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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-
6Years on Fund
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27Years 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 9/20/23-
Investor Class (HTECX)
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NAV
$17.60
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$ Change
-$0.11
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% Change
-0.62%
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YTD
18.92%
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Institutional Class (HTCIX)
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NAV
$18.10
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$ Change
-$0.12
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% Change
-0.66%
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YTD
19.08%
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Average Annualized Total Return
as of 8/31/23Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02) Investor Class (HTECX) -2.53% 24.93% 21.18% 8.90% 9.39% 10.95% 7.78% Institutional Class (HTCIX) -2.51% 25.07% 21.44% 9.18% 9.65% 11.26% 7.95% Nasdaq Composite Index -2.05% 34.88% 19.85% 6.85% 12.58% 15.78% 10.80% S&P 500® Index -1.59% 18.73% 15.94% 10.52% 11.12% 12.81% 8.77% as of 6/30/23Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02) Investor Class (HTECX) 8.96% 25.74% 29.87% 12.59% 11.99% 11.76% 7.87% Institutional Class (HTCIX) 9.00% 25.86% 30.15% 12.88% 12.27% 12.08% 8.05% Nasdaq Composite Index 13.05% 32.32% 26.14% 11.94% 13.93% 16.21% 10.79% S&P 500® Index 8.74% 16.89% 19.59% 14.60% 12.31% 12.86% 8.76% Hypothetical Growth of $10,000
as of 8/31/2023Value of $10,000 invested between 8/31/2022 and 8/31/2023
Technology Fund (HTECX) $12,118 Technology Fund (HTCIX) $12,144 Nasdaq Composite Index $11,985 S&P 500® Index $11,594 Value of $10,000 invested between 8/31/2020 and 8/31/2023
Technology Fund (HTECX) $12,915 Technology Fund (HTCIX) $13,013 Nasdaq Composite Index $12,199 S&P 500® Index $13,500 Value of $10,000 invested between 8/31/2018 and 8/31/2023
Technology Fund (HTECX) $15,661 Technology Fund (HTCIX) $15,850 Nasdaq Composite Index $18,087 S&P 500® Index $16,943 Value of $10,000 invested between 8/31/2013 and 8/31/2023
Technology Fund (HTECX) $28,263 Technology Fund (HTCIX) $29,063 Nasdaq Composite Index $43,297 S&P 500® Index $33,379 Value of $10,000 invested between 2/1/2002 and 8/31/2023
Technology Fund (HTECX) $50,334 Technology Fund (HTCIX) $52,130 Nasdaq Composite Index $91,381 S&P 500® Index $61,296 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
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Investor Class (HTECX) 29.75 1.73 3.46 2.03 20.20 -1.82 39.10 32.98 13.37 -26.28 Institutional Class (HTCIX) 30.12 1.99 3.90 2.39 20.56 -1.60 39.48 33.26 13.66 -26.07 Nasdaq Composite Index 40.11 14.75 6.96 8.87 29.64 -2.84 36.69 44.92 22.18 -32.54 S&P 500® Index 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 Year Investor Class (HTECX) Institutional Class (HTCIX) Nasdaq Composite Index S&P 500® Index 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 6/30/23Investor Class (HTECX)Type 3 yr 5 yr 10 yr Alpha 1.48 -1.49 -3.89 Beta 0.94 1.02 1.02 Upside Capture 90.94 97.11 91.55 Downside Capture 85.47 102.44 106.76 Institutional Class (HTCIX)Type 3 yr 5 yr 10 yr Alpha 1.75 -1.24 -3.61 Beta 0.94 1.02 1.02 Upside Capture 91.33 97.54 92.09 Downside Capture 85.02 102.11 106.15 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 6/30/23Type 3 yr 5 yr 10 yr Investor Class (HTECX) 0.56 0.52 0.61 Institutional Class (HTCIX) 0.57 0.53 0.63 Nasdaq Composite Index 0.55 0.63 0.88 Technology Category Average 0.35 0.49 0.78 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 6/30/23Type 3 yr 5 yr 10 yr Investor Class (HTECX) 23.38 24.39 19.71 Institutional Class (HTCIX) 23.37 24.39 19.70 Nasdaq Composite Index 22.35 22.09 17.69 Technology Category Average 24.06 23.79 19.04 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
3.06%
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Net expense ratio
1.23%
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Institutional Class (HTCIX)
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Gross expense ratio
2.73%
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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 6/30/23. 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.
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Portfolio
Portfolio Characteristics
as of 6/30/23Inception Date (HTECX) 2/1/02 Inception Date (HTCIX) 3/12/10 Total Fund Assets $6 Million Active Share vs. Fidelity Nasdaq Composite Index Fund (FNCMX) 87% Portfolio Turnover 128% Median Market Cap $16.6 Billion Median Price/Earnings 19.6x Median Price/Book 9.9x 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 6/30/23Fund Information Technology 90.8% Communication Services 6.4% Cash & Other 2.8% Sub-Industry Weighting % of Net Assets Semiconductors 22.8% Systems Software 14.6% Application Software 12.8% Semiconductor Materials & Equipment 9.7% Technology Hardware, Storage & Peripherals 8.0% Technology Distributors 6.6% IT Consulting & Other Services 6.5% Interactive Media & Services 4.8% Communications Equipment 3.3% Electronic Manufacturing Services 3.3% Electronic Components 1.6% Electronic Equipment & Instruments 1.6% Interactive Home Entertainment 1.6% Portfolio Holdings
Top 10 Holdings
as of 6/30/23Top 10 Holdings % of Net Assets Avnet, Inc. 1.7% MaxLinear, Inc. 1.7% Extreme Networks,, Inc.. 1.7% MACOM Technology Solutions Holdings 1.7% Gartner, Inc. 1.7% Hackett Group, Inc. 1.7% Cadence Design Systems, Inc. 1.7% Arrow Electronics, Inc. 1.7% Microchip Technology, Inc. 1.7% Jabil, Inc. 1.7% Total as % of Net Assets 16.7% Total Holdings: 60
as of 6/30/23Equity Holdings % of Net Assets Avnet, Inc. 1.7% MaxLinear, Inc. 1.7% Extreme Networks,, Inc.. 1.7% MACOM Technology Solutions Holdings 1.7% Gartner, Inc. 1.7% Hackett Group, Inc. 1.7% Cadence Design Systems, Inc. 1.7% Arrow Electronics, Inc. 1.7% Microchip Technology, Inc. 1.7% Jabil, Inc. 1.7% Ziff Davis, Inc. 1.7% STMicroelectronics NV 1.7% NXP Semiconductor NV 1.7% Sanmina Corp. 1.6% Diodes, Inc. 1.6% ACM Research, Inc. 1.6% ServiceNow, Inc. 1.6% Taiwan Semiconductor Manufacturing 1.6% CDW Corp. 1.6% Apple, Inc. 1.6% Vishay Intertechnology, Inc. 1.6% Atlassian Corporaton 1.6% Cellebrite DI Ltd. 1.6% InterDigital, Inc. 1.6% Enphase Energy, Inc. 1.6% Fortinet, Inc. 1.6% Texas Instruments, Inc. 1.6% CommVault Systems, Inc. 1.6% Vontier Corp. 1.6% Broadcom, Inc. 1.6% KLA Corp. 1.6% Teradata Corp. 1.6% Crowdstrike Holdings, Inc. 1.6% Pure Storage, Inc. 1.6% Shutterstock, Inc. 1.6% Palo Alto Networks, Inc. 1.6% Synaptics, Inc. 1.6% VMware, Inc. 1.6% Cisco Systems, Inc. 1.6% DXC Technology Co. 1.6% ASML Holding NV 1.6% NetApp, Inc. 1.6% QUALCOMM, Inc. 1.6% Microsoft Corp. 1.6% Tower Semiconductor, Ltd. 1.6% Adobe Inc. 1.6% United Microelectronics Corp. 1.6% Seagate Technology Holdings PLC 1.6% Applied Materials, Inc. 1.6% Clear Secure, Inc. 1.6% Sciplay Corp. 1.6% Check Point Software Technologies, Ltd. 1.6% Cargurus, Inc. 1.6% Lam Research Corp. 1.6% Richardson Electronics Ltd. 1.6% DocuSign, Inc. 1.6% Accenture PLC 1.6% Hewlett Packard Enterprise Co. 1.6% Autodesk, Inc. 1.5% ASE Technology Holding Co., Ltd. 1.5% Total as % of Net Assets 97.2% Cash & Other Holdings % of Net Assets Cash & Other 2.8% Total as % of Net Assets 2.8% Country Allocation
as of 6/30/23-
United States
79.6%
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International
17.6%
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Cash & Other
2.8%
United States 79.6% Netherlands 4.9% Israel 4.8% Taiwan 4.7% Ireland 3.2% Cash & Other 2.8% -
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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 12/28/2022 $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 12/28/2022 $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
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.
