• 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.


    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
      • 28
        Years on Fund
      • 42
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 20
        Years on Fund
      • 29
        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 10/6/25
    • Investor Class (HSFNX)
      • NAV

        $29.02

      • $ Change

        $0.40

      • % Change

        1.40%

      • YTD

        7.64%

    • Institutional Class (HISFX)
      • NAV

        $16.34

      • $ Change

        $0.22

      • % Change

        1.36%

      • YTD

        7.93%

    Average Annualized Total Return

    as of 9/30/25
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HSFNX) -3.70% 5.12% 9.34% 8.34% 19.43% 8.22% 9.78%
    Institutional Class (HISFX) -3.68% 5.42% 9.74% 8.70% 19.87% 8.61% 9.99%
    Russell 2000® Index Financials -2.40% 6.78% 10.87% 13.89% 15.74% 9.10% 8.53%
    Russell 2000® Index 3.11% 10.39% 10.76% 15.21% 11.56% 9.77% 8.29%

    Please swipe to view table

    as of 9/30/25
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97)
    Investor Class (HSFNX) 9.04% 5.12% 9.34% 8.34% 19.43% 8.22% 9.78%
    Institutional Class (HISFX) 9.17% 5.42% 9.74% 8.70% 19.87% 8.61% 9.99%
    Russell 2000® Index Financials 5.12% 6.78% 10.87% 13.89% 15.74% 9.10% 8.53%
    Russell 2000® Index 12.39% 10.39% 10.76% 15.21% 11.56% 9.77% 8.29%

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    Hypothetical Growth of $10,000

    as of 9/30/2025

    Value of $10,000 invested between 9/30/2024 and 9/30/2025

    Small Cap Financial Fund (HSFNX) $10,934
    Small Cap Financial Fund (HISFX) $10,974
    Russell 2000® Index Financials $11,087
    Russell 2000® Index $11,076

    Value of $10,000 invested between 9/30/2022 and 9/30/2025

    Small Cap Financial Fund (HSFNX) $12,716
    Small Cap Financial Fund (HISFX) $12,844
    Russell 2000® Index Financials $14,772
    Russell 2000® Index $15,294

    Value of $10,000 invested between 9/30/2020 and 9/30/2025

    Small Cap Financial Fund (HSFNX) $24,298
    Small Cap Financial Fund (HISFX) $24,752
    Russell 2000® Index Financials $20,767
    Russell 2000® Index $17,278

    Value of $10,000 invested between 9/30/2015 and 9/30/2025

    Small Cap Financial Fund (HSFNX) $22,026
    Small Cap Financial Fund (HISFX) $22,833
    Russell 2000® Index Financials $23,899
    Russell 2000® Index $25,391

    Value of $10,000 invested between 1/3/1997 and 9/30/2025

    Small Cap Financial Fund (HSFNX) $146,119
    Small Cap Financial Fund (HISFX) $154,469
    Russell 2000® Index Financials $105,252
    Russell 2000® Index $98,753

    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

      2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
    Investor Class (HSFNX)
    11.74% 33.41% -0.20% -15.86% 19.88% 2.58% 42.75% -11.16% 4.58% 10.82%
    Institutional Class (HISFX)
    12.20% 33.92% 0.13% -15.46% 20.21% 2.91% 43.37% -10.84% 4.91% 11.16%
    Russell 2000® Index Financials
    0.60% 31.14% 5.78% -10.83% 24.21% -1.95% 29.95% -15.47% 12.24% 16.58%
    Russell 2000® Index
    -4.41% 21.31% 14.65% -11.01% 25.52% 19.96% 14.82% -20.44% 16.93% 11.54%
    Year
    Investor Class (HSFNX)
    Institutional Class (HISFX)
    Russell 2000® Index Financials
    Russell 2000® Index
    2014 -3.40% -3.08% 8.85% 4.89%
    2013 36.59% 36.96% 31.37% 38.82%
    2012 21.42% 21.71% 21.30% 16.35%
    2011 -15.63% -15.52% -2.96% -4.18%
    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 9/30/25
    Investor Class (HSFNX)
    Type 3 yr 5 yr 10 yr
    Alpha -5.44 2.20 -1.07
    Beta 1.13 1.15 1.13
    Upside Capture 106.12 115.55 109.83
    Downside Capture 125.73 111.01 115.80
    Institutional Class (HISFX)
    Type 3 yr 5 yr 10 yr
    Alpha -5.10 2.57 -0.71
    Beta 1.13 1.16 1.13
    Upside Capture 106.58 116.07 110.49
    Downside Capture 125.19 110.38 115.22

    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 9/30/25
    Type 3 yr 5 yr 10 yr
    Investor Class (HSFNX) 0.25 0.64 0.35
    Institutional Class (HISFX) 0.26 0.65 0.36
    Russell 2000® Index Financials 0.44 0.59 0.41
    Financial Category Average 0.79 0.76 0.51

    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 9/30/25
    Type 3 yr 5 yr 10 yr
    Investor Class (HSFNX) 29.95 29.08 26.08
    Institutional Class (HISFX) 29.95 29.11 26.10
    Russell 2000® Index Financials 25.78 24.08 22.04
    Financial Category Average 19.32 20.24 20.04

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

    Fund Expenses

    • Investor Class (HSFNX)
      • Gross expense ratio

        1.63%

    • Institutional Class (HISFX)
      • Gross expense ratio

        1.29%

    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 9/30/25. 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 9/30/25
    Inception Date (HSFNX) 1/3/97
    Inception Date (HISFX) 5/30/08
    Total Fund Assets $70 Million
    Active Share vs. Russell 2000® Index Financials 88%
    Portfolio Turnover 36%
    Median Market Cap $2.4 Billion
    Median Price/Earnings 12.5x
    Median Price/Book 1.0x

    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 9/30/25
    Fund
    Financials 99.7%
    Cash & Other 0.3%
    Sub-Industry Weighting % of Net Assets
    Regional Banks 92.2%
    Consumer Finance 4.0%
    Commercial & Residential Mortgages 3.4%
    Transaction & Payment Processing 0.1%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/25
    % of Net Assets
    Top 10 Holdings Ticker Current Vs. 2Q25 Vs. 3Q24 10-Year Holdings History (%) Time Held
    Banc of California, Inc. BANC 5.37% +0.41% +0.85%
    2 Years
    Columbia Banking System, Inc. COLB 5.20% +5.20% +3.48%
    < 1 Year
    ConnectOne Bancorp, Inc. CNOB 5.19% +0.45% +2.72%
    8 Years
    Provident Financial Services, Inc. PFS 5.15% +0.37% +1.90%
    1 Year
    Hingham Institution for Savings HIFS 4.95% +0.43% +3.62%
    27 Years
    WaFd Inc. WAFD 4.81% -0.07% +0.84%
    2 Years
    NB Bancorp, Inc. NBBK 4.71% -0.16% +1.36%
    1 Year
    BankUnited, Inc. BKU 4.68% -0.18% +0.53%
    3 Years
    Flagstar Financial, Inc. FLG 4.53% +0.32% +3.30%
    1 Year
    Independent Bank Corp. INDB 4.49% +0.68% +0.60%
    17 Years
    Total as % of Net Assets 49.08%

    Please swipe to view table

    Total Holdings: 29

    as of 9/30/25
    % of Net Assets
    Equity Holdings Ticker Current Vs. 2Q25 Vs. 3Q24 10-Year Holdings History (%) Time Held
    Banc of California, Inc. BANC 5.37% +0.41% +0.85%
    2 Years
    Columbia Banking System, Inc. COLB 5.20% +5.20% +3.48%
    < 1 Year
    ConnectOne Bancorp, Inc. CNOB 5.19% +0.45% +2.72%
    8 Years
    Provident Financial Services, Inc. PFS 5.15% +0.37% +1.90%
    1 Year
    Hingham Institution for Savings HIFS 4.95% +0.43% +3.62%
    27 Years
    WaFd Inc. WAFD 4.81% -0.07% +0.84%
    2 Years
    NB Bancorp, Inc. NBBK 4.71% -0.16% +1.36%
    1 Year
    BankUnited, Inc. BKU 4.68% -0.18% +0.53%
    3 Years
    Flagstar Financial, Inc. FLG 4.53% +0.32% +3.30%
    1 Year
    Independent Bank Corp. INDB 4.49% +0.68% +0.60%
    17 Years
    OceanFirst Financial Corp. OCFC 4.44% -0.63% -0.04%
    3 Years
    Eagle Bancorp, Inc. EGBN 4.38% +0.24% +1.29%
    1 Year
    Bread Financial Holdings, Inc. BFH 4.02% -1.18% +4.02%
    1 Year
    Western New England Bancorp, Inc. WNEB 3.81% -0.25% -0.29%
    4 Years
    Customers Bancorp, Inc. CUBI 3.77% +0.47% +3.77%
    1 Year
    Wintrust Financial Corp. WTFC 3.44% -0.23% +1.66%
    5 Years
    Eastern Bankshares, Inc. EBC 3.40% +0.39% -0.64%
    4 Years
    Rocket Cos., Inc. RKT 3.35% +2.06% +3.35%
    < 1 Year
    The Bancorp, Inc. TBBK 3.24% +1.77% +3.24%
    < 1 Year
    Old National Bancorp ONB 3.01% -0.23% +0.50%
    3 Years
    California BanCorp BCAL 3.01% +0.02% -0.07%
    1 Year
    Associated Banc-Corp. ASB 2.60% -1.28% -0.94%
    5 Years
    Hancock Whitney Corp. HWC 2.26% -0.35% +0.02%
    5 Years
    Banner Corp. BANR 1.89% -0.06% -1.70%
    4 Years
    Atlantic Union Bankshares Corp. AUB 1.78% -0.12% +1.78%
    < 1 Year
    Beacon Financial Corp. BBT 0.93% +0.93% +0.93%
    < 1 Year
    Avidia Bancorp, Inc. AVBC 0.86% +0.86% +0.86%
    < 1 Year
    HomeTrust Bancshares, Inc. HTB 0.30% -1.69% -3.54%
    6 Years
    Priority Technology Holdings, Inc. PRTH 0.10% -0.02% +0.10%
    < 1 Year
    Total as % of Net Assets 99.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other 0.3%
    Total as % of Net Assets 0.3%

    Please swipe to view table

    Country Allocation

    as of 9/30/25
    • United States

      99.7%

    • Cash & Other

      0.3%

    United States 99.7%
    Cash & Other 0.3%
  • 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
    12/27/2024 $0.35304 -- -- $0.35304 $26.96
    12/05/2024 -- $0.34238 $0.91344 $1.25582 $29.92
    12/27/2023 $0.47805 -- -- $0.47805 $26.25
    12/07/2023 -- -- $0.71216 $0.71216 $23.85
    12/28/2022 $0.18802 -- -- $0.18802 $25.47
    12/08/2022 -- -- $2.16533 $2.16533 $26.67
    12/29/2021 $0.21577 -- -- $0.21577 $31.74
    12/07/2021 -- -- $0.09117 $0.09117 $31.54
    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

    Please swipe to view table

    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
    12/27/2024 $0.43608 -- -- $0.43608 $15.14
    12/05/2024 -- $0.19522 $0.52084 $0.71606 $17.06
    12/27/2023 $0.55918 -- -- $0.55918 $14.92
    12/07/2023 -- -- $0.41247 $0.41247 $13.81
    12/28/2022 $0.30739 -- -- $0.30739 $14.71
    12/08/2022 -- -- $1.26700 $1.26700 $15.60
    12/29/2021 $0.33407 -- -- $0.33407 $18.51
    12/07/2021 -- -- $0.05374 $0.05374 $18.59
    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

    After July 24, 2024, shareholder reports will be sent by mail unless a shareholder has elected or elects to receive reports electronically via e-delivery. To sign up for e-delivery, please visit My Account. https://www.hennessyfunds.com/account or 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.