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Overview
Hennessy Focus Fund
Actively managed, the Fund maintains a highly concentrated, best ideas portfolio.
Why Invest
- Highly concentrated portfolio of approximately 20 exceptional investment ideas, conviction weighted with 60-80% of assets in the top 10
- In-depth, rigorous research process developed by a management team who has worked together for nearly two decades
- Expectation to hold companies five to 10 years or longer, leading to low portfolio turnover
Investment Approach
The Hennessy Focus Fund seeks to identify secular growth businesses that have the potential to produce a sustained mid-teens or higher rate of earnings growth, purchased at a mid-teens or lower multiple of earnings.
The Portfolio Managers employ independent, fundamental research, with a primary focus on five key investment criteria:
- High-Quality Business
- Large Growth Opportunity
- Excellent Management
- Low "Tail Risk"
- Discount Valuation
Portfolio Managers
The Fund is sub-advised by Broad Run Investment Management, LLC, an independent, employee-owned investment adviser headquartered in Arlington, Virginia.
“Simply put, we seek to own a small collection of truly great businesses.”
- David Rainey
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Insights & News
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Performance
Daily Pricing & Performance
as of 1/17/25-
Investor Class (HFCSX)
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NAV
$44.18
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$ Change
$0.23
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% Change
0.52%
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YTD
2.29%
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Institutional Class (HFCIX)
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NAV
$46.48
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$ Change
$0.24
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% Change
0.52%
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YTD
2.31%
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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 (1/3/97) Investor Class (HFCSX) -6.98% 14.79% 14.79% 1.33% 7.63% 8.65% 12.07% Institutional Class (HFCIX) -6.96% 15.21% 15.21% 1.71% 8.02% 9.05% 12.31% Russell 3000® Index -3.06% 23.81% 23.81% 8.01% 13.86% 12.55% 9.59% Russell Midcap® Growth Index -6.22% 22.10% 22.10% 4.04% 11.47% 11.54% 9.74% as of 12/31/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HFCSX) -5.20% 14.79% 14.79% 1.33% 7.63% 8.65% 12.07% Institutional Class (HFCIX) -5.12% 15.21% 15.21% 1.71% 8.02% 9.05% 12.31% Russell 3000® Index 2.63% 23.81% 23.81% 8.01% 13.86% 12.55% 9.59% Russell Midcap® Growth Index 8.14% 22.10% 22.10% 4.04% 11.47% 11.54% 9.74% Hypothetical Growth of $10,000
as of 12/31/2024Value of $10,000 invested between 12/31/2023 and 12/31/2024
Focus Fund (HFCSX) $11,479 Focus Fund (HFCIX) $11,521 Russell 3000® Index $12,381 Russell Midcap® Growth Index $12,210 Value of $10,000 invested between 12/31/2021 and 12/31/2024
Focus Fund (HFCSX) $10,406 Focus Fund (HFCIX) $10,523 Russell 3000® Index $12,599 Russell Midcap® Growth Index $11,262 Value of $10,000 invested between 12/31/2019 and 12/31/2024
Focus Fund (HFCSX) $14,441 Focus Fund (HFCIX) $14,710 Russell 3000® Index $19,139 Russell Midcap® Growth Index $17,213 Value of $10,000 invested between 12/31/2014 and 12/31/2024
Focus Fund (HFCSX) $22,926 Focus Fund (HFCIX) $23,787 Russell 3000® Index $32,604 Russell Midcap® Growth Index $29,803 Value of $10,000 invested between 1/3/1997 and 12/31/2024
Focus Fund (HFCSX) $243,062 Focus Fund (HFCIX) $257,672 Russell 3000® Index $129,729 Russell Midcap® Growth Index $134,989 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 (HFCSX) 2.88% 7.16% 19.27% -10.47% 34.86% 5.49% 31.55% -24.99% 20.85% 14.79% Institutional Class (HFCIX) 3.25% 7.55% 19.71% -10.12% 35.34% 5.88% 32.02% -24.71% 21.31% 15.21% Russell 3000® Index 0.48% 12.74% 21.13% -5.24% 31.02% 20.89% 25.66% -19.21% 25.96% 23.81% Russell Midcap® Growth Index -0.20% 7.33% 25.27% -4.75% 35.47% 35.59% 12.73% -26.72% 25.87% 22.10% Year Investor Class (HFCSX) Institutional Class (HFCIX) Russell 3000® Index Russell Midcap® Growth Index 2014 10.20% 10.55% 12.56% 11.90% 2013 35.33% 35.70% 33.55% 35.74% 2012 16.64% 16.98% 16.42% 15.81% 2011 3.63% 3.97% 1.03% -1.65% 2010 24.55% 24.79% 16.93% 26.38% 2009 34.80% 35.70% 28.34% 46.29% 2008 -33.85% -33.81% -37.31% -44.32% 2007 2.30% 2.30% 5.14% 11.43% 2006 28.49% 28.49% 15.72% 10.66% 2005 2.32% 2.32% 6.12% 12.10% 2004 30.65% 30.65% 11.95% 15.48% 2003 45.77% 45.77% 31.06% 42.71% 2002 2.63% 2.63% -21.54% -27.41% 2001 32.63% 32.63% -11.46% -20.15% 2000 -8.79% -8.79% -7.46% -11.75% 1999 19.62% 19.62% 20.90% 51.29% 1998 -3.52% -3.52% 24.14% 17.86% Returns-Based Statistics
Relative to Russell 3000® Indexas of 12/31/24Investor Class (HFCSX)Type 3 yr 5 yr 10 yr Alpha -6.24 -7.13 -4.41 Beta 1.22 1.25 1.15 Upside Capture 106.44 110.38 99.50 Downside Capture 136.05 142.60 120.71 Institutional Class (HFCIX)Type 3 yr 5 yr 10 yr Alpha -5.86 -6.76 -4.04 Beta 1.22 1.25 1.15 Upside Capture 107.22 111.10 100.43 Downside Capture 135.41 141.97 120.01 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 (HFCSX) 0.00 0.32 0.43 Institutional Class (HFCIX) 0.01 0.33 0.45 Russell 3000® Index 0.29 0.65 0.71 Mid-Cap Blend Category Average 0.10 0.42 0.44 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 (HFCSX) 24.17 25.64 19.88 Institutional Class (HFCIX) 24.18 25.65 19.89 Russell 3000® Index 17.81 18.82 15.82 Mid-Cap Blend Category Average 19.30 20.90 17.27 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HFCSX)
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Gross expense ratio
1.50%
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Institutional Class (HFCIX)
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Gross expense ratio
1.13%
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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 performance shown for Institutional Class shares / HFCIX prior to 5/30/08 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 performance shown for periods prior to 10/26/12 is that of the predecessor FBR Fund.
The Russell 3000® Index is an unmanaged index commonly used to measure the performance of U.S. stocks. The Russell Midcap® Growth Index is an unmanaged index commonly used to measure the performance of U.S. medium-capitalization growth 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.
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 (HFCSX) 1/3/97 Inception Date (HFCIX) 5/30/08 Total Fund Assets $613 Million Active Share vs. Russell 3000® Index 99% Portfolio Turnover 9% Median Market Cap $22.2 Billion Median Price/Earnings 29.6x Median Price/Book 5.1x 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 12/31/24Fund Russell 3000® Index Difference Financials 31.3% 14.3% +17.0% Consumer Discretionary 23.4% 11.4% +12.0% Communication Services 18.7% 8.9% +9.8% Industrials 8.8% 9.4% -0.7% Information Technology 8.1% 29.9% -21.9% Real Estate 6.4% 2.6% +3.9% Health Care 2.7% 10.4% -7.7% Consumer Staples 0.0% 5.3% -5.3% Energy 0.0% 3.4% -3.4% Materials 0.0% 2.3% -2.3% Utilities 0.0% 2.3% -2.3% Cash & Other 0.8% 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 AST SpaceMobile, Inc. ASTS 10.28% -0.73% +7.42% 3 Years Brookfield Corp. BN 7.15% -0.18% -0.59% 2 Years Markel Group, Inc. MKL 7.04% +1.51% -0.35% 27 Years Aon PLC AON 7.01% +0.83% +0.70% 4 Years O'Reilly Automotive, Inc. ORLY 6.85% +0.37% +0.23% 20 Years Encore Capital Group, Inc. ECPG 6.45% +0.27% -1.28% 17 Years Cogent Communications Holdings CCOI 6.20% +0.92% +0.61% 2 Years Ashtead Group, PLC AHT 5.90% -0.83% -1.87% 6 Years CarMax, Inc. KMX 5.38% -0.65% -1.61% 22 Years American Tower Corp. AMT 4.82% -1.51% -2.61% 26 Years Total as % of Net Assets 67.08% Total Holdings: 23
as of 12/31/24% of Net Assets Equity Holdings Current Vs. 3Q24 Vs. 4Q23 10-Year Holdings History (%) Time Held AST SpaceMobile, Inc. 10.28% -0.73% +7.42% 3 Years Brookfield Corp. 7.15% -0.18% -0.59% 2 Years Markel Group, Inc. 7.04% +1.51% -0.35% 27 Years Aon PLC 7.01% +0.83% +0.70% 4 Years O'Reilly Automotive, Inc. 6.85% +0.37% +0.23% 20 Years Encore Capital Group, Inc. 6.45% +0.27% -1.28% 17 Years Cogent Communications Holdings 6.20% +0.92% +0.61% 2 Years Ashtead Group, PLC 5.90% -0.83% -1.87% 6 Years CarMax, Inc. 5.38% -0.65% -1.61% 22 Years American Tower Corp. 4.82% -1.51% -2.61% 26 Years CDW Corp. 4.08% -0.51% -0.95% 4 Years Applied Materials, Inc. 3.97% -0.29% -0.32% 3 Years RH 3.71% -0.03% +0.04% 5 Years Brookfield Asset Management, Ltd. 3.49% +0.45% +1.23% 2 Years Hilton Worldwide Holdings, Inc. 3.26% +0.52% +2.12% 2 Years NVR, Inc. 3.14% -0.11% +0.93% 7 Years TransDigm Group, Inc. 2.86% +0.08% +1.43% 2 Years Danaher Corp 2.66% -0.12% +1.23% 2 Years Shenandoah Telecommunications 1.64% +0.05% -1.10% 2 Years Altus Group Ltd. 1.59% +0.49% +0.76% 1 Year Floor & Decor Holdings, Inc. 1.01% -0.08% +1.01% 1 Year Warner Music Group Corp. 0.54% +0.06% -0.40% 2 Years Brookfield Wealth Solutions, Ltd. 0.15% +0.03% +0.15% < 1 Year Total as % of Net Assets 99.2% Cash & Other Holdings % of Net Assets Cash & Other 0.8% Total as % of Net Assets 0.8% Country Allocation
as of 12/31/24-
United States
73.9%
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International
25.2%
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Cash & Other
0.8%
United States 73.9% Canada 12.2% Ireland 7.0% United Kingdom 5.9% Bermuda 0.1% Cash & Other 0.8% -
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Distributions
The Hennessy Focus Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in late December.
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/05/2024 -- -- $6.88263 $6.88263 $45.71 12/07/2023 -- -- $10.60940 $10.60940 $40.61 12/08/2022 -- -- $6.84360 $6.84360 $46.59 12/07/2021 -- -- $11.87407 $11.87407 $69.00 12/08/2020 -- -- $22.03448 $22.03448 $60.94 12/06/2019 -- -- $8.56199 $8.56199 $80.23 12/07/2018 -- -- $14.47031 $14.47031 $67.71 12/07/2017 -- -- $0.00534 $0.00534 $87.76 12/09/2015 -- -- $0.13953 $0.13953 $70.33 12/31/2014 $0.01684 -- -- $0.01684 $67.35 12/08/2014 -- $0.12621 $5.11315 $5.23936 $65.89 12/10/2013 -- -- $1.06512 $1.06512 $64.42 12/07/2012 -- -- $4.32119 $4.32119 $49.36 12/15/2011 -- -- $5.24345 $5.24345 $44.72 12/15/2010 -- -- $1.72061 $1.72061 $49.14 12/16/2008 -- -- $5.19180 $5.19180 $30.11 12/31/2007 $0.12018 -- -- $0.12018 $54.45 12/14/2007 -- $0.02147 $0.48914 $0.51061 $53.60 12/15/2006 -- -- $0.12387 $0.12387 $52.62 07/31/2006 -- -- $0.05348 $0.05348 $44.47 12/16/2005 -- -- $0.71639 $0.71639 $42.02 10/31/2005 -- -- $0.00384 $0.00384 $40.36 12/17/2004 -- $0.34281 $0.22818 $0.57099 $40.66 12/17/2003 -- -- $0.02779 $0.02779 $31.75 12/20/2001 -- -- $0.16925 $0.16925 $21.12 12/20/2000 -- -- $0.64495 $0.64495 $15.56 12/11/1998 -- $0.21190 $0.22240 $0.43430 $14.30 12/12/1997 -- $0.48740 -- $0.48740 $16.54 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 12/05/2024 -- -- $7.23822 $7.23822 $48.07 12/07/2023 -- -- $11.11527 $11.11527 $42.55 12/08/2022 -- -- $7.14363 $7.14363 $48.63 12/07/2021 -- -- $12.34819 $12.34819 $71.75 12/08/2020 -- -- $22.82989 $22.82989 $63.14 12/06/2019 -- -- $8.83830 $8.83830 $82.82 12/07/2018 -- -- $14.98779 $14.98779 $69.66 12/07/2017 -- -- $0.00549 $0.00549 $90.04 12/09/2015 -- -- $0.14191 $0.14191 $71.63 12/31/2014 $0.04974 -- -- $0.04974 $68.36 12/08/2014 -- $0.12815 $5.19208 $5.32023 $66.90 12/10/2013 -- -- $1.06512 $1.06512 $65.20 12/07/2012 -- -- $4.32119 $4.32119 $49.80 12/15/2011 -- -- $5.24345 $5.24345 $44.96 12/15/2010 -- -- $1.72061 $1.72061 $49.23 12/31/2009 $0.02053 -- -- $0.02053 $2.30 12/16/2008 -- -- $5.19180 $5.19180 $1.68 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Focus Fund Documents Portfolio Perspective View Portfolio Updates Focus Fund Portfolio Update - November 2024 View Focus Fund Portfolio Update - July 2024 View Focus Fund Portfolio Update - April 2024 View Focus Fund Portfolio Update - February 2024 View
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.