• Overview

    Category
    Sector & Specialty - Energy

    Hennessy BP Midstream Fund

    Actively managed, the Fund maintains a concentrated portfolio of midstream energy companies and seeks to deliver a significant and predictable income stream.

    Investor

    HMSFX

    Institutional

    HMSIX

    Morningstar style box

    Morningstar style box
    portfolio manager perspective
    portfolio manager perspective

    Why Invest

    • Opportunity to invest in core midstream energy companies that should benefit from the growth in production and demand for U.S. energy
    • Concentrated, actively managed portfolio
    • In-depth, rigorous "boots-on-the-ground" research led by managers with decades of combined energy investing experience

    Investment Approach

    The Hennessy BP Midstream Fund invests primarily in core midstream companies that transport, store, and process oil and natural gas. The Portfolio Managers seek companies with lower commodity price exposure, a "demand-pull" bias, and strong balance sheet metrics, with sufficient cash flows to support an attractive yield.

    The Portfolio Managers employ a fundamental, “boots-on-the-ground” research-intensive investment process to select holdings, focusing on four key steps:

    - Develop commodity forecasts and key sector investment themes

    - Identify primary beneficiaries of investment themes

    - Value companies on both a relative and absolute basis to uncover potential stock mispricing opportunities

    - Size position based on conviction, expected return, volatility, and liquidity

    Portfolio Managers

    • Toby Loftin
      Portfolio Manager
      • 7
        Years on Fund
      • 22
        Years of Experience
    • Ben Cook
      Portfolio Manager
      • 4
        Years on Fund
      • 21
        Years of Experience

    The Fund is sub-advised by Dallas-based BP Capital Fund Advisors, LLC.  Having worked alongside legendary energy investor and BP Capital founder, Boone Pickens, the Portfolio Managers have developed deep relationships across the energy industry and maintain a sole focus on energy investing.

    “We believe midstream companies are clear beneficiaries of the tremendous growth in U.S. energy supply and global demand.”

    - Toby Loftin

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 5/17/21
    • Investor Class (HMSFX)
      • NAV

        $8.87

      • $ Change

        $0.16

      • % Change

        1.84%

      • YTD

        38.37%

    • Institutional Class (HMSIX)
      • NAV

        $9.09

      • $ Change

        $0.16

      • % Change

        1.79%

      • YTD

        38.35%

    Average Annualized Total Return

    as of 4/30/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    Investor Class (HMSFX) 5.81% 24.96% 31.82% -6.18% -3.52% -4.75%
    Institutional Class (HMSIX) 5.80% 24.96% 32.06% -5.97% -3.29% -4.52%
    Alerian US Midstream Energy Index 6.18% 29.15% 49.77% 1.22% 2.71% -1.29%
    S&P 500® Index 5.34% 11.84% 45.98% 18.67% 17.42% 14.03%

    Please swipe to view table

    as of 3/31/21
    Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13)
    Investor Class (HMSFX) 18.09% 18.09% 73.58% -5.88% -2.50% -5.54%
    Institutional Class (HMSIX) 18.11% 18.11% 74.26% -5.66% -2.27% -5.31%
    Alerian US Midstream Energy Index 21.64% 21.64% 98.76% 1.77% 3.92% -2.12%
    S&P 500® Index 6.18% 6.18% 56.35% 16.78% 16.29% 13.38%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 4/30/2021

    Value of $10,000 invested between 4/30/2020 and 4/30/2021

    BP Midstream Fund (HMSFX) $13,182
    BP Midstream Fund (HMSIX) $13,206
    Alerian US Midstream Energy Index $14,977
    S&P 500® Index $14,598

    Value of $10,000 invested between 4/30/2018 and 4/30/2021

    BP Midstream Fund (HMSFX) $8,257
    BP Midstream Fund (HMSIX) $8,314
    Alerian US Midstream Energy Index $10,371
    S&P 500® Index $16,711

    Value of $10,000 invested between 4/30/2016 and 4/30/2021

    BP Midstream Fund (HMSFX) $8,360
    BP Midstream Fund (HMSIX) $8,458
    Alerian US Midstream Energy Index $11,432
    S&P 500® Index $22,320

    Value of $10,000 invested between 12/31/2013 and 4/30/2021

    BP Midstream Fund (HMSFX) $7,000
    BP Midstream Fund (HMSIX) $7,127
    Alerian US Midstream Energy Index $9,091
    S&P 500® Index $26,174

    Calendar Year Total Returns

      2014 2015 2016 2017 2018 2019 2020
    Investor Class (HMSFX)
    11.55 -28.17 21.55 -4.97 -21.20 11.76 -31.28
    Institutional Class (HMSIX)
    11.83 -27.98 21.87 -4.75 -20.96 11.96 -31.06
    Alerian US Midstream Energy Index
    15.95 -37.54 33.80 -5.97 -10.91 15.56 -24.96
    S&P 500® Index
    13.69 1.38 11.96 21.83 -4.38 31.49 18.40

    Yield

    as of 4/30/21
    Investor Class (HMSFX) Institutional Class (HMSIX)
    Distribution Rate 13.04% 12.72%
    30-Day SEC Yield 0.00% 0.05%
    Distribution Frequency Quarterly Quarterly
    Most Recent Distribution $0.2575 $0.2575
    Most Recent Distribution Paid Date 03/01/2021 03/01/2021

    Please swipe to view table

    Returns-Based Statistics
    Relative to Alerian US Midstream Energy Index

    as of 3/31/21
    Investor Class (HMSFX)
    Type 3 yr 5 yr
    Alpha -7.98 -6.42
    Beta 0.97 0.97
    Upside Capture 86.79 85.04
    Downside Capture 103.67 101.71
    Institutional Class (HMSIX)
    Type 3 yr 5 yr
    Alpha -7.74 -6.18
    Beta 0.98 0.97
    Upside Capture 86.99 85.38
    Downside Capture 103.38 101.41

    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 3/31/21
    Type 3 yr 5 yr
    Investor Class (HMSFX) 0.05 0.07
    Institutional Class (HMSIX) 0.05 0.08
    Alerian US Midstream Energy Index 0.24 0.26
    Energy Limited Partnership Category Average 0.13 0.16

    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 3/31/21
    Type 3 yr 5 yr
    Investor Class (HMSFX) 41.93 33.80
    Institutional Class (HMSIX) 42.00 33.85
    Alerian US Midstream Energy Index 42.88 34.75
    Energy Limited Partnership Category Average 38.76 31.47

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

    Fund Expenses

    • Investor Class (HMSFX)
      • Gross expense ratio

        2.12%

      • Net expense ratio

        1.78%

    • Institutional Class (HMSIX)
      • Gross expense ratio

        1.79%

      • Net expense ratio

        1.53%

    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 3/31/21. 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 Alerian US Midstream Energy Index is comprised of US energy infrastructure companies that earn the majority of their cash flow from midstream activities. The S&P 500® Index is an unmanaged index commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.

    Alerian US Midstream Energy Index is a servicemark of GKD Index Partners, LLC d/b/a Alerian (“Alerian”), and its use is granted under a license from Alerian. Alerian does not permit any party to rely upon and does not accept any liability for any errors, omissions, interruptions, or defects in the Alerian indexes or underlying data.

    The performance shown for periods on or prior to 10/26/18 is that of the predecessor BP Capital TwinLine MLP Fund.

    Distribution Rate reflects the investment income per share during the last 12 months divided by the share price at the end of the period, expressed as an annual percentage rate. It is calculated by annualizing the Fund’s most recent distribution. The annualized dividend yield may not reflect the actual yield an investor would receive. 30-Day SEC Yield is a standardized yield computed by dividing the net investment income per share earned during the past 30-day period by the share price at the end of the period, expressed as an annual percentage rate. The 30-Day SEC Yield should be regarded as an estimate of the Fund’s rate of recent investment income, and it may not equal the Fund’s actual distribution rate. Past yields are no guarantee of future yields. 30 day SEC Yield subsidized 0.05%; unsubsidized 0.00% as of 4/30/21. Subsidized yields reflect fee waivers in effect.

    A significant portion of the BP Midstream Fund's distributions to shareholders will be characterized as a "return of capital" because of its MLP investments. Please refer to the 19a-1 Notice sent to shareholders or Tax Forms 8937 for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each year.

    The Fund's investment manager has contractually agreed to limit expenses until 02/28/2022.

    Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

    References to other funds should not be interpreted as an offer of these securities.

    DOE refers to the Department of Energy. EIA refers to the U.S.Energy Information Administration. FERC refers to the Federal Energy Regulatory Commission.

  • Portfolio

    Portfolio Allocation

    as of 3/31/21
    Allocation % of Net Assets
    Natural Gas / NGL Transportation 52.1%
    Crude Oil and Refined Products 31.4%
    Gathering and Processing 14.5%

    Portfolio Characteristics

    as of 3/31/21
    Inception Date (HMSFX) 12/31/13
    Inception Date (HMSIX) 12/31/13
    Total Fund Assets $32 Million
    Active Share vs. Alerian US Midstream Energy Index 32%
    Portfolio Turnover 52%
    Median Market Cap $15.8 Billion
    Median Price/Earnings 33.3x
    Median Price/Book 1.9x

    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 3/31/21
    Fund
    Energy 97.9%
    Cash & Other 2.1%
    Sub-Industry Weighting % of Net Assets
    Oil & Gas Storage & Transportation 97.9%

    Portfolio Holdings

    Top 10 Holdings

    as of 3/31/21
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 4Q20 Vs. 1Q20 10-Year Holdings History (%) Time Held
    MPLX, LP MPLX 11.92% -0.54% +2.35%
    7 Years
    Enterprise Products Partners, LP EPD 11.68% -0.51% -2.07%
    7 Years
    Energy Transfer LP ET 10.62% +1.45% -0.99%
    3 Years
    Targa Resources Corp. TRGP 10.00% -0.04% +8.09%
    5 Years
    Williams Companies, Inc. WMB 9.28% +1.75% -3.34%
    2 Years
    Plains All American Pipeline, LP PAA 7.36% -1.05% +2.81%
    5 Years
    ONEOK, Inc. OKE 6.64% +0.56% +1.96%
    2 Years
    Kinder Morgan, Inc. KMI 6.39% +1.34% -3.41%
    6 Years
    Magellan Midstream Partners, LP MMP 5.93% -3.89% -2.95%
    4 Years
    DCP Midstream, LP DCP 3.98% -0.35% +3.98%
    < 1 Year
    Total as % of Net Assets 83.8%

    Total Holdings: 16

    as of 3/31/21
    % of Net Assets
    Equity Holdings Ticker Current Vs. 4Q20 Vs. 1Q20 10-Year Holdings History (%) Time Held
    MPLX, LP MPLX 11.92% -0.54% +2.35%
    7 Years
    Enterprise Products Partners, LP EPD 11.68% -0.51% -2.07%
    7 Years
    Energy Transfer LP ET 10.62% +1.45% -0.99%
    3 Years
    Targa Resources Corp. TRGP 10.00% -0.04% +8.09%
    5 Years
    Williams Companies, Inc. WMB 9.28% +1.75% -3.34%
    2 Years
    Plains All American Pipeline, LP PAA 7.36% -1.05% +2.81%
    5 Years
    ONEOK, Inc. OKE 6.64% +0.56% +1.96%
    2 Years
    Kinder Morgan, Inc. KMI 6.39% +1.34% -3.41%
    6 Years
    Magellan Midstream Partners, LP MMP 5.93% -3.89% -2.95%
    4 Years
    DCP Midstream, LP DCP 3.98% -0.35% +3.98%
    < 1 Year
    Enbridge, Inc. ENB 3.91% -0.25% +3.91%
    < 1 Year
    Western Midstream Partners LP WES 2.43% +2.43% +2.43%
    < 1 Year
    Holly Energy Partners, LP HEP 2.25% -1.64% +2.25%
    < 1 Year
    Antero Midstream Corp. AM 2.03% +2.03% +2.03%
    < 1 Year
    Equitrans Midstream Corp. ETRN 1.80% -0.34% +1.80%
    1 Year
    TC Energy Corp. TRP 1.70% +1.70% +1.70%
    < 1 Year
    Total as % of Net Assets 97.9%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.1%
    Total as % of Net Assets 2.1%

    Country Allocation

    as of 3/31/21
    • United States

      92.3%

    • International

      5.6%

    • Cash & Other

      2.1%

    United States 92.3%
    Canada 5.6%
    Cash & Other 2.1%
  • Distributions

    The Hennessy BP Midstream Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions are paid quarterly, at the beginning of March, June, September, and December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    03/01/2021 $0.25750 -- -- $0.25750 $7.51
    12/01/2020 $0.25750 -- -- $0.25750 $6.49
    09/01/2020 $0.25750 -- -- $0.25750 $6.13
    06/01/2020 $0.25750 -- -- $0.25750 $7.26
    03/02/2020 $0.25750 -- -- $0.25750 $9.36
    12/02/2019 $0.25750 -- -- $0.25750 $10.24
    09/03/2019 $0.25750 -- -- $0.25750 $11.24
    06/03/2019 $0.25750 -- -- $0.25750 $11.96
    03/01/2019 $0.25750 -- -- $0.25750 $12.39
    12/03/2018 $0.25750 -- -- $0.25750 $12.55
    9/4/2018 $0.25750 -- -- $0.25750 $13.95
    6/1/2018 $0.25750 -- -- $0.25750 $13.74
    3/1/2018 $0.25750 -- -- $0.25750 $13.87
    12/1/2017 $0.25750 -- -- $0.25750 $14.46
    9/1/2017 $0.25750 -- -- $0.25750 $15.10
    6/1/2017 $0.25750 -- -- $0.25750 $15.94
    3/1/2017 $0.25750 -- -- $0.25750 $17.06
    12/1/2016 $0.25750 -- -- $0.25750 $16.01
    9/1/2016 $0.25750 -- -- $0.25750 $16.20
    6/1/2016 $0.25750 -- -- $0.25750 $15.72
    3/1/2016 $0.25750 -- -- $0.25750 $12.81
    12/1/2015 $0.25750 -- -- $0.25750 $14.93
    9/1/2015 $0.25750 -- -- $0.25750 $17.86
    6/1/2015 $0.25750 -- -- $0.25750 $21.68
    3/2/2015 $0.24000 -- -- $0.24000 $21.64
    12/1/2014 $0.24000 -- -- $0.24000 $21.39
    9/2/2014 $0.24000 -- -- $0.24000 $22.99
    6/2/2014 $0.08426 -- -- $0.08426 $22.15
    3/3/2014 $0.09566 -- -- $0.09566 $20.49

    Please swipe to view table

    Past performance is not a guarantee of future results.

    A significant portion of the BP Midstream Fund's distributions to shareholders will be characterized as a "return of capital" because of its MLP investments. Please refer to the 19a-1 Notice sent to shareholders or Tax Forms 8937 for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each year.
    Download historical distributions and NAVs
    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    03/01/2021 $0.25750 -- -- $0.25750 $7.70
    12/01/2020 $0.25750 -- -- $0.25750 $6.64
    09/01/2020 $0.25750 -- -- $0.25750 $6.26
    06/01/2020 $0.25750 -- -- $0.25750 $7.41
    03/02/2020 $0.25750 -- -- $0.25750 $9.54
    12/02/2019 $0.25750 -- -- $0.25750 $10.42
    09/03/2019 $0.25750 -- -- $0.25750 $11.43
    06/03/2019 $0.25750 -- -- $0.25750 $12.15
    03/01/2019 $0.25750 -- -- $0.25750 $12.58
    12/03/2018 $0.25750 -- -- $0.25750 $12.73
    9/4/2018 $0.25750 -- -- $0.25750 $14.13
    6/1/2018 $0.25750 -- -- $0.25750 $13.91
    3/1/2018 $0.25750 -- -- $0.25750 $14.03
    12/1/2017 $0.25750 -- -- $0.25750 $14.62
    9/1/2017 $0.25750 -- -- $0.25750 $15.25
    6/1/2017 $0.25750 -- -- $0.25750 $16.09
    3/1/2017 $0.25750 -- -- $0.25750 $17.21
    12/1/2016 $0.25750 -- -- $0.25750 $16.13
    9/1/2016 $0.25750 -- -- $0.25750 $16.32
    6/1/2016 $0.25750 -- -- $0.25750 $15.82
    3/1/2016 $0.25750 -- -- $0.25750 $12.88
    12/1/2015 $0.25750 -- -- $0.25750 $15.00
    9/1/2015 $0.25750 -- -- $0.25750 $17.92
    6/1/2015 $0.25750 -- -- $0.25750 $21.74
    3/2/2015 $0.24000 -- -- $0.24000 $21.69
    12/1/2014 $0.24000 -- -- $0.24000 $21.42
    9/2/2014 $0.24000 -- -- $0.24000 $23.01
    6/2/2014 $0.08787 -- -- $0.08787 $22.15
    3/3/2014 $0.10726 -- -- $0.10726 $20.49

    Please swipe to view table

    Past performance is not a guarantee of future results.

    A significant portion of the BP Midstream Fund's distributions to shareholders will be characterized as a "return of capital" because of its MLP investments. Please refer to the 19a-1 Notice sent to shareholders or Tax Forms 8937 for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each year.
    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    BP Midstream Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    BP Midstream 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.