| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Hennessy Technology Fund is a concentrated technology-focused mutual fund that seeks long-term capital appreciation through investment in approximately 60 equally-weighted technology stocks. The fund invests primarily in companies listed on U.S. national securities exchanges, including through ADRs, with market capitalizations exceeding $175 million. The portfolio management team employs a quantitative screening process to identify companies with sector-leading cash flows and profits, history of delivering returns in excess of cost of capital, attractive relative valuation, cash generation ability, strong balance sheet risk profiles, and prospects for sustainable profitability. The universe is re-screened and rebalanced at least quarterly, resulting in high portfolio turnover of 99%. Key risks include industry concentration in Information Technology, high portfolio turnover costs, small and medium-sized company volatility, foreign securities exposure through ADRs, and general market and equity investment risks. The fund has delivered strong historical performance with significant volatility, including returns ranging from -26.28% to 39.10% over recent years.
The Fund seeks long-term capital appreciation by investing at least 80% of net assets in technology companies that demonstrate sector-leading cash flows and profits, history of delivering returns in excess of cost of capital, attractive relative valuation, ability to generate cash, attractive balance sheet risk profile, and prospects for sustainable profitability.
The fund’s outlook remains constructive, supported by ongoing innovation and strong demand across key technology segments such as artificial intelligence, cloud infrastructure, and semiconductors. Its focused exposure to growth-oriented technology companies positions it to benefit from long-term digital transformation trends and continued earnings expansion.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 2 2026 | 2025 Q4 | - | hardware, IT Services, semiconductors, software, technology | - | Concentrated technology fund investing in 60 equally-weighted stocks selected through quantitative screening for cash flow generation, profitability, and attractive valuations. High turnover strategy rebalanced quarterly with focus on companies exceeding $175 million market cap. Strong historical performance with significant volatility typical of technology sector concentration. |
| Jan 8 2025 | 2024 Q4 | - | cash flow, growth, profitability, Quality, technology | - | Hennessy Technology Fund uses quantitative screening to select 60 profitable technology companies with strong cash flows and balance sheets. Unlike peers chasing emerging tech trends, the fund focuses on proven companies that generate profits across Information Technology and select other sectors, maintaining concentration to optimize returns while managing volatility through quality-focused stock selection. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
TechnologyThe Fund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. The portfolio focuses on companies with sector-leading cash flows, attractive valuations, and sustainable profitability prospects. |
Software Hardware Semiconductors Internet Communications |
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