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Overview
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.
Fund Facts
Category
Multi-AssetInception Date
7/29/98Morningstar style box
Overall morningstar rating
Based on risk-adjusted returns among 697 Allocation--50% to 70% Equity funds, as of 12/31/18.
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
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Chief Investment Officer and Portfolio Manager-
16Years on Fund
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39Years of Experience
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“I believe success can come from taking a contrarian approach to investing.”
- Neil Hennessy
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Insights & News
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Performance
Daily Pricing & Performance
as of 3/21/19 (Investor)-
Nav
$13.95
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$ Change
$0.07
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% Change
0.50%
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YTD
7.89%
Average Annualized Total Return
as of 2/28/19 (Investor)Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (7/29/98) Total Return Fund (HDOGX) 3.00% 6.19% 9.13% 10.29% 7.49% 12.85% 5.15% 75/25 Blended DJIA/Treasury Index 3.07% 8.76% 5.18% 14.45% 9.48% 12.67% 6.55% Dow Jones Industrial Avg. 4.03% 11.62% 5.95% 19.04% 12.38% 16.84% 7.82% as of 12/31/18 (Investor)Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (7/29/98) Total Return Fund (HDOGX) -3.68% 0.11% 0.11% 7.91% 6.08% 9.65% 4.89% 75/25 Blended DJIA/Treasury Index -8.38% -1.97% -1.97% 9.98% 7.49% 10.01% 6.16% Dow Jones Industrial Avg. -11.31% -3.48% -3.48% 12.94% 9.70% 13.16% 7.30% Hypothetical Growth of $10,000
as of 2/28/2019 (Investor)Value of $10,000 invested between 2/28/2018 and 2/28/2019
Total Return Fund (HDOGX) $10,913 75/25 Blended DJIA/Treasury Index $10,518 Dow Jones Industrial Avg. $10,595 Value of $10,000 invested between 2/29/2016 and 2/28/2019
Total Return Fund (HDOGX) $13,416 75/25 Blended DJIA/Treasury Index $14,990 Dow Jones Industrial Avg. $16,868 Value of $10,000 invested between 2/28/2014 and 2/28/2019
Total Return Fund (HDOGX) $14,353 75/25 Blended DJIA/Treasury Index $15,726 Dow Jones Industrial Avg. $17,923 Value of $10,000 invested between 2/28/2009 and 2/28/2019
Total Return Fund (HDOGX) $33,510 75/25 Blended DJIA/Treasury Index $32,973 Dow Jones Industrial Avg. $47,401 Value of $10,000 invested between 7/29/1998 and 2/28/2019
Total Return Fund (HDOGX) $28,142 75/25 Blended DJIA/Treasury Index $36,889 Dow Jones Industrial Avg. $47,094 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% Yield
as of 2/28/19 (Investor)Distribution Rate 0.95% 30-Day SEC Yield 0.72% Distribution Frequency Quarterly Returns-Based Statistics
Relative to Dow Jones Industrial Avg.as of 12/31/18 (Investor)Type 3 yr 5 yr 10 yr Alpha 0.71 0.16 0.38 Beta 0.52 0.58 0.70 Upside Capture 57.53 59.85 68.58 Downside Capture 52.37 57.35 63.65 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 12/31/18 (Investor)Type 3 yr 5 yr 10 yr Total Return Fund (HDOGX) 0.96 0.73 0.91 Dow Jones Industrial Avg. 1.02 0.81 0.98 Allocation--50% to 70% Equity Category Average 0.53 0.43 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 12/31/18 (Investor)Type 3 yr 5 yr 10 yr Total Return Fund (HDOGX) 6.98 7.57 10.27 Dow Jones Industrial Avg. 11.51 11.41 13.21 Allocation--50% to 70% Equity Category Average 6.79 6.87 8.98 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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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 12/31/18. 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, 5 stars for the five-year and 4 stars for the ten-year periods ended 12/31/18 among 697, 610 and 440 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 12/31/18. 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.
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.
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Portfolio
Portfolio Allocation
as of 12/31/18Allocation % of Net Assets Equities 69.80% Fixed Income 27.30% Cash & Other 2.90% Portfolio Characteristics
as of 12/31/18Total Fund Assets $69.3 Million Portfolio Turnover 15% Median Market Cap $211.0 Billion Median Price/Earnings 15.5x Median Price/Book 3.9x 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 12/31/18Fund Information Technology 15.9% Health Care 15.0% Consumer Staples 14.7% Energy 13.0% Communication Services 7.4% Financials 3.2% Industrials 0.6% Portfolio Holdings
Top 10 Holdings
as of 12/31/18Top 10 Equity Holdings % of Net Assets Pfizer, Inc. 7.8% Procter & Gamble Co. 7.5% Verizon Communications, Inc. 7.4% The Coca-Cola Company 7.2% Merck & Co., Inc. 7.2% Cisco Systems, Inc. 7.2% Chevron Corp. 6.8% Exxon Mobil Corp. 6.2% IBM Corp. 6.2% J.P. Morgan Chase & Co. 3.2% Total as % of Net Assets 66.7% Total Equity Holdings: 12
Total Fixed-Income Holdings: 3as of 12/31/18Equity Holdings % of Net Assets Pfizer, Inc. 7.8% Procter & Gamble Co. 7.5% Verizon Communications, Inc. 7.4% The Coca-Cola Company 7.2% Merck & Co., Inc. 7.2% Cisco Systems, Inc. 7.2% Chevron Corp. 6.8% Exxon Mobil Corp. 6.2% IBM Corp. 6.2% J.P. Morgan Chase & Co. 3.2% Intel Corp. 2.5% General Electric Co. 0.6% Total as % of Net Assets 69.8% Fixed Income Holdings % of Net Assets U.S. Treasury Bill - (2/14/19) 10.2% U.S. Treasury Bill - (01/17/19) 8.6% U.S. Treasury Bill - (3/21/19) 8.5% Total as % of Net Assets 27.3% Cash & Other Holdings % of Net Assets Cash & Other 2.9% Total as % of Net Assets 2.9% Country Allocation
as of 12/31/18-
United States
97.1%
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Cash & Other
2.9%
United States 97.1% Cash & Other 2.9% -
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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 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 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
