• Overview

    HTECX
    Investor

    Hennessy Technology Fund

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

    Category

    Sector & Specialty - Technology

    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

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 12/6/19 (Investor)
    • Nav

      $19.15

    • $ Change

      -$0.39

    • % Change

      -2.00%

    • YTD

      35.29%

    Average Annualized Total Return

    as of 11/30/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02)
    Technology Fund (HTECX) 5.24% 36.80% 25.53% 17.23% 10.71% 10.04% 7.39%
    NASDAQ Composite Index 4.64% 31.91% 19.51% 18.91% 13.86% 16.34% 10.00%
    S&P 500® Index 3.63% 27.63% 16.11% 14.88% 10.98% 13.44% 8.11%

    Please swipe to view table

    as of 9/30/19 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02)
    Technology Fund (HTECX) 2.23% 26.07% 4.71% 12.40% 9.31% 9.63% 6.97%
    NASDAQ Composite Index 0.18% 21.54% 0.52% 15.88% 13.51% 15.54% 9.59%
    S&P 500® Index 1.70% 20.55% 4.25% 13.39% 10.84% 13.24% 7.84%

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    Hypothetical Growth of $10,000

    as of 11/30/2019 (Investor)

    Value of $10,000 invested between 11/30/2018 and 11/30/2019

    Technology Fund (HTECX) $12,553
    NASDAQ Composite Index $11,951
    S&P 500® Index $11,611

    Value of $10,000 invested between 11/30/2016 and 11/30/2019

    Technology Fund (HTECX) $16,111
    NASDAQ Composite Index $16,812
    S&P 500® Index $15,162

    Value of $10,000 invested between 11/30/2014 and 11/30/2019

    Technology Fund (HTECX) $16,634
    NASDAQ Composite Index $19,136
    S&P 500® Index $16,834

    Value of $10,000 invested between 11/30/2009 and 11/30/2019

    Technology Fund (HTECX) $26,038
    NASDAQ Composite Index $45,443
    S&P 500® Index $35,289

    Value of $10,000 invested between 2/1/2002 and 11/30/2019

    Technology Fund (HTECX) $35,648
    NASDAQ Composite Index $54,730
    S&P 500® Index $40,160

    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

      2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
    Technology Fund (HTECX)
    54.93 12.73 -10.77 8.67 29.75 1.73 3.46 2.03 20.20 -1.82
    NASDAQ Composite Index
    45.34 18.13 -0.79 17.75 40.11 14.75 6.96 8.87 29.64 -2.84
    S&P 500® Index
    26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38
    Year
    Technology Fund (HTECX)
    NASDAQ Composite Index
    S&P 500® Index
    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 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha -4.23 -4.35 -5.98
    Beta 1.11 1.07 1.07
    Upside Capture 91.73 89.58 92.15
    Downside Capture 106.11 107.27 120.16

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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 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Technology Fund (HTECX) 0.66 0.56 0.59
    NASDAQ Composite Index 0.98 0.88 1.00
    Technology Category Average 0.95 0.85 0.88

    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 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Technology Fund (HTECX) 17.59 16.56 17.14
    NASDAQ Composite Index 14.47 14.46 14.97
    Technology Category Average 16.14 15.75 16.27

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

    Fund Expenses

    • Gross expense ratio

      3.71%

    • 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 9/30/19. 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 2/28/20.

    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 9/30/19
    Inception Date (HTECX) 2/1/02
    Total Fund Assets $5 Million
    Active Share vs. Fidelity NASDAQ Composite Index Fund (FNCMX) 85%
    Portfolio Turnover 191%
    Median Market Cap $12.9 Billion
    Median Price/Earnings 24.0x
    Median Price/Book 11.6x

    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 9/30/19
    Fund
    Information Technology 84.4%
    Consumer Discretionary 8.0%
    Communication Services 4.4%
    Cash & Other 3.2%
    Sub-Industry Weighting % of Net Assets
    Application Software 15.4%
    Data Processing & Outsourced Services 14.0%
    Systems Software 11.2%
    Technology Distributors 8.6%
    Internet & Direct Marketing Retail 8.0%
    Electronic Manufacturing Services 7.2%
    Technology Hardware, Storage & Peripherals 6.9%
    Semiconductors 6.3%
    Semiconductor Equipment 4.9%
    IT Consulting & Other Services 4.8%
    Communications Equipment 3.5%
    Interactive Media & Services 2.9%
    Electronic Components 1.6%
    Interactive Home Entertainment 1.5%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/19
    Top 10 Holdings Ticker % of Net Assets
    Jabil, Inc. JBL 1.9%
    Sanmina Corp. SANM 1.8%
    Hewlett Packard Enterprise Co. HPE 1.8%
    ScanSource Inc SCSC 1.8%
    Tech Data Corp. TECD 1.8%
    F5 Networks, Inc. FFIV 1.8%
    Apple, Inc. AAPL 1.8%
    Celestica, Inc. CLS 1.8%
    Dropbox, Inc. DBX 1.8%
    NetApp, Inc. NTAP 1.7%
    Total as % of Net Assets 17.8%

    Total Holdings: 60

    as of 9/30/19
    Equity Holdings Ticker % of Net Assets
    Jabil, Inc. JBL 1.9%
    Sanmina Corp. SANM 1.8%
    Hewlett Packard Enterprise Co. HPE 1.8%
    ScanSource Inc SCSC 1.8%
    Tech Data Corp. TECD 1.8%
    F5 Networks, Inc. FFIV 1.8%
    Apple, Inc. AAPL 1.8%
    Celestica, Inc. CLS 1.8%
    Dropbox, Inc. DBX 1.8%
    NetApp, Inc. NTAP 1.7%
    Revolve Group, Inc. RVLV 1.7%
    CDW Corp. CDW 1.7%
    IBM Corp. IBM 1.7%
    Ubiquiti, Inc. UI 1.7%
    Benchmark Electronics, Inc. BHE 1.7%
    Shutterstock, Inc. SSTK 1.7%
    KLA Corp. KLAC 1.7%
    Maxim Integrated Products Inc MXIM 1.7%
    Avnet, Inc. AVT 1.7%
    Lam Research Corp. LRCX 1.7%
    The Western Union Co. WU 1.7%
    Seagate Technology PLC. STX 1.7%
    Oracle Corp. ORCL 1.7%
    Arrow Electronics, Inc. ARW 1.7%
    VMware, Inc. VMW 1.7%
    Texas Instruments, Inc. TXN 1.7%
    Vishay Intertechnology, Inc. VSH 1.6%
    Booking Holdings, Inc. BKNG 1.6%
    Proofpoint, Inc. PFPT 1.6%
    eGain Corp. EGAN 1.6%
    Palo Alto Networks, Inc. PANW 1.6%
    Microsoft Corp. MSFT 1.6%
    Amkor Technology, Inc. AMKR 1.6%
    Accenture PLC ACN 1.6%
    Box, Inc. BOX 1.6%
    Citrix Systems, Inc. CTXS 1.6%
    GreenSky, Inc. GSKY 1.6%
    Weibo Corp. WB 1.6%
    QUALCOMM, Inc. QCOM 1.6%
    Mastercard, Inc. MA 1.6%
    Fortinet, Inc. FTNT 1.6%
    eBay, Inc. EBAY 1.6%
    Automatic Data Processing, Inc. ADP 1.6%
    Adobe Inc. ADBE 1.6%
    Paychex, Inc. PAYX 1.6%
    Fiserv, Inc. FISV 1.6%
    Cadence Design Systems, Inc. CDNS 1.5%
    Visa, Inc. V 1.5%
    Paylocity Holding Corp. PCTY 1.5%
    Aspen Technology, Inc. AZPN 1.5%
    Take-Two Interactive Software TTWO 1.5%
    PayPal Holdings, Inc. PYPL 1.5%
    ServiceNow, Inc. NOW 1.5%
    Booz Allen Hamilton Holding Co. BAH 1.5%
    EVERTEC, Inc. EVTC 1.5%
    Amazon.com, Inc. AMZN 1.4%
    Paycom Software, Inc. PAYC 1.4%
    SMART Global Holdings, Inc. SGH 1.4%
    Fair Isaac Corp. FICO 1.4%
    Match Group, Inc. MTCH 1.3%
    Total as % of Net Assets 96.9%
    Cash & Other Holdings % of Net Assets
    Cash & Other 3.2%
    Total as % of Net Assets 3.2%

    Country Allocation

    as of 9/30/19
    • United States

      87.4%

    • Foreign

      9.5%

    • Cash & Other

      3.2%

    United States 87.4%
    Ireland 3.3%
    Cayman Islands 3.0%
    Canada 1.7%
    Puerto Rico 1.5%
    Cash & Other 3.2%
  • 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
    12/06/2019 -- $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
  • 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