Investment objective & strategy
As of March 2, 2026 · prospectusObjective. The Hennessy Small Cap Financial Fund seeks capital appreciation.
Strategy. The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (ADRs), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Funds investments consist primarily of common stocks. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of small-cap companies principally engaged in the business of providing financial services. An issuer is considered principally engaged in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities. Financial services activities are activities primarily related to consumer and commercial banking, global payments, insurance, securities … The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (ADRs), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Funds investments consist primarily of common stocks. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of small-cap companies principally engaged in the business of providing financial services. An issuer is considered principally engaged in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities. Financial services activities are activities primarily related to consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate. Investments may include mortgage banking companies, discount brokerage companies, insurance companies, consumer finance companies, savings and loan associations, savings banks, leasing companies, building and loan associations, cooperative banks, commercial banks, investment companies, other depository institutions, companies in the information technology industries that are primarily engaged in providing products or services to the types of companies listed above, and real estate investment trusts. The Fund considers a small-cap company to be one that has a market capitalization of less than $3 billion, measured at the time of purchase. When evaluating securities to purchase, the Portfolio Managers generally look for companies that have low price-to-earnings ratios and low price-to-book ratios relative to other financial services companies. The Portfolio Managers may choose to sell a security if they believe it has reached an excessive valuation level, when the companys specific metrics or industry fundamentals deteriorate, or if the investment process identifies a potentially superior investment idea. They may also choose to sell a position when the companys market capitalization rises above $3 billion. The Fund will not invest more than 5% of its total assets in the equity-related securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BANC OF CALIFORNIA INC | — | $4.20M | 5.68% |
| PROVIDENT FINANCIAL SVCS INC | — | $4.10M | 5.54% |
| COLUMBIA BANKING SYSTEMS INC | — | $3.97M | 5.38% |
| NB BANCORP INC | — | $3.93M | 5.32% |
| EAGLE BANCRP INC | — | $3.88M | 5.25% |
| HINGHAM INST SVG | — | $3.88M | 5.25% |
| CONNECTONE BANCORP INC | — | $3.86M | 5.22% |
| OCEANFIRST FINL | — | $3.66M | 4.95% |
| WASHINGTON FEDERAL INC | — | $3.59M | 4.85% |
| NY COMM BANCORP | — | $3.57M | 4.83% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| State Street(R) SPDR(R) S&P(R) Regional Banking ETF · KRE | 21% | 0.35% |
| State Street(R) SPDR(R) S&P(R) Bank ETF · KBE | 18% | 0.35% |
| PROFUND VP BANKS | 17% | 1.68% |
Advisers
| Firm | Role |
|---|---|
| Hennessy Advisors Inc. | Adviser |
Footnotes
- Expense ratio as of March 2, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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