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Overview
Hennessy Energy Transition Fund
Actively managed, the Fund maintains a concentrated portfolio of companies across the full spectrum of the Energy sector.
Why Invest
- Opportunistically invests across the entire energy "value chain" seeking the best balance of reward and risk
- Concentrated, actively managed portfolio of 25-40 companies
- In-depth, rigorous "boots-on-the-ground" research led by managers with decades of combined energy investing experience
Investment Approach
The Hennessy Energy Transition Fund invests across the full spectrum of the energy supply/demand value chain, including upstream, midstream, and downstream energy companies, as well as energy end-users. The Fund's Portfolio Managers have the flexibility to opportunistically move up and down this energy value chain, overweighting sectors they believe will generate the best balance of reward and risk.
The Portfolio Managers employ a fundamental, “boots-on-the-ground” research-intensive investment process to select holdings, focusing on four key steps:
- Develop commodity forecasts and key sector investment themes
- Identify primary beneficiaries of investment themes
- Value companies on both a relative and absolute basis to uncover potential stock mispricing opportunities
- Size position based on conviction, expected return, volatility, and liquidity
Portfolio Managers
“We carefully evaluate the best opportunities within the entire energy "value chain," including renewables and end-users.”
- Ben Cook
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Insights & News
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Performance
Daily Pricing & Performance
as of 1/17/25-
Investor Class (HNRGX)
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NAV
$29.31
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$ Change
$0.14
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% Change
0.48%
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YTD
8.92%
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Institutional Class (HNRIX)
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NAV
$29.97
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$ Change
$0.14
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% Change
0.47%
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YTD
8.94%
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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 (12/31/13) Investor Class (HNRGX) -6.23% 13.49% 13.49% 20.20% 14.92% 4.82% 4.21% Institutional Class (HNRIX) -6.23% 13.84% 13.84% 20.59% 15.27% 5.13% 4.49% S&P 500® Energy Index -9.47% 5.72% 5.72% 20.02% 12.14% 4.91% 3.69% S&P 500® Index -2.38% 25.02% 25.02% 8.94% 14.53% 13.10% 13.16% as of 12/31/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (12/31/13) Investor Class (HNRGX) 3.18% 13.49% 13.49% 20.20% 14.92% 4.82% 4.21% Institutional Class (HNRIX) 3.22% 13.84% 13.84% 20.59% 15.27% 5.13% 4.49% S&P 500® Energy Index -2.43% 5.72% 5.72% 20.02% 12.14% 4.91% 3.69% S&P 500® Index 2.41% 25.02% 25.02% 8.94% 14.53% 13.10% 13.16% Hypothetical Growth of $10,000
as of 12/31/2024Value of $10,000 invested between 12/31/2023 and 12/31/2024
Energy Transition Fund (HNRGX) $11,349 Energy Transition Fund (HNRIX) $11,384 S&P 500® Energy Index $10,568 S&P 500® Index $12,502 Value of $10,000 invested between 12/31/2021 and 12/31/2024
Energy Transition Fund (HNRGX) $17,365 Energy Transition Fund (HNRIX) $17,538 S&P 500® Energy Index $17,284 S&P 500® Index $12,929 Value of $10,000 invested between 12/31/2019 and 12/31/2024
Energy Transition Fund (HNRGX) $20,047 Energy Transition Fund (HNRIX) $20,349 S&P 500® Energy Index $17,725 S&P 500® Index $19,702 Value of $10,000 invested between 12/31/2014 and 12/31/2024
Energy Transition Fund (HNRGX) $16,012 Energy Transition Fund (HNRIX) $16,499 S&P 500® Energy Index $16,140 S&P 500® Index $34,254 Value of $10,000 invested between 12/31/2013 and 12/31/2024
Energy Transition Fund (HNRGX) $15,732 Energy Transition Fund (HNRIX) $16,210 S&P 500® Energy Index $14,882 S&P 500® Index $38,943 Calendar Year Total Returns
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Investor Class (HNRGX) -24.67% 42.96% 1.89% -31.16% 5.74% -25.72% 55.42% 47.53% 3.72% 13.49% Institutional Class (HNRIX) -24.41% 43.33% 2.17% -30.94% 6.05% -25.63% 56.02% 48.01% 4.09% 13.84% S&P 500® Energy Index -21.12% 27.36% -1.01% -18.09% 11.82% -33.68% 54.65% 65.71% -1.33% 5.72% 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 (HNRGX) Institutional Class (HNRIX) S&P 500® Energy Index S&P 500® Index 2014 -1.75% -1.75% -7.78% 13.69% Returns-Based Statistics
Relative to S&P 500® Energy Indexas of 12/31/24Investor Class (HNRGX)Type 3 yr 5 yr 10 yr Alpha 1.13 3.67 0.92 Beta 0.94 1.07 1.10 Upside Capture 98.88 105.22 107.98 Downside Capture 97.59 100.05 108.82 Institutional Class (HNRIX)Type 3 yr 5 yr 10 yr Alpha 1.48 3.97 1.22 Beta 0.94 1.07 1.10 Upside Capture 99.17 105.49 108.28 Downside Capture 96.78 99.60 108.26 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 (HNRGX) 0.65 0.49 0.26 Institutional Class (HNRIX) 0.66 0.50 0.27 S&P 500® Energy Index 0.63 0.42 0.25 Equity Energy Category Average 0.45 0.36 0.12 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 (HNRGX) 27.70 41.43 34.42 Institutional Class (HNRIX) 27.67 41.41 34.40 S&P 500® Energy Index 28.22 36.92 29.68 Equity Energy Category Average 26.63 37.55 31.53 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HNRGX)
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Gross expense ratio
2.42%
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Net expense ratio
2.27%
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Institutional Class (HNRIX)
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Gross expense ratio
2.08%
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Net expense ratio
1.93%
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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 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 500® Energy Index is an index that comprises those companies included in the S&P 500 that are classified as members of the GICS energy sector. The S&P 500® Index is an unmanaged index 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.
The performance shown for periods on or prior to 10/26/18 is that of the predecessor BP Capital TwinLine Energy Fund.
Certain service provider expenses for the Energy Transition Fund will be voluntarily waived through 7/31/25.
Active share was calculated versus the Energy Select Sector SPDR Fund (XLE), which differs from the Fund's primary benchmark. References to other investment products should not be interpreted as an offer of these securities
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 12/31/24Allocation % of Net Assets Upstream 71.5% Midstream 6.6% Downstream 7.1% End User 13.3% Renewable 0.0% Cash/Other 1.5% Portfolio Characteristics
as of 12/31/24Inception Date (HNRGX) 12/31/13 Inception Date (HNRIX) 12/31/13 Total Fund Assets $14 Million Active Share vs. Energy Select Sector SPDR Fund (XLE) 60% Portfolio Turnover 17% Median Market Cap $44.7 Billion Median Price/Earnings 12.1x Median Price/Book 1.8x 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.
Sector Weighting
as of 12/31/24Fund Energy 85.2% Utilities 9.5% Materials 3.8% Cash & Other 1.5% Sub-Industry Weighting % of Net Assets Oil & Gas Exploration & Production 38.2% Oil & Gas Equipment & Services 17.6% Integrated Oil & Gas 15.7% Oil & Gas Refining & Marketing 7.1% Oil & Gas Storage & Transportation 6.6% Gas Utilities 5.2% Electric Utilities 4.3% Copper 3.8% Portfolio Holdings
Top 10 Holdings
as of 12/31/24% of Net Assets Top 10 Holdings Ticker Current Vs. 3Q24 Vs. 4Q23 10-Year Holdings History (%) Time Held ConocoPhillips COP 9.57% +4.51% +4.09% 4 Years Cheniere Energy, Inc. LNG 6.60% +0.75% +0.59% 4 Years Exxon Mobil Corp. XOM 6.16% -0.22% +4.86% 4 Years Antero Resources Corp. AR 5.92% +1.51% -0.17% 3 Years Chevron Corp. CVX 5.21% +0.17% +0.20% 3 Years National Fuel Gas Co. NFG 5.21% +0.26% +5.21% < 1 Year EQT Corp. EQT 4.95% -0.55% +0.51% 4 Years EOG Resources, Inc. EOG 4.73% -0.60% -0.42% 5 Years Diamondback Energy, Inc. FANG 4.71% -0.01% -0.77% 11 Years Suncor Energy, Inc. SU 4.37% +0.07% -1.64% 4 Years Total as % of Net Assets 57.43% Total Holdings: 23
as of 12/31/24% of Net Assets Equity Holdings Current Vs. 3Q24 Vs. 4Q23 10-Year Holdings History (%) Time Held ConocoPhillips 9.57% +4.51% +4.09% 4 Years Cheniere Energy, Inc. 6.60% +0.75% +0.59% 4 Years Exxon Mobil Corp. 6.16% -0.22% +4.86% 4 Years Antero Resources Corp. 5.92% +1.51% -0.17% 3 Years Chevron Corp. 5.21% +0.17% +0.20% 3 Years National Fuel Gas Co. 5.21% +0.26% +5.21% < 1 Year EQT Corp. 4.95% -0.55% +0.51% 4 Years EOG Resources, Inc. 4.73% -0.60% -0.42% 5 Years Diamondback Energy, Inc. 4.71% -0.01% -0.77% 11 Years Suncor Energy, Inc. 4.37% +0.07% -1.64% 4 Years Valero Energy Corp. 4.32% +1.41% +1.57% 2 Years NextEra Energy, Inc. 4.29% -0.52% -0.69% 5 Years Canadian Natural Resources Ltd. 4.22% -0.10% -1.55% 2 Years Schlumberger NV 3.96% -0.17% -1.06% 5 Years Freeport-McMoRan, Inc. 3.83% -0.95% -1.28% 4 Years Halliburton Co. 3.79% -0.06% -0.13% 4 Years NOV, Inc. 3.40% +0.92% +0.82% 1 Year Tenaris SA 3.16% +0.63% +0.89% 3 Years Phillips 66 2.78% -0.27% -0.69% 3 Years Expand Energy Corp. 2.78% +2.78% +2.78% < 1 Year TechnipFMC, PLC 1.66% +0.22% -0.68% 4 Years ProFrac Holding Corp. 1.62% +0.72% +1.62% < 1 Year Comstock Resources, Inc. 1.27% -1.69% -1.44% 2 Years Total as % of Net Assets 98.5% Cash & Other Holdings % of Net Assets Cash & Other 1.5% Total as % of Net Assets 1.5% Country Allocation
as of 12/31/24-
United States
81.1%
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International
17.5%
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Cash & Other
1.5%
United States 81.1% Canada 8.6% Curacao 4.0% Luxembourg 3.2% United Kingdom 1.7% Cash & Other 1.5% -
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Distributions
The Hennessy Energy Transition 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 $0.02081 -- -- $0.02081 $26.40 12/28/2022 $0.11746 -- -- $0.11746 $22.50 12/29/2021 $2.06575 -- -- $2.06575 $15.71 12/16/2014 -- $0.48157 -- $0.48157 $17.72 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 $0.03814 -- -- $0.03814 $27.00 12/28/2022 $0.17710 -- -- $0.17710 $22.87 12/29/2021 $2.11238 -- -- $2.11238 $15.95 12/27/2019 $0.03341 -- -- $0.03341 $15.40 11/29/2016 $0.03302 -- -- $0.03302 $19.10 12/16/2014 -- $0.48157 -- $0.48157 $17.72 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.
