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Overview
Hennessy Small Cap Financial Fund
Actively managed, the Fund maintains a concentrated portfolio of small-cap Financial Services sector stocks.
Why Invest
- An opportunity to invest in a select group of geographically diverse regional and community banks
- 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 under $3 billion, the Hennessy Small 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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“We look for smaller banks that we believe can grow profits regardless of the interest rate environment.”
- Dave Ellison
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Insights & News
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Performance
Daily Pricing & Performance
as of 11/20/24-
Investor Class (HSFNX)
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NAV
$30.54
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$ Change
-$0.13
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% Change
-0.42%
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YTD
18.93%
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Institutional Class (HISFX)
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NAV
$17.41
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$ Change
-$0.07
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% Change
-0.40%
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YTD
19.25%
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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 (HSFNX) 1.90% 8.57% 43.17% 0.66% 9.22% 8.50% 9.84% Institutional Class (HISFX) 1.92% 8.84% 43.64% 1.00% 9.61% 8.89% 10.05% Russell 2000® Index Financials 1.29% 13.73% 45.38% 2.63% 7.31% 8.05% 8.47% Russell 2000® Index -1.44% 9.56% 34.07% -0.05% 8.50% 7.94% 8.12% as of 9/30/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class (HSFNX) 17.58% 6.54% 33.44% 1.09% 9.74% 8.92% 9.80% Institutional Class (HISFX) 17.66% 6.78% 33.79% 1.43% 10.11% 9.31% 10.00% Russell 2000® Index Financials 15.80% 12.28% 38.64% 4.14% 7.59% 8.84% 8.45% Russell 2000® Index 9.27% 11.17% 26.76% 1.84% 9.39% 8.78% 8.21% Hypothetical Growth of $10,000
as of 10/31/2024Value of $10,000 invested between 10/31/2023 and 10/31/2024
Small Cap Financial Fund (HSFNX) $14,317 Small Cap Financial Fund (HISFX) $14,364 Russell 2000® Index Financials $14,538 Russell 2000® Index $13,407 Value of $10,000 invested between 10/31/2021 and 10/31/2024
Small Cap Financial Fund (HSFNX) $10,200 Small Cap Financial Fund (HISFX) $10,304 Russell 2000® Index Financials $10,811 Russell 2000® Index $9,986 Value of $10,000 invested between 10/31/2019 and 10/31/2024
Small Cap Financial Fund (HSFNX) $15,543 Small Cap Financial Fund (HISFX) $15,818 Russell 2000® Index Financials $14,231 Russell 2000® Index $15,039 Value of $10,000 invested between 10/31/2014 and 10/31/2024
Small Cap Financial Fund (HSFNX) $22,607 Small Cap Financial Fund (HISFX) $23,436 Russell 2000® Index Financials $21,687 Russell 2000® Index $21,460 Value of $10,000 invested between 1/3/1997 and 10/31/2024
Small Cap Financial Fund (HSFNX) $136,173 Small Cap Financial Fund (HISFX) $143,464 Russell 2000® Index Financials $96,153 Russell 2000® Index $87,873 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 (HSFNX) -3.40% 11.74% 33.41% -0.20% -15.86% 19.88% 2.58% 42.75% -11.16% 4.58% Institutional Class (HISFX) -3.08% 12.20% 33.92% 0.13% -15.46% 20.21% 2.91% 43.37% -10.84% 4.91% Russell 2000® Index Financials 8.85% 0.60% 31.14% 5.78% -10.83% 24.21% -1.95% 29.95% -15.47% 12.24% Russell 2000® Index 4.89% -4.41% 21.31% 14.65% -11.01% 25.52% 19.96% 14.82% -20.44% 16.93% Year Investor Class (HSFNX) Institutional Class (HISFX) Russell 2000® Index Financials Russell 2000® Index 2013 36.59% 36.96% 31.37% 38.82% 2012 21.42% 21.71% 21.30% 16.35% 2011 -15.63% -15.52% -2.96% -4.18% 2010 17.50% 17.75% 20.37% 26.85% 2009 20.13% 19.91% -0.03% 27.17% 2008 -8.73% -8.11% -24.97% -33.79% 2007 -22.18% -22.18% -16.57% -1.57% 2006 11.80% 11.80% 19.71% 18.37% 2005 -1.55% -1.55% 2.31% 4.55% 2004 16.04% 16.04% 21.52% 18.33% 2003 41.05% 41.05% 39.43% 47.25% 2002 18.68% 18.68% 2.09% -20.48% 2001 23.85% 23.85% 15.74% 2.49% 2000 32.42% 32.42% 21.16% -3.02% 1999 -5.43% -5.43% -6.03% 21.26% 1998 -13.52% -13.52% -7.16% -2.55% Returns-Based Statistics
Relative to Russell 2000® Index Financialsas of 9/30/24Investor Class (HSFNX)Type 3 yr 5 yr 10 yr Alpha -2.43 2.17 -0.18 Beta 1.09 1.16 1.13 Upside Capture 103.34 116.80 111.57 Downside Capture 112.29 113.22 114.59 Institutional Class (HISFX)Type 3 yr 5 yr 10 yr Alpha -2.09 2.50 0.18 Beta 1.09 1.16 1.13 Upside Capture 103.81 117.30 112.24 Downside Capture 111.81 112.74 114.00 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 (HSFNX) 0.04 0.37 0.40 Institutional Class (HISFX) 0.06 0.38 0.41 Russell 2000® Index Financials 0.13 0.32 0.42 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 (HSFNX) 28.93 31.51 25.38 Institutional Class (HISFX) 28.93 31.53 25.39 Russell 2000® Index Financials 25.69 26.12 21.39 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 (HSFNX)
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Gross expense ratio
1.63%
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Institutional Class (HISFX)
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Gross expense ratio
1.30%
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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 / HISFX 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 2000® Index Financials is an unmanaged index commonly used to measure the performance of U.S. small-capitalization financial sector stocks. The Russell 2000® Index is an unmanaged index commonly used to measure the performance of U.S. small-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 (HSFNX) 1/3/97 Inception Date (HISFX) 5/30/08 Total Fund Assets $91 Million Active Share vs. Russell 2000® Index Financials 87% Portfolio Turnover 51% Median Market Cap $2.2 Billion Median Price/Earnings 11.8x Median Price/Book 1.0x 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 97.2% Cash & Other 2.8% Sub-Industry Weighting % of Net Assets Regional Banks 97.2% 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 Banc of California, Inc. BANC 4.52% +0.12% +4.52% 1 Year OceanFirst Financial Corp. OCFC 4.48% -0.12% +1.22% 2 Years BankUnited, Inc. BKU 4.15% +0.03% +0.23% 2 Years Western New England Bancorp, Inc. WNEB 4.10% -0.48% +0.32% 3 Years Eastern Bankshares, Inc. EBC 4.04% -0.88% +0.46% 3 Years WaFd Inc. WAFD 3.97% -0.28% +0.89% 1 Year Independent Bank Corp. INDB 3.89% +1.11% +1.75% 16 Years HomeTrust Bancshares, Inc. HTBI 3.84% -1.09% +1.79% 5 Years Pacific Premier Bancorp, Inc. PPBI 3.69% -0.62% -0.56% 1 Year Brookline Bancorp, Inc. BRKL 3.64% -0.54% +0.49% 1 Year Total as % of Net Assets 40.32% Total Holdings: 34
as of 9/30/24% of Net Assets Equity Holdings Current Vs. 2Q24 Vs. 3Q23 10-Year Holdings History (%) Time Held Banc of California, Inc. 4.52% +0.12% +4.52% 1 Year OceanFirst Financial Corp. 4.48% -0.12% +1.22% 2 Years BankUnited, Inc. 4.15% +0.03% +0.23% 2 Years Western New England Bancorp, Inc. 4.10% -0.48% +0.32% 3 Years Eastern Bankshares, Inc. 4.04% -0.88% +0.46% 3 Years WaFd Inc. 3.97% -0.28% +0.89% 1 Year Independent Bank Corp. 3.89% +1.11% +1.75% 16 Years HomeTrust Bancshares, Inc. 3.84% -1.09% +1.79% 5 Years Pacific Premier Bancorp, Inc. 3.69% -0.62% -0.56% 1 Year Brookline Bancorp, Inc. 3.64% -0.54% +0.49% 1 Year Banner Corp. 3.59% -1.23% +2.32% 3 Years Associated Banc-Corp. 3.54% -0.93% -0.83% 4 Years Independent Bank Group, Inc. 3.41% +3.05% +3.41% < 1 Year NB Bancorp, Inc. 3.35% -0.31% +3.35% < 1 Year Provident Financial Services, Inc. 3.25% +0.56% +3.25% < 1 Year Eagle Bancorp, Inc. 3.09% +3.09% +2.99% < 1 Year California BanCorp 3.08% +0.47% +3.08% < 1 Year Old National Bancorp 2.51% -0.80% -0.33% 2 Years ConnectOne Bancorp, Inc. 2.47% +1.58% -1.98% 7 Years Midland States Bancorp, Inc. 2.45% +0.04% -1.87% 2 Years Flushing Financial Corp. 2.40% +0.75% -2.04% 3 Years Washington Trust Bancorp, Inc. 2.36% +2.36% +2.02% < 1 Year Orange County Bancorp, Inc. 2.31% -0.57% +1.34% 2 Years Hancock Whitney Corp. 2.24% -1.13% -1.26% 4 Years UMB Financial Corp. 2.07% -0.28% +2.07% < 1 Year HomeStreet, Inc. 2.07% -0.16% +1.84% 1 Year Dime Community Bancshares, Inc. 2.05% +1.25% -0.20% 1 Year Wintrust Financial Corp. 1.78% -0.53% -2.08% 4 Years Northeast Community Bancorp, Inc. 1.74% -0.02% -0.84% 3 Years Columbia Banking System, Inc. 1.72% +0.01% -0.72% 1 Year Texas Capital Bancshares, Inc. 1.57% -0.63% -2.85% 6 Years Hingham Institution for Savings 1.33% -0.07% -0.07% 26 Years First Bancorp 1.28% -0.81% -1.35% 8 Years New York Community Bancorp, Inc. 1.23% +1.23% +1.23% < 1 Year Total as % of Net Assets 97.2% Cash & Other Holdings % of Net Assets Cash & Other 2.8% Total as % of Net Assets 2.8% Country Allocation
as of 9/30/24-
United States
95.9%
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International
1.3%
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Cash & Other
2.8%
United States 95.9% Puerto Rico 1.3% Cash & Other 2.8% -
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Distributions
The Hennessy Small 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 $0.47805 -- -- $0.47805 $26.25 12/07/2023 -- -- $0.71216 $0.71216 $23.85 12/28/2022 $0.18802 -- -- $0.18802 $25.47 12/08/2022 -- -- $2.16533 $2.16533 $26.67 12/29/2021 $0.21577 -- -- $0.21577 $31.74 12/07/2021 -- -- $0.09117 $0.09117 $31.54 12/29/2020 $0.20265 -- -- $0.20265 $21.93 12/27/2019 $0.09444 -- -- $0.09444 $21.96 12/06/2019 -- -- $0.65961 $0.65961 $21.51 12/27/2018 $0.07119 -- -- $0.07119 $18.71 12/07/2018 -- $0.00162 $1.31958 $1.32120 $20.10 12/27/2017 $0.00291 -- -- $0.00291 $24.27 12/07/2017 -- $0.16690 $1.80632 $1.97322 $24.48 12/28/2016 $0.06500 -- -- $0.06500 $26.34 12/07/2016 -- -- $3.19063 $3.19063 $25.42 12/29/2015 $0.02529 -- -- $0.02529 $22.55 12/09/2015 -- $0.15543 $1.44849 $1.60392 $22.38 12/08/2014 -- -- $3.34234 $3.34234 $20.83 12/31/2013 $0.05812 -- -- $0.05812 $25.48 12/10/2013 -- $0.16499 $1.43869 $1.60368 $24.71 12/31/2012 $0.12360 -- -- $0.12360 $19.91 12/30/2011 $0.28967 -- -- $0.28967 $16.50 12/31/2010 $0.05717 -- -- $0.05717 $19.90 12/15/2010 -- $0.12946 -- $0.12946 $19.16 12/31/2009 $0.06710 -- -- $0.06710 $17.10 12/31/2008 $0.18543 -- -- $0.18543 $14.29 12/31/2007 $0.28204 -- -- $0.28204 $15.86 12/14/2007 -- -- $6.23575 $6.23575 $15.78 12/29/2006 $0.14674 -- -- $0.14674 $28.94 12/15/2006 -- $0.07876 $4.27513 $4.35389 $28.90 07/31/2006 -- -- $0.01524 $0.01524 $31.47 12/30/2005 $0.14416 -- -- $0.14416 $29.95 12/16/2005 -- -- $3.68831 $3.68831 $30.47 10/31/2005 -- -- $0.01175 $0.01175 $32.96 12/31/2004 $0.18461 -- -- $0.18461 $34.28 12/17/2004 -- $0.11033 $4.24179 $4.35212 $34.19 12/30/2003 $0.07202 -- -- $0.07202 $33.83 12/17/2003 -- $0.05453 $0.60031 $0.65484 $33.01 10/31/2003 -- -- $0.00153 $0.00153 $32.56 12/30/2002 $0.13093 -- -- $0.13093 $24.30 12/18/2002 -- -- $0.63781 $0.63781 $24.33 12/28/2001 $0.46875 -- -- $0.46875 $21.00 12/20/2001 -- -- $0.34210 $0.34210 $21.13 12/20/2000 $0.10219 -- -- $0.10219 $16.79 12/21/1999 $0.01670 -- -- $0.01670 $13.14 12/14/1998 $0.07080 $1.33330 $0.60060 $2.00470 $14.19 12/12/1997 $0.03220 $0.15050 -- $0.18270 $17.88 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 $0.55918 -- -- $0.55918 $14.92 12/07/2023 -- -- $0.41247 $0.41247 $13.81 12/28/2022 $0.30739 -- -- $0.30739 $14.71 12/08/2022 -- -- $1.26700 $1.26700 $15.60 12/29/2021 $0.33407 -- -- $0.33407 $18.51 12/07/2021 -- -- $0.05374 $0.05374 $18.59 12/29/2020 $0.27354 -- -- $0.27354 $12.88 12/27/2019 $0.19225 -- -- $0.19225 $13.00 12/06/2019 -- -- $0.39469 $0.39469 $12.87 12/27/2018 $0.18031 -- -- $0.18031 $11.16 12/07/2018 -- $0.00101 $0.82307 $0.82408 $12.14 12/27/2017 $0.02033 -- -- $0.02033 $14.63 12/07/2017 -- $0.10053 $1.08807 $1.18860 $14.77 12/28/2016 $0.16682 -- -- $0.16682 $15.83 12/07/2016 -- -- $1.95258 $1.95258 $15.39 12/29/2015 $0.03989 -- -- $0.03989 $13.62 12/09/2015 -- $0.09311 $0.86773 $0.96084 $13.54 12/08/2014 -- -- $2.01129 $2.01129 $12.55 12/31/2013 $0.13517 -- -- $0.13517 $15.30 12/10/2013 -- $0.16499 $1.43869 $1.60368 $14.94 12/31/2012 $0.17751 -- -- $0.17751 $12.48 12/30/2011 $0.35426 -- -- $0.35426 $10.40 12/31/2010 $0.12307 -- -- $0.12307 $12.73 12/15/2010 -- $0.12946 -- $0.12946 $12.34 12/31/2009 $0.13321 -- -- $0.13321 $11.03 12/31/2008 $0.20868 -- -- $0.20868 $9.31 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Small Cap Financial Fund Documents Fact Sheet Portfolio Perspective View Summary Prospectus Full Prospectus Statement of Additional Information Small 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.
