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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 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-
9Years on Fund
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30Years 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 1/16/26-
Investor Class (HTECX)
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NAV
$21.91
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$ Change
-$0.17
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% Change
-0.77%
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YTD
1.48%
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Institutional Class (HTCIX)
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NAV
$22.67
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$ Change
-$0.18
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% Change
-0.79%
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YTD
1.52%
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Average Annualized Total Return
as of 12/31/25Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02) Investor Class (HTECX) 2.50% 15.38% 15.38% 22.55% 9.00% 13.11% 8.74% Institutional Class (HTCIX) 2.52% 15.61% 15.61% 22.84% 9.27% 13.40% 8.93% Nasdaq Composite Index -0.47% 21.14% 21.14% 31.43% 13.35% 17.66% 12.11% S&P 500® Index 0.06% 17.88% 17.88% 23.01% 14.42% 14.82% 9.92% as of 12/31/25Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02) Investor Class (HTECX) -1.62% 15.38% 15.38% 22.55% 9.00% 13.11% 8.74% Institutional Class (HTCIX) -1.58% 15.61% 15.61% 22.84% 9.27% 13.40% 8.93% Nasdaq Composite Index 2.72% 21.14% 21.14% 31.43% 13.35% 17.66% 12.11% S&P 500® Index 2.66% 17.88% 17.88% 23.01% 14.42% 14.82% 9.92% Hypothetical Growth of $10,000
as of 12/31/2025Value of $10,000 invested between 12/31/2024 and 12/31/2025
Technology Fund (HTECX) $11,538 Technology Fund (HTCIX) $11,561 Nasdaq Composite Index $12,114 S&P 500® Index $11,788 Value of $10,000 invested between 12/31/2022 and 12/31/2025
Technology Fund (HTECX) $18,407 Technology Fund (HTCIX) $18,537 Nasdaq Composite Index $22,703 S&P 500® Index $18,611 Value of $10,000 invested between 12/31/2020 and 12/31/2025
Technology Fund (HTECX) $15,384 Technology Fund (HTCIX) $15,576 Nasdaq Composite Index $18,714 S&P 500® Index $19,616 Value of $10,000 invested between 12/31/2015 and 12/31/2025
Technology Fund (HTECX) $34,264 Technology Fund (HTCIX) $35,168 Nasdaq Composite Index $50,833 S&P 500® Index $39,827 Value of $10,000 invested between 2/1/2002 and 12/31/2025
Technology Fund (HTECX) $74,159 Technology Fund (HTCIX) $77,265 Nasdaq Composite Index $153,809 S&P 500® Index $96,085 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% Returns-Based Statistics
Relative to Nasdaq Composite Indexas of 12/31/25Investor Class (HTECX)Type 3 yr 5 yr 10 yr Alpha -7.53 -3.15 -3.69 Beta 1.03 0.94 1.00 Upside Capture 84.47 85.75 88.70 Downside Capture 111.15 96.74 100.92 Institutional Class (HTCIX)Type 3 yr 5 yr 10 yr Alpha -7.26 -2.90 -3.43 Beta 1.03 0.94 1.00 Upside Capture 84.82 86.17 89.21 Downside Capture 110.20 96.20 100.43 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 12/31/25Type 3 yr 5 yr 10 yr Investor Class (HTECX) 0.95 0.37 0.61 Institutional Class (HTCIX) 0.96 0.38 0.62 Nasdaq Composite Index 1.51 0.58 0.86 Technology Category Average 1.14 0.33 0.75 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 12/31/25Type 3 yr 5 yr 10 yr Investor Class (HTECX) 18.23 19.65 19.93 Institutional Class (HTCIX) 18.20 19.64 19.93 Nasdaq Composite Index 15.88 19.00 18.27 Technology Category Average 19.59 21.42 20.24 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
2.77%
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Net expense ratio
1.23%
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Institutional Class (HTCIX)
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Gross expense ratio
2.47%
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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 12/31/25. 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 / 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 2/28/26. 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.
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Portfolio
Portfolio Characteristics
as of 12/31/25Inception Date (HTECX) 2/1/02 Inception Date (HTCIX) 3/12/10 Total Fund Assets $8 Million Active Share vs. Fidelity Nasdaq Composite Index Fund (FNCMX) 91% Portfolio Turnover 99% Median Market Cap $19.8 Billion Median Price/Earnings 23.2x Median Price/Book 9.6x 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 12/31/25Fund Information Technology 89.7% Communication Services 8.0% Consumer Discretionary 1.1% Cash & Other 1.2% Sub-Industry Weighting % of Net Assets Application Software 17.2% Systems Software 14.9% Semiconductors 11.5% Technology Hardware, Storage & Peripherals 9.6% IT Consulting & Other Services 8.5% Communications Equipment 8.1% Interactive Media & Services 8.0% Semiconductor Materials & Equipment 7.8% Technology Distributors 4.7% Electronic Equipment & Instruments 3.9% Electronic Manufacturing Services 1.9% Internet Services & Infrastructure 1.5% Broadline Retail 1.1% Portfolio Holdings
Top 10 Holdings
as of 12/31/25Top 10 Holdings % of Net Assets Frequency Electronics, Inc. 2.4% Teradata Corp. 2.3% Clearwater Analytics Holdings 2.3% Cognizant Technology Solutions 2.0% Lam Research Corp. 2.0% Ituran Location and Control Ltd. 2.0% Diebold Nixdorf, Inc. 2.0% Applied Materials, Inc. 2.0% KLA Corp. 1.9% Telefonaktiebolaget LM Ericsson 1.9% Total as % of Net Assets 20.9% Total Holdings: 60
as of 12/31/25Equity Holdings % of Net Assets Frequency Electronics, Inc. 2.4% Teradata Corp. 2.3% Clearwater Analytics Holdings 2.3% Cognizant Technology Solutions 2.0% Lam Research Corp. 2.0% Ituran Location and Control Ltd. 2.0% Diebold Nixdorf, Inc. 2.0% Applied Materials, Inc. 2.0% KLA Corp. 1.9% Telefonaktiebolaget LM Ericsson 1.9% AppLovin Corp. 1.9% Jabil, Inc. 1.9% Globant SA 1.9% Cargurus, Inc. 1.9% Atlassian Corporaton 1.8% ASML Holding NV 1.8% Pegasystems, Inc. 1.8% Apple, Inc. 1.8% United Microelectronics Corp. 1.8% Qualys, Inc. 1.7% Gartner, Inc. 1.7% CGI, Inc. 1.7% Taiwan Semiconductor Manufacturing 1.7% QUALCOMM, Inc. 1.7% Adobe Inc. 1.7% GLOBALFOUNDRIES, Inc. 1.7% Yelp, Inc. 1.6% Ingram Micro Holding Corp. 1.6% NVIDIA Corp. 1.6% Autodesk, Inc. 1.6% DocuSign, Inc. 1.6% Cellebrite DI Ltd. 1.6% ScanSource, Inc. 1.6% TripAdvisor, Inc. 1.6% Monolithic Power Systems, Inc. 1.6% Check Point Software Technologies, Ltd. 1.6% Vontier Corp. 1.6% Hewlett Packard Enterprise Co. 1.6% Fortinet, Inc. 1.6% Meta Platforms, Inc. 1.6% Turtle Beach Corp. 1.6% GoDaddy, Inc. 1.5% InterDigital, Inc. 1.5% STMicroelectronics NV 1.5% NetApp, Inc. 1.5% CDW Corp. 1.5% Palo Alto Networks, Inc. 1.4% Open Text Corp. 1.4% Arista Networks, Inc. 1.4% Motorola Solutions, Inc. 1.4% Rapid7, Inc. 1.4% OneSpan, Inc. 1.4% Pinterest, Inc. 1.4% Extreme Networks,, Inc.. 1.4% Pure Storage, Inc. 1.2% CommVault Systems, Inc. 1.2% Zscaler, Inc. 1.2% Endava PLC 1.2% Sea, Ltd. 1.1% Oracle Corp. 1.1% Total as % of Net Assets 98.8% Cash & Other Holdings % of Net Assets Cash & Other 1.2% Total as % of Net Assets 1.2% Country Allocation
as of 12/31/25-
United States
75.9%
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International
22.9%
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Cash & Other
1.2%
United States 75.9% Israel 5.2% Taiwan 3.5% Netherlands 3.3% Canada 3.1% Cayman Islands 2.8% Luxembourg 1.9% Sweden 1.9% United Kingdom 1.2% Cash & Other 1.2% -
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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 12/04/2025 -- $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 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 12/04/2025 -- $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 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.