• Overview

    HDOGX
    Investor

    Hennessy Total Return Fund

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

    Fund Facts

    Category

    Multi-Asset

    Inception Date

    7/29/98

    Morningstar style box

    Morningstar style box

    Overall morningstar rating

    Based on risk-adjusted returns among 703 Allocation--50% to 70% Equity funds, as of 9/30/18.

    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 Approach

    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
      Portfolio Manager & Chief Investment Officer
      • 20
        Years on Fund
      • 39
        Years of Experience
    • Ryan Kelley
      Portfolio Manager
      • 1
        Year on Fund
      • 22
        Years of Experience

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

    - Neil Hennessy

  • Insights & News

  • Performance

    Daily Pricing & Performance

    as of 10/18/18 (Investor)
    • Nav

      $13.61

    • $ Change

      -$0.04

    • % Change

      -0.29%

    • YTD

      2.06%

    Average Annualized Total Return

    as of 9/30/18 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (7/29/98)
    Total Return Fund (HDOGX) 1.40% 3.94% 7.75% 11.81% 8.05% 7.85% 5.15%
    75/25 Blended DJIA/Treasury Index 1.51% 7.00% 15.80% 15.38% 11.01% 9.33% 6.70%
    Dow Jones Industrial Avg. 1.97% 8.83% 20.76% 20.49% 14.57% 12.22% 8.04%

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    as of 9/30/18 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (7/29/98)
    Total Return Fund (HDOGX) 4.91% 3.94% 7.75% 11.81% 8.05% 7.85% 5.15%
    75/25 Blended DJIA/Treasury Index 7.30% 7.00% 15.80% 15.38% 11.01% 9.33% 6.70%
    Dow Jones Industrial Avg. 9.63% 8.83% 20.76% 20.49% 14.57% 12.22% 8.04%

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    Hypothetical Growth of $10,000

    as of 9/30/2018 (Investor)

    Value of $10,000 invested between 9/30/2017 and 9/30/2018

    Total Return Fund (HDOGX) $10,775
    75/25 Blended DJIA/Treasury Index $11,580
    Dow Jones Industrial Avg. $12,076

    Value of $10,000 invested between 9/30/2015 and 9/30/2018

    Total Return Fund (HDOGX) $13,977
    75/25 Blended DJIA/Treasury Index $15,360
    Dow Jones Industrial Avg. $17,493

    Value of $10,000 invested between 9/30/2013 and 9/30/2018

    Total Return Fund (HDOGX) $14,730
    75/25 Blended DJIA/Treasury Index $16,855
    Dow Jones Industrial Avg. $19,742

    Value of $10,000 invested between 9/30/2008 and 9/30/2018

    Total Return Fund (HDOGX) $21,284
    75/25 Blended DJIA/Treasury Index $24,405
    Dow Jones Industrial Avg. $31,688

    Value of $10,000 invested between 7/29/1998 and 9/30/2018

    Total Return Fund (HDOGX) $27,515
    75/25 Blended DJIA/Treasury Index $37,022
    Dow Jones Industrial Avg. $47,575

    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 Total Return Fund (HDOGX) 75/25 Blended DJIA/Treasury Index Dow Jones Industrial Avg.
    2017 11.17% 20.76% 28.11%
    2016 12.92% 12.36% 16.50%
    2015 1.00% 0.33% 0.21%
    2014 5.85% 7.53% 10.04%
    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 9/30/18 (Investor)
    30-Day SEC Yield 1.78%
    Distribution Rate 1.78%
    Distribution Frequency Quarterly

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    Returns-Based Statistics
    Relative to Dow Jones Industrial Avg.

    as of 9/30/18 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha 0.54 -0.42 -1.08
    Beta 0.54 0.58 0.73
    Upside Capture 56.21 57.28 67.68
    Downside Capture 45.82 58.97 70.60

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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
    Total Return Fund (HDOGX) 1.56 1.07 0.71
    Dow Jones Industrial Avg. 1.78 1.32 0.89
    Allocation--50% to 70% Equity Category Average 1.33 0.98 0.71

    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
    Total Return Fund (HDOGX) 6.71 6.98 11.09
    Dow Jones Industrial Avg. 10.29 10.35 13.70
    Allocation--50% to 70% Equity Category Average 5.71 6.05 9.90

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

    Fund Expenses

    • Gross expense ratio

      1.58%

    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.

    Dividend Yield is calculated as the annual dividends paid by a company divided by the price of a share of their stock.

    Morningstar Proprietary Ratings reflect risk-adjusted performance as of 9/30/18. The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The fund received 5 stars for the three-year, 4 stars for the five-year and 3 stars for the ten-year periods ended 9/30/18 among 703, 619 and 450 Allocation--50% to 70% Equity Funds, respectively. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentage.

    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 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.

    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. Distribution Rate reflects the investment income per share during the last 12 months divided by the share price at the end of the period, expressed as an annual percentage rate. It is calculated by annualizing the Fund’s most recent distribution. The annualized dividend yield may not reflect the actual yield an investor would receive. 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 9/30/18
    Allocation % of Net Assets
    Equities 70.50%
    Fixed Income 27.20%
    Cash & Other 2.40%

    Portfolio Characteristics

    as of 9/30/18
    Total Fund Assets $71.1 Million
    Portfolio Turnover 18%
    Median Market Cap $218.1 Billion
    Median Price/Earnings 19.6x
    Median Price/Book 4.1x

    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 reflects the trailing 12-month period.

    Equity Sector Weighting

    as of 9/30/18
    Sector % of Net Assets
    Information Technology 17.8%
    Health Care 15.1%
    Energy 14.2%
    Consumer Staples 13.6%
    Communication Services 7.1%
    Industrials 2.6%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/18
    Top 10 Equity Holdings Ticker % of Net Assets
    Cisco Systems, Inc. CSCO 8.6%
    Pfizer, Inc. PFE 8.1%
    Chevron Corp. CVX 7.1%
    Verizon Communications, Inc. VZ 7.1%
    Exxon Mobil Corp. XOM 7.1%
    Merck & Co., Inc. MRK 7.0%
    The Coca-Cola Company KO 7.0%
    IBM Corp. IBM 6.7%
    Procter & Gamble Co. PG 6.7%
    General Electric Co. GE 2.6%
    Total as % of Net Assets 67.9%

    Total Equity Holdings: 11
    Total Fixed-Income Holdings: 3

    as of 9/30/18
    Equity Holdings Ticker % of Net Assets
    Cisco Systems, Inc. CSCO 8.6%
    Pfizer, Inc. PFE 8.1%
    Chevron Corp. CVX 7.1%
    Verizon Communications, Inc. VZ 7.1%
    Exxon Mobil Corp. XOM 7.1%
    Merck & Co., Inc. MRK 7.0%
    The Coca-Cola Company KO 7.0%
    IBM Corp. IBM 6.7%
    Procter & Gamble Co. PG 6.7%
    General Electric Co. GE 2.6%
    Intel Corp. INTC 2.5%
    Total as % of Net Assets 70.5%
    Fixed Income Holdings Ticker % of Net Assets
    U.S. Treasury Bill - (10/18/18) 912796QD4 8.3%
    U.S. Treasury Bill - (12/20/2018) 912796QP7 9.0%
    U.S. Treasury Bill - (11/15/18) 912796QJ1 9.9%
    Total as % of Net Assets 27.2%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.4%
    Total as % of Net Assets 2.4%

    Country Allocation

    as of 9/30/18
    • United States

      97.6%

    • Cash & Other

      2.4%

    United States 97.6%
    Cash & Other 2.4%
  • 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
    09/28/2018 $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
    Fund Documents
    Total Return Fund Fact Sheet
    Total Return Fund Portfolio Manager Commentary View
    Total Return Fund Summary Prospectus
    Full Prospectus
    Statement of Additional Information
    Shareholder Reports
    Total Return Fund Semi-Annual Report
    Total Return Fund Annual Report