• Overview

    Category
    Sector & Specialty - Technology

    Hennessy Technology Fund

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

    Investor

    HTECX

    Institutional

    HTCIX

    Morningstar style box

    Morningstar style box
    Portfolio Manager Commentary
    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

    Share
  • Performance

    Daily Pricing & Performance

    as of 2/28/24
    • Investor Class (HTECX)
      • NAV

        $20.90

      • $ Change

        -$0.07

      • % Change

        -0.33%

      • YTD

        3.88%

    • Institutional Class (HTCIX)
      • NAV

        $21.52

      • $ Change

        -$0.08

      • % Change

        -0.37%

      • YTD

        3.91%

    Average Annualized Total Return

    as of 1/31/24
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02)
    Investor Class (HTECX) 0.50% 0.50% 23.52% 4.54% 13.22% 10.21% 8.06%
    Institutional Class (HTCIX) 0.53% 0.53% 23.85% 4.80% 13.50% 10.52% 8.24%
    Nasdaq Composite Index 1.04% 1.04% 31.99% 5.90% 16.80% 15.11% 10.99%
    S&P 500® Index 1.68% 1.68% 20.82% 10.99% 14.30% 12.62% 8.98%

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    as of 12/31/23
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02)
    Investor Class (HTECX) 14.06% 35.95% 35.95% 4.35% 16.02% 10.29% 8.07%
    Institutional Class (HTCIX) 14.17% 36.25% 36.25% 4.61% 16.30% 10.60% 8.25%
    Nasdaq Composite Index 13.79% 44.64% 44.64% 6.04% 18.75% 14.80% 10.98%
    S&P 500® Index 11.69% 26.29% 26.29% 10.00% 15.69% 12.03% 8.93%

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    Hypothetical Growth of $10,000

    as of 1/31/2024

    Value of $10,000 invested between 1/31/2023 and 1/31/2024

    Technology Fund (HTECX) $12,352
    Technology Fund (HTCIX) $12,385
    Nasdaq Composite Index $13,199
    S&P 500® Index $12,082

    Value of $10,000 invested between 1/31/2021 and 1/31/2024

    Technology Fund (HTECX) $11,423
    Technology Fund (HTCIX) $11,510
    Nasdaq Composite Index $11,875
    S&P 500® Index $13,672

    Value of $10,000 invested between 1/31/2019 and 1/31/2024

    Technology Fund (HTECX) $18,602
    Technology Fund (HTCIX) $18,838
    Nasdaq Composite Index $21,737
    S&P 500® Index $19,506

    Value of $10,000 invested between 1/31/2014 and 1/31/2024

    Technology Fund (HTECX) $26,438
    Technology Fund (HTCIX) $27,182
    Nasdaq Composite Index $40,857
    S&P 500® Index $32,807

    Value of $10,000 invested between 2/1/2002 and 1/31/2024

    Technology Fund (HTECX) $55,043
    Technology Fund (HTCIX) $57,094
    Nasdaq Composite Index $99,012
    S&P 500® Index $66,294

    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

      2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
    Investor Class (HTECX)
    1.73 3.46 2.03 20.20 -1.82 39.10 32.98 13.37 -26.28 35.95
    Institutional Class (HTCIX)
    1.99 3.90 2.39 20.56 -1.60 39.48 33.26 13.66 -26.07 36.25
    Nasdaq Composite Index
    14.75 6.96 8.87 29.64 -2.84 36.69 44.92 22.18 -32.54 44.64
    S&P 500® Index
    13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 26.29
    Year
    Investor Class (HTECX)
    Institutional Class (HTCIX)
    Nasdaq Composite Index
    S&P 500® Index
    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%

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    Returns-Based Statistics
    Relative to Nasdaq Composite Index

    as of 12/31/23
    Investor Class (HTECX)
    Type 3 yr 5 yr 10 yr
    Alpha -1.15 -2.12 -3.98
    Beta 0.93 1.01 1.02
    Upside Capture 88.00 95.06 91.94
    Downside Capture 91.83 101.58 107.69
    Institutional Class (HTCIX)
    Type 3 yr 5 yr 10 yr
    Alpha -0.89 -1.87 -3.69
    Beta 0.93 1.01 1.02
    Upside Capture 88.41 95.45 92.45
    Downside Capture 91.39 101.18 107.06

    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 12/31/23
    Type 3 yr 5 yr 10 yr
    Investor Class (HTECX) 0.19 0.66 0.52
    Institutional Class (HTCIX) 0.20 0.67 0.54
    Nasdaq Composite Index 0.26 0.81 0.78
    Technology Category Average 0.01 0.67 0.68

    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 12/31/23
    Type 3 yr 5 yr 10 yr
    Investor Class (HTECX) 21.84 23.95 20.10
    Institutional Class (HTCIX) 21.83 23.94 20.09
    Nasdaq Composite Index 21.53 21.80 18.06
    Technology Category Average 23.95 24.10 19.76

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

    Fund Expenses

    • Investor Class (HTECX)
      • Gross expense ratio

        3.17%

      • Net expense ratio

        1.23%

    • Institutional Class (HTCIX)
      • Gross expense ratio

        2.85%

      • Net expense ratio

        0.98%

    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 12/31/23. 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 2/28/24. In addition, certain service provider expenses for the Technology Fund will be voluntarily waived through 7/31/25.

    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 12/31/23
    Inception 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) 84%
    Portfolio Turnover 98%
    Median Market Cap $26.3 Billion
    Median Price/Earnings 24.2x
    Median Price/Book 8.8x

    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 12/31/23
    Fund
    Information Technology 91.3%
    Communication Services 7.2%
    Cash & Other 1.5%
    Sub-Industry Weighting % of Net Assets
    Semiconductors 19.3%
    Systems Software 14.0%
    Technology Hardware, Storage & Peripherals 11.7%
    Semiconductor Materials & Equipment 9.0%
    Application Software 8.6%
    Technology Distributors 8.4%
    IT Consulting & Other Services 8.2%
    Interactive Media & Services 7.2%
    Communications Equipment 6.1%
    Electronic Manufacturing Services 2.9%
    Electronic Equipment & Instruments 1.7%
    Electronic Components 1.4%

    Portfolio Holdings

    Top 10 Holdings

    as of 12/31/23
    Top 10 Holdings Ticker % of Net Assets
    Crowdstrike Holdings, Inc. CRWD 2.2%
    Cargurus, Inc. CARG 2.1%
    Logitech International SA LOGI 2.0%
    Broadcom, Inc. AVGO 2.0%
    Telefonaktiebolaget LM Ericsson ERIC 2.0%
    QUALCOMM, Inc. QCOM 1.9%
    ScanSource Inc SCSC 1.9%
    Gartner, Inc. IT 1.9%
    ASML Holding NV ASML 1.9%
    Seagate Technology Holdings PLC STX 1.9%
    Total as % of Net Assets 19.9%

    Please swipe to view table

    Total Holdings: 58

    as of 12/31/23
    Equity Holdings Ticker % of Net Assets
    Crowdstrike Holdings, Inc. CRWD 2.2%
    Cargurus, Inc. CARG 2.1%
    Logitech International SA LOGI 2.0%
    Broadcom, Inc. AVGO 2.0%
    Telefonaktiebolaget LM Ericsson ERIC 2.0%
    QUALCOMM, Inc. QCOM 1.9%
    ScanSource Inc SCSC 1.9%
    Gartner, Inc. IT 1.9%
    ASML Holding NV ASML 1.9%
    Seagate Technology Holdings PLC STX 1.9%
    ServiceNow, Inc. NOW 1.9%
    KLA Corp. KLAC 1.9%
    Shutterstock, Inc. SSTK 1.9%
    ASE Technology Holding Co., Ltd. ASX 1.9%
    Palo Alto Networks, Inc. PANW 1.8%
    Insight Enterprises, Inc. NSIT 1.8%
    Lam Research Corp. LRCX 1.8%
    United Microelectronics Corp. UMC 1.8%
    Atlassian Corporaton TEAM 1.8%
    Taiwan Semiconductor Manufacturing TSM 1.8%
    Microsoft Corp. MSFT 1.7%
    CommVault Systems, Inc. CVLT 1.7%
    Autodesk, Inc. ADSK 1.7%
    STMicroelectronics NV STM 1.7%
    NetApp, Inc. NTAP 1.7%
    Meta Platforms, Inc. META 1.7%
    Applied Materials, Inc. AMAT 1.7%
    Cadence Design Systems, Inc. CDNS 1.7%
    Motorola Solutions, Inc. MSI 1.7%
    Microchip Technology, Inc. MCHP 1.7%
    NXP Semiconductor NV NXPI 1.7%
    Adobe Inc. ADBE 1.7%
    Cellebrite DI Ltd. CLBT 1.7%
    Accenture PLC ACN 1.7%
    Check Point Software Technologies, Ltd. CHKP 1.7%
    CDW Corp. CDW 1.7%
    MACOM Technology Solutions Holdings MTSI 1.7%
    Vontier Corp. VNT 1.7%
    Enphase Energy, Inc. ENPH 1.7%
    Apple, Inc. AAPL 1.6%
    NVIDIA Corp. NVDA 1.6%
    DXC Technology Co. DXC 1.6%
    Infosys, Ltd. INFY 1.6%
    Texas Instruments, Inc. TXN 1.6%
    Ziff Davis, Inc. ZD 1.6%
    Avnet, Inc. AVT 1.5%
    Jabil, Inc. JBL 1.5%
    Pure Storage, Inc. PSTG 1.5%
    Fortinet, Inc. FTNT 1.5%
    Super Micro Computer, Inc. SMCI 1.5%
    Arrow Electronics, Inc. ARW 1.5%
    Hewlett Packard Enterprise Co. HPE 1.4%
    Teradata Corp. TDC 1.4%
    Hackett Group, Inc. HCKT 1.4%
    Vishay Intertechnology, Inc. VSH 1.4%
    Sanmina Corp. SANM 1.4%
    Cisco Systems, Inc. CSCO 1.4%
    Extreme Networks,, Inc.. EXTR 1.1%
    Total as % of Net Assets 98.5%
    Cash & Other Holdings % of Net Assets
    Cash & Other 1.5%
    Total as % of Net Assets 1.5%

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    Country Allocation

    as of 12/31/23
    • United States

      75.2%

    • International

      23.4%

    • Cash & Other

      1.5%

    United States 75.2%
    Taiwan 5.4%
    Netherlands 5.4%
    Ireland 3.6%
    Israel 3.4%
    Sweden 2.0%
    Switzerland 2.0%
    India 1.6%
    Cash & Other 1.5%
  • 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
    12/28/2022 $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

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    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
    12/28/2022 $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
    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

    Currently, paper copies of the annual and semi-annual reports are not 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.

    **Please note the upcoming change to shareholder report delivery.**

    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.