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This document is the Summary Prospectus for the Hennessy Technology Fund dated March 2, 2026. The Fund is managed by Hennessy Advisors, Inc. and portfolio managers Ryan C. Kelley and L. Joshua Wein. The Fund invests at least 80% of its assets in technology sector companies, screening for ~60 equally-weighted stocks with high cash flows, sustainable profitability, and attractive valuations. For the year ended December 31, 2025, the Investor Class shares returned 15.38% and Institutional Class shares returned 15.61%. Key risks include Industry Concentration, High Portfolio Turnover (99%), and Small/Mid-Sized Company risk.
The Fund seeks long-term capital appreciation by investing at least 80% of its assets in a quantitatively screened, quarterly rebalanced, and equally weighted portfolio of approximately 60 technology companies with market capitalizations exceeding $175 million that demonstrate strong cash flows, profits, relative valuation, and sustainable profitability.
The fund expects to continue its systematic quantitative strategy of screening and rebalancing its portfolio of approximately 60 equally-weighted technology companies on at least a quarterly basis to identify sector leaders with strong cash generation and attractive relative valuations.
As of Mar 2, 2026
The fund is managed by Ryan C. Kelley, CFA, Chief Investment Officer with over 20 years of financial services experience, and L. Joshua Wein, CAIA, Portfolio Manager with over 25 years of investment experience who joined Hennessy in 2018 and manages ten funds for the company. The management team maintains an average tenure of 7.8 years and has been recognized for their disciplined approach to technology investing. Both managers advocate for concentrated portfolio construction to outperform the technology sector and have established a track record since the fund's 2002 inception.
The Hennessy Technology Fund employs a disciplined, quantitative approach to select approximately 60 technology stocks based on sector-leading cash flows, sustained profitability, attractive valuations, and solid balance sheets. The fund's philosophy centers on minimizing volatility inherent to the technology sector while providing growth opportunities through a concentrated portfolio approach. Management believes this carefully selected, concentrated portfolio provides the best opportunity to outperform the overall technology sector through a time-tested formula emphasizing value, growth, and momentum factors.
Lead Portfolio Manager
Ryan Kelley
Managing Partner
Moderate Conviction Bullish
Market Conviction
The fund demonstrates moderate conviction with an equally-weighted portfolio of approximately 60 stocks, structured around rigid financial metrics rather than concentrated discretionary bets.
Growth Outlook
The fund does not express an active, tactical directional view on the broader stock market in this regulatory prospectus, maintaining a neutral outlook score of 0.50.
Risk Appetite
The fund maintains a structural net-long position in tech equities without leverage or tactical derivatives hedging, yielding a balanced 0.50 risk appetite score typical of systematic mutual funds.
Capital Deployment
Capital deployment is net neutral, keeping the portfolio fully invested in line with its 80% technology sector mandate.
Forward Guidance
There is no forward-looking action bias expressed, as the portfolio operates under a strict quarterly re-screening and rebalancing model.
Language Signal
The language is highly objective, regulatory, and balanced, containing standard risk disclosures alongside structured descriptions of the quantitative selection process.
Perceived Risk
The managers identify several meaningful operational and structural risks, including sector concentration, high portfolio turnover, and regulatory tax law developments.
Opportunity Density
Opportunity density is not actively evaluated, as the strategy dynamically screens the entire S&P Capital IQ database above a $175 million market cap threshold.
Time Horizon
The investment horizon is explicitly focused on long-term capital appreciation, utilizing historic performance and sustainable profitability metrics over multi-year periods.
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