Hennessy Cornerstone Mid Cap 30 Fd Inv Cl
HFMDX
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ROIC.AI
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- Hennessy Cornerstone Mid Cap 30 Fund Investor Class (HFMDX) is an open-end equity mutual fund that seeks long-term growth of capital by investing at least 80% of its net assets in a concentrated portfolio of 30 mid-cap growth-oriented common stocks selected through the proprietary Cornerstone Mid Cap 30 Formula. The formula quantitatively screens U.S. public companies from the S&P Capital IQ Database with market capitalizations between $2 billion and $25 billion, price-to-sales ratios below 1.5, higher annual earnings than the prior year, and positive price appreciation over the past three- and six-month periods, selecting the 30 stocks with the highest one-year price appreciation for equal weighting at approximately 3.33% each; the portfolio rebalances annually in the fall. Top holdings as of September 30, 2025, include MasTec Inc., Primoris Services Corp., Dycom Industries Inc., Peloton Interactive Inc., and TD SYNNEX Corp., with sector overweightings in industrials (34.5%) and consumer discretionary (25.7%). Launched in 2003 through Hennessy Advisors, Inc.'s acquisition of the SYM Select Growth Fund, HFMDX operates within the small blend category per Morningstar, benchmarking against the Russell Midcap Index and S&P 500 Index, with total net assets of approximately $1.3 billion and a gross expense ratio of 1.33% for the investor class. Hennessy Advisors, founded in 1989 and headquartered in Novato, California, with additional offices in Boston, Massachusetts; Chapel Hill, North Carolina; and Austin, Texas, manages the fund alongside its institutional class (HIMDX); the firm has grown through 11 strategic fund acquisitions, merging assets into HFMDX from Westport Funds in 2016 and Rainier Funds in 2017-18. Recent developments include an expansion of the eligible market capitalization range from $1-$10 billion to $2-$25 billion as of September 3, 2025, to better capture mid-cap opportunities amid shifting market dynamics, as highlighted in the October 2025 portfolio commentary by managers Ryan Kelley and Josh Wein. The fund underwent its latest annual rebalance in fall 2025, emphasizing consumer discretionary and industrials drivers, with portfolio managers noting strong positioning for AI infrastructure beneficiaries and potential falling interest rate environments in November 2025 insights. Hennessy Advisors continues its acquisition strategy parent-level, completing purchases such as the CCM Core Impact Equity Fund in 2024, though no direct changes to HFMDX operations were reported in the past 1-2 years beyond the formula adjustment and routine rebalancing.