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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 94 Financial Funds (Based on risk-adjusted returns, as of 6/30/21)
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
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Chief Investment Officer and Portfolio Manager-
16Years on Fund
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25Years 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 9/27/21-
Investor Class (HLFNX)
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NAV
$34.88
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$ Change
$0.22
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% Change
0.63%
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YTD
23.21%
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Institutional Class (HILFX)
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NAV
$35.17
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$ Change
$0.22
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% Change
0.63%
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YTD
23.53%
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Average Annualized Total Return
as of 8/31/21Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 4.09% 23.21% 43.78% 15.18% 18.81% 15.07% 9.33% Institutional Class (HILFX) 4.11% 23.53% 44.32% 15.60% 19.24% 15.34% 9.43% Russell 1000® Index Financials 5.34% 30.73% 54.22% 17.39% 18.32% 16.99% 8.54% Russell 1000® Index 2.89% 20.74% 32.25% 18.42% 18.24% 16.40% 9.80% as of 6/30/21Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 8.39% 16.78% 50.41% 15.44% 19.54% 12.85% 9.16% Institutional Class (HILFX) 8.50% 17.04% 50.97% 15.87% 19.96% 13.11% 9.26% Russell 1000® Index Financials 7.50% 24.45% 59.51% 17.95% 18.76% 15.00% 8.39% Russell 1000® Index 8.54% 14.95% 43.07% 19.16% 17.99% 14.90% 9.65% Hypothetical Growth of $10,000
as of 8/31/2021Value of $10,000 invested between 8/31/2020 and 8/31/2021
Large Cap Financial Fund (HLFNX) $14,378 Large Cap Financial Fund (HILFX) $14,432 Russell 1000® Index Financials $15,422 Russell 1000® Index $13,225 Value of $10,000 invested between 8/31/2018 and 8/31/2021
Large Cap Financial Fund (HLFNX) $15,279 Large Cap Financial Fund (HILFX) $15,448 Russell 1000® Index Financials $16,176 Russell 1000® Index $16,605 Value of $10,000 invested between 8/31/2016 and 8/31/2021
Large Cap Financial Fund (HLFNX) $23,674 Large Cap Financial Fund (HILFX) $24,103 Russell 1000® Index Financials $23,187 Russell 1000® Index $23,110 Value of $10,000 invested between 8/31/2011 and 8/31/2021
Large Cap Financial Fund (HLFNX) $40,696 Large Cap Financial Fund (HILFX) $41,659 Russell 1000® Index Financials $48,046 Russell 1000® Index $45,678 Value of $10,000 invested between 1/3/1997 and 8/31/2021
Large Cap Financial Fund (HLFNX) $90,169 Large Cap Financial Fund (HILFX) $92,303 Russell 1000® Index Financials $75,488 Russell 1000® Index $100,238 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 6/30/21Investor Class (HLFNX)Type 3 yr 5 yr 10 yr Alpha -2.50 -0.22 -2.61 Beta 1.04 1.08 1.07 Upside Capture 96.34 106.26 103.06 Downside Capture 103.30 108.48 116.94 Institutional Class (HILFX)Type 3 yr 5 yr 10 yr Alpha -2.13 0.12 -2.38 Beta 1.05 1.08 1.07 Upside Capture 97.00 106.97 103.52 Downside Capture 102.77 107.71 116.37 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 6/30/21Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 0.65 0.90 0.70 Institutional Class (HILFX) 0.67 0.92 0.71 Russell 1000® Index Financials 0.79 0.96 0.87 Financial Category Average 0.48 0.70 0.63 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 6/30/21Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 24.99 21.10 19.20 Institutional Class (HILFX) 24.99 21.10 19.20 Russell 1000® Index Financials 22.81 18.58 17.05 Financial Category Average 25.84 21.08 18.36 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
1.75%
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Institutional Class (HILFX)
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Gross expense ratio
1.45%
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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 6/30/21. 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 3 stars for the ten-year periods ended 6/30/21 / 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 6/30/21 among 94, 84 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 6/30/21. 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 6/30/21Inception Date (HLFNX) 1/3/97 Inception Date (HILFX) 6/15/15 Total Fund Assets $66 Million Active Share vs. Russell 1000® Index Financials 72% Portfolio Turnover 66% Median Market Cap $113.8 Billion Median Price/Earnings 23.0x Median Price/Book 2.1x 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 6/30/21Fund Financials 64.9% Information Technology 32.2% Cash & Other 3.0% Sub-Industry Weighting % of Net Assets Data Processing & Outsourced Services 27.6% Diversified Banks 20.2% Consumer Finance 11.1% Investment Banking & Brokerage 10.8% Financial Exchanges & Data 9.1% Regional Banks 8.6% Technology Hardware, Storage & Peripherals 4.5% Asset Management & Custody Banks 4.4% Insurance Brokers 0.6% Portfolio Holdings
Top 10 Holdings
as of 6/30/21% of Net Assets Top 10 Holdings Ticker Current Vs. 1Q21 Vs. 2Q20 10-Year Holdings History (%) Time Held Bank of America Corp. BAC 5.52% -0.53% +0.80% 24 Years Wells Fargo & Co. WFC 5.51% -0.26% +1.32% 14 Years Capital One Financial Corp. COF 5.46% +0.15% +1.20% 12 Years PayPal Holdings, Inc. PYPL 5.26% +0.19% -1.76% 5 Years Goldman Sachs Group, Inc. GS 5.13% +0.01% +0.40% 12 Years Visa, Inc. V 5.06% -0.24% -0.05% 12 Years Morgan Stanley MS 4.96% +0.10% +4.96% < 1 Year Mastercard, Inc. MA 4.83% -0.62% -0.38% 5 Years Tradeweb Markets, Inc. TW 4.77% +0.01% +4.77% < 1 Year Citigroup, Inc. C 4.63% -0.68% -0.13% 12 Years Total as % of Net Assets 51.13% Total Holdings: 24
as of 6/30/21% of Net Assets Equity Holdings Current Vs. 1Q21 Vs. 2Q20 10-Year Holdings History (%) Time Held Bank of America Corp. 5.52% -0.53% +0.80% 24 Years Wells Fargo & Co. 5.51% -0.26% +1.32% 14 Years Capital One Financial Corp. 5.46% +0.15% +1.20% 12 Years PayPal Holdings, Inc. 5.26% +0.19% -1.76% 5 Years Goldman Sachs Group, Inc. 5.13% +0.01% +0.40% 12 Years Visa, Inc. 5.06% -0.24% -0.05% 12 Years Morgan Stanley 4.96% +0.10% +4.96% < 1 Year Mastercard, Inc. 4.83% -0.62% -0.38% 5 Years Tradeweb Markets, Inc. 4.77% +0.01% +4.77% < 1 Year Citigroup, Inc. 4.63% -0.68% -0.13% 12 Years J.P. Morgan Chase & Co. 4.56% -0.47% +0.30% 13 Years Apple, Inc. 4.53% -0.14% -1.44% 1 Year Adyen NV 4.43% -0.24% +3.55% 1 Year Huntington Bancshares, Inc. 4.40% +0.03% +4.40% < 1 Year The Blackstone Group Inc. 4.38% +0.49% -0.90% 1 Year Moody's Corp. 4.36% +0.21% -1.17% 4 Years Ally Financial, Inc. 4.35% +4.35% +4.35% < 1 Year Signature Bank 4.25% +1.81% +4.25% < 1 Year Global Payments, Inc. 3.81% -0.75% +3.25% 1 Year Square, Inc. 3.30% -0.65% -4.10% 2 Years SoFi Technologies, Inc. 1.33% +1.33% +1.33% < 1 Year Paysafe Ltd. 0.95% -0.43% +0.95% < 1 Year The Charles Schwab Corp. 0.66% -0.13% -1.80% 10 Years Selectquote, Inc. 0.64% -1.16% -3.95% 1 Year Total as % of Net Assets 97.1% Cash & Other Holdings % of Net Assets Cash & Other 3.0% Total as % of Net Assets 3.0% Country Allocation
as of 6/30/21-
United States
91.7%
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International
5.3%
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Cash & Other
2.9%
United States 91.7% Netherlands 4.4% Bermuda 0.9% Cash & Other 2.9% -
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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 12/07/2018 -- -- $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.
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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.
