• Overview

    HTECX
    Investor

    Hennessy Technology Fund

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

    Fund Facts

    Category

    Sector & Specialty - Technology

    Inception Date

    2/1/02

    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 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

    “We believe a carefully selected, concentrated portfolio provides the best opportunity to outperform the overall Technology sector.”

    - Ryan Kelley

  • Performance

    Daily Pricing & Performance

    as of 11/13/18 (Investor)
    • Nav

      $17.73

    • $ Change

      $0.08

    • % Change

      0.45%

    • YTD

      4.11%

    Average Annualized Total Return

    as of 10/31/18 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02)
    Technology Fund (HTECX) -10.38% 5.93% 7.25% 8.83% 7.85% 11.02% 6.37%
    NASDAQ Composite Index -9.16% 6.71% 9.74% 14.37% 14.58% 16.92% 9.48%
    S&P 500 Index -6.84% 3.01% 7.35% 11.52% 11.34% 13.24% 7.56%

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    as of 9/30/18 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02)
    Technology Fund (HTECX) 9.11% 18.20% 22.40% 16.67% 11.04% 9.98% 7.10%
    NASDAQ Composite Index 7.41% 17.48% 25.17% 21.70% 17.72% 15.77% 10.16%
    S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 8.06%

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    Hypothetical Growth of $10,000

    as of 10/31/2018 (Investor)

    Value of $10,000 invested between 10/31/2017 and 10/31/2018

    Technology Fund (HTECX) $10,725
    NASDAQ Composite Index $10,974
    S&P 500 Index $10,735

    Value of $10,000 invested between 10/31/2015 and 10/31/2018

    Technology Fund (HTECX) $12,890
    NASDAQ Composite Index $14,961
    S&P 500 Index $13,870

    Value of $10,000 invested between 10/31/2013 and 10/31/2018

    Technology Fund (HTECX) $14,590
    NASDAQ Composite Index $19,750
    S&P 500 Index $17,111

    Value of $10,000 invested between 10/31/2008 and 10/31/2018

    Technology Fund (HTECX) $28,447
    NASDAQ Composite Index $47,726
    S&P 500 Index $34,668

    Value of $10,000 invested between 2/1/2002 and 10/31/2018

    Technology Fund (HTECX) $28,118
    NASDAQ Composite Index $45,570
    S&P 500 Index $33,897

    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

    Year Technology Fund (HTECX) NASDAQ Composite Index S&P 500 Index
    2017 20.20% 29.64% 21.83%
    2016 2.03% 8.87% 11.96%
    2015 3.46% 6.96% 1.38%
    2014 1.73% 14.75% 13.69%
    2013 29.75% 40.11% 32.39%
    2012 8.67% 17.75% 16.00%
    2011 -10.77% -0.79% 2.11%
    2010 12.73% 18.13% 15.06%
    2009 54.93% 45.34% 26.46%
    2008 -42.89% -39.98% -37.00%
    2007 9.36% 10.66% 5.49%
    2006 9.25% 10.89% 15.79%
    2005 11.80% 2.12% 4.91%
    2004 6.75% 10.27% 10.88%
    2003 52.86% 50.77% 28.68%

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    Returns-Based Statistics
    Relative to NASDAQ Composite Index

    as of 9/30/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha -3.83 -6.81 -4.72
    Beta 0.98 1.07 0.98
    Upside Capture 79.41 86.99 87.88
    Downside Capture 82.67 125.47 109.01

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    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 9/30/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Technology Fund (HTECX) 1.19 0.78 0.62
    NASDAQ Composite Index 1.66 1.41 0.95
    Technology Category Average 1.70 1.33 0.91

    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 9/30/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Technology Fund (HTECX) 12.91 14.08 17.28
    NASDAQ Composite Index 11.80 11.76 16.45
    Technology Category Average 12.85 12.66 17.39

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

    Fund Expenses

    • Gross expense ratio

      4.12%

    • Net expense ratio

      1.24%

    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 9/30/18. 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 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.

    The Fund’s investment manager has contractually agreed to limit expenses until 2/28/19.

    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 9/30/18
    Total Fund Assets $4.9 Million
    Active Share vs. Fidelity NASDAQ Composite Index Fund (FNCMX) 89%
    Portfolio Turnover 226%
    Median Market Cap $9.6 Billion
    Median Price/Earnings 24.0x
    Median Price/Book 11.4x

    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 reflects the trailing 12-month period.

    Sector Weighting

    as of 9/30/18
    Sector % of Net Assets
    Information Technology 92.7%
    Communication Services 3.5%
    Cash & Other 3.8%
    Sub-Industry Weighting % of Net Assets
    Application Software 21.4%
    Data Processing & Outsourced Services 14.7%
    Communications Equipment 10.2%
    Technology Hardware, Storage & Peripherals 9.6%
    Semiconductor Equipment 7.2%
    IT Consulting & Other Services 6.4%
    Systems Software 6.4%
    Semiconductors 6.3%
    Electronic Manufacturing Services 4.3%
    Interactive Media & Services 3.5%
    Technology Distributors 3.1%
    Electronic Components 2.9%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/18
    Top 10 Holdings Ticker % of Net Assets
    Advanced Micro Devices, Inc. AMD 2.0%
    Match Group, Inc. MTCH 1.9%
    Ubiquiti Networks, Inc. UBNT 1.9%
    Fortinet, Inc. FTNT 1.8%
    F5 Networks, Inc. FFIV 1.8%
    Ultimate Software Group, Inc. ULTI 1.7%
    Automatic Data Processing, Inc. ADP 1.7%
    Cornerstone OnDemand, Inc. CSOD 1.7%
    Hortonworks, Inc. HDP 1.7%
    Mastercard, Inc. MA 1.7%
    Total as % of Net Assets 17.9%

    Total Holdings: 60

    as of 9/30/18
    Equity Holdings Ticker % of Net Assets
    Advanced Micro Devices, Inc. AMD 2.0%
    Match Group, Inc. MTCH 1.9%
    Ubiquiti Networks, Inc. UBNT 1.9%
    Fortinet, Inc. FTNT 1.8%
    F5 Networks, Inc. FFIV 1.8%
    Ultimate Software Group, Inc. ULTI 1.7%
    Automatic Data Processing, Inc. ADP 1.7%
    Cornerstone OnDemand, Inc. CSOD 1.7%
    Hortonworks, Inc. HDP 1.7%
    Mastercard, Inc. MA 1.7%
    Intuit, Inc. INTU 1.7%
    Fair Isaac Corp. FICO 1.7%
    Autodesk, Inc. ADSK 1.7%
    Adobe Systems, Inc. ADBE 1.7%
    ARRIS International, PLC ARRS 1.7%
    Fiserv, Inc. FISV 1.7%
    Paylocity Holding Corp. PCTY 1.7%
    NCR Corp. NCR 1.7%
    ServiceNow, Inc. NOW 1.7%
    Accenture PLC ACN 1.7%
    Paycom Software, Inc. PAYC 1.6%
    Ituran Location and Control, Ltd. ITRN 1.6%
    Ciena Corp. CIEN 1.6%
    NetApp, Inc. NTAP 1.6%
    Broadridge Financial Solutions BR 1.6%
    TTEC Holdings, Inc. TTEC 1.6%
    Apple, Inc. AAPL 1.6%
    Palo Alto Networks, Inc. PANW 1.6%
    DXC Technology Co. DXC 1.6%
    Xerox Corp. XRX 1.6%
    Booz Allen Hamilton Holding Co. BAH 1.6%
    CDW Corp. CDW 1.6%
    Sabre Corp. SABR 1.6%
    Paychex, Inc. PAYX 1.6%
    Weibo Corp. WB 1.6%
    Seagate Technology PLC. STX 1.6%
    Syntel, Inc. SYNT 1.6%
    Texas Instruments, Inc. TXN 1.6%
    Cadence Design Systems, Inc. CDNS 1.6%
    Citrix Systems, Inc. CTXS 1.6%
    The Western Union Co. WU 1.6%
    Splunk, Inc. SPLK 1.5%
    LG Display Co., Ltd. LPL 1.5%
    Logitech International SA LOGI 1.5%
    Versum Materials, Inc. VSM 1.5%
    Red Hat, Inc. RHT 1.5%
    Arrow Electronics, Inc. ARW 1.5%
    Applied Materials, Inc. AMAT 1.5%
    Proofpoint, Inc. PFPT 1.5%
    Box, Inc. BOX 1.5%
    Jabil, Inc. JBL 1.5%
    Science Applications International SAIC 1.5%
    Lam Research Corp. LRCX 1.5%
    Semiconductor Manufacturing International Corp. SMI 1.5%
    KLA-Tencor Corp. KLAC 1.4%
    Sanmina Corp. SANM 1.4%
    Vishay Intertechnology, Inc. VSH 1.4%
    Celestica, Inc. CLS 1.4%
    Alpha & Omega Semiconductor AOSL 1.4%
    Ichor Holdings, Ltd. ICHR 1.3%
    Total as % of Net Assets 96.2%
    Cash & Other Holdings % of Net Assets
    Cash & Other 3.8%
    Total as % of Net Assets 3.8%

    Country Allocation

    as of 9/30/18
    • United States

      79.4%

    • Foreign

      16.7%

    • Cash & Other

      3.8%

    United States 79.4%
    Cayman Islands 4.4%
    Ireland 3.2%
    United Kingdom 1.7%
    Israel 1.6%
    Switzerland 1.5%
    Korea, Republic Of 1.5%
    Canada 1.4%
    Bermuda 1.4%
    Cash & Other 3.8%
  • 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
    12/07/2017 -- -- $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
  • Fund Documents

    Download PDF View Online
    Fund Documents
    Technology Fund Fact Sheet
    Technology Fund Portfolio Manager Commentary View
    Technology Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Shareholder Reports
    Technology Fund Semi-Annual Report
    Technology Fund Annual Report