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Overview
Hennessy Cornerstone Value Fund
Quantitatively managed, the Fund maintains a concentrated portfolio of large, high dividend-yielding companies.
Why Invest
- Quantitatively-driven, repeatable investment process
- Concentrated portfolio of large, widely-held stocks
- Focus on high dividend-yielding stocks, which may be undervalued
Investment Criteria
From the universe of stocks in the S&P Capital IQ Database (excluding utilities), the Hennessy Cornerstone Value Fund utilizes a quantitative formula to identify 50 common stocks with the highest dividend yield that also meet the following criteria:
- Above-average market capitalization
- Above-average number of shares outstanding
- Trailing 12-month sales 50% greater than average
- Above-average cash flow
Portfolio Managers
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Chief Market Strategist and Portfolio Manager-
24Years on Fund
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44Years of Experience
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Chief Investment Officer and Portfolio Manager-
7Years on Fund
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28Years of Experience
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“With a focus on dividend yield, we seek to uncover income-generating, undervalued companies.”
- Neil Hennessy
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Insights & News
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Performance
Daily Pricing & Performance
as of 7/15/24-
Investor Class (HFCVX)
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NAV
$20.70
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$ Change
$0.06
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% Change
0.29%
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YTD
7.31%
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Institutional Class (HICVX)
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NAV
$20.75
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$ Change
$0.06
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% Change
0.29%
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YTD
7.46%
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Average Annualized Total Return
as of 6/30/24Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCVX) -1.45% 5.39% 10.41% 8.21% 9.46% 7.68% 7.31% Institutional Class (HICVX) -1.40% 5.54% 10.64% 8.45% 9.69% 7.90% 7.45% Russell 1000® Value Index -0.94% 6.63% 13.06% 5.52% 9.01% 8.23% 8.60% S&P 500® Index 3.59% 15.29% 24.56% 10.01% 15.05% 12.86% 9.69% as of 6/30/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (11/1/96) Investor Class (HFCVX) -0.49% 5.39% 10.41% 8.21% 9.46% 7.68% 7.31% Institutional Class (HICVX) -0.44% 5.54% 10.64% 8.45% 9.69% 7.90% 7.45% Russell 1000® Value Index -2.17% 6.63% 13.06% 5.52% 9.01% 8.23% 8.60% S&P 500® Index 4.28% 15.29% 24.56% 10.01% 15.05% 12.86% 9.69% Hypothetical Growth of $10,000
as of 6/30/2024Value of $10,000 invested between 6/30/2023 and 6/30/2024
Cornerstone Value Fund (HFCVX) $11,041 Cornerstone Value Fund (HICVX) $11,064 Russell 1000® Value Index $11,306 S&P 500® Index $12,456 Value of $10,000 invested between 6/30/2021 and 6/30/2024
Cornerstone Value Fund (HFCVX) $12,671 Cornerstone Value Fund (HICVX) $12,755 Russell 1000® Value Index $11,750 S&P 500® Index $13,315 Value of $10,000 invested between 6/30/2019 and 6/30/2024
Cornerstone Value Fund (HFCVX) $15,715 Cornerstone Value Fund (HICVX) $15,883 Russell 1000® Value Index $15,391 S&P 500® Index $20,153 Value of $10,000 invested between 6/30/2014 and 6/30/2024
Cornerstone Value Fund (HFCVX) $20,965 Cornerstone Value Fund (HICVX) $21,388 Russell 1000® Value Index $22,057 S&P 500® Index $33,521 Value of $10,000 invested between 11/1/1996 and 6/30/2024
Cornerstone Value Fund (HFCVX) $70,368 Cornerstone Value Fund (HICVX) $73,044 Russell 1000® Value Index $97,874 S&P 500® Index $129,157 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
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Investor Class (HFCVX) 8.86% -6.37% 17.25% 19.16% -9.34% 20.79% -6.38% 29.91% 6.13% 5.81% Institutional Class (HICVX) 9.06% -6.36% 17.61% 19.48% -9.12% 20.98% -6.20% 30.20% 6.37% 6.00% Russell 1000® Value Index 13.45% -3.83% 17.34% 13.66% -8.27% 26.54% 2.80% 25.16% -7.54% 11.46% S&P 500® Index 13.69% 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% Year Investor Class (HFCVX) Institutional Class (HICVX) Russell 1000® Value Index S&P 500® Index 2013 26.40% 26.74% 32.53% 32.39% 2012 11.94% 12.24% 17.51% 16.00% 2011 6.47% 6.73% 0.39% 2.11% 2010 12.51% 12.98% 15.51% 15.06% 2009 44.62% 45.01% 19.69% 26.46% 2008 -43.07% -42.98% -36.85% -37.00% 2007 0.59% 0.59% -0.17% 5.49% 2006 20.14% 20.14% 22.25% 15.79% 2005 1.91% 1.91% 7.05% 4.91% 2004 11.67% 11.67% 16.49% 10.88% 2003 28.39% 28.39% 30.03% 28.68% 2002 -16.03% -16.03% -15.52% -22.10% 2001 6.60% 6.60% -5.59% -11.89% 2000 8.77% 8.77% 7.01% -9.10% 1999 6.01% 6.01% 7.35% 21.04% 1998 6.59% 6.59% 15.63% 28.58% 1997 15.29% 15.29% 35.18% 33.36% Yield
as of 6/30/24Investor Class (HFCVX) Institutional Class (HICVX) Dividend Yield 3.39% 3.46% 30-Day SEC Yield 3.40% 3.64% Distribution Frequency Annually Annually Returns-Based Statistics
Relative to Russell 1000® Value Indexas of 6/30/24Investor Class (HFCVX)Type 3 yr 5 yr 10 yr Alpha 2.83 0.87 -0.12 Beta 0.88 0.94 0.95 Upside Capture 89.32 91.82 90.87 Downside Capture 75.78 87.00 89.95 Institutional Class (HICVX)Type 3 yr 5 yr 10 yr Alpha 3.05 1.09 0.08 Beta 0.88 0.94 0.95 Upside Capture 89.83 92.22 91.43 Downside Capture 75.39 86.55 89.58 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 6/30/24Type 3 yr 5 yr 10 yr Investor Class (HFCVX) 0.36 0.46 0.45 Institutional Class (HICVX) 0.37 0.47 0.46 Russell 1000® Value Index 0.20 0.44 0.49 Large Value Category Average 0.26 0.48 0.49 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 6/30/24Type 3 yr 5 yr 10 yr Investor Class (HFCVX) 15.92 18.41 15.58 Institutional Class (HICVX) 15.94 18.42 15.59 Russell 1000® Value Index 16.60 18.44 15.47 Large Value Category Average 16.10 18.04 15.22 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HFCVX)
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Gross expense ratio
1.23%
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Institutional Class (HICVX)
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Gross expense ratio
1.06%
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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.
Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the fund's investment style as of 6/30/24. 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.
Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income
The performance shown for Institutional Class shares / HICVX 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 Russell 1000® Value and S&P 500® are unmanaged indices commonly used to measure the performance of U.S. stocks. The Russell 1000® Value measures value-oriented, large-cap 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.
Dividend Yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. 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 Characteristics
as of 6/30/24Inception Date (HFCVX) 11/1/96 Inception Date (HICVX) 3/3/08 Total Fund Assets $270 Million Active Share vs. Russell 1000® Value Index 76% Portfolio Turnover 22% Median Market Cap $135.2 Billion Median Price/Earnings 16.1x Median Price/Book 2.1x 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 reflect the trailing 12-month period.
Sector Weighting
as of 6/30/24Fund Russell 1000® Value Index Difference Energy 22.5% 8.1% +14.4% Financials 19.3% 22.7% -3.4% Consumer Staples 19.2% 7.7% +11.5% Health Care 15.5% 14.3% +1.3% Information Technology 8.2% 9.4% -1.2% Communication Services 7.5% 4.6% +2.9% Consumer Discretionary 3.6% 5.0% -1.4% Industrials 2.2% 14.3% -12.1% Utilities 0.0% 4.7% -4.7% Materials 0.0% 4.8% -4.8% Real Estate 0.0% 4.6% -4.6% Cash & Other 2.1% Portfolio Holdings
Top 10 Holdings
as of 6/30/24Top 10 Holdings % of Net Assets Manulife Financial Corp. 2.3% Cenovus Energy, Inc. 2.3% Citigroup, Inc. 2.3% Wells Fargo & Co. 2.3% Bank of America Corp. 2.3% J.P. Morgan Chase & Co. 2.2% RTX Corp. 2.2% AT&T, Inc. 2.2% Texas Instruments, Inc. 2.2% Hewlett-Packard Co. 2.2% Total as % of Net Assets 22.6% Total Holdings: 50
as of 6/30/24Equity Holdings % of Net Assets Manulife Financial Corp. 2.3% Cenovus Energy, Inc. 2.3% Citigroup, Inc. 2.3% Wells Fargo & Co. 2.3% Bank of America Corp. 2.3% J.P. Morgan Chase & Co. 2.2% RTX Corp. 2.2% AT&T, Inc. 2.2% Texas Instruments, Inc. 2.2% Hewlett-Packard Co. 2.2% Exxon Mobil Corp. 2.2% Suncor Energy, Inc. 2.2% Shell PLC 2.2% Baker Hughes Co. 2.1% Unilever PLC 2.1% HSBC Holdings PLC 2.1% Procter & Gamble Co. 2.1% Canadian Natural Resources Ltd. 2.1% Altria Group, Inc. 2.1% Verizon Communications, Inc. 2.1% Chevron Corp. 2.0% Morgan Stanley 2.0% Ford Motor Co. 2.0% Royal Bank of Canada 2.0% Philip Morris International, Inc. 2.0% IBM Corp. 2.0% The Coca-Cola Company 2.0% AbbVie, Inc. 2.0% Merck & Co., Inc. 2.0% Keurig Dr Pepper, Inc. 2.0% BP PLC 2.0% TotalEnergies SE 1.9% British American Tobacco, PLC 1.9% PepsiCo, Inc. 1.9% Pfizer, Inc. 1.9% GSK PLC 1.8% Equinor, ASA 1.8% Cisco Systems, Inc. 1.8% Toronto-Dominion Bank 1.7% Johnson & Johnson 1.7% Comcast Corp. 1.7% Medtronic, Inc. 1.7% Petroleo Brasileiro SA 1.7% Kraft Heinz Co. 1.6% Starbucks Corp. 1.6% Kenvue, Inc. 1.6% Bristol-Myers Squibb Co. 1.6% Gilead Sciences, Inc. 1.5% BCE, Inc. 1.5% CVS Health Corp. 1.4% Total as % of Net Assets 97.9% Cash & Other Holdings % of Net Assets Cash & Other 2.1% Total as % of Net Assets 2.1% Country Allocation
as of 6/30/24-
United States
64.6%
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International
33.4%
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Cash & Other
2.1%
United States 64.6% Canada 14.2% United Kingdom 12.1% France 1.9% Norway 1.8% Ireland 1.7% Brazil 1.7% Cash & Other 2.1% -
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Distributions
The Hennessy Cornerstone Value Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions are paid annually, usually in December.
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/27/2023 $0.68939 -- -- $0.68939 $19.34 12/28/2022 $0.50354 -- -- $0.50354 $18.71 12/08/2022 -- -- $1.44668 $1.44668 $19.56 12/29/2021 $0.51423 -- -- $0.51423 $19.61 12/07/2021 -- -- $0.42879 $0.42879 $19.50 12/29/2020 $0.40873 -- -- $0.40873 $15.71 12/27/2019 $0.46728 -- -- $0.46728 $17.40 12/06/2019 -- -- $0.67423 $0.67423 $17.39 12/27/2018 $0.41092 -- -- $0.41092 $15.23 12/07/2018 -- $1.09611 $1.12340 $2.21951 $16.58 12/27/2017 $0.41612 -- -- $0.41612 $19.67 12/07/2017 -- $0.19820 $2.33230 $2.53050 $19.44 12/28/2016 $0.43057 -- -- $0.43057 $19.12 12/29/2015 $0.42745 -- -- $0.42745 $16.91 12/31/2014 $0.40585 -- -- $0.40585 $18.21 12/31/2013 $0.43182 -- -- $0.43182 $17.10 12/31/2012 $0.37990 -- -- $0.37990 $13.87 12/27/2011 $0.41965 -- -- $0.41965 $12.74 12/30/2010 $0.37359 -- -- $0.37359 $12.32 12/29/2009 $0.20357 -- -- $0.20357 $11.40 12/30/2008 $0.53436 -- -- $0.53436 $7.80 12/28/2007 $0.41127 -- -- $0.41127 $14.98 12/28/2006 $0.34761 -- -- $0.34761 $15.31 12/22/2005 $0.34304 -- -- $0.34304 $13.13 12/22/2004 $0.24160 -- -- $0.24160 $13.03 12/23/2003 $0.21117 -- -- $0.21117 $11.68 12/23/2002 $0.19794 -- -- $0.19794 $9.50 12/14/2001 $0.26050 -- -- $0.26050 $11.14 12/29/2000 $0.14150 -- -- $0.14150 $11.04 12/23/1999 $1.74560 -- -- $1.74560 $10.18 12/30/1998 $0.75970 -- -- $0.75970 $11.36 12/30/1997 $0.17070 -- -- $0.17070 $11.36 12/31/1996 $0.01800 -- -- $0.01800 $10.01 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 12/27/2023 $0.70442 -- -- $0.70442 $19.36 12/28/2022 $0.54645 -- -- $0.54645 $18.71 12/08/2022 -- -- $1.44995 $1.44995 $19.60 12/29/2021 $0.56022 -- -- $0.56022 $19.61 12/07/2021 -- -- $0.42980 $0.42980 $19.55 12/29/2020 $0.44068 -- -- $0.44068 $15.72 12/27/2019 $0.49508 -- -- $0.49508 $17.40 12/06/2019 -- -- $0.67507 $0.67507 $17.41 12/27/2018 $0.44958 -- -- $0.44958 $15.22 12/07/2018 -- $1.09801 $1.12535 $2.22336 $16.62 12/27/2017 $0.45937 -- -- $0.45937 $19.68 12/07/2017 -- $0.19859 $2.33695 $2.53554 $19.48 12/28/2016 $0.48834 -- -- $0.48834 $19.11 12/29/2015 $0.42008 -- -- $0.42008 $16.91 12/31/2014 $0.43675 -- -- $0.43675 $18.19 12/31/2013 $0.47334 -- -- $0.47334 $17.08 12/31/2012 $0.41611 -- -- $0.41611 $13.85 12/27/2011 $0.46095 -- -- $0.46095 $12.72 12/30/2010 $0.41391 -- -- $0.41391 $12.30 12/29/2009 $0.22583 -- -- $0.22583 $11.39 12/30/2008 $0.56648 -- -- $0.56648 $7.78 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Cornerstone Value Fund Documents Fact Sheet Portfolio Perspective View Summary Prospectus Full Prospectus Statement of Additional Information Cornerstone Value Fund Shareholder Reports and Quarterly Holdings Q1 Holdings Semi-Annual Report Q3 Holdings Annual Report Currently, paper copies of the annual and semi-annual reports are not sent by mail unless shareholders specifically request paper copies. You may elect to receive paper copies free of charge 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.
**Please note the upcoming change to shareholder report delivery.**
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.
