2.12% +6.68% < 1 Year Coinbase Global, Inc. 6.53% +2.45% +2.04% 1 Year Citigroup, Inc. 5.81% +0.29% +0.22% 16 Years J.P. Morgan Chase & Co. 5.40% +0.64% -0.54% 17 Years Block, Inc. 5.27% +1.05% +5.27% < 1 Year Bank of America Corp. 5.14% -0.02% -0.70% 28 Years Wells Fargo & Co. 4.97% -0.35% -0.48% 18 Years Capital One Financial Corp. 4.95% +0.20% +1.90% 16 Years PNC Financial Services Group, Inc. 4.92% -0.05% +0.07% 1 Year Truist Financial Corp. 4.87% +0.15% +1.73% 2 Years Visa, Inc. 4.74% -1.08% -0.95% 16 Years PayPal Holdings, Inc. 4.73% +0.12% +0.15% 9 Years Mastercard, Inc. 4.71% -0.90% -1.12% 9 Years Equitable Holdings, Inc. 4.70% +0.28% +2.45% 1 Year Berkshire Hathaway, Inc. (Class B) 4.52% -1.12% +0.04% 3 Years Synchrony Financial 4.14% +0.77% +1.71% 1 Year Chubb Ltd. 4.05% +0.85% +4.05% < 1 Year Morgan Stanley 3.28% +0.19% -1.36% 4 Years Etoro Group, Ltd. 3.10% +3.10% +3.10% < 1 Year Goldman Sachs Group, Inc. 2.86% -0.03% -0.46% 16 Years Citizens Financial Group, Inc. 1.11% -1.06% -1.40% 3 Years The Charles Schwab Corp. 0.85% -1.64% -2.40% 2 Years Federal National Mortgage Assoc. 0.65% +0.65% +0.65% < 1 Year Chime Financial, Inc. 0.64% +0.64% +0.64% < 1 Year KeyCorp 0.38% -1.88% -3.59% 4 Years Circle Internet Group, Inc. 0.11% +0.11% +0.11% < 1 Year Total as % of Net Assets 99.1% Cash & Other Holdings % of Net Assets Cash & Other 0.9% Total as % of Net Assets 0.9% Country Allocation
as of 6/30/25-
United States
92.0%
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International
7.1%
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Cash & Other
0.9%
United States 92.0% Switzerland 4.0% Virgin Islands (British) 3.1% Cash & Other 0.9% -
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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 12/27/2024 $0.16606 -- -- $0.16606 $29.79 12/27/2023 $0.39647 -- -- $0.39647 $23.14 12/28/2022 $0.12834 -- -- $0.12834 $22.11 12/08/2022 -- -- $1.52629 $1.52629 $22.69 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 Past performance is not a guarantee of future results.
Download historical distributions and NAVsDate Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/27/2024 $0.22744 -- -- $0.22744 $30.09 12/27/2023 $0.45052 -- -- $0.45052 $23.34 12/28/2022 $0.23899 -- -- $0.23899 $22.29 12/08/2022 -- -- $1.54542 $1.54542 $22.98 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 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or 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.
