Hennessy Technology Fund
Investor
HTECX
Institutional
HTCIX
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  • Overview

    Category
    Sector & Specialty - Technology

    Hennessy Technology Fund

    Quantitatively managed, the Fund maintains a relatively concentrated portfolio of Technology stocks.

    Investor

    HTECX

    Institutional

    HTCIX

    Documents

    Morningstar style box

    Morningstar style box
    Portfolio Manager Commentary

    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 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

    “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

    View All Fund Insights

  • Performance

    Daily Pricing & Performance

    as of 7/17/26
    • Investor Class (HTECX)

      • NAV

        $26.11

      • $ Change

        -$0.10

      • % Change

        -0.38%

      • YTD

        20.94%

    • Institutional Class (HTCIX)

      • NAV

        $27.05

      • $ Change

        -$0.10

      • % Change

        -0.37%

      • YTD

        21.14%

    Average Annualized Total Return

    as of 6/30/26
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02)
    Investor Class (HTECX) 4.15% 23.16% 31.82% 21.71% 10.44% 15.90% 9.49%
    Institutional Class (HTCIX) 4.16% 23.33% 32.15% 22.01% 10.72% 16.20% 9.68%
    Nasdaq Composite Index -2.75% 13.13% 29.48% 24.74% 13.40% 19.44% 12.42%
    S&P 500® Index -0.95% 10.21% 22.33% 20.61% 13.41% 15.51% 10.15%

    Please swipe to view table

    as of 6/30/26
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02)
    Investor Class (HTECX) 33.22% 23.16% 31.82% 21.71% 10.44% 15.90% 9.49%
    Institutional Class (HTCIX) 33.30% 23.33% 32.15% 22.01% 10.72% 16.20% 9.68%
    Nasdaq Composite Index 21.60% 13.13% 29.48% 24.74% 13.40% 19.44% 12.42%
    S&P 500® Index 15.20% 10.21% 22.33% 20.61% 13.41% 15.51% 10.15%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 6/30/2026

    Value of $10,000 invested between 6/30/2025 and 6/30/2026
    Technology Fund (HTECX) $13,182
    Technology Fund (HTCIX) $13,215
    Nasdaq Composite Index $12,948
    S&P 500® Index $12,233

    Value of $10,000 invested between 6/30/2023 and 6/30/2026
    Technology Fund (HTECX) $18,029
    Technology Fund (HTCIX) $18,165
    Nasdaq Composite Index $19,411
    S&P 500® Index $17,547

    Value of $10,000 invested between 6/30/2021 and 6/30/2026
    Technology Fund (HTECX) $16,433
    Technology Fund (HTCIX) $16,640
    Nasdaq Composite Index $18,750
    S&P 500® Index $18,757

    Value of $10,000 invested between 6/30/2016 and 6/30/2026
    Technology Fund (HTECX) $43,719
    Technology Fund (HTCIX) $44,882
    Nasdaq Composite Index $59,080
    S&P 500® Index $42,271

    Value of $10,000 invested between 2/1/2002 and 6/30/2026
    Technology Fund (HTECX) $91,334
    Technology Fund (HTCIX) $95,292
    Nasdaq Composite Index $174,010
    S&P 500® Index $105,893

    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

      2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
    Investor Class (HTECX)    		 2.03% 20.20% -1.82% 39.10% 32.98% 13.37% -26.28% 35.95% 17.35% 15.38%
    Institutional Class (HTCIX)    		 2.39% 20.56% -1.60% 39.48% 33.26% 13.66% -26.07% 36.25% 17.67% 15.61%
    Nasdaq Composite Index    		 8.87% 29.64% -2.84% 36.69% 44.92% 22.18% -32.54% 44.64% 29.57% 21.14%
    S&P 500® Index    		 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% 25.02% 17.88%
    Year
    Investor Class (HTECX)
    Institutional Class (HTCIX)
    Nasdaq Composite Index
    S&P 500® Index
    2015 3.46% 3.90% 6.96% 1.38%
    2014 1.73% 1.99% 14.75% 13.69%
    2013 29.75% 30.12% 40.11% 32.39%
    2012 8.67% 8.93% 17.75% 16.00%
    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%

    Please swipe to view table

    Returns-Based Statistics
    Relative to Nasdaq Composite Index

    as of 6/30/26
    Investor Class (HTECX)
    Type 3 yr 5 yr 10 yr
    Alpha -1.19 -1.83 -2.53
    Beta 0.94 0.94 0.99
    Upside Capture 89.58 86.48 89.78
    Downside Capture 91.42 91.33 97.05
    Institutional Class (HTCIX)
    Type 3 yr 5 yr 10 yr
    Alpha -0.93 -1.58 -2.27
    Beta 0.94 0.94 0.99
    Upside Capture 89.99 86.88 90.31
    Downside Capture 90.67 90.82 96.60

    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 6/30/26
    Type 3 yr 5 yr 10 yr
    Investor Class (HTECX) 0.89 0.40 0.71
    Institutional Class (HTCIX) 0.91 0.41 0.72
    Nasdaq Composite Index 1.08 0.54 0.92
    Technology Category Average 1.07 0.44 0.86

    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 6/30/26
    Type 3 yr 5 yr 10 yr
    Investor Class (HTECX) 18.87 21.23 20.40
    Institutional Class (HTCIX) 18.85 21.22 20.40
    Nasdaq Composite Index 17.64 20.43 18.71
    Technology Category Average 22.40 23.96 21.26

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

    Fund Expenses

    • Investor Class (HTECX)

      • Gross expense ratio

        2.88%

      • Net expense ratio

        1.24%

    • Institutional Class (HTCIX)

      • Gross expense ratio

        2.60%

      • Net expense ratio

        0.99%

    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 6/30/26. 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 for the Technology Fund until 2/28/27. In addition, certain service provider expenses for the Technology Fund will be voluntarily waived through 7/31/28.

    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.

  • Portfolio

    Portfolio Characteristics

    as of 6/30/26
    Inception Date (HTECX) 2/1/02
    Inception Date (HTCIX) 3/12/10
    Total Fund Assets $9 Million
    Active Share vs. Fidelity Nasdaq Composite Index Fund (FNCMX) 86%
    Portfolio Turnover 115%
    Median Market Cap $11.2 Billion
    Median Price/Earnings 21.4x
    Median Price/Book 7.1x

    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 6/30/26
    Fund
    Information Technology 88.9%
    Communication Services 9.7%
    Cash & Other 1.4%
    Sub-Industry Weighting % of Net Assets
    Application Software 14.8%
    Systems Software 14.2%
    Technology Hardware, Storage & Peripherals 13.5%
    Semiconductors 10.8%
    Interactive Media & Services 9.7%
    Semiconductor Materials & Equipment 9.6%
    Technology Distributors 6.9%
    Communications Equipment 6.4%
    IT Consulting & Other Services 5.1%
    Electronic Manufacturing Services 4.8%
    Electronic Equipment & Instruments 1.6%
    Internet Services & Infrastructure 1.3%

    Portfolio Holdings

    Top 10 Holdings

    as of 6/30/26
    Top 10 Holdings Ticker % of Net Assets
    Micron Technology, Inc. MU 4.0%
    United Microelectronics Corp. UMC 3.8%
    Seagate Technology Holdings PLC STX 2.7%
    Western Digital Corp. WDC 2.7%
    Applied Materials, Inc. AMAT 2.6%
    Extreme Networks,, Inc.. EXTR 2.6%
    Palo Alto Networks, Inc. PANW 2.6%
    KLA Corp. KLAC 2.5%
    Lam Research Corp. LRCX 2.5%
    Fortinet, Inc. FTNT 2.4%
    Total as % of Net Assets 28.5%

    Please swipe to view table

    Total Equity Holdings: 59

    as of 6/30/26
    Print All Holdings
    Equity Holdings Ticker % of Net Assets
    Micron Technology, Inc. MU 4.0%
    United Microelectronics Corp. UMC 3.8%
    Seagate Technology Holdings PLC STX 2.7%
    Western Digital Corp. WDC 2.7%
    Applied Materials, Inc. AMAT 2.6%
    Extreme Networks,, Inc.. EXTR 2.6%
    Palo Alto Networks, Inc. PANW 2.6%
    KLA Corp. KLAC 2.5%
    Lam Research Corp. LRCX 2.5%
    Fortinet, Inc. FTNT 2.4%
    Insight Enterprises, Inc. NSIT 2.2%
    NetApp, Inc. NTAP 2.0%
    ASML Holding NV ASML 2.0%
    EverQuote, Inc. EVER 2.0%
    Qualys, Inc. QLYS 1.9%
    Pagaya Technologies, Ltd. PGY 1.9%
    PagerDuty, Inc. PD 1.9%
    Jabil, Inc. JBL 1.8%
    ScanSource, Inc. SCSC 1.8%
    Teradata Corp. TDC 1.7%
    OneSpan, Inc. OSPN 1.7%
    Everpure, Inc. P 1.6%
    AppLovin Corp. APP 1.6%
    Celestica, Inc. CLS 1.6%
    TripAdvisor, Inc. TRIP 1.6%
    Crane NXT Co. CXT 1.6%
    Turtle Beach Corp. TBCH 1.6%
    Skyworks Solutions, Inc. SWKS 1.6%
    Apple, Inc. AAPL 1.5%
    Cars.com, Inc. CARS 1.5%
    Progress Software Corp. PRGS 1.5%
    Atlassian Corporaton TEAM 1.5%
    NVIDIA Corp. NVDA 1.5%
    CDW Corp. CDW 1.5%
    IBM Corp. IBM 1.5%
    Ingram Micro Holding Corp. INGM 1.4%
    Kimball Electronics, Inc. KE 1.4%
    Aviat Networks, Inc. AVNW 1.4%
    Oracle Corp. ORCL 1.3%
    GoDaddy, Inc. GDDY 1.3%
    Logitech International SA LOGI 1.3%
    Cargurus, Inc. CARG 1.3%
    Open Text Corp. OTEX 1.3%
    Karooooo, Ltd. KARO 1.3%
    Meta Platforms, Inc. META 1.3%
    Telefonaktiebolaget LM Ericsson ERIC 1.3%
    Yelp, Inc. YELP 1.2%
    Motorola Solutions, Inc. MSI 1.2%
    DocuSign, Inc. DOCU 1.2%
    InterDigital, Inc. IDCC 1.2%
    Check Point Software Technologies, Ltd. CHKP 1.1%
    Adobe Inc. ADBE 1.1%
    Gartner, Inc. IT 1.1%
    Autodesk, Inc. ADSK 1.0%
    Nice, Ltd. NICE 1.0%
    Amdocs Ltd DOX 1.0%
    fuboTV, Inc. FUBO 0.9%
    Globant SA GLOB 0.8%
    Cognizant Technology Solutions CTSH 0.8%
    Total as % of Net Assets 98.7%
    Cash & Other Holdings % of Net Assets
    Cash & Other 1.4%
    Total as % of Net Assets 1.4%

    Please swipe to view table

    Country Allocation

    as of 6/30/26

    • United States

      77.7%

    • International

      20.9%

    • Cash & Other

      1.4%
    United States 77.7%
    Israel 4.0%
    Taiwan 3.8%
    Canada 2.8%
    Ireland 2.7%
    Netherlands 2.0%
    Singapore 1.3%
    Switzerland 1.3%
    Sweden 1.2%
    Guernsey 1.0%
    Luxembourg 0.8%
    Cash & Other 1.4%

  • 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
    12/04/2025 -- $1.69111 $2.87677 $4.56788 $21.54
    12/05/2024 -- -- $0.96992 $0.96992 $23.64
    12/28/2022 $0.01064 -- -- $0.01064 $14.46
    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

    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
    12/04/2025 -- $1.74915 $2.97550 $4.72465 $22.28
    12/05/2024 -- -- $1.00068 $1.00068 $24.39
    12/28/2022 $0.07186 -- -- $0.07186 $14.85
    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

    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
    Technology 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.

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The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 1-800-966-4354.

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 and can be found here. Performance data current to the most recent month end may be obtained from HennessyFunds.com Hennessy Funds Standardized Performance

Neither forward earnings nor earnings growth is a measure of a fund’s future performance.

Mutual fund investing involves risk. Principal loss is possible. Current and future holdings are subject to risk. Small and medium-sized companies may have more limited liquidity and greater price volatility than larger companies. Investments in foreign securities may involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Focus, Total Return, Balanced, Large Cap Financial, Small Cap Financial, and Midstream Funds are considered non-diversified funds. A non-diversified fund, which may concentrate its assets in fewer individual holdings than a diversified fund, is more exposed to individual stock volatility than a diversified fund. A fund that concentrates its investments within one country, one sector, or a small group of industries, such as Japan, Technology, Financials, or Energy, may be subject to a higher degree of market risk. Investments in debt securities typically decrease in value when interest rates rise. The risk is greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Mortgage- and asset-backed securities are subject to prepayment risk, which is the risk that the borrower will prepay some or all of the principal owed to the issuer. Funds that invest in pooled investment vehicles (including ETFs) may experience higher fees. The formula-based strategy employed by some Funds may cause those Funds to buy or sell securities at times when it may not be advantageous.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Sustainability Investing Risk: (STNC) The risk that applying sustainable investment analysis to the Portfolio Managers’ investment decisions regarding the Fund’s portfolio may forgo certain investment opportunities otherwise available to the Fund. The Fund intends to invest in companies with measurably high sustainability ratings relative to their sector peers, and screen out particular companies that do not meet its sustainability criteria. The Fund believes that these sustainability factors are material to its assessment of the risk-return profiles of companies in which it invests. The relevance and weighting of sustainability criteria may vary significantly among issuers and third-party data providers. Sustainability is a subjective assessment and it is not uniformly defined. Sustainability data may be incomplete, delayed, inaccurate, or unavailable, which could lead to an incorrect assessment of a company’s sustainability characteristics. The Fund’s returns may be lower than other funds that do not seek to invest in companies based on sustainability ratings or screen out certain companies or industries. The Fund seeks to identify companies that it believes may have higher sustainability ratings, but investors may differ in their views of sustainability characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Regulatory changes regarding the definition or use of sustainability criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its sustainability strategy.

Master Limited Partnerships (MLPs) and MLP investments have unique characteristics. A Fund does not receive the same tax benefits as a direct investment in an MLP.

The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for a Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. If the Energy Transition Fund’s MLP investments exceed 25% of its assets, it may not qualify for treatment as a regulated investment company (“RIC”) under the Internal Revenue Code (“Code”), and the Fund would be taxed as an ordinary corporation, which could substantially reduce its net assets and its distributions to shareholders. The Midstream Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes, and therefore, is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 21%) as well as state and local income taxes. The Midstream Fund will not benefit from current favorable federal income tax rates on long-term capital gains, and Fund income and losses will not be passed on to shareholders. The Midstream Fund accrues deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV, and as a result, the Fund’s after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.

Glossary of Terms contains definitions and additional information.

To view the top 10 holdings of a Fund, please click the Fund name: Cornerstone Growth, Focus, Cornerstone Mid Cap 30, Cornerstone Large Growth, Cornerstone Value, Total Return, Equity and Income, Balanced, Energy Transition, Midstream, Gas Utility, Japan, Japan Small Cap, Large Cap Financial, Small Cap Financial, Technology. Fund holdings are subject to change and not recommendations to buy or sell any security.

Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

News and Media Page:

To view the Morningstar ratings for the Japan Fund, please click here. (Media - TD Ameritrade)

To view the Morningstar ratings for the Focus Fund, please click here. (Media - CNBC-B. Macualey).

1 USD = 105.36 Yen as of 07/27/2020 (Media - Ticker - M. Takeda)

Tom White is a TD Ameritrade Network contributor and is not affiliated with the Hennessy Funds. Content is not investment advice, or a recommendation of any security, strategy, or account type. Options involve risks and are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.(Media - TD Ameritrade-Rothberg)

To view the Morningstar ratings, please click here.

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