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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Hennessy Technology Fund uses quantitative screening to select 60 profitable technology companies with strong cash flows and balance sheets."
The Hennessy Technology Fund employs a disciplined quantitative approach to technology investing, focusing on profitable companies with demonstrated cash flow generation rather than speculative emerging technology trends. The fund screens companies with market capitalizations over $175 million across Information Technology and select Consumer Discretionary and Communication Services subsectors, ranking them on key quality metrics including cash flows, profitability, balance sheet strength, excess returns over cost of capital, attractive valuations, and cash generation ability. The top 60 ranked stocks comprise the concentrated portfolio, which had a median market cap of $19 billion and average of $139 billion as of December 31, 2020. This approach differentiates the fund from peers who chase emerging technologies, instead emphasizing companies that have already proven their ability to generate profits and maintain solid financial foundations. The concentrated 60-stock structure aims to balance returns, diversification and volatility while providing exposure to large established companies as well as small and mid-cap growth opportunities within the technology ecosystem.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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