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Overview
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
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Chief Investment Officer and Portfolio Manager
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20Years on Fund
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29Years of Experience
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“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
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Performance
Daily Pricing & Performance
as of 10/6/25-
Investor Class (HSFNX)
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NAV
$29.02
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$ Change
$0.40
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% Change
1.40%
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YTD
7.64%
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Institutional Class (HISFX)
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NAV
$16.34
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$ Change
$0.22
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% Change
1.36%
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YTD
7.93%
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Average Annualized Total Return
as of 9/30/25Name 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% as of 9/30/25Name 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% Hypothetical Growth of $10,000
as of 9/30/2025Value 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% Returns-Based Statistics
Relative to Russell 2000® Index Financialsas of 9/30/25Investor 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 9/30/25Type 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 9/30/25Type 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
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Investor Class (HSFNX)
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Gross expense ratio
1.63%
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Institutional Class (HISFX)
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Gross expense ratio
1.29%
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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 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.
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Portfolio
Portfolio Characteristics
as of 9/30/25Inception 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 9/30/25Fund 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% Total Holdings: 29
as of 9/30/25% of Net Assets Equity Holdings Current Vs. 2Q25 Vs. 3Q24 10-Year Holdings History (%) Time Held Banc of California, Inc. 5.37% +0.41% +0.85% 2 Years Columbia Banking System, Inc. 5.20% +5.20% +3.48% < 1 Year ConnectOne Bancorp, Inc. 5.19% +0.45% +2.72% 8 Years Provident Financial Services, Inc. 5.15% +0.37% +1.90% 1 Year Hingham Institution for Savings 4.95% +0.43% +3.62% 27 Years WaFd Inc. 4.81% -0.07% +0.84% 2 Years NB Bancorp, Inc. 4.71% -0.16% +1.36% 1 Year BankUnited, Inc. 4.68% -0.18% +0.53% 3 Years Flagstar Financial, Inc. 4.53% +0.32% +3.30% 1 Year Independent Bank Corp. 4.49% +0.68% +0.60% 17 Years OceanFirst Financial Corp. 4.44% -0.63% -0.04% 3 Years Eagle Bancorp, Inc. 4.38% +0.24% +1.29% 1 Year Bread Financial Holdings, Inc. 4.02% -1.18% +4.02% 1 Year Western New England Bancorp, Inc. 3.81% -0.25% -0.29% 4 Years Customers Bancorp, Inc. 3.77% +0.47% +3.77% 1 Year Wintrust Financial Corp. 3.44% -0.23% +1.66% 5 Years Eastern Bankshares, Inc. 3.40% +0.39% -0.64% 4 Years Rocket Cos., Inc. 3.35% +2.06% +3.35% < 1 Year The Bancorp, Inc. 3.24% +1.77% +3.24% < 1 Year Old National Bancorp 3.01% -0.23% +0.50% 3 Years California BanCorp 3.01% +0.02% -0.07% 1 Year Associated Banc-Corp. 2.60% -1.28% -0.94% 5 Years Hancock Whitney Corp. 2.26% -0.35% +0.02% 5 Years Banner Corp. 1.89% -0.06% -1.70% 4 Years Atlantic Union Bankshares Corp. 1.78% -0.12% +1.78% < 1 Year Beacon Financial Corp. 0.93% +0.93% +0.93% < 1 Year Avidia Bancorp, Inc. 0.86% +0.86% +0.86% < 1 Year HomeTrust Bancshares, Inc. 0.30% -1.69% -3.54% 6 Years Priority Technology Holdings, Inc. 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% Country Allocation
as of 9/30/25-
United States
99.7%
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Cash & Other
0.3%
United States 99.7% Cash & Other 0.3% -
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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 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 12/27/2024 $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 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.