• Overview

    Category
    Multi-Asset

    Hennessy Total Return Fund

    Quantitatively managed, the Fund maintains a portfolio of 75% of high yield, blue-chip companies and 25% U.S. Treasury securities.

    Investor

    HDOGX

    Morningstar style box

    Morningstar style box
    Portfolio Manager Commentary
    Portfolio Manager Commentary

    Why Invest

    • Multi-asset fund with broad equity market exposure, but potentially lower volatility
    • Incorporates the contrarian "Dogs of the Dow" strategy
    • Focus on high dividend-yielding, potentially undervalued blue chip companies

    Investment Criteria

    The Hennessy Total Return Fund utilizes the "Dogs of the Dow" strategy, investing in the 10 highest dividend-yielding Dow Jones Industrial Average (“DJIA”) stocks. The Fund invests approximately 50% of its assets in the “Dogs of the Dow” equity strategy and approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year.

    The Fund then utilizes a borrowing strategy that allows the Fund’s performance to approximate what it would be if the Fund had an asset allocation of roughly 75% in the "Dogs of the Dow" equity strategy and 25% in U.S. Treasury securities. The Fund typically borrows money by entering into reverse repurchase agreements secured by its portfolio of U.S. Treasury securities.

    Portfolio Managers

    • Neil J. Hennessy
      Chief Market Strategist and Portfolio Manager
      • 26
        Years on Fund
      • 45
        Years of Experience
    • Ryan C. Kelley
      Chief Investment Officer and Portfolio Manager
      • 7
        Years on Fund
      • 28
        Years of Experience
    • L. Joshua Wein, CAIA
      Portfolio Manager
      • 6
        Years on Fund
      • 27
        Years of Experience

    “I believe success can come from taking a contrarian approach to investing.”

    - Neil Hennessy

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  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 11/8/24
    • Investor Class (HDOGX)
      • NAV

        $13.59

      • $ Change

        -$0.01

      • % Change

        -0.07%

      • YTD

        5.85%

    Average Annualized Total Return

    as of 10/31/24
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (7/29/98)
    Investor Class (HDOGX) -2.39% 4.76% 15.52% 5.50% 4.61% 5.75% 5.05%
    75/25 Blended DJIA/Treasury Index -0.85% 10.50% 22.72% 6.72% 9.38% 9.32% 7.10%
    Dow Jones Industrial Avg. -1.26% 12.50% 28.85% 7.42% 11.37% 11.65% 8.51%

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    as of 9/30/24
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (7/29/98)
    Investor Class (HDOGX) 7.18% 7.33% 16.77% 7.05% 5.18% 5.98% 5.16%
    75/25 Blended DJIA/Treasury Index 6.86% 11.44% 22.74% 8.58% 9.67% 9.58% 7.16%
    Dow Jones Industrial Avg. 8.72% 13.93% 28.85% 9.97% 11.78% 12.03% 8.59%

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    Hypothetical Growth of $10,000

    as of 10/31/2024

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

    Total Return Fund (HDOGX) $11,552
    75/25 Blended DJIA/Treasury Index $12,272
    Dow Jones Industrial Avg. $12,885

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

    Total Return Fund (HDOGX) $11,742
    75/25 Blended DJIA/Treasury Index $12,154
    Dow Jones Industrial Avg. $12,397

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

    Total Return Fund (HDOGX) $12,525
    75/25 Blended DJIA/Treasury Index $16,233
    Dow Jones Industrial Avg. $17,133

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

    Total Return Fund (HDOGX) $17,487
    75/25 Blended DJIA/Treasury Index $25,270
    Dow Jones Industrial Avg. $30,103

    Value of $10,000 invested between 7/29/1998 and 10/31/2024

    Total Return Fund (HDOGX) $36,419
    75/25 Blended DJIA/Treasury Index $62,822
    Dow Jones Industrial Avg. $85,438

    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 (HDOGX)
    5.85% 1.00% 12.92% 11.17% 0.11% 12.56% -4.83% 11.81% 1.39% 8.02%
    75/25 Blended DJIA/Treasury Index
    7.53% 0.33% 12.36% 20.76% -1.97% 19.34% 8.10% 15.52% -4.43% 13.49%
    Dow Jones Industrial Avg.
    10.04% 0.21% 16.50% 28.11% -3.48% 25.34% 9.72% 20.95% -6.86% 16.18%
    Year
    Investor Class (HDOGX)
    75/25 Blended DJIA/Treasury Index
    Dow Jones Industrial Avg.
    2013 18.52% 21.67% 29.65%
    2012 6.77% 7.71% 10.24%
    2011 10.81% 6.43% 8.38%
    2010 14.09% 10.70% 14.06%
    2009 16.92% 17.17% 22.68%
    2008 -31.76% -24.34% -31.93%
    2007 2.03% 8.00% 8.88%
    2006 21.83% 15.36% 19.05%
    2005 -0.11% 2.13% 1.72%
    2004 2.34% 4.35% 5.31%
    2003 22.57% 21.07% 28.28%
    2002 -8.69% -10.70% -15.01%
    2001 -0.25% -2.71% -5.44%
    2000 6.86% -1.96% -4.85%
    1999 1.80% 21.44% 27.21%

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    Yield

    as of 10/31/24
    Investor Class (HDOGX)
    Dividend Yield 2.96%
    30-Day SEC Yield 0.42%
    Distribution Frequency Quarterly

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    Returns-Based Statistics
    Relative to Dow Jones Industrial Avg.

    as of 9/30/24
    Investor Class (HDOGX)
    Type 3 yr 5 yr 10 yr
    Alpha -0.88 -3.26 -2.12
    Beta 0.65 0.65 0.63
    Upside Capture 66.76 59.27 58.99
    Downside Capture 65.48 68.53 66.00

    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 9/30/24
    Type 3 yr 5 yr 10 yr
    Investor Class (HDOGX) 0.31 0.26 0.43
    Dow Jones Industrial Avg. 0.43 0.58 0.71
    Moderate Allocation Category Average 0.13 0.49 0.52

    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 9/30/24
    Type 3 yr 5 yr 10 yr
    Investor Class (HDOGX) 12.22 12.91 10.70
    Dow Jones Industrial Avg. 16.65 17.88 15.24
    Moderate Allocation Category Average 11.48 12.03 9.95

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

    Fund Expenses

    • Investor Class (HDOGX)
      • Gross expense ratio

        3.37%

    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 9/30/24. 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 75/25 Blended DJIA/Treasury Index consists of 75% common stocks represented by the Dow Jones Industrial Average and 25% short-duration Treasury securities represented by the ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index.

    The Dow Jones Industrial Average is an unmanaged index commonly used to measure the performance of U.S. stocks. The ICE BofA Merrill Lynch 90-day U.S. Treasury Bill Index is an unmanaged index comprised of U.S. Treasury securities maturing in 90 days. One cannot invest directly in an index.

    The Dow Jones Industrial Average is the property of Dow Jones & Company, Inc. Dow Jones & Company, Inc. is not affiliated with the Hennessy Funds or their investment advisors. Dow Jones & Company, Inc. has not participated in any way in the creation of the Hennessy Funds or in the selection of stocks included in the Hennessy Funds and has not approved any information provided.

    Dividend Yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. 30-Day SEC Yield is a standardized yield computed by dividing the net investment income per share earned during the past 30-day period by the share price at the end of the period, expressed as an annual percentage rate. The 30-Day SEC Yield should be regarded as an estimate of the Fund’s rate of recent investment income, and it may not equal the Fund’s actual distribution rate. Past yields are no guarantee of future yields.

    Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

  • Portfolio

    Portfolio Allocation

    as of 9/30/24
    Allocation % of Net Assets
    Equities 71.10%
    Fixed Income 27.00%
    Cash & Other 1.90%

    Portfolio Characteristics

    as of 9/30/24
    Inception Date (HDOGX) 7/29/98
    Total Fund Assets $51 Million
    Portfolio Turnover 34%
    Median Market Cap $196.3 Billion
    Median Price/Earnings 18.7x
    Median Price/Book 5.1x

    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.

    Equity Sector Weighting

    as of 9/30/24
    Fund
    Health Care 13.7%
    Information Technology 12.7%
    Consumer Staples 10.8%
    Industrials 8.5%
    Communication Services 7.7%
    Materials 6.8%
    Energy 6.6%
    Financials 4.4%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/24
    Top 10 Equity Holdings Ticker % of Net Assets
    3M Co. MMM 8.5%
    IBM Corp. IBM 8.2%
    The Coca-Cola Company KO 7.8%
    Verizon Communications, Inc. VZ 7.7%
    Amgen AMGN 7.1%
    Dow, Inc. DOW 6.8%
    Chevron Corp. CVX 6.6%
    Johnson & Johnson JNJ 6.2%
    Cisco Systems, Inc. CSCO 4.5%
    Goldman Sachs Group, Inc. GS 4.4%
    Total as % of Net Assets 67.7%

    Please swipe to view table

    Total Equity Holdings: 12
    Total Fixed-Income Holdings: 3

    as of 9/30/24
    Equity Holdings Ticker % of Net Assets
    3M Co. MMM 8.5%
    IBM Corp. IBM 8.2%
    The Coca-Cola Company KO 7.8%
    Verizon Communications, Inc. VZ 7.7%
    Amgen AMGN 7.1%
    Dow, Inc. DOW 6.8%
    Chevron Corp. CVX 6.6%
    Johnson & Johnson JNJ 6.2%
    Cisco Systems, Inc. CSCO 4.5%
    Goldman Sachs Group, Inc. GS 4.4%
    Walgreens Boots Alliance, Inc. WBA 3.0%
    Merck & Co., Inc. MRK 0.4%
    Total as % of Net Assets 71.1%
    Fixed Income Holdings Ticker % of Net Assets
    U.S. Treasury Bill - (11/7/24) 912797LC9 6.7%
    U.S. Treasury Bill - (10/10/24) 912797KT3 13.5%
    U.S. Treasury Bill - (12/12/24) 912797LP0 6.7%
    Total as % of Net Assets 27.0%
    Cash & Other Holdings % of Net Assets
    Cash & Other 1.9%
    Total as % of Net Assets 1.9%

    Please swipe to view table

    Country Allocation

    as of 9/30/24
    • United States

      98.1%

    • Cash & Other

      1.9%

    United States 98.1%
    Cash & Other 1.9%
  • Distributions

    The Hennessy Total Return Fund  pays capital gains (if any) once annually, usually in December. Ordinary income distributions are paid quarterly, at the end of March, June, September, and December.

    Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price
    09/30/2024 $0.10040 -- -- $0.10040 $13.78
    06/28/2024 $0.10158 -- -- $0.10158 $12.95
    03/28/2024 $0.10828 -- -- $0.10828 $13.35
    12/27/2023 $0.11738 -- -- $0.11738 $13.16
    12/07/2023 -- -- $0.53706 $0.53706 $12.72
    09/29/2023 $0.10665 -- -- $0.10665 $12.70
    06/30/2023 $0.10143 -- -- $0.10143 $12.82
    03/31/2023 $0.12958 -- -- $0.12958 $13.02
    12/28/2022 $0.04217 -- -- $0.04217 $13.05
    12/08/2022 -- -- $0.65896 $0.65896 $13.34
    09/30/2022 $0.06682 -- -- $0.06682 $12.27
    06/30/2022 $0.05066 -- -- $0.05066 $13.46
    03/31/2022 $0.08285 -- -- $0.08285 $14.04
    12/29/2021 $0.01733 -- -- $0.01733 $13.88
    09/30/2021 $0.04625 -- -- $0.04625 $13.28
    06/30/2021 $0.04384 -- -- $0.04384 $13.75
    03/31/2021 $0.07976 -- -- $0.07976 $13.62
    12/29/2020 $0.03323 -- -- $0.03323 $12.47
    12/08/2020 -- -- $0.76126 $0.76126 $12.72
    09/30/2020 $0.06840 -- -- $0.06840 $12.32
    06/30/2020 $0.07312 -- -- $0.07312 $12.49
    03/31/2020 $0.10427 -- -- $0.10427 $11.64
    12/27/2019 $0.04232 -- -- $0.04232 $14.32
    09/30/2019 $0.05615 -- -- $0.05615 $13.94
    06/28/2019 $0.06631 -- -- $0.06631 $13.97
    03/29/2019 $0.08168 -- -- $0.08168 $13.88
    12/27/2018 $0.03292 -- -- $0.03292 $12.88
    12/07/2018 -- -- $0.39762 $0.39762 $13.32
    09/28/2018 $0.06221 -- -- $0.06221 $13.86
    06/29/2018 $0.06279 -- -- $0.06279 $13.27
    03/29/2018 $0.07896 -- -- $0.07896 $13.04
    12/27/2017 $0.02860 -- -- $0.02860 $13.56
    12/07/2017 -- $0.13247 $1.38773 $1.52020 $13.34
    09/29/2017 $0.05802 -- -- $0.05802 $14.58
    06/30/2017 $0.05106 -- -- $0.05106 $13.90
    03/31/2017 $0.07003 -- -- $0.07003 $13.88
    12/28/2016 $0.01803 -- -- $0.01803 $13.79
    12/07/2016 -- $0.00673 $0.64969 $0.65642 $13.70
    09/30/2016 $0.03265 -- -- $0.03265 $14.15
    06/30/2016 $0.04075 -- -- $0.04075 $13.97
    03/31/2016 $0.07024 -- -- $0.07024 $13.46
    12/29/2015 $0.02283 -- -- $0.02283 $13.07
    12/09/2015 -- $0.01840 $1.20995 $1.22835 $12.80
    09/30/2015 $0.05081 -- -- $0.05081 $13.25
    06/30/2015 $0.05380 -- -- $0.05380 $14.03
    03/31/2015 $0.07628 -- -- $0.07628 $14.14
    12/31/2014 $0.02266 -- -- $0.02266 $14.24
    12/08/2014 -- -- $1.05659 $1.05659 $14.38
    09/30/2014 $0.04860 -- -- $0.04860 $15.30
    06/30/2014 $0.04954 -- -- $0.04954 $15.10
    03/31/2014 $0.07237 -- -- $0.07237 $14.75
    12/31/2013 $0.01962 -- -- $0.01962 $14.63
    09/30/2013 $0.03625 -- -- $0.03625 $13.87
    06/28/2013 $0.03993 -- -- $0.03993 $13.89
    03/28/2013 $0.06745 -- -- $0.06745 $13.56
    12/31/2012 $0.01798 -- -- $0.01798 $12.49
    09/28/2012 $0.03703 -- -- $0.03703 $12.88
    06/29/2012 $0.04694 -- -- $0.04694 $12.48
    03/30/2012 $0.06978 -- -- $0.06978 $12.23
    12/27/2011 $0.02291 -- -- $0.02291 $11.90
    09/30/2011 $0.04224 -- -- $0.04224 $10.85
    06/30/2011 $0.04576 -- -- $0.04576 $11.49
    03/31/2011 $0.06437 -- -- $0.06437 $11.21
    12/30/2010 $0.02175 -- -- $0.02175 $10.86
    09/30/2010 $0.03750 -- -- $0.03750 $10.40
    06/30/2010 $0.01776 -- -- $0.01776 $9.34
    03/31/2010 $0.09361 -- -- $0.09361 $9.95
    12/29/2009 $0.01659 -- -- $0.01659 $9.78
    09/30/2009 $0.03863 -- -- $0.03863 $9.17
    06/30/2009 $0.03741 -- -- $0.03741 $8.00
    03/31/2009 $0.05538 -- -- $0.05538 $7.25
    12/30/2008 $0.02894 -- -- $0.02894 $8.35
    09/30/2008 $0.08635 -- -- $0.08635 $10.38
    06/30/2008 $0.07602 -- -- $0.07602 $10.31
    03/31/2008 $0.08600 -- -- $0.08600 $11.66
    12/28/2007 $0.05863 -- -- $0.05863 $12.78
    09/28/2007 $0.08189 -- -- $0.08189 $13.49
    06/29/2007 $0.08714 -- -- $0.08714 $13.48
    03/30/2007 $0.09930 -- -- $0.09930 $12.80
    12/28/2006 $0.06809 -- -- $0.06809 $12.79
    09/29/2006 $0.07243 -- -- $0.07243 $12.33
    06/30/2006 $0.06475 -- -- $0.06475 $11.44
    03/31/2006 $0.09246 -- -- $0.09246 $11.11
    12/22/2005 $0.07109 -- -- $0.07109 $10.83
    09/29/2005 $0.07024 -- -- $0.07024 $10.61
    06/30/2005 $0.05559 -- -- $0.05559 $10.73
    03/31/2005 $0.08885 -- -- $0.08885 $10.84
    12/22/2004 $0.01631 -- -- $0.01631 $11.08
    09/29/2004 $0.05008 -- -- $0.05008 $10.54
    06/29/2004 $0.05540 -- -- $0.05540 $10.61
    03/30/2004 $0.01836 -- -- $0.01836 $10.87
    12/23/2003 $0.02660 -- -- $0.02660 $10.78
    09/29/2003 $0.02395 -- -- $0.02395 $9.77
    06/30/2003 $0.04490 -- -- $0.04490 $9.65
    03/28/2003 $0.02573 -- -- $0.02573 $8.66
    12/23/2002 $0.02789 -- -- $0.02789 $9.14
    09/25/2002 $0.01919 -- -- $0.01919 $8.27
    06/27/2002 $0.02956 -- -- $0.02956 $9.68
    03/28/2002 $0.00730 -- -- $0.00730 $10.52
    12/14/2001 $0.02900 -- -- $0.02900 $9.80
    09/28/2001 $0.04200 -- -- $0.04200 $9.62
    06/28/2001 $0.04000 -- -- $0.04000 $10.42
    03/30/2001 $0.06200 -- -- $0.06200 $9.90
    12/29/2000 $0.06700 -- -- $0.06700 $10.18
    09/29/2000 $0.06800 -- -- $0.06800 $9.10
    06/29/2000 $0.07000 -- -- $0.07000 $8.80
    03/30/2000 $0.05900 -- -- $0.05900 $9.20
    12/06/1999 $0.04800 -- -- $0.04800 $9.95
    09/29/1999 $0.04700 -- -- $0.04700 $10.07
    06/29/1999 $0.07700 -- -- $0.07700 $10.66
    03/30/1999 $0.07200 -- -- $0.07200 $9.84
    12/16/1998 $0.09500 -- -- $0.09500 $9.78
    09/29/1998 $0.06100 -- -- $0.06100 $10.03

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    Past performance is not a guarantee of future results.

    Download historical distributions and NAVs
  • Fund Documents

    Download PDF View Online
    Total Return Fund Documents
    Fact Sheet
    Portfolio Perspective View
    Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Total Return 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.