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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.
Investor
HLFNXInstitutional
HILFXMorningstar style box
Overall morningstar rating
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Investor
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HLFNX
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Institutional
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HILFX
Among 92 Financial Funds (Based on risk-adjusted returns, as of 12/31/20)
Investment Overview VideoFinancial Funds Investment Strategy
Portfolio Managers Dave Ellison and Ryan Kelley describe their investment strategy, which seeks high-quality and well managed Financial Services companies.
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
“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 1/20/21-
Investor Class (HLFNX)
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NAV
$28.89
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$ Change
$0.23
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% Change
0.80%
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YTD
2.05%
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Institutional Class (HILFX)
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NAV
$29.06
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$ Change
$0.23
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% Change
0.80%
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YTD
2.07%
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Average Annualized Total Return
as of 12/31/20Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 7.11% 16.55% 16.55% 10.11% 12.87% 10.64% 8.65% Institutional Class (HILFX) 7.15% 16.92% 16.92% 10.49% 13.29% 10.87% 8.74% Russell 1000® Index Financials 6.28% 7.23% 7.23% 9.64% 13.30% 12.40% 7.58% Russell 1000® Index 4.23% 20.96% 20.96% 14.82% 15.60% 14.01% 9.22% as of 12/31/20Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 19.10% 16.55% 16.55% 10.11% 12.87% 10.64% 8.65% Institutional Class (HILFX) 19.22% 16.92% 16.92% 10.49% 13.29% 10.87% 8.74% Russell 1000® Index Financials 23.55% 7.23% 7.23% 9.64% 13.30% 12.40% 7.58% Russell 1000® Index 13.69% 20.96% 20.96% 14.82% 15.60% 14.01% 9.22% Hypothetical Growth of $10,000
as of 12/31/2020Value of $10,000 invested between 12/31/2019 and 12/31/2020
Large Cap Financial Fund (HLFNX) $11,655 Large Cap Financial Fund (HILFX) $11,692 Russell 1000® Index Financials $10,723 Russell 1000® Index $12,096 Value of $10,000 invested between 12/31/2017 and 12/31/2020
Large Cap Financial Fund (HLFNX) $13,349 Large Cap Financial Fund (HILFX) $13,489 Russell 1000® Index Financials $13,179 Russell 1000® Index $15,137 Value of $10,000 invested between 12/31/2015 and 12/31/2020
Large Cap Financial Fund (HLFNX) $18,319 Large Cap Financial Fund (HILFX) $18,659 Russell 1000® Index Financials $18,671 Russell 1000® Index $20,640 Value of $10,000 invested between 12/31/2010 and 12/31/2020
Large Cap Financial Fund (HLFNX) $27,478 Large Cap Financial Fund (HILFX) $28,054 Russell 1000® Index Financials $32,180 Russell 1000® Index $37,102 Value of $10,000 invested between 1/3/1997 and 12/31/2020
Large Cap Financial Fund (HLFNX) $73,185 Large Cap Financial Fund (HILFX) $74,719 Russell 1000® Index Financials $57,743 Russell 1000® Index $83,021 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
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Investor Class (HLFNX) -18.38 27.77 42.03 7.85 -6.11 14.96 19.38 -11.73 29.75 16.55 Institutional Class (HILFX) -18.38 27.77 42.03 7.85 -5.88 15.53 19.73 -11.40 30.21 16.92 Russell 1000® Index Financials -12.95 27.21 34.80 14.66 0.70 16.54 21.57 -8.11 33.76 7.23 Russell 1000® Index 1.50 16.42 33.11 13.24 0.92 12.05 21.69 -4.78 31.43 20.96 Year Investor Class (HLFNX) Institutional Class (HILFX) Russell 1000® Index Financials Russell 1000® Index 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 12/31/20Investor Class (HLFNX)Type 3 yr 5 yr 10 yr Alpha 0.13 -1.34 -2.32 Beta 1.09 1.12 1.09 Upside Capture 107.37 109.55 104.70 Downside Capture 108.03 117.83 117.18 Institutional Class (HILFX)Type 3 yr 5 yr 10 yr Alpha 0.48 -0.97 -2.12 Beta 1.09 1.12 1.09 Upside Capture 108.09 110.26 105.13 Downside Capture 107.50 116.93 116.65 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 12/31/20Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 0.45 0.62 0.60 Institutional Class (HILFX) 0.47 0.63 0.61 Russell 1000® Index Financials 0.46 0.71 0.75 Financial Category Average 0.18 0.45 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 12/31/20Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 24.72 21.66 18.94 Institutional Class (HILFX) 24.73 21.66 18.94 Russell 1000® Index Financials 21.81 18.49 16.64 Financial Category Average 24.85 21.13 17.95 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
1.83%
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Institutional Class (HILFX)
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Gross expense ratio
1.44%
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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.
Morningstar Proprietary Ratings reflect risk-adjusted performance as of 12/31/20. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Institutional Class (HILFX) received 5 stars for the three-year, 5 stars for the five-year and 4 stars for the ten-year periods ended 12/31/20 / Investor Class (HLFNX) received 5 stars for the three-year, 5 stars for the five-year and 3 stars for the ten-year periods ended 12/31/20 among 92, 83 and 71 Financial Funds, respectively. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentage.
The 10-year Morningstar Rating is an extended performance rating based on the historically adjusted returns prior to the inception date of the Institutional Class share class (6/15/15) and reflects the historical performance, fees, and expenses of the Investor share class.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 12/31/20. 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 12/31/20Inception Date (HLFNX) 1/3/97 Inception Date (HILFX) 6/15/15 Total Fund Assets $59 Million Active Share vs. Russell 1000® Index Financials 77% Portfolio Turnover 88% Median Market Cap $94.6 Billion Median Price/Earnings 40.7x Median Price/Book 3.5x 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 12/31/20Fund Financials 48.2% Information Technology 46.9% Communication Services 3.2% Cash & Other 1.7% Sub-Industry Weighting % of Net Assets Data Processing & Outsourced Services 39.2% Diversified Banks 17.7% Financial Exchanges & Data 10.5% Investment Banking & Brokerage 5.7% Technology Hardware, Storage & Peripherals 5.1% Consumer Finance 4.6% Asset Management & Custody Banks 4.4% Insurance Brokers 3.7% Interactive Media & Services 3.2% Application Software 2.6% Multi-Sector Holdings 1.6% Portfolio Holdings
Top 10 Holdings
as of 12/31/20% of Net Assets Top 10 Holdings Ticker Current Vs. 3Q20 Vs. 4Q19 10-Year Holdings History (%) Time Held Apple, Inc. AAPL 5.11% -0.93% +5.11% < 1 Year PayPal Holdings, Inc. PYPL 5.10% -0.94% -0.06% 4 Years Square, Inc. SQ 4.92% -1.72% +0.63% 1 Year Adyen NV ADYEY 4.89% -0.41% +4.89% < 1 Year Global Payments, Inc. GPN 4.76% -0.28% +4.76% 1 Year Wells Fargo & Co. WFC 4.75% +0.38% +2.52% 13 Years Goldman Sachs Group, Inc. GS 4.63% -0.16% +1.77% 12 Years Capital One Financial Corp. COF 4.63% -0.10% -0.28% 12 Years Bank of America Corp. BAC 4.57% +0.03% -1.28% 23 Years Mastercard, Inc. MA 4.48% -0.89% -1.72% 4 Years Total as % of Net Assets 47.84% Total Holdings: 25
as of 12/31/20% of Net Assets Equity Holdings Current Vs. 3Q20 Vs. 4Q19 10-Year Holdings History (%) Time Held Apple, Inc. 5.11% -0.93% +5.11% < 1 Year PayPal Holdings, Inc. 5.10% -0.94% -0.06% 4 Years Square, Inc. 4.92% -1.72% +0.63% 1 Year Adyen NV 4.89% -0.41% +4.89% < 1 Year Global Payments, Inc. 4.76% -0.28% +4.76% 1 Year Wells Fargo & Co. 4.75% +0.38% +2.52% 13 Years Goldman Sachs Group, Inc. 4.63% -0.16% +1.77% 12 Years Capital One Financial Corp. 4.63% -0.10% -0.28% 12 Years Bank of America Corp. 4.57% +0.03% -1.28% 23 Years Mastercard, Inc. 4.48% -0.89% -1.72% 4 Years The Blackstone Group Inc. 4.45% +0.07% +4.45% 1 Year Visa, Inc. 4.39% -0.37% -1.46% 12 Years Citigroup, Inc. 4.33% +0.61% -1.14% 12 Years Fiserv, Inc. 4.29% -0.85% -1.47% 2 Years Fidelity National Information Services, Inc. 4.14% -0.70% +1.25% 1 Year Moody's Corp. 4.08% -1.18% -1.83% 3 Years Tradeweb Markets, Inc. 4.08% +4.08% +4.08% < 1 Year J.P. Morgan Chase & Co. 4.04% -0.33% -0.88% 13 Years Selectquote, Inc. 3.68% -0.46% +3.68% < 1 Year Alphabet, Inc. (Class A) 3.23% +3.23% +3.23% < 1 Year Lightspeed POS, Inc. 2.59% +2.59% +2.59% < 1 Year MSCI, Inc. 2.32% +2.32% +2.32% < 1 Year Paychex, Inc. 2.26% +2.26% +2.26% < 1 Year Berkshire Hathaway, Inc. (Class B) 1.55% -1.35% -4.09% 6 Years The Charles Schwab Corp. 1.07% -0.57% -1.89% 9 Years Total as % of Net Assets 98.3% Cash & Other Holdings % of Net Assets Cash & Other 1.7% Total as % of Net Assets 1.7% Country Allocation
as of 12/31/20-
United States
90.8%
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International
7.5%
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Cash & Other
1.7%
United States 90.8% Netherlands 4.9% Canada 2.6% Cash & Other 1.7% -
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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 12/07/2018 -- -- $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 12/07/2018 -- -- $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
Download PDF View Online Fund Documents Large Cap Financial Fund Fact Sheet Large Cap Financial Fund Portfolio Perspective View Shareholder Reports Large Cap Financial Fund Summary Prospectus Full Prospectus Statement of Additional Information Large Cap Financial Fund Semi-Annual Report Large Cap Financial Fund Annual Report
