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Overview
Hennessy Cornerstone Growth Fund
Quantitatively managed, the Fund maintains a concentrated portfolio, which seeks growth at a reasonable price.
Investor
HFCGXInstitutional
HICGXMorningstar style box
Overall morningstar rating
Investor
HFCGX
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Institutional
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HICGX
Among 596 Small Blend Funds (Based on risk-adjusted returns, as of 12/31/24)
Investment Overview Video
Why Invest
- Quantitatively-driven, repeatable investment process
- Combines growth investing with a valuation overlay
- Focus on undervalued companies that have proven earnings and stock price growth
Investment Criteria
The Hennessy Cornerstone Growth Fund utilizes a quantitative formula to identify 50 common stocks with the highest one-year price appreciation that also meet the following criteria:
- Market capitalization exceeding $175 million
- Price-to-sales ratio below 1.5
- Annual earnings higher than the previous year
- Positive stock price appreciation over the past three- and six-month periods
Portfolio Managers
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Chief Market Strategist and Portfolio Manager-
24Years on Fund
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46Years of Experience
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Chief Investment Officer and Portfolio Manager-
7Years on Fund
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29Years of Experience
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“The Fund marries value and momentum investing.”
- Neil Hennessy
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Insights & News
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Performance
Daily Pricing & Performance
as of 1/21/25-
Investor Class (HFCGX)
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NAV
$34.09
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$ Change
$0.86
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% Change
2.59%
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YTD
7.10%
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Institutional Class (HICGX)
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NAV
$35.62
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$ Change
$0.89
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% Change
2.56%
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YTD
7.10%
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Average Annualized Total Return
as of 12/31/24Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) -8.43% 31.64% 31.64% 14.39% 17.83% 10.44% 10.01% Institutional Class (HICGX) -8.39% 32.09% 32.09% 14.76% 18.21% 10.79% 10.22% Russell 2000® Index -8.26% 11.54% 11.54% 1.24% 7.40% 7.82% 8.35% S&P 500® Index -2.38% 25.02% 25.02% 8.94% 14.53% 13.10% 9.82% as of 12/31/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCGX) -0.23% 31.64% 31.64% 14.39% 17.83% 10.44% 10.01% Institutional Class (HICGX) -0.13% 32.09% 32.09% 14.76% 18.21% 10.79% 10.22% Russell 2000® Index 0.33% 11.54% 11.54% 1.24% 7.40% 7.82% 8.35% S&P 500® Index 2.41% 25.02% 25.02% 8.94% 14.53% 13.10% 9.82% Hypothetical Growth of $10,000
as of 12/31/2024Value of $10,000 invested between 12/31/2023 and 12/31/2024
Cornerstone Growth Fund (HFCGX) $13,164 Cornerstone Growth Fund (HICGX) $13,209 Russell 2000® Index $11,154 S&P 500® Index $12,502 Value of $10,000 invested between 12/31/2021 and 12/31/2024
Cornerstone Growth Fund (HFCGX) $14,967 Cornerstone Growth Fund (HICGX) $15,112 Russell 2000® Index $10,377 S&P 500® Index $12,929 Value of $10,000 invested between 12/31/2019 and 12/31/2024
Cornerstone Growth Fund (HFCGX) $22,710 Cornerstone Growth Fund (HICGX) $23,083 Russell 2000® Index $14,293 S&P 500® Index $19,702 Value of $10,000 invested between 12/31/2014 and 12/31/2024
Cornerstone Growth Fund (HFCGX) $26,991 Cornerstone Growth Fund (HICGX) $27,859 Russell 2000® Index $21,223 S&P 500® Index $34,254 Value of $10,000 invested between 11/1/1996 and 12/31/2024
Cornerstone Growth Fund (HFCGX) $146,946 Cornerstone Growth Fund (HICGX) $154,960 Russell 2000® Index $95,598 S&P 500® Index $140,054 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
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investor Class (HFCGX) -1.09% 8.37% 16.60% -21.22% 20.70% 17.73% 28.89% -4.93% 19.58% 31.64% Institutional Class (HICGX) -0.86% 8.70% 16.99% -20.91% 21.05% 18.08% 29.36% -4.65% 19.99% 32.09% Russell 2000® Index -4.41% 21.31% 14.65% -11.01% 25.52% 19.96% 14.82% -20.44% 16.93% 11.54% S&P 500® Index 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% 25.02% Year Investor Class (HFCGX) Institutional Class (HICGX) Russell 2000® Index S&P 500® Index 2014 13.82% 14.01% 4.89% 13.69% 2013 35.89% 36.43% 38.82% 32.39% 2012 30.31% 30.76% 16.35% 16.00% 2011 -10.78% -10.58% -4.18% 2.11% 2010 11.50% 12.06% 26.85% 15.06% 2009 10.29% 10.60% 27.17% 26.46% 2008 -43.69% -43.56% -33.79% -37.00% 2007 -2.18% -2.18% -1.57% 5.49% 2006 10.42% 10.42% 18.37% 15.79% 2005 11.96% 11.96% 4.55% 4.91% 2004 16.65% 16.65% 18.33% 10.88% 2003 45.82% 45.82% 47.25% 28.68% 2002 -4.71% -4.71% -20.48% -22.10% 2001 12.14% 12.14% 2.49% -11.89% 2000 5.30% 5.30% -3.02% -9.10% 1999 37.72% 37.72% 21.26% 21.04% 1998 3.67% 3.67% -2.55% 28.58% 1997 31.33% 31.33% 22.36% 33.36% Returns-Based Statistics
Relative to Russell 2000® Indexas of 12/31/24Investor Class (HFCGX)Type 3 yr 5 yr 10 yr Alpha 12.76 10.12 3.07 Beta 0.96 1.03 0.97 Upside Capture 122.81 120.93 99.00 Downside Capture 86.26 94.41 88.85 Institutional Class (HICGX)Type 3 yr 5 yr 10 yr Alpha 13.09 10.45 3.39 Beta 0.96 1.03 0.97 Upside Capture 123.33 121.48 99.59 Downside Capture 85.81 93.99 88.30 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 12/31/24Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 0.49 0.64 0.48 Institutional Class (HICGX) 0.50 0.65 0.49 Russell 2000® Index -0.01 0.31 0.38 Small Blend Category Average 0.02 0.34 0.37 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 12/31/24Type 3 yr 5 yr 10 yr Investor Class (HFCGX) 25.70 28.09 22.53 Institutional Class (HICGX) 25.74 28.10 22.52 Russell 2000® Index 23.63 24.69 20.73 Small Blend Category Average 21.50 23.33 19.55 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HFCGX)
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Gross expense ratio
1.33%
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Institutional Class (HICGX)
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Gross expense ratio
1.02%
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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.
Morningstar Proprietary Ratings reflect risk-adjusted performance as of 12/31/24. 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. Institutional Class (HICGX) received 5 stars for the three-year, 5 stars for the five-year and 4 stars for the ten-year periods ended 12/31/24 / Investor Class (HFCGX) received 5 stars for the three-year, 5 stars for the five-year and 4 stars for the ten-year periods ended 12/31/24 among 596, 571 and 413 Small Blend 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 12/31/24. 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 performance shown for Institutional Class shares / HICGX prior to 3/3/08 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of Institutional Class shares.
The S&P 500® and Russell 2000® are unmanaged indices commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data, and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.
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 Characteristics
as of 12/31/24Inception Date (HFCGX) 11/1/96 Inception Date (HICGX) 3/3/08 Total Fund Assets $552 Million Active Share vs. Russell 2000® Index 97% Portfolio Turnover 83% Median Market Cap $2.9 Billion Median Price/Earnings 12.8x Median Price/Book 2.7x Median Price/Sales 0.9x Price/Earnings measures a stock’s price per share compared to earnings. Price/Book measures a stock’s price per share to book value. Price/Sales measures a stock’s price per share to revenue. Portfolio Turnover, Price/Earnings, and Price/Sales shown reflect the trailing 12-month period.
Sector Weighting
as of 12/31/24Fund Russell 2000® Index Difference Industrials 32.1% 17.8% +14.3% Consumer Discretionary 20.0% 9.7% +10.3% Financials 12.1% 18.7% -6.6% Health Care 10.8% 16.3% -5.5% Information Technology 8.9% 13.8% -4.9% Energy 4.7% 5.1% -0.5% Consumer Staples 3.6% 2.8% +0.8% Communication Services 2.3% 2.7% -0.4% Real Estate 1.2% 6.1% -4.9% Materials 1.1% 4.3% -3.2% Utilities 0.0% 2.7% -2.7% Cash & Other 3.3% Portfolio Holdings
Top 10 Holdings
as of 12/31/24Top 10 Holdings % of Net Assets Celestica, Inc. 3.7% Sprouts Farmers Market, Inc. 3.6% Universal Technical Institute 3.2% Stride, Inc. 3.0% IES Holdings, Inc. 3.0% Tutor Perini Corp. 3.0% Teva Pharmaceutical Industries 2.9% Interface, Inc. 2.7% REV Group, Inc. 2.7% Amneal Pharmaceuticals, Inc. 2.4% Total as % of Net Assets 30.1% Total Holdings: 50
as of 12/31/24Equity Holdings % of Net Assets Celestica, Inc. 3.7% Sprouts Farmers Market, Inc. 3.6% Universal Technical Institute 3.2% Stride, Inc. 3.0% IES Holdings, Inc. 3.0% Tutor Perini Corp. 3.0% Teva Pharmaceutical Industries 2.9% Interface, Inc. 2.7% REV Group, Inc. 2.7% Amneal Pharmaceuticals, Inc. 2.4% EMCOR Group, Inc. 2.3% SiriusPoint, Ltd. 2.3% Mercury General Corp. 2.3% Moog, Inc. 2.3% Live Nation Entertainment, Inc. 2.3% Urban Outfitters, Inc. 2.2% Tenet Healthcare Corp. 2.2% VSE Corp. 2.2% Greenbrier Cos, Inc. 2.2% Assurant, Inc. 2.1% TechnipFMC, PLC 2.1% Allstate Corp. 2.0% DaVita, Inc. 2.0% AZZ, Inc. 1.9% Groupon, Inc. 1.9% Blue Bird Corp. 1.8% Griffon Corp. 1.8% Toll Brothers, Inc. 1.8% Turtle Beach Corp. 1.8% Dell Technologies, Inc. 1.8% Liberty Energy, Inc. 1.7% Gap, Inc. 1.7% LendingTree, Inc. 1.7% Penguin Solutions, Inc. 1.7% Oscar Health, Inc. 1.7% PVH Corp. 1.5% American Woodmark Corp. 1.5% Masterbrand, Inc. 1.5% Cimpress PLC 1.4% Brookdale Senior Living, Inc. 1.4% Quanex Building Products Corp. 1.2% Forestar Group, Inc. 1.2% American Eagle Outfitters, Inc. 1.2% Koppers Holdings, Inc. 1.1% Dream Finders Homes, Inc. 1.0% Ultrapar Participacoes SA 0.9% Stellantis NV 0.8% Dave & Buster's Entertainment 0.8% Guess?, Inc. 0.8% JELD-WEN Holding, Inc. 0.7% Total as % of Net Assets 96.7% Cash & Other Holdings % of Net Assets Cash & Other 3.3% Total as % of Net Assets 3.3% Country Allocation
as of 12/31/24-
United States
81.0%
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International
15.8%
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Cash & Other
3.3%
United States 81.0% Canada 3.7% Israel 2.9% Bermuda 2.3% United Kingdom 2.1% Cayman Islands 1.7% Ireland 1.4% Brazil 0.9% Netherlands 0.8% Cash & Other 3.3% -
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Distributions
The Hennessy Cornerstone Growth 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 12/27/2024 $0.03958 -- -- $0.03958 $31.98 12/05/2024 -- -- $4.45193 $4.45193 $34.53 12/27/2023 $0.10342 -- -- $0.10342 $27.78 12/28/2022 $0.27175 -- -- $0.27175 $22.55 12/08/2022 -- -- $0.55021 $0.55021 $23.13 12/07/2021 -- -- $6.64534 $6.64534 $24.58 12/07/2018 -- -- $1.81640 $1.81640 $18.60 12/29/2015 $0.02018 -- -- $0.02018 $19.48 11/29/2007 -- -- $2.23953 $2.23953 $15.25 11/28/2006 -- -- $3.11146 $3.11146 $17.95 11/17/2005 -- $0.83227 $0.39919 $1.23146 $18.70 11/19/2004 -- -- $3.87642 $3.87642 $17.25 11/22/2002 -- $0.01221 $0.47171 $0.48392 $13.93 11/26/2001 -- $0.06809 $0.96207 $1.03016 $13.23 11/16/2000 -- $1.52830 $1.97550 $3.50380 $14.55 12/30/1997 -- $1.78100 -- $1.78100 $11.34 12/31/1996 $0.00300 -- -- $0.00300 $10.07 Past performance is not a guarantee of future results.
Download historical distributions and NAVsDate Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/27/2024 $0.10977 -- -- $0.10977 $33.41 12/05/2024 -- -- $4.65975 $4.65975 $36.14 12/27/2023 $0.18394 -- -- $0.18394 $28.98 12/28/2022 $0.35372 -- -- $0.35372 $23.52 12/08/2022 -- -- $0.57544 $0.57544 $24.19 12/07/2021 -- -- $6.92698 $6.92698 $25.63 12/07/2018 -- -- $1.87674 $1.87674 $19.20 12/29/2015 $0.05101 -- -- $0.05101 $19.91 Past performance is not a guarantee of future results.
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Fund Documents
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.
