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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.
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 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-
16Years on Fund
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25Years 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 6/11/21-
Investor Class (HSFNX)
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NAV
$30.83
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$ Change
$0.10
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% Change
0.33%
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YTD
38.07%
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Institutional Class (HISFX)
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NAV
$18.14
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$ Change
$0.06
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% Change
0.33%
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YTD
38.37%
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Average Annualized Total Return
as of 5/31/21Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HSFNX) 3.33% 40.44% 113.56% 11.23% 13.55% 11.48% 11.18% Institutional Class (HISFX) 3.36% 40.73% 114.36% 11.61% 13.97% 11.84% 11.37% Russell 2000® Index Financials 2.23% 24.90% 71.74% 8.93% 12.40% 11.89% 9.20% Russell 2000® Index 0.21% 15.30% 64.56% 13.06% 16.01% 11.86% 9.25% as of 3/31/21Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HSFNX) 30.32% 30.32% 115.79% 10.34% 13.32% 10.36% 10.92% Institutional Class (HISFX) 30.51% 30.51% 116.52% 10.72% 13.75% 10.72% 11.10% Russell 2000® Index Financials 19.29% 19.29% 77.86% 9.52% 12.37% 11.38% 9.06% Russell 2000® Index 12.70% 12.70% 94.85% 14.76% 16.35% 11.68% 9.21% Hypothetical Growth of $10,000
as of 5/31/2021Value of $10,000 invested between 5/31/2020 and 5/31/2021
Small Cap Financial Fund (HSFNX) $21,356 Small Cap Financial Fund (HISFX) $21,436 Russell 2000® Index Financials $17,174 Russell 2000® Index $16,456 Value of $10,000 invested between 5/31/2018 and 5/31/2021
Small Cap Financial Fund (HSFNX) $13,760 Small Cap Financial Fund (HISFX) $13,904 Russell 2000® Index Financials $12,925 Russell 2000® Index $14,453 Value of $10,000 invested between 5/31/2016 and 5/31/2021
Small Cap Financial Fund (HSFNX) $18,876 Small Cap Financial Fund (HISFX) $19,232 Russell 2000® Index Financials $17,941 Russell 2000® Index $21,008 Value of $10,000 invested between 5/31/2011 and 5/31/2021
Small Cap Financial Fund (HSFNX) $29,636 Small Cap Financial Fund (HISFX) $30,629 Russell 2000® Index Financials $30,746 Russell 2000® Index $30,673 Value of $10,000 invested between 1/3/1997 and 5/31/2021
Small Cap Financial Fund (HSFNX) $132,821 Small Cap Financial Fund (HISFX) $138,337 Russell 2000® Index Financials $85,652 Russell 2000® Index $86,575 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% Returns-Based Statistics
Relative to Russell 2000® Index Financialsas of 3/31/21Investor Class (HSFNX)Type 3 yr 5 yr 10 yr Alpha 0.33 -0.36 -1.75 Beta 1.19 1.19 1.13 Upside Capture 117.00 114.67 108.54 Downside Capture 118.38 117.66 117.95 Institutional Class (HISFX)Type 3 yr 5 yr 10 yr Alpha 0.68 0.02 -1.41 Beta 1.20 1.19 1.13 Upside Capture 117.66 115.49 109.18 Downside Capture 118.03 117.14 117.17 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 3/31/21Type 3 yr 5 yr 10 yr Investor Class (HSFNX) 0.43 0.56 0.54 Institutional Class (HISFX) 0.44 0.58 0.55 Russell 2000® Index Financials 0.44 0.60 0.65 Financial Category Average 0.40 0.65 0.58 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 3/31/21Type 3 yr 5 yr 10 yr Investor Class (HSFNX) 31.82 26.61 21.77 Institutional Class (HISFX) 31.86 26.64 21.77 Russell 2000® Index Financials 25.46 21.30 18.15 Financial Category Average 25.64 21.10 18.33 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
1.66%
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Institutional Class (HISFX)
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Gross expense ratio
1.30%
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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 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 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 3/31/21Inception Date (HSFNX) 1/3/97 Inception Date (HISFX) 5/30/08 Total Fund Assets $132 Million Active Share vs. Russell 2000® Index Financials 90% Portfolio Turnover 63% Median Market Cap $2.7 Billion Median Price/Earnings 18.1x 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 3/31/21Fund Financials 93.6% Information Technology 4.8% Cash & Other 1.5% Sub-Industry Weighting % of Net Assets Regional Banks 77.9% Thrifts & Mortgage Finance 15.8% Data Processing & Outsourced Services 4.8% 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 Alliance Data Systems Corp. ADS 4.81% -0.32% +2.43% 1 Year CIT Group, Inc. CIT 4.58% -0.48% +2.65% 1 Year HomeTrust Bancshares, Inc. HTBI 4.39% +0.47% +1.24% 1 Year Hingham Institution for Savings HIFS 4.35% +1.26% -1.14% 23 Years Lakeland Bancorp, Inc. LBAI 4.34% +1.16% -0.68% 2 Years First Midwest Bancorp, Inc. FMBI 4.28% -0.37% -0.73% 2 Years Berkshire Hills Bancorp, Inc. BHLB 4.19% -0.10% +1.38% 2 Years First Bancorp FBP 4.19% -0.49% -0.89% 5 Years Synovus Financial Corp, SNV 4.14% -0.80% +4.14% 1 Year Texas Capital Bancshares, Inc. TCBI 4.08% -1.25% +1.22% 2 Years Total as % of Net Assets 43.35% Total Holdings: 30
as of 3/31/21% of Net Assets Equity Holdings Current Vs. 4Q20 Vs. 1Q20 10-Year Holdings History (%) Time Held Alliance Data Systems Corp. 4.81% -0.32% +2.43% 1 Year CIT Group, Inc. 4.58% -0.48% +2.65% 1 Year HomeTrust Bancshares, Inc. 4.39% +0.47% +1.24% 1 Year Hingham Institution for Savings 4.35% +1.26% -1.14% 23 Years Lakeland Bancorp, Inc. 4.34% +1.16% -0.68% 2 Years First Midwest Bancorp, Inc. 4.28% -0.37% -0.73% 2 Years Berkshire Hills Bancorp, Inc. 4.19% -0.10% +1.38% 2 Years First Bancorp 4.19% -0.49% -0.89% 5 Years Synovus Financial Corp, 4.14% -0.80% +4.14% 1 Year Texas Capital Bancshares, Inc. 4.08% -1.25% +1.22% 2 Years Wintrust Financial Corp. 4.07% -0.52% +0.40% 1 Year Independent Bank Corp. 4.03% -0.33% +0.71% 12 Years Hancock Whitney Corp. 4.03% -1.45% +4.03% < 1 Year Investors Bancorp, Inc. 3.77% +0.62% +3.77% < 1 Year Cadence BanCorp 3.74% -0.28% +0.19% 1 Year New York Community Bancorp, Inc. 3.58% +0.37% +3.58% < 1 Year Meridian Bancorp, Inc. 3.32% -0.29% -1.99% 6 Years PacWest Bancorp 3.29% -0.35% +2.37% < 1 Year ConnectOne Bancorp, Inc. 3.11% +0.75% -0.57% 4 Years WSFS Financial Corp. 2.86% +2.86% +2.86% < 1 Year Pacific Premier Bancorp, Inc. 2.83% -0.91% +2.83% 1 Year Associated Banc-Corp. 2.54% +0.51% -0.21% 1 Year Sterling Bancorp 2.47% -0.43% +0.22% 3 Years Banner Corp. 2.45% +2.45% +2.45% < 1 Year BankUnited, Inc. 2.36% -0.75% +2.36% < 1 Year Webster Financial Corp. 1.69% -0.32% -1.85% 1 Year Kearny Financial Corp. 1.67% +0.22% +0.49% 6 Years HarborOne Bancorp, Inc. 1.24% -0.44% -0.25% 1 Year Brookline Bancorp, Inc. 1.21% -0.80% -1.70% 5 Years Shore Bancshares, Inc. 0.85% +0.85% +0.85% < 1 Year Total as % of Net Assets 98.5% Cash & Other Holdings % of Net Assets Cash & Other 1.5% Total as % of Net Assets 1.5% Country Allocation
as of 3/31/21-
United States
94.3%
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International
4.2%
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Cash & Other
1.5%
United States 94.3% Puerto Rico 4.2% Cash & Other 1.5% -
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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 12/29/2020 $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 12/29/2020 $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
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.
