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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 10/9/25-
Investor Class (HLFNX)
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NAV
$35.60
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$ Change
-$0.10
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% Change
-0.28%
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YTD
21.01%
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Institutional Class (HILFX)
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NAV
$36.05
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$ Change
-$0.10
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% Change
-0.28%
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YTD
21.30%
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Average Annualized Total Return
as of 9/30/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 0.45% 20.16% 36.61% 20.25% 11.40% 10.72% 8.54% Institutional Class (HILFX) 0.51% 20.46% 37.10% 20.64% 11.78% 11.12% 8.68% Russell 1000® Index Financials 1.19% 16.03% 24.02% 25.83% 21.29% 15.43% 9.12% Russell 1000® Index 3.47% 14.60% 17.75% 24.64% 15.99% 15.04% 9.96% as of 9/30/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 4.25% 20.16% 36.61% 20.25% 11.40% 10.72% 8.54% Institutional Class (HILFX) 4.34% 20.46% 37.10% 20.64% 11.78% 11.12% 8.68% Russell 1000® Index Financials 5.20% 16.03% 24.02% 25.83% 21.29% 15.43% 9.12% Russell 1000® Index 7.99% 14.60% 17.75% 24.64% 15.99% 15.04% 9.96% Hypothetical Growth of $10,000
as of 9/30/2025Value of $10,000 invested between 9/30/2024 and 9/30/2025
Large Cap Financial Fund (HLFNX) $13,661 Large Cap Financial Fund (HILFX) $13,710 Russell 1000® Index Financials $12,402 Russell 1000® Index $11,775 Value of $10,000 invested between 9/30/2022 and 9/30/2025
Large Cap Financial Fund (HLFNX) $17,389 Large Cap Financial Fund (HILFX) $17,557 Russell 1000® Index Financials $19,923 Russell 1000® Index $19,362 Value of $10,000 invested between 9/30/2020 and 9/30/2025
Large Cap Financial Fund (HLFNX) $17,156 Large Cap Financial Fund (HILFX) $17,450 Russell 1000® Index Financials $26,255 Russell 1000® Index $20,992 Value of $10,000 invested between 9/30/2015 and 9/30/2025
Large Cap Financial Fund (HLFNX) $27,695 Large Cap Financial Fund (HILFX) $28,698 Russell 1000® Index Financials $41,992 Russell 1000® Index $40,586 Value of $10,000 invested between 1/3/1997 and 9/30/2025
Large Cap Financial Fund (HLFNX) $105,422 Large Cap Financial Fund (HILFX) $109,365 Russell 1000® Index Financials $122,703 Russell 1000® Index $153,290 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 9/30/25Investor Class (HLFNX)Type 3 yr 5 yr 10 yr Alpha -9.83 -10.95 -5.47 Beta 1.36 1.20 1.15 Upside Capture 113.43 97.50 104.01 Downside Capture 157.09 138.41 128.73 Institutional Class (HILFX)Type 3 yr 5 yr 10 yr Alpha -9.51 -10.61 -5.11 Beta 1.36 1.20 1.15 Upside Capture 113.99 98.09 104.68 Downside Capture 156.47 137.81 127.99 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 9/30/25Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 0.65 0.42 0.47 Institutional Class (HILFX) 0.66 0.44 0.48 Russell 1000® Index Financials 1.09 0.91 0.75 Financial Category Average 0.79 0.76 0.51 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 9/30/25Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 26.53 25.78 22.95 Institutional Class (HILFX) 26.53 25.78 22.95 Russell 1000® Index Financials 18.24 19.91 18.61 Financial Category Average 19.32 20.24 20.04 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 9/30/25. 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 9/30/25Inception Date (HLFNX) 1/3/97 Inception Date (HILFX) 6/15/15 Total Fund Assets $32 Million Active Share vs. Russell 1000® Index Financials 64% Portfolio Turnover 47% Median Market Cap $75.2 Billion Median Price/Earnings 16.2x Median Price/Book 2.6x 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 9/30/25Fund Financials 98.7% Information Technology 0.3% Cash & Other 1.0% Sub-Industry Weighting % of Net Assets Diversified Banks 31.5% Transaction & Payment Processing 18.4% Investment Banking & Brokerage 17.2% Consumer Finance 10.2% Regional Banks 6.7% Financial Exchanges & Data 5.3% Multi-Sector Holdings 4.7% Diversified Financial Services 3.5% Commercial & Residential Mortgages 1.2% Application Software 0.3% Portfolio Holdings
Top 10 Holdings
as of 9/30/25% of Net Assets Top 10 Holdings Ticker Current Vs. 2Q25 Vs. 3Q24 10-Year Holdings History (%) Time Held Citigroup, Inc. C 6.97% +1.16% +1.59% 17 Years J.P. Morgan Chase & Co. JPM 5.91% +0.51% +0.62% 17 Years Bank of America Corp. BAC 5.64% +0.50% +0.10% 28 Years Robinhood Markets, Inc. HOOD 5.59% -1.09% +5.59% 1 Year PNC Financial Services Group, Inc. PNC 5.33% +0.41% +0.03% 1 Year Coinbase Global, Inc. COIN 5.27% -1.26% +1.44% 1 Year Wells Fargo & Co. WFC 5.24% +0.27% +0.18% 18 Years Truist Financial Corp. TFC 5.21% +0.34% +1.84% 2 Years Morgan Stanley MS 5.06% +1.78% +0.20% 4 Years Capital One Financial Corp. COF 4.98% +0.03% +2.03% 17 Years Total as % of Net Assets 55.2% Total Holdings: 29
as of 9/30/25% of Net Assets Equity Holdings Current Vs. 2Q25 Vs. 3Q24 10-Year Holdings History (%) Time Held Citigroup, Inc. 6.97% +1.16% +1.59% 17 Years J.P. Morgan Chase & Co. 5.91% +0.51% +0.62% 17 Years Bank of America Corp. 5.64% +0.50% +0.10% 28 Years Robinhood Markets, Inc. 5.59% -1.09% +5.59% 1 Year PNC Financial Services Group, Inc. 5.33% +0.41% +0.03% 1 Year Coinbase Global, Inc. 5.27% -1.26% +1.44% 1 Year Wells Fargo & Co. 5.24% +0.27% +0.18% 18 Years Truist Financial Corp. 5.21% +0.34% +1.84% 2 Years Morgan Stanley 5.06% +1.78% +0.20% 4 Years Capital One Financial Corp. 4.98% +0.03% +2.03% 17 Years Berkshire Hathaway, Inc. (Class B) 4.71% +0.19% -0.24% 3 Years Block, Inc. 4.51% -0.76% +4.51% < 1 Year Synchrony Financial 4.44% +0.30% +2.12% 2 Years PayPal Holdings, Inc. 4.40% -0.33% -1.61% 9 Years Visa, Inc. 4.26% -0.48% -1.45% 16 Years Mastercard, Inc. 3.55% -1.16% -2.47% 9 Years Equitable Holdings, Inc. 3.49% -1.21% +0.63% 1 Year Goldman Sachs Group, Inc. 3.23% +0.37% -1.20% 17 Years Etoro Group, Ltd. 2.45% -0.65% +2.45% < 1 Year U.S. Bancorp 1.96% +1.96% +0.16% < 1 Year Citizens Financial Group, Inc. 1.49% +0.38% -0.72% 3 Years Federal National Mortgage Assoc. 1.24% +0.59% +1.24% < 1 Year Chime Financial, Inc. 1.07% +0.43% +1.07% < 1 Year The Charles Schwab Corp. 0.89% +0.04% -3.06% 2 Years Figure Technology Solutions, Inc. 0.80% +0.80% +0.80% < 1 Year Klarna Group PLC 0.57% +0.57% +0.57% < 1 Year KeyCorp 0.41% +0.03% -3.07% 4 Years Pagaya Technologies, Ltd. 0.19% +0.19% +0.19% < 1 Year Circle Internet Group, Inc. 0.08% -0.03% +0.08% < 1 Year Total as % of Net Assets 98.9% Cash & Other Holdings % of Net Assets Cash & Other 1.0% Total as % of Net Assets 1.0% Country Allocation
as of 9/30/25-
United States
95.8%
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International
3.2%
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Cash & Other
1.0%
United States 95.8% Virgin Islands (British) 2.4% United Kingdom 0.6% Israel 0.2% Cash & Other 1.0% -
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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.
