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GASFX Hennessy Gas Utility Investor

  • Fund
  • GASFX
  • Price as of: May 21, 2019
  • $29.11 + $0.07 + 0.24%
  • Category
  • Utilities Equities

GASFX - Profile

Vitals

  • YTD Return 14.4%
  • 3 Yr Annualized Return 2.4%
  • 5 Yr Annualized Return -0.2%
  • Net Assets $919 M
  • Holdings in Top 10 48.5%

52 WEEK LOW AND HIGH

$29.11
$24.80
$30.03

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.01%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 14.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$250

Investment Themes

CATEGORY

Utilities Equities
  • Fund Type Open End Mutual Fund
  • Investment Style Utilities

Distributions

  • YTD Total Return 14.4%
  • 3 Yr Annualized Total Return 8.3%
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.18%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Hennessy Gas Utility Fund
  • Fund Family Name Hennessy
  • Inception Date May 10, 1989
  • Shares Outstanding 28442463
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Ryan C. Kelley

Fund Description

The Hennessy Gas Utility Fund Investor Class (GASFX) is a low-cost, passively managed fund that targets firms related to the natural gas utility industry. GASFX is an index fund that tracks the American Gas Association (AGA) Stock Index. This is a multi-cap measure of utilities and pipeline/midstream firms that are weighted based on their earnings exposure to the fuel. The fund’s holdings span both U.S. and Canadian stocks.

Given the fund’s narrow exposure to natural gas-related equities, GASFX is best suited as a supplemental position in a portfolio. The fund is managed by Hennessy Advisors.

GASFX - Performance

Return Ranking - Trailing

Period GASFX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.4% 2.9% 17.7% 13.64%
1 Yr 3.7% -3.8% 20.7% 86.36%
3 Yr 2.4%* -6.6% 8.8% 81.82%
5 Yr -0.2%* -8.6% 7.2% 53.49%
10 Yr 8.2%* -5.7% 9.2% 20.00%

* Annualized


Return Ranking - Calendar

Period GASFX Return Category Return Low Category Return High Rank in Category (%)
2018 -13.6% -15.8% 4.1% 95.45%
2017 4.0% -6.4% 16.5% 84.09%
2016 16.5% -0.4% 17.3% 4.55%
2015 -20.3% -40.3% -3.8% 65.91%
2014 15.1% -10.4% 22.8% 30.23%

Total Return Ranking - Trailing

Period GASFX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.4% 2.9% 17.7% 13.64%
1 Yr 15.1% 1.0% 24.8% 43.18%
3 Yr 8.3%* -3.0% 11.0% 61.36%
5 Yr 4.8%* -1.9% 10.2% 69.77%
10 Yr 13.8%* 5.7% 13.9% 2.86%

* Annualized


Total Return Ranking - Calendar

Period GASFX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.5% -15.8% 5.1% 86.36%
2017 7.0% 0.6% 20.3% 93.18%
2016 20.7% -0.4% 23.7% 9.09%
2015 -16.0% -22.2% -1.0% 90.91%
2014 17.6% 4.1% 23.5% 48.84%

NAV & Total Return History

GASFX - Holdings

Concentration Analysis

GASFX Category Low Category High GASFX % Rank
Net Assets 919 M 40.8 M 6.31 B 59.09%
Number of Holdings 50 27 621 47.73%
Net Assets in Top 10 449 M 17.7 M 3.04 B 59.09%
Weighting of Top 10 48.48% 26.6% 71.7% 43.18%

Top 10 Holdings

  1. Atmos Energy Corp 5.06%

  2. Sempra Energy 5.04%

  3. Southern Co 5.02%

  4. Cheniere Energy Inc 4.97%

  5. Dominion Energy Inc 4.95%

  6. Enbridge Inc 4.91%

  7. Kinder Morgan Inc Class P 4.86%

  8. TransCanada Corp 4.78%

  9. National Grid PLC ADR 4.63%

  10. WEC Energy Group Inc 4.26%


Asset Allocation

Weighting Return Low Return High GASFX % Rank
Stocks
99.44% 26.64% 99.92% 25.00%
Cash
0.56% 0.08% 7.95% 86.36%
Preferred Stocks
0.00% 0.00% 2.48% 84.09%
Other
0.00% -1.75% 1.99% 65.91%
Convertible Bonds
0.00% 0.00% 0.48% 65.91%
Bonds
0.00% 0.00% 68.27% 68.18%

Stock Sector Breakdown

Weighting Return Low Return High GASFX % Rank
Utilities
71.69% 0.82% 98.95% 52.27%
Energy
26.14% 0.00% 26.14% 2.27%
Basic Materials
1.12% 0.00% 2.61% 15.91%
Industrials
0.49% 0.00% 13.32% 31.82%
Technology
0.00% 0.00% 6.28% 70.45%
Real Estate
0.00% 0.00% 12.03% 70.45%
Healthcare
0.00% 0.00% 4.29% 68.18%
Financial Services
0.00% 0.00% 16.28% 68.18%
Communication Services
0.00% 0.00% 27.07% 90.91%
Consumer Defense
0.00% 0.00% 1.69% 68.18%
Consumer Cyclical
0.00% 0.00% 3.44% 68.18%

Stock Geographic Breakdown

Weighting Return Low Return High GASFX % Rank
US
83.44% 23.73% 99.92% 65.91%
Non US
16.00% 0.00% 50.62% 34.09%

GASFX - Expenses

Operational Fees

GASFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.01% 0.10% 2.37% 63.64%
Management Fee 0.40% 0.08% 1.00% 4.55%
12b-1 Fee 0.15% 0.00% 1.00% 20.00%
Administrative Fee 0.04% 0.03% 0.25% 10.53%

Sales Fees

GASFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

GASFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GASFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 1.00% 507.00% 34.09%

GASFX - Distributions

Dividend Yield Analysis

GASFX Category Low Category High GASFX % Rank
Dividend Yield 0.02% 0.00% 0.11% 31.82%

Dividend Distribution Analysis

GASFX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Quarterly Monthly Quarterly

Dividend Payout History


Net Income Ratio Analysis

GASFX Category Low Category High GASFX % Rank
Net Income Ratio 2.18% 0.69% 3.68% 43.18%

Capital Gain Distribution Analysis

GASFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Monthly Annually

GASFX - Managers

Ryan C. Kelley

Manager

Start Date

Tenure

Tenure Rank

Mar 31, 2013

6.08

6.1%

Kelley has been employed by Hennessy Advisors, Inc. since October 26, 2012. Prior to October 26 2012, Mr. Kelley was employed by FBR Fund Advisers, Inc. Prior to joining the FBR Advisers, Inc. in 2005, he held various positions at FBR, including senior equity analyst in the research department since 2002 and associate in corporate finance for five years prior to 2002. Kelley holds the Chartered Financial Analyst designation.


L. Joshua Wein

Manager

Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.17

0.2%

Wein joined the Investment Manager in September 2018 until February 2019.Josh previously joined BB&T Asset Management in 2008 and Sterling Capital Management through merger in October 2010. He has investment experience since 1995. Josh is an investment analyst with Sterling's Advisory Solutions team with a focus on alternative investments. Prior to joining BB&T, he worked as a Managing Member of Bellator Capital Partners, a long/short equity fund focused primarily on small and mid-cap equities. He also worked as an Equity Research Associate covering enterprise software companies at First Union Securities. Josh is a graduate of Emory University where he received his BBA in Finance. He received his MBA from Vanderbilt University. He is a CAIA charterholder.


Tenure Analysis

Category Low

0.17

Category High

27.22

Category Average

11.52

Category Mode

5.0