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Overview
Hennessy Technology Fund
Quantitatively managed, the Fund maintains a relatively concentrated portfolio of Technology stocks.
Why Invest
- Opportunity to participate in the potential growth of technology companies
- Focus on minimizing volatility in a relatively volatile sector
- Potential high-growth companies purchased at attractive valuations
Investment Approach
Holdings are selected from the Information Technology sector as well as other sub-industries, including interactive home entertainment and interactive media and services.
Analyzing several metrics, the Hennessy Technology Fund selects 60 stocks which demonstrate:
- Sector-leading cash flows and profits, with the ability to sustain profitability
- A history of delivering returns in excess of the cost of capital
- Attractive balance sheet risk profile
- Attractive relative valuation
- Ability to generate cash
Portfolio Managers
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Chief Investment Officer and Portfolio Manager-
7Years on Fund
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28Years of Experience
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“We believe a carefully selected, concentrated portfolio provides the best opportunity to outperform the overall Technology sector.”
- Ryan Kelley
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Insights & News
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Performance
Daily Pricing & Performance
as of 7/15/24-
Investor Class (HTECX)
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NAV
$23.30
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$ Change
$0.12
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% Change
0.52%
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YTD
15.81%
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Institutional Class (HTCIX)
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NAV
$24.01
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$ Change
$0.12
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% Change
0.50%
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YTD
15.93%
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Average Annualized Total Return
as of 6/30/24Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02) Investor Class (HTECX) 5.12% 11.33% 20.37% 3.14% 13.67% 11.03% 8.40% Institutional Class (HTCIX) 5.15% 11.49% 20.70% 3.41% 13.95% 11.35% 8.59% Nasdaq Composite Index 6.03% 18.57% 29.61% 7.78% 18.21% 16.07% 11.57% S&P 500® Index 3.59% 15.29% 24.56% 10.01% 15.05% 12.86% 9.42% as of 6/30/24Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (2/1/02) Investor Class (HTECX) 4.04% 11.33% 20.37% 3.14% 13.67% 11.03% 8.40% Institutional Class (HTCIX) 4.15% 11.49% 20.70% 3.41% 13.95% 11.35% 8.59% Nasdaq Composite Index 8.47% 18.57% 29.61% 7.78% 18.21% 16.07% 11.57% S&P 500® Index 4.28% 15.29% 24.56% 10.01% 15.05% 12.86% 9.42% Hypothetical Growth of $10,000
as of 6/30/2024Value of $10,000 invested between 6/30/2023 and 6/30/2024
Technology Fund (HTECX) $12,037 Technology Fund (HTCIX) $12,070 Nasdaq Composite Index $12,961 S&P 500® Index $12,456 Value of $10,000 invested between 6/30/2021 and 6/30/2024
Technology Fund (HTECX) $10,971 Technology Fund (HTCIX) $11,057 Nasdaq Composite Index $12,519 S&P 500® Index $13,315 Value of $10,000 invested between 6/30/2019 and 6/30/2024
Technology Fund (HTECX) $18,975 Technology Fund (HTCIX) $19,211 Nasdaq Composite Index $23,080 S&P 500® Index $20,153 Value of $10,000 invested between 6/30/2014 and 6/30/2024
Technology Fund (HTECX) $28,473 Technology Fund (HTCIX) $29,294 Nasdaq Composite Index $44,383 S&P 500® Index $33,521 Value of $10,000 invested between 2/1/2002 and 6/30/2024
Technology Fund (HTECX) $60,978 Technology Fund (HTCIX) $63,319 Nasdaq Composite Index $116,183 S&P 500® Index $75,168 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 (HTECX) 1.73% 3.46% 2.03% 20.20% -1.82% 39.10% 32.98% 13.37% -26.28% 35.95% Institutional Class (HTCIX) 1.99% 3.90% 2.39% 20.56% -1.60% 39.48% 33.26% 13.66% -26.07% 36.25% Nasdaq Composite Index 14.75% 6.96% 8.87% 29.64% -2.84% 36.69% 44.92% 22.18% -32.54% 44.64% S&P 500® Index 13.69% 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% Year Investor Class (HTECX) Institutional Class (HTCIX) Nasdaq Composite Index S&P 500® Index 2013 29.75% 30.12% 40.11% 32.39% 2012 8.67% 8.93% 17.75% 16.00% 2011 -10.77% -10.67% -0.79% 2.11% 2010 12.73% 12.93% 18.13% 15.06% 2009 54.93% 54.93% 45.34% 26.46% 2008 -42.89% -42.89% -39.98% -37.00% 2007 9.36% 9.36% 10.66% 5.49% 2006 9.25% 9.25% 10.89% 15.79% 2005 11.80% 11.80% 2.12% 4.91% 2004 6.75% 6.75% 10.27% 10.88% 2003 52.86% 52.86% 50.77% 28.68% Returns-Based Statistics
Relative to Nasdaq Composite Indexas of 6/30/24Investor Class (HTECX)Type 3 yr 5 yr 10 yr Alpha -3.99 -3.21 -4.25 Beta 0.93 0.97 1.00 Upside Capture 82.90 88.91 88.62 Downside Capture 94.56 98.50 103.91 Institutional Class (HTCIX)Type 3 yr 5 yr 10 yr Alpha -3.73 -2.96 -3.96 Beta 0.93 0.97 1.00 Upside Capture 83.23 89.29 89.15 Downside Capture 94.08 98.06 103.31 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 6/30/24Type 3 yr 5 yr 10 yr Investor Class (HTECX) 0.10 0.58 0.55 Institutional Class (HTCIX) 0.11 0.59 0.56 Nasdaq Composite Index 0.30 0.79 0.83 Technology Category Average -0.02 0.58 0.69 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 6/30/24Type 3 yr 5 yr 10 yr Investor Class (HTECX) 22.17 22.38 19.73 Institutional Class (HTCIX) 22.16 22.37 19.72 Nasdaq Composite Index 22.11 21.34 18.20 Technology Category Average 24.33 23.32 19.83 Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.
Fund Expenses
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Investor Class (HTECX)
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Gross expense ratio
3.17%
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Net expense ratio
1.23%
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Institutional Class (HTCIX)
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Gross expense ratio
2.85%
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Net expense ratio
0.98%
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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 6/30/24. 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 / HTCIX shares periods prior to 3/12/10 represents the performance of Investor Class shares of the Fund and includes expenses that are not applicable to and are higher than those of the Institutional Class shares.
The performance shown for periods prior to 10/26/12 is that of the predecessor FBR Fund.
Nasdaq Composite Index is a broad-based capitalization-weighted index of all the Nasdaq National Market and Small Cap stocks. 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 Fund's investment manager has contractually agreed to limit expenses for the Technology Fund until 2/28/25. In addition, certain service provider expenses for the Technology 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.
Active share was calculated versus the Fidelity Nasdaq Composite Index Fund (FNCMX), which differs from the Fund's primary benchmark. References to other investment products should not be interpreted as an offer of these securities.
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Portfolio
Portfolio Characteristics
as of 6/30/24Inception Date (HTECX) 2/1/02 Inception Date (HTCIX) 3/12/10 Total Fund Assets $8 Million Active Share vs. Fidelity Nasdaq Composite Index Fund (FNCMX) 84% Portfolio Turnover 64% Median Market Cap $28.3 Billion Median Price/Earnings 32.7x Median Price/Book 12.9x 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 6/30/24Fund Information Technology 95.3% Communication Services 2.9% Cash & Other 1.8% Sub-Industry Weighting % of Net Assets Systems Software 18.1% Semiconductors 15.7% Application Software 11.1% Technology Hardware, Storage & Peripherals 10.5% Semiconductor Materials & Equipment 10.4% IT Consulting & Other Services 7.5% Technology Distributors 6.0% Electronic Manufacturing Services 5.9% Communications Equipment 5.4% Electronic Equipment & Instruments 3.1% Interactive Media & Services 2.9% Electronic Components 1.6% Portfolio Holdings
Top 10 Holdings
as of 6/30/24Top 10 Holdings % of Net Assets NVIDIA Corp. 2.2% Axcelis Technologies, Inc. 2.1% Palo Alto Networks, Inc. 2.0% Apple, Inc. 2.0% CommVault Systems, Inc. 1.9% NetApp, Inc. 1.9% Crowdstrike Holdings, Inc. 1.9% Pure Storage, Inc. 1.9% KLA Corp. 1.9% Extreme Networks,, Inc.. 1.8% Total as % of Net Assets 19.5% Total Holdings: 60
as of 6/30/24Equity Holdings % of Net Assets NVIDIA Corp. 2.2% Axcelis Technologies, Inc. 2.1% Palo Alto Networks, Inc. 2.0% Apple, Inc. 2.0% CommVault Systems, Inc. 1.9% NetApp, Inc. 1.9% Crowdstrike Holdings, Inc. 1.9% Pure Storage, Inc. 1.9% KLA Corp. 1.9% Extreme Networks,, Inc.. 1.8% Telefonaktiebolaget LM Ericsson 1.8% Broadcom, Inc. 1.8% Hewlett Packard Enterprise Co. 1.8% QUALCOMM, Inc. 1.8% Texas Instruments, Inc. 1.8% Applied Materials, Inc. 1.8% Oracle Corp. 1.8% Adobe Inc. 1.8% Motorola Solutions, Inc. 1.7% NXP Semiconductor NV 1.7% Logitech International SA 1.7% Sanmina Corp. 1.7% Lam Research Corp. 1.7% Arlo Technologies, Inc. 1.7% Cellebrite DI Ltd. 1.7% ASML Holding NV 1.7% United Microelectronics Corp. 1.7% Microsoft Corp. 1.7% Infosys, Ltd. 1.7% Avnet, Inc. 1.7% Zscaler, Inc. 1.6% Microchip Technology, Inc. 1.6% ASE Technology Holding Co., Ltd. 1.6% ServiceNow, Inc. 1.6% Check Point Software Technologies, Ltd. 1.6% Flex, Ltd. 1.6% Vishay Intertechnology, Inc. 1.6% Autodesk, Inc. 1.6% Bentley Systems, Inc. 1.6% Cadence Design Systems, Inc. 1.6% Meta Platforms, Inc. 1.5% Clear Secure, Inc. 1.5% ePlus, Inc. 1.5% Gartner, Inc. 1.5% Arrow Electronics, Inc. 1.5% Hackett Group, Inc. 1.5% STMicroelectronics NV 1.5% DXC Technology Co. 1.4% IBM Corp. 1.4% Atlassian Corporaton 1.4% Teradata Corp. 1.4% Shutterstock, Inc. 1.4% Vontier Corp. 1.4% Methode Electronics, Inc. 1.4% CDW Corp. 1.4% Qualys, Inc. 1.4% Fortinet, Inc. 1.3% Super Micro Computer, Inc. 1.3% Enphase Energy, Inc. 1.3% Jabil, Inc. 1.2% Total as % of Net Assets 98.2% Cash & Other Holdings % of Net Assets Cash & Other 1.8% Total as % of Net Assets 1.8% Country Allocation
as of 6/30/24-
United States
80.0%
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International
18.2%
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Cash & Other
1.8%
United States 80.0% Netherlands 4.9% Taiwan 3.3% Israel 3.3% Sweden 1.8% Switzerland 1.7% Singapore 1.6% India 1.6% Cash & Other 1.8% -
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Distributions
The Hennessy Technology 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 12/28/2022 $0.01064 -- -- $0.01064 $14.46 12/07/2021 -- $3.94213 $2.76132 $6.70345 $19.97 12/29/2020 $0.04309 -- -- $0.04309 $23.38 12/08/2020 -- $0.80473 $1.55971 $2.36444 $22.69 12/06/2019 -- $0.21868 $0.30216 $0.52084 $19.15 12/07/2018 -- $1.57251 $0.68615 $2.25866 $15.07 12/07/2017 -- -- $1.63413 $1.63413 $16.76 12/14/2007 -- $0.86749 $0.36093 $1.22842 $11.60 12/15/2006 -- $0.20290 $0.19125 $0.39415 $11.77 12/16/2005 -- $0.17257 $0.40606 $0.57864 $11.10 12/17/2004 -- $0.76921 $0.85416 $1.62337 $10.15 12/17/2003 -- $0.18108 $0.01552 $0.19661 $10.82 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 12/28/2022 $0.07186 -- -- $0.07186 $14.85 12/07/2021 -- $4.05369 $2.83948 $6.89317 $20.53 12/29/2020 $0.10946 -- -- $0.10946 $23.98 12/08/2020 -- $0.82768 $1.60417 $2.43185 $23.34 12/27/2019 $0.00921 -- -- $0.00921 $20.30 12/06/2019 -- $0.22446 $0.31014 $0.53460 $19.65 12/07/2018 -- $1.60970 $0.70239 $2.31209 $15.43 12/07/2017 -- -- $1.66909 $1.66909 $17.11 Past performance is not a guarantee of future results.
Download historical distributions and NAVs -
Fund Documents
Download PDF View Online Technology Fund Documents Fact Sheet Portfolio Perspective View Summary Prospectus Full Prospectus Statement of Additional Information Technology 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.
