Hennessy Small Cap Financial Fund
HSFNX
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- Hennessy Small Cap Financial Fund (HSFNX) is an actively managed open-end mutual fund that seeks capital appreciation by investing primarily in equity securities of small-cap companies engaged in the financial services sector. The Fund maintains a concentrated portfolio of 25-50 common stocks, with at least 80% of its net assets allocated to small-cap issuers (market capitalization under $3 billion at purchase) principally involved in financial services activities, including consumer and commercial banking; global payments; insurance; securities and investments; specialty finance; and real estate; such holdings encompass regional and community banks, mortgage banking companies, consumer finance firms, savings and loan associations, investment companies, depository institutions, and real estate investment trusts listed on U.S. national securities exchanges, including through American Depositary Receipts. The Fund's Investor Class (HSFNX) and Institutional Class (HISFX) shares feature net expense ratios of 1.63% and 1.29%, respectively, with a portfolio turnover rate of 36% as of September 30, 2025; total net assets stood at approximately $70 million, with a median market capitalization of $2.4 billion, median price/earnings ratio of 12.5x, and median price/book ratio of 1.0x among holdings predominantly in regional banks (92.2% sub-industry weighting). Hennessy Advisors, Inc., founded in 1989 and headquartered in Novato, California, serves as the investment manager, with portfolio managers David H. Ellison (since inception) and Ryan C. Kelley, CFA (since 2013), employing a value-oriented strategy focused on low price-to-earnings and price-to-book ratios relative to peers, high-quality management, conservative lending cultures, and sustainable earnings growth opportunities. The Fund operates within the U.S. market, targeting individual and institutional investors seeking exposure to the Russell 2000 Index Financials benchmark, with geographic focus on United States-based issuers (99.7% country allocation as of September 30, 2025). In recent developments, the Fund launched its Institutional Class shares (HISFX) in 2008 and paid capital gains distributions on December 4, 2025, totaling $2.76471 per Investor share; meanwhile, its investment manager Hennessy Advisors completed the acquisition and reorganization of STF Management ETFs—including the STF Tactical Growth ETF and STF Tactical Growth & Income ETF, with combined assets of $220 million—into Hennessy Funds Trust during the third quarter of 2025, marking its eleventh strategic asset purchase and expansion into exchange-traded funds.