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Overview
Hennessy Midstream Fund
Actively managed, the Fund maintains a concentrated portfolio of midstream energy companies and seeks to deliver a significant and predictable income stream.
Why Invest
- Opportunity to invest in core midstream energy companies that should benefit from the growth in production and demand for U.S. energy
- Concentrated, actively managed portfolio
- In-depth, rigorous "boots-on-the-ground" research led by managers with decades of combined energy investing experience
Investment Approach
The Hennessy Midstream Fund invests primarily in core midstream companies that transport, store, and process oil and natural gas. The Portfolio Managers seek companies with lower commodity price exposure, a "demand-pull" bias, and strong balance sheet metrics, with sufficient cash flows to support an attractive yield.
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 believe midstream companies are beneficiaries of the energy transformation taking hold globally.”
- Ben Cook
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Insights & News
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Performance
Daily Pricing & Performance
as of 12/20/24-
Investor Class (HMSFX)
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NAV
$12.48
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$ Change
$0.23
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% Change
1.88%
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YTD
33.79%
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Institutional Class (HMSIX)
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NAV
$13.08
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$ Change
$0.23
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% Change
1.79%
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YTD
34.03%
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Average Annualized Total Return
as of 11/30/24Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (12/31/13) Investor Class (HMSFX) 16.09% 44.91% 42.73% 32.63% 18.34% 4.46% 5.28% Institutional Class (HMSIX) 16.09% 45.17% 42.94% 32.94% 18.63% 4.72% 5.54% Alerian US Midstream Energy Index 17.38% 61.93% 58.79% 36.06% 24.04% 7.82% 8.96% S&P 500® Index 5.87% 28.07% 33.89% 11.44% 15.77% 13.35% 13.51% as of 9/30/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (12/31/13) Investor Class (HMSFX) 3.24% 21.46% 26.06% 24.49% 12.42% 2.42% 3.65% Institutional Class (HMSIX) 3.27% 21.63% 26.41% 24.78% 12.70% 2.67% 3.90% Alerian US Midstream Energy Index 6.52% 30.42% 36.49% 26.52% 16.79% 4.96% 6.93% S&P 500® Index 5.89% 22.08% 36.35% 11.91% 15.98% 13.38% 13.23% Hypothetical Growth of $10,000
as of 11/30/2024Value of $10,000 invested between 11/30/2023 and 11/30/2024
Midstream Fund (HMSFX) $14,273 Midstream Fund (HMSIX) $14,294 Alerian US Midstream Energy Index $15,879 S&P 500® Index $13,389 Value of $10,000 invested between 11/30/2021 and 11/30/2024
Midstream Fund (HMSFX) $23,332 Midstream Fund (HMSIX) $23,494 Alerian US Midstream Energy Index $25,187 S&P 500® Index $13,838 Value of $10,000 invested between 11/30/2019 and 11/30/2024
Midstream Fund (HMSFX) $23,206 Midstream Fund (HMSIX) $23,493 Alerian US Midstream Energy Index $29,364 S&P 500® Index $20,792 Value of $10,000 invested between 11/30/2014 and 11/30/2024
Midstream Fund (HMSFX) $15,472 Midstream Fund (HMSIX) $15,857 Alerian US Midstream Energy Index $21,238 S&P 500® Index $35,002 Value of $10,000 invested between 12/31/2013 and 11/30/2024
Midstream Fund (HMSFX) $17,540 Midstream Fund (HMSIX) $18,014 Alerian US Midstream Energy Index $25,519 S&P 500® Index $39,894 Calendar Year Total Returns
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Investor Class (HMSFX) 11.55% -28.17% 21.55% -4.97% -21.20% 11.76% -31.28% 35.93% 28.82% 23.39% Institutional Class (HMSIX) 11.83% -27.98% 21.87% -4.75% -20.96% 11.96% -31.06% 36.29% 29.10% 23.65% Alerian US Midstream Energy Index 15.95% -37.54% 33.80% -5.97% -10.91% 15.56% -24.96% 45.01% 29.56% 19.16% S&P 500® Index 13.69% 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% Yield
as of 11/30/24Investor Class (HMSFX) Institutional Class (HMSIX) Distribution Rate 7.41% 7.08% 30-Day SEC Yield 0.00% 0.00% Distribution Frequency Quarterly Quarterly Most Recent Distribution $0.2575 $0.2575 Most Recent Distribution Paid Date 12/02/2024 12/02/2024 Returns-Based Statistics
Relative to Alerian US Midstream Energy Indexas of 9/30/24Investor Class (HMSFX)Type 3 yr 5 yr 10 yr Alpha -1.48 -3.58 -2.31 Beta 1.00 0.98 0.96 Upside Capture 94.70 93.47 89.43 Downside Capture 96.50 102.23 95.90 Institutional Class (HMSIX)Type 3 yr 5 yr 10 yr Alpha -1.23 -3.35 -2.07 Beta 1.00 0.99 0.96 Upside Capture 95.10 93.78 89.82 Downside Capture 96.01 101.92 95.57 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 (HMSFX) 1.03 0.46 0.17 Institutional Class (HMSIX) 1.04 0.46 0.18 Alerian US Midstream Energy Index 1.13 0.56 0.26 Energy Limited Partnership Category Average 0.91 0.46 0.14 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 (HMSFX) 19.55 34.57 27.97 Institutional Class (HMSIX) 19.52 34.61 27.99 Alerian US Midstream Energy Index 19.06 34.92 28.71 Energy Limited Partnership Category Average 18.18 31.73 26.36 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HMSFX)
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Gross expense ratio
2.03%
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Net expense ratio
1.78%
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Institutional Class (HMSIX)
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Gross expense ratio
1.65%
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Net expense ratio
1.53%
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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 Alerian US Midstream Energy Index is comprised of US energy infrastructure companies that earn the majority of their cash flow from midstream activities. 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.
Alerian US Midstream Energy Index is a servicemark of GKD Index Partners, LLC d/b/a Alerian (“Alerian”), and its use is granted under a license from Alerian. Alerian does not permit any party to rely upon and does not accept any liability for any errors, omissions, interruptions, or defects in the Alerian indexes or underlying data.
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 MLP Fund.
Distribution Rate reflects the investment income per share during the last 12 months divided by the share price at the end of the period, expressed as an annual percentage rate. It is calculated by annualizing the Fund’s most recent distribution. The annualized dividend yield may not reflect the actual yield an investor would receive. 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. 30 day SEC Yield subsidized 0.00%; unsubsidized 0.00% as of 11/30/24. Subsidized yields reflect fee waivers in effect.
A significant portion of the Midstream Fund's distributions to shareholders will be characterized as a "return of capital" because of its MLP investments. Please refer to the 19a-1 Notice sent to shareholders or Tax Forms 8937. for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each year.
The Fund's investment manager has contractually agreed to limit expenses for the Midstream Fund until 2/28/25. In addition, certain service provider expenses for the Midstream Fund will be voluntarily waived through 7/31/25.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
References to other funds should not be interpreted as an offer of these securities.
DOE refers to the Department of Energy. EIA refers to the U.S.Energy Information Administration. FERC refers to the Federal Energy Regulatory Commission.
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Portfolio
Portfolio Allocation
as of 9/30/24Allocation % of Net Assets Natural Gas/NGL Transportation 54.0% Gathering and Processing 24.3% Crude Oil and Refined Products 21.2% Cash 0.5% Portfolio Characteristics
as of 9/30/24Inception Date (HMSFX) 12/31/13 Inception Date (HMSIX) 12/31/13 Total Fund Assets $67 Million Active Share vs. Alerian US Midstream Energy Index 32% Portfolio Turnover 7% Median Market Cap $36.6 Billion Median Price/Earnings 19.0x Median Price/Book 3.3x 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 Energy 99.5% Cash & Other 0.5% Sub-Industry Weighting % of Net Assets Oil & Gas Storage & Transportation 95.1% Oil & Gas Exploration & Production 4.4% 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 Energy Transfer LP ET 13.59% -0.59% -1.79% 6 Years Enterprise Products Partners, LP EPD 11.21% -0.32% -0.14% 10 Years Plains All American Pipeline, LP PAA 10.84% -0.66% -0.53% 8 Years MPLX, LP MPLX 10.32% +0.12% +0.80% 10 Years ONEOK, Inc. OKE 7.95% +0.60% +0.78% 5 Years Antero Midstream Corp. AM 7.54% -0.09% -0.23% 3 Years Western Midstream Partners LP WES 6.68% -0.48% +0.53% 3 Years Williams Companies, Inc. WMB 6.07% +0.24% +0.27% 6 Years EQT Corp. EQT 4.43% +4.43% +4.43% < 1 Year TC Energy Corp. TRP 4.13% +0.73% +0.91% 1 Year Total as % of Net Assets 82.76% Total Holdings: 16
as of 9/30/24% of Net Assets Equity Holdings Current Vs. 2Q24 Vs. 3Q23 10-Year Holdings History (%) Time Held Energy Transfer LP 13.59% -0.59% -1.79% 6 Years Enterprise Products Partners, LP 11.21% -0.32% -0.14% 10 Years Plains All American Pipeline, LP 10.84% -0.66% -0.53% 8 Years MPLX, LP 10.32% +0.12% +0.80% 10 Years ONEOK, Inc. 7.95% +0.60% +0.78% 5 Years Antero Midstream Corp. 7.54% -0.09% -0.23% 3 Years Western Midstream Partners LP 6.68% -0.48% +0.53% 3 Years Williams Companies, Inc. 6.07% +0.24% +0.27% 6 Years EQT Corp. 4.43% +4.43% +4.43% < 1 Year TC Energy Corp. 4.13% +0.73% +0.91% 1 Year Kinder Morgan, Inc. 4.05% +0.29% +0.12% 9 Years Cheniere Energy, Inc. 4.03% -0.01% +4.03% < 1 Year Targa Resources Corp. 3.40% +0.34% -0.24% 8 Years EnLink Midstream, LLC 2.29% +0.05% -0.20% 3 Years DT Midstream, Inc. 2.25% +0.15% +0.29% 3 Years Cheniere Energy Partners, LP 0.77% -0.25% -0.17% 1 Year Total as % of Net Assets 99.6% Cash & Other Holdings % of Net Assets Cash & Other 0.5% Total as % of Net Assets 0.5% Country Allocation
as of 9/30/24-
United States
95.4%
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International
4.1%
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Cash & Other
0.5%
United States 95.4% Canada 4.1% Cash & Other 0.5% -
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Distributions
The Hennessy Midstream Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions are paid quarterly, at the beginning of March, June, September, and December.
Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/02/2024 $0.25750 -- -- $0.25750 $13.22 09/03/2024 $0.25750 -- -- $0.25750 $11.41 06/03/2024 $0.25750 -- -- $0.25750 $10.98 03/01/2024 $0.25750 -- -- $0.25750 $10.78 12/01/2023 $0.25750 -- -- $0.25750 $10.45 09/01/2023 $0.25750 -- -- $0.25750 $10.12 06/01/2023 $0.25750 -- -- $0.25750 $9.15 03/01/2023 $0.25750 -- -- $0.25750 $9.24 12/01/2022 $0.25750 -- -- $0.25750 $9.60 09/01/2022 $0.25750 -- -- $0.25750 $9.23 06/01/2022 $0.25750 -- -- $0.25750 $9.84 03/01/2022 $0.25750 -- -- $0.25750 $9.01 12/01/2021 $0.25750 -- -- $0.25750 $7.71 09/01/2021 $0.25750 -- -- $0.25750 $7.96 06/01/2021 $0.25750 -- -- $0.25750 $8.59 03/01/2021 $0.25750 -- -- $0.25750 $7.51 12/01/2020 $0.25750 -- -- $0.25750 $6.49 09/01/2020 $0.25750 -- -- $0.25750 $6.13 06/01/2020 $0.25750 -- -- $0.25750 $7.26 03/02/2020 $0.25750 -- -- $0.25750 $9.36 12/02/2019 $0.25750 -- -- $0.25750 $10.24 09/03/2019 $0.25750 -- -- $0.25750 $11.24 06/03/2019 $0.25750 -- -- $0.25750 $11.96 03/01/2019 $0.25750 -- -- $0.25750 $12.39 12/03/2018 $0.25750 -- -- $0.25750 $12.55 9/4/2018 $0.25750 -- -- $0.25750 $13.95 6/1/2018 $0.25750 -- -- $0.25750 $13.74 3/1/2018 $0.25750 -- -- $0.25750 $13.87 12/1/2017 $0.25750 -- -- $0.25750 $14.46 9/1/2017 $0.25750 -- -- $0.25750 $15.10 6/1/2017 $0.25750 -- -- $0.25750 $15.94 3/1/2017 $0.25750 -- -- $0.25750 $17.06 12/1/2016 $0.25750 -- -- $0.25750 $16.01 9/1/2016 $0.25750 -- -- $0.25750 $16.20 6/1/2016 $0.25750 -- -- $0.25750 $15.72 3/1/2016 $0.25750 -- -- $0.25750 $12.81 12/1/2015 $0.25750 -- -- $0.25750 $14.93 9/1/2015 $0.25750 -- -- $0.25750 $17.86 6/1/2015 $0.25750 -- -- $0.25750 $21.68 3/2/2015 $0.24000 -- -- $0.24000 $21.64 12/1/2014 $0.24000 -- -- $0.24000 $21.39 9/2/2014 $0.24000 -- -- $0.24000 $22.99 6/2/2014 $0.08426 -- -- $0.08426 $22.15 3/3/2014 $0.09566 -- -- $0.09566 $20.49 Past performance is not a guarantee of future results.
A significant portion of the Midstream Fund's distributions to shareholders will be characterized as a "return of capital" because of its MLP investments. Please refer to the 19a-1 Notice sent to shareholders or Tax Forms 8937. for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each year.Download historical distributions and NAVsDate Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest Price 12/02/2024 $0.25750 -- -- $0.25750 $13.85 09/03/2024 $0.25750 -- -- $0.25750 $11.95 06/03/2024 $0.25750 -- -- $0.25750 $11.48 03/01/2024 $0.25750 -- -- $0.25750 $11.25 12/01/2023 $0.25750 -- -- $0.25750 $10.89 09/01/2023 $0.25750 -- -- $0.25750 $10.53 06/01/2023 $0.25750 -- -- $0.25750 $9.50 03/01/2023 $0.25750 -- -- $0.25750 $9.58 12/01/2022 $0.25750 -- -- $0.25750 $9.93 09/01/2022 $0.25750 -- -- $0.25750 $9.54 06/01/2022 $0.25750 -- -- $0.25750 $10.16 03/01/2022 $0.25750 -- -- $0.25750 $9.29 12/01/2021 $0.25750 -- -- $0.25750 $7.93 09/01/2021 $0.25750 -- -- $0.25750 $8.18 06/01/2021 $0.25750 -- -- $0.25750 $8.82 03/01/2021 $0.25750 -- -- $0.25750 $7.70 12/01/2020 $0.25750 -- -- $0.25750 $6.64 09/01/2020 $0.25750 -- -- $0.25750 $6.26 06/01/2020 $0.25750 -- -- $0.25750 $7.41 03/02/2020 $0.25750 -- -- $0.25750 $9.54 12/02/2019 $0.25750 -- -- $0.25750 $10.42 09/03/2019 $0.25750 -- -- $0.25750 $11.43 06/03/2019 $0.25750 -- -- $0.25750 $12.15 03/01/2019 $0.25750 -- -- $0.25750 $12.58 12/03/2018 $0.25750 -- -- $0.25750 $12.73 9/4/2018 $0.25750 -- -- $0.25750 $14.13 6/1/2018 $0.25750 -- -- $0.25750 $13.91 3/1/2018 $0.25750 -- -- $0.25750 $14.03 12/1/2017 $0.25750 -- -- $0.25750 $14.62 9/1/2017 $0.25750 -- -- $0.25750 $15.25 6/1/2017 $0.25750 -- -- $0.25750 $16.09 3/1/2017 $0.25750 -- -- $0.25750 $17.21 12/1/2016 $0.25750 -- -- $0.25750 $16.13 9/1/2016 $0.25750 -- -- $0.25750 $16.32 6/1/2016 $0.25750 -- -- $0.25750 $15.82 3/1/2016 $0.25750 -- -- $0.25750 $12.88 12/1/2015 $0.25750 -- -- $0.25750 $15.00 9/1/2015 $0.25750 -- -- $0.25750 $17.92 6/1/2015 $0.25750 -- -- $0.25750 $21.74 3/2/2015 $0.24000 -- -- $0.24000 $21.69 12/1/2014 $0.24000 -- -- $0.24000 $21.42 9/2/2014 $0.24000 -- -- $0.24000 $23.01 6/2/2014 $0.08787 -- -- $0.08787 $22.15 3/3/2014 $0.10726 -- -- $0.10726 $20.49 Past performance is not a guarantee of future results.
A significant portion of the Midstream Fund's distributions to shareholders will be characterized as a "return of capital" because of its MLP investments. Please refer to the 19a-1 Notice sent to shareholders or Tax Forms 8937. for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each year.Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Midstream Fund Documents Fact Sheet Portfolio Perspective View Summary Prospectus Full Prospectus Statement of Additional Information Midstream 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.
