Investment objective & strategy
As of March 2, 2026 · prospectusObjective. The Hennessy Large 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 large-cap companies principally engaged in the business of providing financial services, including information technology companies that are primarily engaged in providing products or services to financial services companies. 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 … 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 large-cap companies principally engaged in the business of providing financial services, including information technology companies that are primarily engaged in providing products or services to financial services companies. 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, payment processing companies, savings and loan associations, savings banks, leasing companies, building and loan associations, cooperative banks, commercial banks, investment companies, other depository institutions, and real estate investment trusts. The Fund considers a large-cap company to be one that has a market capitalization of $3 billion or more, measured at the time of purchase. When evaluating securities to purchase in the banking industry, the Portfolio Managers generally select companies that have low price-to-earnings and low price-to-book ratios relative to peers. When evaluating other financial service companies, the Portfolio Managers generally focus on companies using technology to develop and grow alternative delivery channels of traditional financial products. They view digital financial services as a long-term growth opportunity. 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 drops below $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 |
|---|---|---|---|
| CITIGROUP INC | — | $2.55M | 8.42% |
| TRUIST FINL CORP | — | $1.85M | 6.12% |
| MORGAN STANLEY | — | $1.83M | 6.04% |
| BANK OF AMERICA CORPORATION | — | $1.81M | 5.98% |
| PNC FINANCIAL SERVICES GRP INC | — | $1.79M | 5.91% |
| JPMORGAN CHASE and CO | — | $1.68M | 5.56% |
| WELLS FARGO & CO | — | $1.61M | 5.33% |
| US BANCORP DEL | — | $1.57M | 5.19% |
| CAPITAL ONE FINANCIAL CORP | — | $1.53M | 5.07% |
| BERKSHIRE HATH-B | — | $1.44M | 4.77% |
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. |
|---|---|---|
| Invesco KBW Bank ETF · KBWB | 50% | 0.35% |
| iShares U.S. Financial Services ETF · IYG | 47% | 0.38% |
| State Street(R) Financial Select Sector SPDR(R) ETF · XLF | 45% | 0.08% |
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. As reported in the fund's prospectus performance bar chart.
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