| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Hennessy Cornerstone Growth Fund utilizes a systematic quantitative approach called the Cornerstone Growth Strategy to identify growth opportunities in the US equity market. The strategy screens companies with market capitalizations exceeding $175 million from the S&P Capital IQ Database, selecting the 50 stocks with the highest one-year price appreciation that also meet specific criteria: price-to-sales ratio below 1.5, annual earnings higher than the previous year, and positive stock price appreciation over three-month and six-month periods. The fund maintains equal 2% weightings across all holdings and rebalances annually. As of January 2026, the portfolio had average and median market capitalizations of $33.8 billion and $6.6 billion respectively, with substantial concentration in the Financials sector. The systematic approach aims to capture growth while maintaining value discipline through the price-to-sales criterion. Key risks include formula investing constraints, high portfolio turnover of 99%, and sector concentration effects.
The Hennessy Cornerstone Growth Fund employs a quantitative formula to identify 50 growth-oriented stocks with the highest one-year price appreciation that meet specific value and momentum criteria, rebalancing annually with equal 2% weightings.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 2 2026 | 2025 Q4 | - | financials, Formula, growth, quantitative, small caps, value | - | Hennessy Cornerstone Growth Fund uses a quantitative formula to select 50 US growth stocks with strong price momentum, earnings growth, and attractive valuations. The fund maintains equal weightings and rebalances annually, currently concentrated in Financials. The systematic approach combines growth and value factors but faces risks from formula constraints and high turnover. |
| Jul 11 2025 | 2025 Q2 | - | Formula-based, growth, momentum, Screening, small caps, value | - | The Hennessy Cornerstone Growth Fund combines value and momentum through systematic screening, selecting the 50 highest one-year price appreciators with attractive valuations. Currently defensively positioned in Financials, Consumer Staples, and Communication Services with a median market cap of $6.3 billion, the Fund targets capital appreciation through earnings growth and valuation expansion. |
| Jan 8 2025 | 2024 Q4 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, energy, financials, Japan, Rate Cuts, regulation, small caps, volatility | - | After two years of 20%+ S&P 500 returns, Hennessy expects 2025 volatility with opportunities shifting from Magnificent Seven to small-caps, financials, and energy. Rate cuts, deregulation, and tax cuts should benefit smaller companies. Energy offers decades-long growth from AI demand and transition investments. Japanese equities provide attractive international diversification opportunity. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
ValueThe Fund utilizes a formula-based approach combining value and momentum investing, screening for stocks with price-to-sales ratios below 1.5. The Fund's median price-to-sales ratio of 1.1x compares favorably to the Russell 2000 Index at 1.8x, reflecting the value-oriented screening criteria. |
Price-to-sales Valuation Screening Value investing |
MomentumThe strategy selects the 50 stocks with the highest one-year price appreciation that also meet screening criteria. The Fund requires positive stock price appreciation over three- and six-month periods, believing this ranking by relative share price strength can be a good predictor of future outperformance. |
Price appreciation Relative strength Momentum Outperformance | |
Small CapsThe Fund has historically been classified as a small-cap fund but currently has a median market cap of $6.3 billion, the largest in over a decade. The managers note the Fund has performed well against peers when market cap is higher than the 10-year average of $3.0 billion. |
Market cap Small-cap Mid-cap Peer performance | |
| 2024 Q4 |
AIGrowth in artificial intelligence and data centers demands more energy, driving investment opportunities across traditional and renewable energy value chains. AI is identified as a key driver of increased energy demand alongside data centers. |
Data Centers Energy Technology Growth |
EnergyEnergy sector viewed as long-term growth industry for several decades driven by global population growth, improved living standards, AI and data center demand, onshoring of manufacturing, and energy transition creating opportunities across traditional and renewable value chains. Corporate management teams more aligned with shareholders than ever before. |
Oil Natural Gas Renewable Growth Shareholder Returns | |
Small CapsSmall and mid-cap stocks may perform better than larger counterparts as they are more evenly diversified across different sectors. Potential for continued rate cuts, less regulation, and lower corporate tax rates could disproportionately benefit small-caps and domestically focused companies. |
Diversification Rates Regulation Tax |
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