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Overview
Hennessy Large Cap Financial Fund
Actively managed, the Fund maintains a concentrated portfolio of large-cap Financial Services sector stocks.
Why Invest
- An opportunity to invest in a select group of larger banks and financial services companies
- Managed by Dave Ellison, the most tenured fund manager in the Financial Services sector
- Concentrated, actively managed portfolio of 25-50 stocks
Investment Approach
From a universe of banks and Financial Services companies with market capitalizations over $3 billion, the Hennessy Large Cap Financial Fund seeks stocks that offer value and/or a catalyst for positive change. The Managers seeks businesses with the following characteristics:
- High-quality management team with a long-term view and experience through market cycles
- Uncomplicated business model with a low-cost operating structure
- Conservative lending culture with high-quality deposits
- Well-capitalized, well-structured balance sheets
- Sustainable earnings and book value growth opportunities
- Attractive valuation relative to peers
Portfolio Managers
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Chief Investment Officer and Portfolio Manager-
19Years on Fund
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28Years of Experience
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“With stronger economic growth and higher interest rates, the opportunity in Financials appears promising.”
- Dave Ellison
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Insights & News
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Performance
Daily Pricing & Performance
as of 11/20/24-
Investor Class (HLFNX)
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NAV
$30.79
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$ Change
-$0.07
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% Change
-0.23%
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YTD
33.70%
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Institutional Class (HILFX)
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NAV
$31.15
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$ Change
-$0.07
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% Change
-0.22%
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YTD
34.09%
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Average Annualized Total Return
as of 10/31/24Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 5.19% 18.85% 49.91% -3.85% 6.77% 7.12% 7.82% Institutional Class (HILFX) 5.25% 19.20% 50.45% -3.53% 7.12% 7.48% 7.95% Russell 1000® Index Financials 2.79% 26.77% 49.59% 8.36% 14.86% 13.17% 8.69% Russell 1000® Index -0.70% 20.33% 38.07% 8.12% 15.00% 12.75% 9.63% as of 9/30/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HLFNX) 7.12% 12.98% 34.28% -3.75% 6.10% 6.79% 7.64% Institutional Class (HILFX) 7.21% 13.26% 34.70% -3.45% 6.45% 7.15% 7.77% Russell 1000® Index Financials 10.13% 23.34% 41.42% 10.17% 14.64% 13.29% 8.61% Russell 1000® Index 6.08% 21.18% 35.68% 10.83% 15.64% 13.10% 9.69% Hypothetical Growth of $10,000
as of 10/31/2024Value of $10,000 invested between 10/31/2023 and 10/31/2024
Large Cap Financial Fund (HLFNX) $14,991 Large Cap Financial Fund (HILFX) $15,045 Russell 1000® Index Financials $14,959 Russell 1000® Index $13,807 Value of $10,000 invested between 10/31/2021 and 10/31/2024
Large Cap Financial Fund (HLFNX) $8,890 Large Cap Financial Fund (HILFX) $8,978 Russell 1000® Index Financials $12,722 Russell 1000® Index $12,641 Value of $10,000 invested between 10/31/2019 and 10/31/2024
Large Cap Financial Fund (HLFNX) $13,875 Large Cap Financial Fund (HILFX) $14,105 Russell 1000® Index Financials $19,991 Russell 1000® Index $20,112 Value of $10,000 invested between 10/31/2014 and 10/31/2024
Large Cap Financial Fund (HLFNX) $19,894 Large Cap Financial Fund (HILFX) $20,577 Russell 1000® Index Financials $34,454 Russell 1000® Index $33,206 Value of $10,000 invested between 1/3/1997 and 10/31/2024
Large Cap Financial Fund (HLFNX) $81,172 Large Cap Financial Fund (HILFX) $83,955 Russell 1000® Index Financials $101,693 Russell 1000® Index $129,275 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 (HLFNX) 7.85% -6.11% 14.96% 19.38% -11.73% 29.75% 16.55% 18.80% -24.88% 4.57% Institutional Class (HILFX) 7.85% -5.88% 15.53% 19.73% -11.40% 30.21% 16.92% 19.24% -24.62% 4.86% Russell 1000® Index Financials 14.66% 0.70% 16.54% 21.57% -8.11% 33.76% 7.23% 35.04% -10.90% 15.46% Russell 1000® Index 13.24% 0.92% 12.05% 21.69% -4.78% 31.43% 20.96% 26.46% -19.13% 26.53% Year Investor Class (HLFNX) Institutional Class (HILFX) Russell 1000® Index Financials Russell 1000® Index 2013 42.03% 42.03% 34.80% 33.11% 2012 27.77% 27.77% 27.21% 16.42% 2011 -18.38% -18.38% -12.95% 1.50% 2010 7.42% 7.42% 11.73% 16.10% 2009 33.23% 33.23% 20.14% 28.43% 2008 -29.11% -29.11% -51.13% -37.60% 2007 -11.95% -11.95% -16.23% 5.77% 2006 14.15% 14.15% 19.36% 15.46% 2005 -0.45% -0.45% 6.97% 6.27% 2004 11.73% 11.73% 12.73% 11.40% 2003 32.52% 32.52% 31.13% 29.89% 2002 -4.06% -4.06% -13.64% -21.65% 2001 -1.72% -1.72% -5.94% -12.45% 2000 47.19% 47.19% 25.42% -7.79% 1999 -16.55% -16.55% 2.88% 20.91% 1998 3.56% 3.56% 10.09% 27.02% Returns-Based Statistics
Relative to Russell 1000® Index Financialsas of 9/30/24Investor Class (HLFNX)Type 3 yr 5 yr 10 yr Alpha -13.79 -8.36 -6.80 Beta 1.21 1.12 1.13 Upside Capture 95.24 94.72 98.90 Downside Capture 145.44 123.33 129.00 Institutional Class (HILFX)Type 3 yr 5 yr 10 yr Alpha -13.48 -8.05 -6.48 Beta 1.21 1.12 1.13 Upside Capture 95.76 95.27 99.53 Downside Capture 144.93 122.85 128.28 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 9/30/24Type 3 yr 5 yr 10 yr Investor Class (HLFNX) -0.16 0.26 0.33 Institutional Class (HILFX) -0.15 0.28 0.35 Russell 1000® Index Financials 0.39 0.62 0.68 Financial Category Average 0.18 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 9/30/24Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 26.53 26.48 21.98 Institutional Class (HILFX) 26.54 26.48 21.98 Russell 1000® Index Financials 20.65 22.29 18.34 Financial Category Average 20.91 23.68 19.70 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HLFNX)
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Gross expense ratio
1.80%
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Institutional Class (HILFX)
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Gross expense ratio
1.47%
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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 9/30/24. 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 performance shown for Institutional Class shares / HILFX prior to 6/15/15 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 1000® Index Financials is an unmanaged index commonly used to measure the performance of U.S. large-capitalization financial sector stocks. The Russell 1000® Index is an unmanaged index commonly used to measure the performance of U.S. large-capitalization 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 9/30/24Inception Date (HLFNX) 1/3/97 Inception Date (HILFX) 6/15/15 Total Fund Assets $28 Million Active Share vs. Russell 1000® Index Financials 66% Portfolio Turnover 42% Median Market Cap $72.4 Billion Median Price/Earnings 13.3x Median Price/Book 1.4x 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 9/30/24Fund Financials 99.4% Cash & Other 0.6% Sub-Industry Weighting % of Net Assets Diversified Banks 38.0% Transaction & Payment Processing 17.7% Regional Banks 13.5% Investment Banking & Brokerage 13.2% Consumer Finance 5.3% Multi-Sector Holdings 4.9% Financial Exchanges & Data 3.8% Diversified Financial Services 2.9% Portfolio Holdings
Top 10 Holdings
as of 9/30/24% of Net Assets Top 10 Holdings Ticker Current Vs. 2Q24 Vs. 3Q23 10-Year Holdings History (%) Time Held Mastercard, Inc. MA 6.02% +0.19% +0.63% 8 Years PayPal Holdings, Inc. PYPL 6.01% +1.43% +0.83% 8 Years Visa, Inc. V 5.71% +0.02% +0.61% 15 Years Bank of America Corp. BAC 5.54% -0.30% +0.69% 27 Years Citigroup, Inc. C 5.38% -0.21% +2.52% 16 Years PNC Financial Services Group, Inc. PNC 5.30% +0.45% +5.30% < 1 Year J.P. Morgan Chase & Co. JPM 5.29% -0.65% +0.24% 16 Years M&T Bank Corp. MTB 5.11% +0.66% +1.31% 2 Years Wells Fargo & Co. WFC 5.06% -0.39% -0.11% 17 Years Berkshire Hathaway, Inc. (Class B) BRK/B 4.95% +0.47% -0.59% 2 Years Total as % of Net Assets 54.37% Total Holdings: 24
as of 9/30/24% of Net Assets Equity Holdings Current Vs. 2Q24 Vs. 3Q23 10-Year Holdings History (%) Time Held Mastercard, Inc. 6.02% +0.19% +0.63% 8 Years PayPal Holdings, Inc. 6.01% +1.43% +0.83% 8 Years Visa, Inc. 5.71% +0.02% +0.61% 15 Years Bank of America Corp. 5.54% -0.30% +0.69% 27 Years Citigroup, Inc. 5.38% -0.21% +2.52% 16 Years PNC Financial Services Group, Inc. 5.30% +0.45% +5.30% < 1 Year J.P. Morgan Chase & Co. 5.29% -0.65% +0.24% 16 Years M&T Bank Corp. 5.11% +0.66% +1.31% 2 Years Wells Fargo & Co. 5.06% -0.39% -0.11% 17 Years Berkshire Hathaway, Inc. (Class B) 4.95% +0.47% -0.59% 2 Years Morgan Stanley 4.86% +0.22% +1.50% 3 Years Goldman Sachs Group, Inc. 4.43% +1.11% +2.38% 16 Years First Citizens BancShares, Inc. 3.96% +0.25% +3.96% 1 Year The Charles Schwab Corp. 3.95% +0.70% +2.39% 1 Year Coinbase Global, Inc. 3.83% -0.66% +3.83% < 1 Year KeyCorp 3.48% -0.49% -1.46% 3 Years Truist Financial Corp. 3.37% +0.23% +1.56% 1 Year Capital One Financial Corp. 2.95% -0.10% +1.26% 16 Years Equitable Holdings, Inc. 2.86% +0.61% +2.86% < 1 Year Webster Financial Corp. 2.84% -0.20% -1.63% 1 Year Synchrony Financial 2.32% -0.11% +2.32% 1 Year Citizens Financial Group, Inc. 2.21% -0.30% -2.80% 2 Years Fifth Third Bancorp 2.15% -0.40% -2.58% 2 Years U.S. Bancorp 1.80% -0.24% +0.23% 1 Year Total as % of Net Assets 99.4% Cash & Other Holdings % of Net Assets Cash & Other 0.6% Total as % of Net Assets 0.6% Country Allocation
as of 9/30/24-
United States
99.4%
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Cash & Other
0.6%
United States 99.4% Cash & Other 0.6% -
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Distributions
The Hennessy Large Cap Financial 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 12/27/2023 $0.39647 -- -- $0.39647 $23.14 12/28/2022 $0.12834 -- -- $0.12834 $22.11 12/08/2022 -- -- $1.52629 $1.52629 $22.69 12/07/2021 -- -- $1.65118 $1.65118 $32.56 12/07/2018 -- -- $0.58896 $0.58896 $19.74 12/07/2017 -- -- $1.00493 $1.00493 $21.75 12/28/2016 $0.10420 -- -- $0.10420 $19.26 12/29/2015 $0.02138 -- -- $0.02138 $17.02 12/09/2015 -- -- $1.69087 $1.69087 $16.78 12/08/2014 -- $0.10319 $2.01658 $2.11977 $19.71 12/10/2013 -- -- $0.57670 $0.57670 $19.42 12/31/2012 $0.01278 -- -- $0.01278 $14.63 12/31/2008 $0.11509 -- -- $0.11509 $9.81 12/31/2007 $0.18441 -- -- $0.18441 $14.00 12/14/2007 -- -- $3.68369 $3.68369 $13.96 12/29/2006 $0.11145 -- -- $0.11145 $20.36 12/15/2006 -- -- $2.01751 $2.01751 $20.38 12/30/2005 $0.15866 -- -- $0.15866 $19.71 12/16/2005 -- -- $2.85624 $2.85624 $20.14 12/31/2004 $0.07948 -- -- $0.07948 $22.79 12/17/2004 -- $0.82152 $2.00040 $2.82192 $22.46 12/30/2003 $0.06798 -- $0.03448 $0.10246 $23.00 12/17/2003 -- -- $0.04650 $0.04650 $22.44 12/30/2002 $0.08613 -- -- $0.08613 $17.53 12/28/2001 $0.07567 -- -- $0.07567 $18.41 12/20/2001 -- -- $1.15335 $1.15335 $18.26 12/20/2000 $0.15844 -- -- $0.15844 $18.92 12/21/1999 $0.08350 -- $0.13280 $0.21630 $13.39 12/14/1998 $0.11980 $0.32080 $0.96940 $1.41000 $15.58 12/12/1997 $0.04300 $0.19010 -- $0.23310 $17.07 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 12/27/2023 $0.45052 -- -- $0.45052 $23.34 12/28/2022 $0.23899 -- -- $0.23899 $22.29 12/08/2022 -- -- $1.54542 $1.54542 $22.98 12/07/2021 -- -- $1.66621 $1.66621 $32.86 12/07/2018 -- -- $0.59199 $0.59199 $19.71 12/07/2017 -- -- $1.00418 $1.00418 $21.64 12/28/2016 $0.30751 -- -- $0.30751 $19.11 12/29/2015 $0.09017 -- -- $0.09017 $16.99 12/09/2015 -- -- $1.69707 $1.69707 $16.82 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Large Cap Financial Fund Documents Fact Sheet Portfolio Perspective View Summary Prospectus Full Prospectus Statement of Additional Information Large Cap Financial 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.
