• Overview

    HLFNX
    Investor

    Hennessy Large Cap Financial Fund

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

    Fund Facts

    Category

    Sector & Specialty - Financial

    Inception Date

    1/3/97

    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

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

    - Dave Ellison

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 4/24/19 (Investor)
    • Nav

      $22.17

    • $ Change

      $0.00

    • % Change

      0.00%

    • YTD

      18.43%

    Average Annualized Total Return

    as of 3/31/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Large Cap Financial Fund (HLFNX) -2.43% 11.43% -3.84% 14.69% 6.18% 12.82% 7.87%
    Russell 1000® Financial Services Index -0.16% 12.58% 3.88% 15.03% 10.61% 16.22% 7.03%
    Russell 1000® Index 1.74% 14.00% 9.30% 13.52% 10.63% 16.05% 8.35%

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    as of 3/31/19 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Large Cap Financial Fund (HLFNX) 11.43% 11.43% -3.84% 14.69% 6.18% 12.82% 7.87%
    Russell 1000® Financial Services Index 12.58% 12.58% 3.88% 15.03% 10.61% 16.22% 7.03%
    Russell 1000® Index 14.00% 14.00% 9.30% 13.52% 10.63% 16.05% 8.35%

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    Hypothetical Growth of $10,000

    as of 3/31/2019 (Investor)

    Value of $10,000 invested between 3/31/2018 and 3/31/2019

    Large Cap Financial Fund (HLFNX) $9,616
    Russell 1000® Financial Services Index $10,388
    Russell 1000® Index $10,930

    Value of $10,000 invested between 3/31/2016 and 3/31/2019

    Large Cap Financial Fund (HLFNX) $15,084
    Russell 1000® Financial Services Index $15,220
    Russell 1000® Index $14,629

    Value of $10,000 invested between 3/31/2014 and 3/31/2019

    Large Cap Financial Fund (HLFNX) $13,495
    Russell 1000® Financial Services Index $16,557
    Russell 1000® Index $16,575

    Value of $10,000 invested between 3/31/2009 and 3/31/2019

    Large Cap Financial Fund (HLFNX) $33,405
    Russell 1000® Financial Services Index $44,940
    Russell 1000® Index $44,302

    Value of $10,000 invested between 1/3/1997 and 3/31/2019

    Large Cap Financial Fund (HLFNX) $53,926
    Russell 1000® Financial Services Index $45,324
    Russell 1000® Index $59,534

    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

      2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
    Large Cap Financial Fund (HLFNX)
    33.23 7.42 -18.38 27.77 42.03 7.85 -6.11 14.96 19.38 -11.73
    Russell 1000® Financial Services Index
    20.14 11.73 -12.95 27.21 34.80 14.66 0.70 16.54 21.57 -8.11
    Russell 1000® Index
    28.43 16.10 1.50 16.42 33.11 13.24 0.92 12.05 21.69 -4.78
    Year
    Large Cap Financial Fund (HLFNX)
    Russell 1000® Financial Services Index
    Russell 1000® Index
    2008 -29.11% -51.13% -37.60%
    2007 -11.95% -16.23% 5.77%
    2006 14.15% 19.36% 15.46%
    2005 -0.45% 6.97% 6.27%
    2004 11.73% 12.73% 11.40%
    2003 32.52% 31.13% 29.89%
    2002 -4.06% -13.64% -21.65%
    2001 -1.72% -5.94% -12.45%
    2000 47.19% 25.42% -7.79%
    1999 -16.55% 2.88% 20.91%
    1998 3.56% 10.09% 27.02%

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    Returns-Based Statistics
    Relative to Russell 1000® Financial Services Index

    as of 3/31/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha -2.81 -5.15 -3.59
    Beta 1.22 1.14 1.05
    Upside Capture 117.18 104.64 101.84
    Downside Capture 141.58 139.39 122.50

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    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 3/31/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Large Cap Financial Fund (HLFNX) 0.85 0.41 0.73
    Russell 1000® Financial Services Index 1.08 0.79 0.96
    Financial Category Average 0.73 0.44 0.79

    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 3/31/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Large Cap Financial Fund (HLFNX) 16.14 15.58 18.27
    Russell 1000® Financial Services Index 12.55 12.88 16.72
    Financial Category Average 14.52 13.96 16.55

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

    Fund Expenses

    • Gross expense ratio

      1.70%

    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 3/31/19. 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 periods prior to 10/26/12 is that of the predecessor FBR Fund.

    The Russell 1000® Financial Services Index 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 3/31/19
    Total Fund Assets $32.2 Million
    Active Share vs. Russell 1000® Financial Services Index 56%
    Portfolio Turnover 51%
    Median Market Cap $57.1 Billion
    Median Price/Earnings 11.4x
    Median Price/Book 1.4x

    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 3/31/19
    Fund
    Financials 70.5%
    Information Technology 26.3%
    Communication Services 0.5%
    Cash & Other 2.8%
    Sub-Industry Weighting % of Net Assets
    Data Processing & Outsourced Services 24.6%
    Diversified Banks 23.9%
    Regional Banks 17.9%
    Consumer Finance 9.1%
    Multi-Sector Holdings 6.2%
    Financial Exchanges & Data 6.1%
    Investment Banking & Brokerage 5.6%
    Application Software 1.7%
    Asset Management & Custody Banks 1.6%
    Interactive Media & Services 0.5%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/19
    Top 10 Holdings Ticker % of Net Assets
    Mastercard, Inc. MA 8.0%
    Visa, Inc. V 7.9%
    PayPal Holdings, Inc. PYPL 7.3%
    J.P. Morgan Chase & Co. JPM 7.2%
    Bank of America Corp. BAC 7.0%
    Berkshire Hathaway, Inc. (Class B) BRK/B 6.2%
    Moody's Corp. MCO 6.1%
    Capital One Financial Corp. COF 5.8%
    Citigroup, Inc. C 5.7%
    Citizens Financial Group, Inc. CFG 4.0%
    Total as % of Net Assets 65.2%

    Total Holdings: 25

    as of 3/31/19
    Equity Holdings Ticker % of Net Assets
    Mastercard, Inc. MA 8.0%
    Visa, Inc. V 7.9%
    PayPal Holdings, Inc. PYPL 7.3%
    J.P. Morgan Chase & Co. JPM 7.2%
    Bank of America Corp. BAC 7.0%
    Berkshire Hathaway, Inc. (Class B) BRK/B 6.2%
    Moody's Corp. MCO 6.1%
    Capital One Financial Corp. COF 5.8%
    Citigroup, Inc. C 5.7%
    Citizens Financial Group, Inc. CFG 4.0%
    PNC Financial Services Group, Inc. PNC 3.8%
    KeyCorp KEY 3.6%
    American Express Co. AXP 3.4%
    SunTrust Banks, Inc. STI 3.1%
    M&T Bank Corp. MTB 2.9%
    The Charles Schwab Corp. SCHW 2.6%
    Morgan Stanley MS 2.3%
    U.S. Bancorp USB 2.2%
    Wells Fargo & Co. WFC 1.8%
    Fair Isaac Corp. FICO 1.7%
    State Street Corp. STT 1.6%
    Fiserv, Inc. FISV 1.4%
    Goldman Sachs Group, Inc. GS 0.6%
    Fifth Third Bancorp FITB 0.5%
    Zillow Group, Inc. ZG 0.5%
    Total as % of Net Assets 97.3%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.8%
    Total as % of Net Assets 2.8%

    Country Allocation

    as of 3/31/19
    • United States

      97.2%

    • Cash & Other

      2.8%

    United States 97.2%
    Cash & Other 2.8%
  • 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

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    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 Manager Commentary View
    Large Cap Financial Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Shareholder Reports
    Large Cap Financial Fund Semi-Annual Report
    Large Cap Financial Fund Annual Report