• Overview

    Category
    Sector & Specialty - Financial

    Hennessy Small Cap Financial Fund

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

    Investor

    HSFNX

    Institutional

    HISFX

    Morningstar style box

    Morningstar style box
    Investment Overview Video
    Investment Overview Video

    Why Invest

    • An opportunity to invest in a select group of geographically diverse regional and community banks
    • 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 under $3 billion, the Hennessy Small 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

    • David Ellison
      Portfolio Manager
      • 24
        Years on Fund
      • 38
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 16
        Years on Fund
      • 25
        Years of Experience

    “We look for smaller banks that we believe can grow profits regardless of the interest rate environment.”

    - Dave Ellison

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  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 9/27/21
    • Investor Class (HSFNX)
      • NAV

        $30.95

      • $ Change

        $0.99

      • % Change

        3.30%

      • YTD

        38.60%

    • Institutional Class (HISFX)
      • NAV

        $18.23

      • $ Change

        $0.58

      • % Change

        3.29%

      • YTD

        39.05%

    Average Annualized Total Return

    as of 8/31/21
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HSFNX) 6.27% 34.26% 97.76% 9.92% 11.76% 13.07% 10.86%
    Institutional Class (HISFX) 6.26% 34.63% 98.51% 10.31% 12.18% 13.44% 11.04%
    Russell 2000® Index Financials 4.12% 23.04% 57.07% 6.84% 10.27% 13.01% 9.03%
    Russell 2000® Index 2.24% 15.83% 47.08% 10.75% 14.38% 13.62% 9.17%

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    as of 6/30/21
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HSFNX) 0.69% 31.21% 93.15% 9.18% 13.17% 11.15% 10.83%
    Institutional Class (HISFX) 0.76% 31.50% 93.90% 9.57% 13.59% 11.51% 11.02%
    Russell 2000® Index Financials 1.25% 20.79% 59.60% 7.66% 11.76% 11.78% 9.02%
    Russell 2000® Index 4.29% 17.54% 62.03% 13.52% 16.47% 12.34% 9.30%

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    Hypothetical Growth of $10,000

    as of 8/31/2021

    Value of $10,000 invested between 8/31/2020 and 8/31/2021

    Small Cap Financial Fund (HSFNX) $19,776
    Small Cap Financial Fund (HISFX) $19,851
    Russell 2000® Index Financials $15,707
    Russell 2000® Index $14,708

    Value of $10,000 invested between 8/31/2018 and 8/31/2021

    Small Cap Financial Fund (HSFNX) $13,280
    Small Cap Financial Fund (HISFX) $13,423
    Russell 2000® Index Financials $12,197
    Russell 2000® Index $13,583

    Value of $10,000 invested between 8/31/2016 and 8/31/2021

    Small Cap Financial Fund (HSFNX) $17,437
    Small Cap Financial Fund (HISFX) $17,763
    Russell 2000® Index Financials $16,304
    Russell 2000® Index $19,581

    Value of $10,000 invested between 8/31/2011 and 8/31/2021

    Small Cap Financial Fund (HSFNX) $34,144
    Small Cap Financial Fund (HISFX) $35,285
    Russell 2000® Index Financials $33,974
    Russell 2000® Index $35,840

    Value of $10,000 invested between 1/3/1997 and 8/31/2021

    Small Cap Financial Fund (HSFNX) $126,976
    Small Cap Financial Fund (HISFX) $132,339
    Russell 2000® Index Financials $84,370
    Russell 2000® Index $86,969

    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 (HSFNX)
    -15.63 21.42 36.59 -3.40 11.74 33.41 -0.20 -15.86 19.88 2.58
    Institutional Class (HISFX)
    -15.52 21.71 36.96 -3.08 12.20 33.92 0.13 -15.46 20.21 2.91
    Russell 2000® Index Financials
    -2.96 21.30 31.37 8.85 0.60 31.14 5.78 -10.83 24.21 -1.95
    Russell 2000® Index
    -4.18 16.35 38.82 4.89 -4.41 21.31 14.65 -11.01 25.52 19.96
    Year
    Investor Class (HSFNX)
    Institutional Class (HISFX)
    Russell 2000® Index Financials
    Russell 2000® Index
    2010 17.50% 17.75% 20.37% 26.85%
    2009 20.13% 19.91% -0.03% 27.17%
    2008 -8.73% -8.11% -24.97% -33.79%
    2007 -22.18% -22.18% -16.57% -1.57%
    2006 11.80% 11.80% 19.71% 18.37%
    2005 -1.55% -1.55% 2.31% 4.55%
    2004 16.04% 16.04% 21.52% 18.33%
    2003 41.05% 41.05% 39.43% 47.25%
    2002 18.68% 18.68% 2.09% -20.48%
    2001 23.85% 23.85% 15.74% 2.49%
    2000 32.42% 32.42% 21.16% -3.02%
    1999 -5.43% -5.43% -6.03% 21.26%
    1998 -13.52% -13.52% -7.16% -2.55%

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    Returns-Based Statistics
    Relative to Russell 2000® Index Financials

    as of 6/30/21
    Investor Class (HSFNX)
    Type 3 yr 5 yr 10 yr
    Alpha 1.28 0.12 -1.46
    Beta 1.20 1.19 1.13
    Upside Capture 122.31 115.20 109.67
    Downside Capture 121.41 116.16 118.03
    Institutional Class (HISFX)
    Type 3 yr 5 yr 10 yr
    Alpha 1.64 0.49 -1.12
    Beta 1.21 1.19 1.13
    Upside Capture 123.00 116.00 110.35
    Downside Capture 121.05 115.67 117.30

    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 6/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HSFNX) 0.40 0.56 0.57
    Institutional Class (HISFX) 0.41 0.57 0.58
    Russell 2000® Index Financials 0.37 0.58 0.68
    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 6/30/21
    Type 3 yr 5 yr 10 yr
    Investor Class (HSFNX) 32.13 26.72 21.83
    Institutional Class (HISFX) 32.17 26.75 21.83
    Russell 2000® Index Financials 25.48 21.38 18.15
    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

    • Investor Class (HSFNX)
      • Gross expense ratio

        1.66%

    • Institutional Class (HISFX)
      • Gross expense ratio

        1.30%

    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 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 / HISFX prior to 5/30/08 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 2000® Index Financials is an unmanaged index commonly used to measure the performance of U.S. small-capitalization financial sector stocks. The Russell 2000® Index is an unmanaged index commonly used to measure the performance of U.S. small-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 6/30/21
    Inception Date (HSFNX) 1/3/97
    Inception Date (HISFX) 5/30/08
    Total Fund Assets $159 Million
    Active Share vs. Russell 2000® Index Financials 89%
    Portfolio Turnover 32%
    Median Market Cap $2.5 Billion
    Median Price/Earnings 13.1x
    Median Price/Book 1.2x

    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 6/30/21
    Fund
    Financials 93.0%
    Information Technology 4.0%
    Cash & Other 3.0%
    Sub-Industry Weighting % of Net Assets
    Regional Banks 75.9%
    Thrifts & Mortgage Finance 17.1%
    Data Processing & Outsourced Services 4.0%

    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
    HomeTrust Bancshares, Inc. HTBI 4.39% 0.00% +0.98%
    1 Year
    Hingham Institution for Savings HIFS 4.20% -0.15% -0.57%
    23 Years
    Banner Corp. BANR 4.09% +1.64% +4.09%
    < 1 Year
    CIT Group, Inc. CIT 4.09% -0.49% +0.16%
    1 Year
    Berkshire Hills Bancorp, Inc. BHLB 4.05% -0.14% +0.05%
    2 Years
    ConnectOne Bancorp, Inc. CNOB 4.03% +0.92% +0.47%
    4 Years
    Lakeland Bancorp, Inc. LBAI 4.01% -0.33% +0.04%
    2 Years
    First Bancorp FBP 4.01% -0.18% +0.08%
    5 Years
    Alliance Data Systems Corp. ADS 4.00% -0.81% +0.08%
    1 Year
    Flushing Financial Corp. FFIC 3.98% +3.98% +3.98%
    < 1 Year
    Total as % of Net Assets 40.85%

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    Total Holdings: 33

    as of 6/30/21
    % of Net Assets
    Equity Holdings Ticker Current Vs. 1Q21 Vs. 2Q20 10-Year Holdings History (%) Time Held
    HomeTrust Bancshares, Inc. HTBI 4.39% 0.00% +0.98%
    1 Year
    Hingham Institution for Savings HIFS 4.20% -0.15% -0.57%
    23 Years
    Banner Corp. BANR 4.09% +1.64% +4.09%
    < 1 Year
    CIT Group, Inc. CIT 4.09% -0.49% +0.16%
    1 Year
    Berkshire Hills Bancorp, Inc. BHLB 4.05% -0.14% +0.05%
    2 Years
    ConnectOne Bancorp, Inc. CNOB 4.03% +0.92% +0.47%
    4 Years
    Lakeland Bancorp, Inc. LBAI 4.01% -0.33% +0.04%
    2 Years
    First Bancorp FBP 4.01% -0.18% +0.08%
    5 Years
    Alliance Data Systems Corp. ADS 4.00% -0.81% +0.08%
    1 Year
    Flushing Financial Corp. FFIC 3.98% +3.98% +3.98%
    < 1 Year
    First Midwest Bancorp, Inc. FMBI 3.93% -0.35% -0.49%
    2 Years
    Investors Bancorp, Inc. ISBC 3.72% -0.05% +3.72%
    < 1 Year
    Texas Capital Bancshares, Inc. TCBI 3.67% -0.41% -0.47%
    2 Years
    WSFS Financial Corp. WSFS 3.66% +0.80% +3.66%
    < 1 Year
    Hancock Whitney Corp. HWC 3.52% -0.51% +3.52%
    1 Year
    Wintrust Financial Corp. WTFC 3.33% -0.74% -1.15%
    1 Year
    Synovus Financial Corp, SNV 3.17% -0.97% -1.37%
    1 Year
    Meridian Bancorp, Inc. EBSB 3.09% -0.23% -1.58%
    7 Years
    Cadence BanCorp CADE 3.09% -0.65% -0.76%
    2 Years
    PacWest Bancorp PACW 2.91% -0.38% +2.91%
    < 1 Year
    Kearny Financial Corp. KRNY 2.74% +1.07% +2.09%
    6 Years
    Independent Bank Corp. INDB 2.73% -1.30% -1.51%
    13 Years
    New York Community Bancorp, Inc. NYCB 2.60% -0.98% +2.60%
    < 1 Year
    BankUnited, Inc. BKU 2.42% +0.06% +2.42%
    1 Year
    Pacific Premier Bancorp, Inc. PPBI 2.13% -0.70% -1.77%
    1 Year
    Associated Banc-Corp. ASB 2.06% -0.48% -1.07%
    1 Year
    Sterling Bancorp STL 1.95% -0.52% -0.33%
    3 Years
    HarborOne Bancorp, Inc. HONE 1.58% +0.34% +0.10%
    2 Years
    Webster Financial Corp. WBS 1.34% -0.35% -2.27%
    1 Year
    Shore Bancshares, Inc. SHBI 1.05% +0.20% +1.05%
    < 1 Year
    Brookline Bancorp, Inc. BRKL 0.61% -0.60% -1.78%
    6 Years
    PCSB Financial Corp. PCSB 0.51% +0.51% +0.51%
    < 1 Year
    Western New England Bancorp, Inc. WNEB 0.31% +0.31% +0.31%
    < 1 Year
    Total as % of Net Assets 97.0%
    Cash & Other Holdings % of Net Assets
    Cash & Other 3.0%
    Total as % of Net Assets 3.0%

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    Country Allocation

    as of 6/30/21
    • United States

      93.0%

    • International

      4.0%

    • Cash & Other

      3.0%

    United States 93.0%
    Puerto Rico 4.0%
    Cash & Other 3.0%
  • Distributions

    The Hennessy Small 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
    12/29/2020 $0.20265 -- -- $0.20265 $21.93
    12/27/2019 $0.09444 -- -- $0.09444 $21.96
    12/06/2019 -- -- $0.65961 $0.65961 $21.51
    12/27/2018 $0.07119 -- -- $0.07119 $18.71
    12/07/2018 -- $0.00162 $1.31958 $1.32120 $20.10
    12/27/2017 $0.00291 -- -- $0.00291 $24.27
    12/07/2017 -- $0.16690 $1.80632 $1.97322 $24.48
    12/28/2016 $0.06500 -- -- $0.06500 $26.34
    12/07/2016 -- -- $3.19063 $3.19063 $25.42
    12/29/2015 $0.02529 -- -- $0.02529 $22.55
    12/09/2015 -- $0.15543 $1.44849 $1.60392 $22.38
    12/08/2014 -- -- $3.34234 $3.34234 $20.83
    12/31/2013 $0.05812 -- -- $0.05812 $25.48
    12/10/2013 -- $0.16499 $1.43869 $1.60368 $24.71
    12/31/2012 $0.12360 -- -- $0.12360 $19.91
    12/30/2011 $0.28967 -- -- $0.28967 $16.50
    12/31/2010 $0.05717 -- -- $0.05717 $19.90
    12/15/2010 -- $0.12946 -- $0.12946 $19.16
    12/31/2009 $0.06710 -- -- $0.06710 $17.10
    12/31/2008 $0.18543 -- -- $0.18543 $14.29
    12/31/2007 $0.28204 -- -- $0.28204 $15.86
    12/14/2007 -- -- $6.23575 $6.23575 $15.78
    12/29/2006 $0.14674 -- -- $0.14674 $28.94
    12/15/2006 -- $0.07876 $4.27513 $4.35389 $28.90
    07/31/2006 -- -- $0.01524 $0.01524 $31.47
    12/30/2005 $0.14416 -- -- $0.14416 $29.95
    12/16/2005 -- -- $3.68831 $3.68831 $30.47
    10/31/2005 -- -- $0.01175 $0.01175 $32.96
    12/31/2004 $0.18461 -- -- $0.18461 $34.28
    12/17/2004 -- $0.11033 $4.24179 $4.35212 $34.19
    12/30/2003 $0.07202 -- -- $0.07202 $33.83
    12/17/2003 -- $0.05453 $0.60031 $0.65484 $33.01
    10/31/2003 -- -- $0.00153 $0.00153 $32.56
    12/30/2002 $0.13093 -- -- $0.13093 $24.30
    12/18/2002 -- -- $0.63781 $0.63781 $24.33
    12/28/2001 $0.46875 -- -- $0.46875 $21.00
    12/20/2001 -- -- $0.34210 $0.34210 $21.13
    12/20/2000 $0.10219 -- -- $0.10219 $16.79
    12/21/1999 $0.01670 -- -- $0.01670 $13.14
    12/14/1998 $0.07080 $1.33330 $0.60060 $2.00470 $14.19
    12/12/1997 $0.03220 $0.15050 -- $0.18270 $17.88

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    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    12/29/2020 $0.27354 -- -- $0.27354 $12.88
    12/27/2019 $0.19225 -- -- $0.19225 $13.00
    12/06/2019 -- -- $0.39469 $0.39469 $12.87
    12/27/2018 $0.18031 -- -- $0.18031 $11.16
    12/07/2018 -- $0.00101 $0.82307 $0.82408 $12.14
    12/27/2017 $0.02033 -- -- $0.02033 $14.63
    12/07/2017 -- $0.10053 $1.08807 $1.18860 $14.77
    12/28/2016 $0.16682 -- -- $0.16682 $15.83
    12/07/2016 -- -- $1.95258 $1.95258 $15.39
    12/29/2015 $0.03989 -- -- $0.03989 $13.62
    12/09/2015 -- $0.09311 $0.86773 $0.96084 $13.54
    12/08/2014 -- -- $2.01129 $2.01129 $12.55
    12/31/2013 $0.13517 -- -- $0.13517 $15.30
    12/10/2013 -- $0.16499 $1.43869 $1.60368 $14.94
    12/31/2012 $0.17751 -- -- $0.17751 $12.48
    12/30/2011 $0.35426 -- -- $0.35426 $10.40
    12/31/2010 $0.12307 -- -- $0.12307 $12.73
    12/15/2010 -- $0.12946 -- $0.12946 $12.34
    12/31/2009 $0.13321 -- -- $0.13321 $11.03
    12/31/2008 $0.20868 -- -- $0.20868 $9.31

    Please swipe to view table

    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    Small Cap Financial Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Small 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.