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Overview
Hennessy Cornerstone Large Growth Fund
Quantitatively managed, the Fund maintains a concentrated portfolio of large, growth-oriented companies.
Investor
HFLGXInstitutional
HILGXMorningstar style box
Overall morningstar rating
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Institutional
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HILGX
Among 392 Mid-Cap Value Funds (Based on risk-adjusted returns, as of 12/31/24)
Portfolio Manager Commentary
Why Invest
- Quantitatively-driven, repeatable investment process
- Focus on large companies with high levels of profitability, trading at reasonable valuations
Investment Criteria
The Hennessy Cornerstone Large Growth Fund utilizes a quantitative formula to identify 50 domestic, common stocks from the investable common stocks of public companies in the S&P Capital IQ Database that meet the following criteria, in the specified order:
- Above-average market capitalization
- Price-to-cash flow ratio less than the median of the remaining securities
- Positive total capital
- Highest one-year return on total capital
Portfolio Managers
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Chief Market Strategist and Portfolio Manager-
15Years on Fund
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46Years of Experience
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Chief Investment Officer and Portfolio Manager-
8Years on Fund
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29Years of Experience
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“We believe that return on capital is the best way to assess how effective a company is at turning capital into profits.”
- Neil Hennessy
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Insights & News
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Performance
Daily Pricing & Performance
as of 1/17/25-
Investor Class (HFLGX)
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NAV
$11.62
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$ Change
$0.07
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% Change
0.61%
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YTD
4.03%
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Institutional Class (HILGX)
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NAV
$11.73
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$ Change
$0.07
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% Change
0.60%
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YTD
3.99%
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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 (3/20/09) Investor Class (HFLGX) -8.05% 4.40% 4.40% 3.28% 9.37% 8.58% 13.41% Institutional Class (HILGX) -7.98% 4.69% 4.69% 3.57% 9.68% 8.87% 13.71% Russell 1000® Index -2.79% 24.51% 24.51% 8.41% 14.28% 12.87% 15.95% S&P 500® Index -2.38% 25.02% 25.02% 8.94% 14.53% 13.10% 15.97% as of 12/31/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (3/20/09) Investor Class (HFLGX) -5.28% 4.40% 4.40% 3.28% 9.37% 8.58% 13.41% Institutional Class (HILGX) -5.17% 4.69% 4.69% 3.57% 9.68% 8.87% 13.71% Russell 1000® Index 2.75% 24.51% 24.51% 8.41% 14.28% 12.87% 15.95% S&P 500® Index 2.41% 25.02% 25.02% 8.94% 14.53% 13.10% 15.97% Hypothetical Growth of $10,000
as of 12/31/2024Value of $10,000 invested between 12/31/2023 and 12/31/2024
Cornerstone Large Growth Fund (HFLGX) $10,440 Cornerstone Large Growth Fund (HILGX) $10,469 Russell 1000® Index $12,451 S&P 500® Index $12,502 Value of $10,000 invested between 12/31/2021 and 12/31/2024
Cornerstone Large Growth Fund (HFLGX) $11,016 Cornerstone Large Growth Fund (HILGX) $11,110 Russell 1000® Index $12,741 S&P 500® Index $12,929 Value of $10,000 invested between 12/31/2019 and 12/31/2024
Cornerstone Large Growth Fund (HFLGX) $15,647 Cornerstone Large Growth Fund (HILGX) $15,871 Russell 1000® Index $19,489 S&P 500® Index $19,702 Value of $10,000 invested between 12/31/2014 and 12/31/2024
Cornerstone Large Growth Fund (HFLGX) $22,778 Cornerstone Large Growth Fund (HILGX) $23,394 Russell 1000® Index $33,560 S&P 500® Index $34,254 Value of $10,000 invested between 3/20/2009 and 12/31/2024
Cornerstone Large Growth Fund (HFLGX) $72,892 Cornerstone Large Growth Fund (HILGX) $75,982 Russell 1000® Index $103,439 S&P 500® Index $103,721 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 (HFLGX) -6.60% 14.69% 17.08% -8.98% 27.53% 5.49% 34.66% -13.31% 21.71% 4.40% Institutional Class (HILGX) -6.47% 15.05% 17.33% -8.66% 27.82% 5.77% 35.06% -13.06% 22.06% 4.69% Russell 1000® Index 0.92% 12.05% 21.69% -4.78% 31.43% 20.96% 26.46% -19.13% 26.53% 24.51% 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 (HFLGX) Institutional Class (HILGX) Russell 1000® Index S&P 500® Index 2014 16.18% 16.29% 13.24% 13.69% 2013 33.79% 34.08% 33.11% 32.39% 2012 10.44% 10.71% 16.42% 16.00% 2011 2.59% 2.97% 1.50% 2.11% 2010 18.85% 19.28% 16.10% 15.06% Returns-Based Statistics
Relative to Russell 1000® Indexas of 12/31/24Investor Class (HFLGX)Type 3 yr 5 yr 10 yr Alpha -4.72 -4.98 -4.43 Beta 1.10 1.10 1.09 Upside Capture 96.51 97.60 93.03 Downside Capture 117.01 117.27 112.23 Institutional Class (HILGX)Type 3 yr 5 yr 10 yr Alpha -4.44 -4.69 -4.15 Beta 1.10 1.10 1.09 Upside Capture 96.98 98.00 93.50 Downside Capture 116.36 116.54 111.36 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 (HFLGX) 0.06 0.40 0.44 Institutional Class (HILGX) 0.07 0.41 0.45 Russell 1000® Index 0.31 0.67 0.74 Mid-Cap Value Category Average 0.13 0.39 0.41 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 (HFLGX) 21.46 22.30 18.57 Institutional Class (HILGX) 21.44 22.27 18.54 Russell 1000® Index 17.65 18.64 15.65 Mid-Cap Value Category Average 19.07 21.75 17.98 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HFLGX)
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Gross expense ratio
1.28%
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Institutional Class (HILGX)
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Gross expense ratio
1.00%
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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 (HILGX) received 2 stars for the three-year, 4 stars for the five-year and 4 stars for the ten-year periods ended 12/31/24 / among 392, 372 and 289 Mid-Cap Value 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 S&P Capital IQ Database is a robust source of data on the universe of publicly traded companies.
Price to cash flow ratio is a stock valuation measure calculated by dividing a firm's cash flow per share into the current stock price.
The Russell 1000® and S&P 500® are unmanaged indices commonly used to measure the performance of U.S. stocks. The Russell 1000® measures large-cap stocks. One cannot invest directly in an index.
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.
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
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 (HFLGX) 3/20/09 Inception Date (HILGX) 3/20/09 Total Fund Assets $135 Million Active Share vs. Russell 1000® Index 94% Portfolio Turnover 54% Median Market Cap $38.1 Billion Median Price/Earnings 14.9x Median Price/Book 4.6x 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.
Sector Weighting
as of 12/31/24Fund Russell 1000® Index Difference Consumer Discretionary 22.8% 11.5% +11.3% Industrials 17.8% 9.0% +8.8% Energy 14.3% 3.3% +11.0% Information Technology 13.7% 30.7% -17.0% Consumer Staples 13.0% 5.4% +7.6% Health Care 6.3% 10.1% -3.8% Materials 5.1% 2.2% +2.9% Financials 2.6% 14.0% -11.5% Communication Services 1.8% 9.2% -7.5% Real Estate 0.0% 2.4% -2.4% Utilities 0.0% 2.2% -2.2% Cash & Other 2.7% Portfolio Holdings
Top 10 Holdings
as of 12/31/24Top 10 Holdings % of Net Assets Williams-Sonoma, Inc. 3.4% Dell Technologies, Inc. 2.7% LPL Financial Holdings, Inc. 2.6% The Kroger Co. 2.5% Cheniere Energy, Inc. 2.4% Philip Morris International, Inc. 2.4% Altria Group, Inc. 2.4% AutoZone, Inc. 2.4% United Rentals, Inc. 2.3% Caterpillar, Inc. 2.3% Total as % of Net Assets 25.2% Total Holdings: 51
as of 12/31/24Equity Holdings % of Net Assets Williams-Sonoma, Inc. 3.4% Dell Technologies, Inc. 2.7% LPL Financial Holdings, Inc. 2.6% The Kroger Co. 2.5% Cheniere Energy, Inc. 2.4% Philip Morris International, Inc. 2.4% Altria Group, Inc. 2.4% AutoZone, Inc. 2.4% United Rentals, Inc. 2.3% Caterpillar, Inc. 2.3% Cisco Systems, Inc. 2.2% Tractor Supply Co. 2.2% 3M Co. 2.2% Darden Restaurants, Inc. 2.1% McKesson Corp. 2.1% Best Buy Co., Inc. 2.1% Lowe's Companies, Inc. 2.1% Exxon Mobil Corp. 2.1% Jabil, Inc. 2.0% Hewlett-Packard Co. 2.0% PACCAR, Inc. 2.0% Deere & Co. 2.0% CF Industries Holdings, Inc. 2.0% Lockheed Martin Corp. 2.0% Masco Corp. 2.0% EOG Resources, Inc. 2.0% Kimberly-Clark Corp. 2.0% HCA Healthcare, Inc. 1.9% PulteGroup, Inc. 1.9% Cencora, Inc. 1.9% Cognizant Technology Solutions 1.9% Steel Dynamics, Inc. 1.9% NVR, Inc. 1.8% Omnicom Group, Inc. 1.8% Valero Energy Corp. 1.8% Ulta Beauty, Inc. 1.7% DR Horton, Inc. 1.7% Marathon Petroleum Corp. 1.7% ConocoPhillips 1.6% The Hershey Co. 1.6% Builders FirstSource, Inc. 1.6% ON Semiconductor Corp. 1.6% Genuine Parts Co. 1.6% Halliburton Co. 1.5% United Parcel Service (Class B) 1.5% Devon Energy Corp. 1.4% Nucor Corp. 1.3% Microchip Technology, Inc. 1.2% Lamb Weston Holdings, Inc. 1.2% Dollar General Corp. 1.0% Solventum Corp. 0.3% Total as % of Net Assets 97.3% Cash & Other Holdings % of Net Assets Cash & Other 2.7% Total as % of Net Assets 2.7% Country Allocation
as of 12/31/24-
United States
97.3%
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Cash & Other
2.7%
United States 97.3% Cash & Other 2.7% -
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Distributions
The Hennessy Cornerstone Large 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 $0.10898 -- -- $0.10898 $11.24 12/05/2024 -- $0.11932 $0.26756 $0.38688 $12.04 12/27/2023 $0.11423 -- -- $0.11423 $11.26 12/07/2023 -- -- $0.30276 $0.30276 $10.53 12/28/2022 $0.08232 -- -- $0.08232 $9.42 12/08/2022 -- -- $1.76094 $1.76094 $9.89 12/29/2021 $0.08229 -- -- $0.08229 $13.07 12/07/2021 -- $0.03744 $1.74592 $1.78336 $12.81 12/29/2020 $0.09707 -- -- $0.09707 $11.01 12/08/2020 -- -- $0.48736 $0.48736 $11.13 12/27/2019 $0.13920 -- -- $0.13920 $11.12 12/06/2019 -- $0.10746 $0.02252 $0.12998 $10.91 12/27/2018 $0.08724 -- -- $0.08724 $8.86 12/07/2018 -- -- $2.29850 $2.29850 $9.57 12/27/2017 $0.07705 -- -- $0.07705 $12.33 12/07/2017 -- $0.01724 $0.40932 $0.42656 $12.05 12/28/2016 $0.12393 -- -- $0.12393 $10.98 12/29/2015 $0.15914 -- -- $0.15914 $9.78 12/09/2015 -- -- $2.73419 $2.73419 $9.86 12/31/2014 $0.14224 -- -- $0.14224 $13.37 12/08/2014 -- -- $2.23720 $2.23720 $13.35 12/31/2013 $0.14574 -- -- $0.14574 $13.58 12/10/2013 -- $0.00147 $0.67490 $0.67637 $13.33 12/31/2012 $0.10383 -- -- $0.10383 $10.78 12/07/2012 -- -- $0.01678 $0.01678 $10.79 12/27/2011 $0.07380 -- -- $0.07380 $9.96 12/05/2011 -- -- $2.46063 $2.46063 $10.07 12/30/2010 $0.09412 -- -- $0.09412 $12.07 12/02/2010 -- -- $0.01631 $0.01631 $12.00 12/29/2009 $0.04948 -- -- $0.04948 $10.33 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 $0.14194 -- -- $0.14194 $11.35 12/05/2024 -- $0.12077 $0.27083 $0.39160 $12.19 12/27/2023 $0.14365 -- -- $0.14365 $11.37 12/07/2023 -- -- $0.30642 $0.30642 $10.65 12/28/2022 $0.11646 -- -- $0.11646 $9.51 12/08/2022 -- -- $1.78324 $1.78324 $10.02 12/29/2021 $0.11077 -- -- $0.11077 $13.20 12/07/2021 -- $0.03787 $1.76609 $1.80396 $12.96 12/29/2020 $0.12771 -- -- $0.12771 $11.12 12/08/2020 -- -- $0.49308 $0.49308 $11.26 12/27/2019 $0.16582 -- -- $0.16582 $11.22 12/06/2019 -- $0.10864 $0.02276 $0.13140 $11.03 12/27/2018 $0.11796 -- -- $0.11796 $8.93 12/07/2018 -- -- $2.32790 $2.32790 $9.68 12/27/2017 $0.09506 -- -- $0.09506 $12.44 12/07/2017 -- $0.01747 $0.41414 $0.43161 $12.17 12/28/2016 $0.14888 -- -- $0.14888 $11.07 12/29/2015 $0.17106 -- -- $0.17106 $9.86 12/09/2015 -- -- $2.76324 $2.76324 $9.94 12/31/2014 $0.16466 -- -- $0.16466 $13.47 12/08/2014 -- -- $2.25762 $2.25762 $13.47 12/31/2013 $0.17419 -- -- $0.17419 $13.69 12/10/2013 -- $0.00147 $0.67490 $0.67637 $13.46 12/31/2012 $0.11645 -- -- $0.11645 $10.86 12/07/2012 -- -- $0.01678 $0.01678 $10.88 12/27/2011 $0.09891 -- -- $0.09891 $10.01 12/05/2011 -- -- $2.46063 $2.46063 $10.15 12/30/2010 $0.12215 -- -- $0.12215 $12.11 12/02/2010 -- -- $0.01631 $0.01631 $12.06 12/29/2009 $0.05037 -- -- $0.05037 $10.35 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
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.
