Frequently Asked Questions
For help with any questions you don’t find answers to here, please contact us.
For questions regarding the reorganization of the Rainier U.S. Funds into the Hennessy Funds, please click here.
For questions regarding the reorganization of Hennessy Large Value Fund into the Hennessy Cornerstone Value Fund, please click here.
For questions regarding the reorganization of The Westport Funds into the Hennessy Cornerstone Mid Cap 30 Fund, please click here.
What are the symbols and CUSIP numbers for the Hennessy Funds? For a printable PDF, please click here.
Why and when do the Funds
By law all registered mutual funds must pass their taxes on to their fund
shareholders. Capital gains distributions for each of the Hennessy Funds (if
any) are paid out once annually usually in November or December. Capital gains
may be long or short term or a combination of both. While we try to minimize
taxes our shareholders pay, and to cause gains to be long-term, our first
priority is to manage our portfolios to maximize returns to shareholders.
Ordinary income distributions for the Hennessy Equity and Income, Hennessy Gas
Utility, Hennessy Balanced and Hennessy Total Return Funds are paid
quarterly at the end of March, June, September and December. Ordinary income distributions
for the remainder of the Hennessy Funds are paid annually, usually in December.
What is the minimum
investment for each of the Hennessy Funds?
The minimum investment for each of the Hennessy Funds Investor Class shares is
$2,500 for a regular account and $250 for an IRA account. For Institutional
Class shares the minimum initial investment is $250,000, however, it may be
waived for certain fee-based or retirement plans.
Are there sales charges
when I purchase a Hennessy Fund?
No. There are no sales charges. The Hennessy Funds offer only no-load funds.
Is there a minimum for
No, there is no minimum for a subsequent investment made into any of the
Will the minimum be
waived if I apply for an Automatic Deposit plan?
No. At this time we do not waive the minimum investment amount if you start an
automatic deposit plan.
What is the minimum for an automatic deposit and or withdrawal?
The minimum is $100 per transaction for automatic deposit or automatic
What is the annual fee for an IRA opened directly with Hennessy
Our transfer agent charges $15.00 per account per year for the maintenance of
IRA accounts. There is a maximum charge of $30.00 per social security number.
These charges help cover the cost of reporting IRA accounts to the government.
These fees can be pre-paid, or they will be deducted from your account
annually, generally in October or November.
Do any fees result if I exchange funds within a fund family?
There is no charge for exchanges between the Hennessy Funds.
Is there a fee if I redeem my shares?
No. Hennessy Funds carry no redemption
What is a signature guarantee and when do I need one?
A signature guarantee is an assurance from a financial institution that
indicates the signature of the person making a request is true and correct. The
guarantor assumes liability for circumstances that arise from a signature that
is proved to be invalid. A signature guarantee is not the same as a notarized
signature, and they may be obtained from most banks and financial institutions.
To protect the Funds and their shareholders, a signature guarantee is required
in the following situations:
The redemption request includes a change of address, or a change of address
request was received by the Transfer Agent within the last 30 days;
- The redemption proceeds are to be sent to a person, address or bank account
not on record;
- IRA transfer;
- When establishing or modifying certain services on the account;
- Account ownership is changed;
- The redemption request is over $100,000.
The Funds and/or the Transfer Agent may require a signature guarantee in other
instances where directions contradict the information held in our files.
Can I get my statements and reports electronically?
We currently offer shareholders the ability to receive their quarterly
statements and/or prospectuses and annual and semi-annual reports
electronically. If you are interested in electronic delivery, please sign up here.
Shareholders can also view their account on-line or can access account
information via an automated phone system at 1-800-261-6950.
When are the Funds rebalanced?
The Hennessy Cornerstone Growth Fund, Hennessy Large Growth Fund, Hennessy
Cornerstone Value Fund and Hennessy Cornerstone Mid Cap 30 Fund each have
annual rebalance dates. The Hennessy Cornerstone Growth Fund, Hennessy
Cornerstone Large Growth Fund and Hennessy Cornerstone Value Fund are
rebalanced in the Winter. The Hennessy Mid Cap 30 Fund is rebalanced in the
Fall. The Hennessy Balanced and Hennessy Total Return Funds invest once each month
and hold those investments for approximately one year. All other Hennessy Funds
are actively managed and portfolio decisions are made throughout the year.
Why aren’t the rebalance dates announced in advance?
Our Cornerstone Fund portfolios may hold substantial positions in the
securities that meet our formulas. When we rebalance, we sell our position in
each security that no longer meets our investment criteria and then purchase
positions in the new securities prescribed by our investment strategy. Such
large sales and purchases have the potential of affecting the market prices of
the securities. Therefore, we disclose a general rebalance window but will not
give specific dates. Were we to “tip our hand”, it might be possible for
unscrupulous individuals to “front run” our trading, thus diminishing our
ability to achieve the best possible returns for our shareholders.
If your Cornerstone Funds rebalance annually, why do some Fund
portfolios have a turnover rate in excess of 100%?
During the course of the year it may be necessary to purchase or sell
additional shares of the underlying securities of the Funds in order to satisfy
new Fund purchases or redemptions. When they are rebalanced, several Funds may
experience a 100% stock turnover. In conjunction with the buys and sells
necessary to keep up with subscriptions and redemptions the total turnover rate
may exceed 100%.
Automatic investment plans do not assure a profit and do not protect against loss in declining markets.