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Overview
Hennessy Technology Fund
Quantitatively managed, the Fund maintains a relatively concentrated portfolio of Technology stocks.
Why Invest
- Opportunity to participate in the potential growth of technology companies
- Focus on minimizing volatility in a relatively volatile sector
- Potential high-growth companies purchased at attractive valuations
Investment Approach
Holdings are selected from the Information Technology sector as well as other sub-industries, including internet and direct marketing, interactive home entertainment, and interactive media and services.
Analyzing several metrics, the Hennessy Technology Fund selects 60 stocks which demonstrate:
- Sector-leading cash flows and profits, with the ability to sustain profitability
- A history of delivering returns in excess of the cost of capital
- Attractive balance sheet risk profile
- Attractive relative valuation
- Ability to generate cash
Portfolio Managers
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Chief Investment Officer and Portfolio Manager-
5Years on Fund
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26Years of Experience
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“We believe a carefully selected, concentrated portfolio provides the best opportunity to outperform the overall Technology sector.”
- Ryan Kelley
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Insights & News
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Performance
Daily Pricing & Performance
as of 12/8/22-
Investor Class (HTECX)
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NAV
$15.57
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$ Change
$0.26
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% Change
1.70%
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YTD
-22.50%
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Institutional Class (HTCIX)
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NAV
$16.05
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$ Change
$0.27
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% Change
1.71%
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YTD
-22.31%
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Average Annualized Total Return
as of 11/30/22Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02) Investor Class (HTECX) 7.29% -20.91% -18.68% 6.63% 10.30% 10.73% 7.28% Institutional Class (HTCIX) 7.34% -20.72% -18.48% 6.91% 10.59% 11.05% 7.45% Nasdaq Composite Index 4.51% -26.13% -25.59% 10.66% 11.78% 15.55% 10.10% S&P 500® Index 5.59% -13.10% -9.21% 10.91% 10.98% 13.34% 8.51% as of 9/30/22Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02) Investor Class (HTECX) -5.09% -32.25% -30.30% 4.06% 7.63% 8.70% 6.54% Institutional Class (HTCIX) -5.08% -32.14% -30.15% 4.33% 7.89% 9.00% 6.71% Nasdaq Composite Index -3.91% -32.00% -26.25% 10.63% 11.25% 14.24% 9.74% S&P 500® Index -4.88% -23.87% -15.47% 8.16% 9.24% 11.70% 7.89% Hypothetical Growth of $10,000
as of 11/30/2022Value of $10,000 invested between 11/30/2021 and 11/30/2022
Technology Fund (HTECX) $8,132 Technology Fund (HTCIX) $8,152 Nasdaq Composite Index $7,441 S&P 500® Index $9,079 Value of $10,000 invested between 11/30/2019 and 11/30/2022
Technology Fund (HTECX) $12,125 Technology Fund (HTCIX) $12,220 Nasdaq Composite Index $13,553 S&P 500® Index $13,641 Value of $10,000 invested between 11/30/2017 and 11/30/2022
Technology Fund (HTECX) $16,328 Technology Fund (HTCIX) $16,540 Nasdaq Composite Index $17,453 S&P 500® Index $16,833 Value of $10,000 invested between 11/30/2012 and 11/30/2022
Technology Fund (HTECX) $27,719 Technology Fund (HTCIX) $28,511 Nasdaq Composite Index $42,418 S&P 500® Index $34,966 Value of $10,000 invested between 2/1/2002 and 11/30/2022
Technology Fund (HTECX) $43,224 Technology Fund (HTCIX) $44,702 Nasdaq Composite Index $74,175 S&P 500® Index $54,783 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
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Investor Class (HTECX) 8.67 29.75 1.73 3.46 2.03 20.20 -1.82 39.10 32.98 13.37 Institutional Class (HTCIX) 8.93 30.12 1.99 3.90 2.39 20.56 -1.60 39.48 33.26 13.66 Nasdaq Composite Index 17.75 40.11 14.75 6.96 8.87 29.64 -2.84 36.69 44.92 22.18 S&P 500® Index 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 Year Investor Class (HTECX) Institutional Class (HTCIX) Nasdaq Composite Index S&P 500® Index 2011 -10.77% -10.67% -0.79% 2.11% 2010 12.73% 12.93% 18.13% 15.06% 2009 54.93% 54.93% 45.34% 26.46% 2008 -42.89% -42.89% -39.98% -37.00% 2007 9.36% 9.36% 10.66% 5.49% 2006 9.25% 9.25% 10.89% 15.79% 2005 11.80% 11.80% 2.12% 4.91% 2004 6.75% 6.75% 10.27% 10.88% 2003 52.86% 52.86% 50.77% 28.68% Returns-Based Statistics
Relative to Nasdaq Composite Indexas of 9/30/22Investor Class (HTECX)Type 3 yr 5 yr 10 yr Alpha -5.44 -2.97 -4.88 Beta 0.95 1.00 1.01 Upside Capture 82.25 90.89 88.74 Downside Capture 98.06 100.81 109.14 Institutional Class (HTCIX)Type 3 yr 5 yr 10 yr Alpha -5.18 -2.73 -4.61 Beta 0.95 1.00 1.01 Upside Capture 82.64 91.38 89.34 Downside Capture 97.70 100.51 108.58 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 9/30/22Type 3 yr 5 yr 10 yr Investor Class (HTECX) 0.26 0.38 0.50 Institutional Class (HTCIX) 0.27 0.39 0.52 Nasdaq Composite Index 0.52 0.55 0.83 Technology Category Average 0.35 0.41 0.71 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 9/30/22Type 3 yr 5 yr 10 yr Investor Class (HTECX) 24.11 22.72 18.73 Institutional Class (HTCIX) 24.10 22.72 18.73 Nasdaq Composite Index 23.62 21.12 17.02 Technology Category Average 25.08 22.67 18.29 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HTECX)
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Gross expense ratio
2.79%
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Net expense ratio
1.23%
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Institutional Class (HTCIX)
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Gross expense ratio
2.44%
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Net expense ratio
0.98%
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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 9/30/22. 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 / HTCIX shares periods prior to 3/12/10 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of the Institutional Class shares.
The performance shown for periods prior to 10/26/12 is that of the predecessor FBR Fund.
Nasdaq Composite Index is a broad-based capitalization-weighted index of all the Nasdaq National Market and Small Cap stocks. 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.
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
The Fund’s investment manager has contractually agreed to limit expenses until 2/28/2023.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Active share was calculated versus the Fidelity Nasdaq Composite Index Fund (FNCMX), which differs from the Fund's primary benchmark. References to other investment products should not be interpreted as an offer of these securities.
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Portfolio
Portfolio Characteristics
as of 9/30/22Inception Date (HTECX) 2/1/02 Inception Date (HTCIX) 3/12/10 Total Fund Assets $5 Million Active Share vs. Fidelity Nasdaq Composite Index Fund (FNCMX) 89% Portfolio Turnover 139% Median Market Cap $12.2 Billion Median Price/Earnings 14.6x Median Price/Book 9.7x 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 9/30/22Fund Information Technology 94.0% Consumer Discretionary 3.2% Communication Services 2.9% Cash & Other -0.1% Sub-Industry Weighting % of Net Assets Systems Software 15.7% Application Software 12.0% Semiconductor Equipment 11.7% Semiconductors 11.3% Data Processing & Outsourced Services 10.8% Technology Hardware, Storage & Peripherals 9.7% Electronic Manufacturing Services 8.0% Communications Equipment 6.6% Technology Distributors 3.2% Internet & Direct Marketing Retail 3.2% IT Consulting & Other Services 2.1% Electronic Components 1.8% Interactive Media & Services 1.5% Interactive Home Entertainment 1.4% Electronic Equipment & Instruments 1.3% Portfolio Holdings
Top 10 Holdings
as of 9/30/22Top 10 Holdings % of Net Assets CommScope Holding Co., Inc. 2.7% Extreme Networks,, Inc.. 2.6% KnowBe4, Inc. 2.2% Vertex, Inc. 2.1% Jabil, Inc. 2.1% Etsy, Inc. 2.1% Gartner, Inc. 2.1% MACOM Technology Solutions Holdings 2.0% Flex, Ltd. 2.0% Sanmina Corp. 2.0% Total as % of Net Assets 21.8% Total Holdings: 60
as of 9/30/22Equity Holdings % of Net Assets CommScope Holding Co., Inc. 2.7% Extreme Networks,, Inc.. 2.6% KnowBe4, Inc. 2.2% Vertex, Inc. 2.1% Jabil, Inc. 2.1% Etsy, Inc. 2.1% Gartner, Inc. 2.1% MACOM Technology Solutions Holdings 2.0% Flex, Ltd. 2.0% Sanmina Corp. 2.0% Benchmark Electronics, Inc. 2.0% Paycom Software, Inc. 1.9% Pure Storage, Inc. 1.9% Automatic Data Processing, Inc. 1.9% Cadence Design Systems, Inc. 1.9% KLA Corp. 1.9% Texas Instruments, Inc. 1.8% Vishay Intertechnology, Inc. 1.8% Atlassian Corporaton 1.8% Apple, Inc. 1.7% Kulicke & Soffa Industries, Inc. 1.7% CDW Corp. 1.7% NetApp, Inc. 1.7% ASE Technology Holding Co., Ltd. 1.7% A10 Networks, Inc. 1.7% Paychex, Inc. 1.7% ASML Holding NV 1.7% Hewlett Packard Enterprise Co. 1.7% SMART Global Holdings, Inc. 1.7% Applied Materials, Inc. 1.6% Lam Research Corp. 1.6% Ultra Clean Holdings, Inc. 1.6% CoreCard Corp. 1.6% Palo Alto Networks, Inc. 1.6% QUALCOMM, Inc. 1.6% Check Point Software Technologies, Ltd. 1.6% Mastercard, Inc. 1.5% Microsoft Corp. 1.5% Visa, Inc. 1.5% Crowdstrike Holdings, Inc. 1.5% Teradyne, Inc. 1.5% Shutterstock, Inc. 1.5% EVERTEC, Inc. 1.5% Arrow Electronics, Inc. 1.5% Fortinet, Inc. 1.5% CommVault Systems, Inc. 1.4% Sciplay Corp. 1.4% DocuSign, Inc. 1.4% NVIDIA Corp. 1.4% Teradata Corp. 1.4% The Western Union Co. 1.4% Dell Technologies, Inc. 1.4% Telefonaktiebolaget LM Ericsson 1.4% Dlocal Ltd. 1.3% Seagate Technology Holdings PLC 1.3% Adobe Inc. 1.3% ServiceNow, Inc. 1.3% Vontier Corp. 1.3% 1-800-Flowers.com, Inc. 1.2% Intel Corp. 1.2% Total as % of Net Assets 100.1% Cash & Other Holdings % of Net Assets Cash & Other <0.05% Total as % of Net Assets -0.1% Country Allocation
as of 9/30/22-
United States
84.3%
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International
15.9%
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Cash & Other
-0.1%
United States 84.3% Cayman Islands 3.0% Singapore 2.0% United Kingdom 1.8% Taiwan 1.7% Netherlands 1.7% Israel 1.6% Puerto Rico 1.5% Ireland 1.3% Sweden 1.3% Cash & Other -0.1% -
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Distributions
The Hennessy Technology 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 12/07/2021 -- $3.94213 $2.76132 $6.70345 $19.97 12/29/2020 $0.04309 -- -- $0.04309 $23.38 12/08/2020 -- $0.80473 $1.55971 $2.36444 $22.69 12/06/2019 -- $0.21868 $0.30216 $0.52084 $19.15 12/07/2018 -- $1.57251 $0.68615 $2.25866 $15.07 12/07/2017 -- -- $1.63413 $1.63413 $16.76 12/14/2007 -- $0.86749 $0.36093 $1.22842 $11.60 12/15/2006 -- $0.20290 $0.19125 $0.39415 $11.77 12/16/2005 -- $0.17257 $0.40606 $0.57864 $11.10 12/17/2004 -- $0.76921 $0.85416 $1.62337 $10.15 12/17/2003 -- $0.18108 $0.01552 $0.19661 $10.82 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 12/07/2021 -- $4.05369 $2.83948 $6.89317 $20.53 12/29/2020 $0.10946 -- -- $0.10946 $23.98 12/08/2020 -- $0.82768 $1.60417 $2.43185 $23.34 12/27/2019 $0.00921 -- -- $0.00921 $20.30 12/06/2019 -- $0.22446 $0.31014 $0.53460 $19.65 12/07/2018 -- $1.60970 $0.70239 $2.31209 $15.43 12/07/2017 -- -- $1.66909 $1.66909 $17.11 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Technology Fund Documents Fact Sheet Portfolio Perspective View Summary Prospectus Full Prospectus Statement of Additional Information Technology 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.
