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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.
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
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18Years on Fund
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27Years 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 2/3/23-
Investor Class (HLFNX)
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NAV
$25.13
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$ Change
-$0.06
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% Change
-0.24%
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YTD
12.19%
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Institutional Class (HILFX)
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NAV
$25.33
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$ Change
-$0.07
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% Change
-0.28%
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YTD
12.18%
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Average Annualized Total Return
as of 12/31/22Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) -7.45% -24.88% -24.88% 1.32% 3.56% 8.93% 7.49% Institutional Class (HILFX) -7.42% -24.62% -24.62% 1.67% 3.93% 9.23% 7.60% Russell 1000® Index Financials -5.53% -10.90% -10.90% 8.86% 9.66% 13.34% 7.74% Russell 1000® Index -5.81% -19.13% -19.13% 7.35% 9.13% 12.37% 8.58% as of 12/31/22Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 7.73% -24.88% -24.88% 1.32% 3.56% 8.93% 7.49% Institutional Class (HILFX) 7.82% -24.62% -24.62% 1.67% 3.93% 9.23% 7.60% Russell 1000® Index Financials 12.80% -10.90% -10.90% 8.86% 9.66% 13.34% 7.74% Russell 1000® Index 7.24% -19.13% -19.13% 7.35% 9.13% 12.37% 8.58% Hypothetical Growth of $10,000
as of 12/31/2022Value of $10,000 invested between 12/31/2021 and 12/31/2022
Large Cap Financial Fund (HLFNX) $7,512 Large Cap Financial Fund (HILFX) $7,538 Russell 1000® Index Financials $8,910 Russell 1000® Index $8,087 Value of $10,000 invested between 12/31/2019 and 12/31/2022
Large Cap Financial Fund (HLFNX) $10,401 Large Cap Financial Fund (HILFX) $10,510 Russell 1000® Index Financials $12,901 Russell 1000® Index $12,371 Value of $10,000 invested between 12/31/2017 and 12/31/2022
Large Cap Financial Fund (HLFNX) $11,913 Large Cap Financial Fund (HILFX) $12,125 Russell 1000® Index Financials $15,857 Russell 1000® Index $15,480 Value of $10,000 invested between 12/31/2012 and 12/31/2022
Large Cap Financial Fund (HLFNX) $23,513 Large Cap Financial Fund (HILFX) $24,180 Russell 1000® Index Financials $34,966 Russell 1000® Index $32,109 Value of $10,000 invested between 1/3/1997 and 12/31/2022
Large Cap Financial Fund (HLFNX) $65,313 Large Cap Financial Fund (HILFX) $67,165 Russell 1000® Index Financials $69,476 Russell 1000® Index $84,904 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
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Investor Class (HLFNX) 42.03 7.85 -6.11 14.96 19.38 -11.73 29.75 16.55 18.80 -24.88 Institutional Class (HILFX) 42.03 7.85 -5.88 15.53 19.73 -11.40 30.21 16.92 19.24 -24.62 Russell 1000® Index Financials 34.80 14.66 0.70 16.54 21.57 -8.11 33.76 7.23 35.04 -10.90 Russell 1000® Index 33.11 13.24 0.92 12.05 21.69 -4.78 31.43 20.96 26.46 -19.13 Year Investor Class (HLFNX) Institutional Class (HILFX) Russell 1000® Index Financials Russell 1000® Index 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 12/31/22Investor Class (HLFNX)Type 3 yr 5 yr 10 yr Alpha -7.02 -5.78 -4.58 Beta 1.02 1.05 1.07 Upside Capture 85.23 92.56 98.41 Downside Capture 105.33 113.35 120.13 Institutional Class (HILFX)Type 3 yr 5 yr 10 yr Alpha -6.68 -5.43 -4.31 Beta 1.02 1.05 1.08 Upside Capture 85.80 93.23 98.97 Downside Capture 104.91 112.81 119.45 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 12/31/22Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 0.15 0.21 0.49 Institutional Class (HILFX) 0.16 0.22 0.51 Russell 1000® Index Financials 0.43 0.47 0.77 Financial Category Average 0.25 0.24 0.53 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 12/31/22Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 27.08 23.68 19.57 Institutional Class (HILFX) 27.09 23.70 19.57 Russell 1000® Index Financials 25.45 21.62 17.28 Financial Category Average 26.62 23.01 18.40 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
1.68%
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Institutional Class (HILFX)
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Gross expense ratio
1.32%
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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 12/31/22. 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 12/31/22Inception Date (HLFNX) 1/3/97 Inception Date (HILFX) 6/15/15 Total Fund Assets $42 Million Active Share vs. Russell 1000® Index Financials 68% Portfolio Turnover 80% Median Market Cap $57.1 Billion Median Price/Earnings 10.1x Median Price/Book 1.3x 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 12/31/22Fund Financials 80.7% Information Technology 9.1% Cash & Other 10.2% Sub-Industry Weighting % of Net Assets Regional Banks 29.3% Diversified Banks 19.3% Mortgage REITs 11.3% Data Processing & Outsourced Services 8.8% Investment Banking & Brokerage 6.7% Multi-Sector Holdings 4.8% Consumer Finance 4.7% Asset Management & Custody Banks 4.6% Technology Hardware, Storage & Peripherals 0.3% Portfolio Holdings
Top 10 Holdings
as of 12/31/22% of Net Assets Top 10 Holdings Ticker Current Vs. 3Q22 Vs. 4Q21 10-Year Holdings History (%) Time Held Citizens Financial Group, Inc. CFG 5.36% +0.07% +5.36% 1 Year Bank of America Corp. BAC 5.22% -0.06% +0.18% 25 Years Wells Fargo & Co. WFC 5.13% -0.12% +0.49% 15 Years J.P. Morgan Chase & Co. JPM 4.97% +0.09% +0.14% 15 Years Berkshire Hathaway, Inc. (Class B) BRK/B 4.80% -0.18% +4.80% 1 Year Capital One Financial Corp. COF 4.67% -0.06% -0.08% 14 Years M&T Bank Corp. MTB 4.51% +4.51% +4.51% < 1 Year Signature Bank SBNY 4.27% +4.09% +2.71% 2 Years Annaly Capital Management, Inc. NLY 4.13% +3.61% +4.13% < 1 Year AGNC Investment Corporation AGNC 4.08% +3.49% +4.08% < 1 Year Total as % of Net Assets 47.14% Total Holdings: 27
as of 12/31/22% of Net Assets Equity Holdings Current Vs. 3Q22 Vs. 4Q21 10-Year Holdings History (%) Time Held Citizens Financial Group, Inc. 5.36% +0.07% +5.36% 1 Year Bank of America Corp. 5.22% -0.06% +0.18% 25 Years Wells Fargo & Co. 5.13% -0.12% +0.49% 15 Years J.P. Morgan Chase & Co. 4.97% +0.09% +0.14% 15 Years Berkshire Hathaway, Inc. (Class B) 4.80% -0.18% +4.80% 1 Year Capital One Financial Corp. 4.67% -0.06% -0.08% 14 Years M&T Bank Corp. 4.51% +4.51% +4.51% < 1 Year Signature Bank 4.27% +4.09% +2.71% 2 Years Annaly Capital Management, Inc. 4.13% +3.61% +4.13% < 1 Year AGNC Investment Corporation 4.08% +3.49% +4.08% < 1 Year Fifth Third Bancorp 3.76% -0.56% +3.76% 1 Year Huntington Bancshares, Inc. 3.71% -0.90% +0.41% 2 Years State Street Corp. 3.71% -0.97% -0.27% 1 Year Goldman Sachs Group, Inc. 3.69% -0.75% -1.01% 14 Years Citigroup, Inc. 3.68% -0.31% -0.21% 14 Years Visa, Inc. 3.48% +0.08% -1.46% 14 Years KeyCorp 3.12% -1.81% -0.07% 1 Year Starwood Property Trust, Inc. 3.07% +1.16% +3.07% < 1 Year Morgan Stanley 3.05% -1.37% -1.57% 2 Years Mastercard, Inc. 2.91% -0.08% -2.05% 6 Years Comerica, Inc. 2.88% -1.60% +2.88% < 1 Year PayPal Holdings, Inc. 2.38% -0.63% -1.84% 6 Years Zions Bancorp 1.53% -2.03% +1.53% 1 Year BlackRock, Inc. 0.85% -0.18% -3.83% 1 Year Apple, Inc. 0.31% -2.08% -4.84% 2 Years U.S. Bancorp 0.31% +0.31% +0.31% < 1 Year Truist Financial Corp. 0.21% -3.35% +0.21% 1 Year Total as % of Net Assets 89.8% Cash & Other Holdings % of Net Assets Cash & Other 10.2% Total as % of Net Assets 10.2% Country Allocation
as of 12/31/22-
United States
89.8%
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Cash & Other
10.2%
United States 89.8% Cash & Other 10.2% -
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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 12/28/2022 $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 12/28/2022 $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.
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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.