Hennessy Total Return Fund
Ticker
HDOGX
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  • Overview

    HDOGX
    Investor

    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.

    Category

    Multi-Asset

    Documents

    Morningstar style box

    Morningstar style box

    Overall morningstar rating

    Based on risk-adjusted returns among 658 Allocation--50% to 70% Equity funds, as of 9/30/19.

    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

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

    - Neil Hennessy

  • Insights & News

    View All Fund Insights

  • Performance

    Daily Pricing & Performance

    as of 12/6/19 (Investor)

    • Nav

      $14.12

    • $ Change

      $0.11

    • % Change

      0.79%

    • YTD

      10.81%

    Average Annualized Total Return

    as of 11/30/19 (Investor)
    Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (7/29/98)
    Total Return Fund (HDOGX) 0.57% 10.34% 4.69% 7.61% 6.57% 9.14% 5.16%
    75/25 Blended DJIA/Treasury Index 3.11% 17.65% 10.12% 12.63% 9.46% 10.13% 6.70%
    Dow Jones Industrial Avg. 4.11% 23.05% 12.48% 16.32% 12.20% 13.30% 8.02%

    Please swipe to view table

    as of 9/30/19 (Investor)
    Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (7/29/98)
    Total Return Fund (HDOGX) 0.19% 9.40% 5.37% 7.53% 6.80% 9.55% 5.16%
    75/25 Blended DJIA/Treasury Index 1.51% 13.54% 4.03% 12.70% 9.50% 10.31% 6.58%
    Dow Jones Industrial Avg. 1.83% 17.51% 4.21% 16.44% 12.28% 13.56% 7.85%

    Please swipe to view table

    Hypothetical Growth of $10,000

    as of 11/30/2019 (Investor)

    Value of $10,000 invested between 11/30/2018 and 11/30/2019
    Total Return Fund (HDOGX) $10,469
    75/25 Blended DJIA/Treasury Index $11,012
    Dow Jones Industrial Avg. $11,248

    Value of $10,000 invested between 11/30/2016 and 11/30/2019
    Total Return Fund (HDOGX) $12,460
    75/25 Blended DJIA/Treasury Index $14,288
    Dow Jones Industrial Avg. $15,739

    Value of $10,000 invested between 11/30/2014 and 11/30/2019
    Total Return Fund (HDOGX) $13,744
    75/25 Blended DJIA/Treasury Index $15,714
    Dow Jones Industrial Avg. $17,783

    Value of $10,000 invested between 11/30/2009 and 11/30/2019
    Total Return Fund (HDOGX) $23,976
    75/25 Blended DJIA/Treasury Index $26,255
    Dow Jones Industrial Avg. $34,866

    Value of $10,000 invested between 7/29/1998 and 11/30/2019
    Total Return Fund (HDOGX) $29,243
    75/25 Blended DJIA/Treasury Index $39,905
    Dow Jones Industrial Avg. $51,916

    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
    Total Return Fund (HDOGX)    		 16.92 14.09 10.81 6.77 18.52 5.85 1.00 12.92 11.17 0.11
    75/25 Blended DJIA/Treasury Index    		 17.17 10.70 6.43 7.71 21.67 7.53 0.33 12.36 20.76 -1.97
    Dow Jones Industrial Avg.    		 22.68 14.06 8.38 10.24 29.65 10.04 0.21 16.50 28.11 -3.48
    Year
    Total Return Fund (HDOGX)
    75/25 Blended DJIA/Treasury Index
    Dow Jones Industrial Avg.
    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 11/30/19 (Investor)
    Distribution Rate 1.58%
    30-Day SEC Yield 0.90%
    Distribution Frequency Quarterly

    Please swipe to view table

    Returns-Based Statistics
    Relative to Dow Jones Industrial Avg.

    as of 9/30/19 (Investor)
    Type 3 yr 5 yr 10 yr
    Alpha -1.66 -0.66 1.42
    Beta 0.53 0.58 0.58
    Upside Capture 53.96 58.57 63.28
    Downside Capture 64.36 61.50 54.56

    Please swipe to view table

    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
    Total Return Fund (HDOGX) 0.80 0.74 1.12
    Dow Jones Industrial Avg. 1.16 0.93 1.07
    Allocation--50% to 70% Equity Category Average 0.71 0.60 0.84

    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
    Total Return Fund (HDOGX) 7.45 8.00 7.91
    Dow Jones Industrial Avg. 12.40 12.19 12.15
    Allocation--50% to 70% Equity Category Average 7.37 7.38 8.14

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

    Fund Expenses

    • Gross expense ratio

      1.96%

    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 9/30/19. 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 3 stars for the three-year, 4 stars for the five-year and 5 stars for the ten-year periods ended 9/30/19 among 658, 581 and 427 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 9/30/19. 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 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.

    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. 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 9/30/19
    Allocation % of Net Assets
    Equities 70.50%
    Fixed Income 26.90%
    Cash & Other 2.60%

    Portfolio Characteristics

    as of 9/30/19
    Inception Date (HDOGX) 7/29/98
    Total Fund Assets $74 Million
    Portfolio Turnover 30%
    Median Market Cap $215.5 Billion
    Median Price/Earnings 16.6x
    Median Price/Book 4.8x

    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 9/30/19
    Fund
    Consumer Staples 14.1%
    Health Care 13.7%
    Information Technology 12.4%
    Energy 12.3%
    Financials 8.1%
    Communication Services 6.9%
    Industrials 2.0%
    Materials 1.0%

    Portfolio Holdings

    Top 10 Holdings

    as of 9/30/19
    Top 10 Equity Holdings Ticker % of Net Assets
    J.P. Morgan Chase & Co. JPM 8.1%
    IBM Corp. IBM 7.1%
    Merck & Co., Inc. MRK 6.9%
    Verizon Communications, Inc. VZ 6.9%
    The Coca-Cola Company KO 6.9%
    Chevron Corp. CVX 6.3%
    Procter & Gamble Co. PG 6.2%
    Exxon Mobil Corp. XOM 6.0%
    Pfizer, Inc. PFE 5.8%
    Cisco Systems, Inc. CSCO 5.3%
    Total as % of Net Assets 65.5%

    Total Equity Holdings: 15
    Total Fixed-Income Holdings: 3

    as of 9/30/19
    Print All Holdings
    Equity Holdings Ticker % of Net Assets
    J.P. Morgan Chase & Co. JPM 8.1%
    IBM Corp. IBM 7.1%
    Merck & Co., Inc. MRK 6.9%
    Verizon Communications, Inc. VZ 6.9%
    The Coca-Cola Company KO 6.9%
    Chevron Corp. CVX 6.3%
    Procter & Gamble Co. PG 6.2%
    Exxon Mobil Corp. XOM 6.0%
    Pfizer, Inc. PFE 5.8%
    Cisco Systems, Inc. CSCO 5.3%
    Dow, Inc. DOW 1.0%
    Walgreens Boots Alliance, Inc. WBA 1.0%
    Johnson & Johnson JNJ 1.0%
    3M Co. MMM 1.0%
    Caterpillar, Inc. CAT 1.0%
    Total as % of Net Assets 70.5%
    Fixed Income Holdings Ticker % of Net Assets
    U.S. Treasury Bill - (10/17/19) 912796SN0 11.1%
    U.S. Treasury Bill - (11/14/19) 912796SS9 7.9%
    U.S. Treasury Bill - (12/19/19) 912796SX8 7.9%
    Total as % of Net Assets 26.9%
    Cash & Other Holdings % of Net Assets
    Cash & Other 2.6%
    Total as % of Net Assets 2.6%

    Country Allocation

    as of 9/30/19

    • United States

      97.4%

    • Cash & Other

      2.6%
    United States 97.4%
    Cash & Other 2.6%

  • 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
    09/30/2019 $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

    Please swipe to view table

    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

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Hennessy Funds
7250 Redwood Boulevard, Suite 200
 Novato, CA 94945
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The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 1-800-966-4354.

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 and can be found here. Neither forward earnings nor earnings growth is a measure of a fund’s future performance.

Mutual fund investing involves risk. Principal loss is possible. Small and medium-capitalization companies may have more limited liquidity and greater price volatility than large-capitalization companies. Investments in foreign securities may involve greater volatility and political, economic, and currency risk and differences in accounting methods. The Focus, Total Return, Balanced, Large Cap Financial, Small Cap Financial, and BP Midstream Funds are considered non-diversified funds. A non-diversified fund, which may concentrate its assets in fewer individual holdings than a diversified fund, is more exposed to individual stock volatility than a diversified fund. A fund that concentrates its investments within one country, one sector, or a small group of industries, such as Japan, Technology, Financials, or Energy, may be subject to a higher degree of risk. Investments in debt securities typically decrease in value when interest rates rise. The risk is greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Mortgage- and asset-backed securities are subject to prepayment risk, which is the risk that the borrower will prepay some or all of the principal owed to the issuer. Funds that invest in pooled investment vehicles (including ETFs) may experience higher fees. The formula-based strategy employed by some Funds may cause those Funds to buy or sell securities at times when it may not be advantageous.

Master Limited Partnerships (MLPs) and MLP investments have unique characteristics. A Fund does not receive the same tax benefits as a direct investment in an MLP.

The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for a Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. If the BP Energy Fund’s MLP investments exceed 25% of its assets, it may not qualify for treatment as a regulated investment company (“RIC”) under the Internal Revenue Code (“Code”), and the Fund would be taxed as an ordinary corporation, which could substantially reduce its net assets and its distributions to shareholders. The BP Midstream Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes, and therefore, is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 21%) as well as state and local income taxes. The BP Midstream Fund will not benefit from current favorable federal income tax rates on long-term capital gains, and Fund income and losses will not be passed on to shareholders. The BP Midstream Fund accrues deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV, and as a result, the Fund’s after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.

Glossary of Terms contains definitions and additional information.

To view the top 10 holdings of a Fund, please click the Fund name: Cornerstone Growth, Focus, Cornerstone Mid Cap 30, Cornerstone Large Growth, Cornerstone Value, Total Return, Equity and Income, Balanced, BP Energy, BP Midstream, Gas Utility, Japan, Japan Small Cap, Large Cap Financial, Small Cap Financial, Technology. Fund holdings are subject to change and not recommendations to buy or sell any security.

Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

To view the Morningstar ratings for the Japan Fund, please click here. (Media - TD Ameritrade) JPSIX received Overall Morningstar rating of 5 Stars based on risk-adjusted returns among 41 Japan Stock funds, as of 9/30/19.

To view the Morningstar ratings, please click here.

The Hennessy Funds are offered only to United States residents, and information on this web site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Hennessy Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Quasar Distributors, LLC, Distributor.

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