Fund Evaluator:
Hennessy Gas Utility Investor (GASFX)
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Best Performing in Utilities Over the Last Year
| 19.3% | ICON Utilities and Income Inv (ICTVX) |
| 15.5% | Fidelity Advisor Utilities Z (FFUZX) |
| 15.4% | Fidelity Select Utilities (FSUTX) |
| 15.2% | Hennessy Gas Utility Investor (GASFX) |
| 15.0% | American Century Utilities Inv (BULIX) |
Fund Details
Hennessy Gas Utility Investor Overview
Hennessy Gas Utility Investor (GASFX) is a passively managed Sector Equity Utilities fund. Hennessy launched the fund in 1989.
The investment seeks income and capital appreciation. The advisor intends to provide investment results that replicate the performance of the American Gas Association Stock Index. The index is maintained by the American Gas Association, a national trade association of natural gas distribution companies, and is licensed exclusively to the Manager for use as an investment strategy. The advisor intends to invest at least 85% of its net assets in the common stock of companies that have natural gas distribution and transmission operations and no attempt is made to actively manage the fund's portfolio by using economic, financial, or market analysis.
About Hennessy Gas Utility Investor (GASFX)
There are 2 members of the management team with an average tenure of 10.30 years: Ryan Kelley (2013), L. Wein (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and AGA Stock TR USD index with a weighting of 100%. Hennessy Gas Utility Investor has 47 securities in its portfolio. The top 10 holdings constitute 49.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Hennessy Gas Utility Investor is part of the Equity global asset class and is within the Sector Equity fund group. Hennessy Gas Utility Investor has 13.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.8%. There is 13.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Hennessy Gas Utility Investor has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $449 million in total assets, which is below the $517 million average for the Utilities category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GASFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Hennessy Gas Utility Investor expense ratio is high compared to funds in the Utilities category. Hennessy Gas Utility Investor has an expense ratio of 0.97%, which is 13% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Hennessy Gas Utility Investor has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 53% for the Utilities category.
Recently, in the month of June 2026, Hennessy Gas Utility Investor returned 3.0%, which earned it a grade of A, as the Utilities category had an average return of 2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Hennessy Gas Utility Investor has a trailing yield of 1.78%, which is below the 3.02% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Hennessy Gas Utility Investor Grades
Year to date, the fund has returned 12.0%, 3.6 percentage points better than the category, which translates into a grade of A. The fund has returned 15.2% over the past year (grade of C), 16.0% over the past three years (grade of B) and 12.2% per year over the past five years (grade of B) and 8.1% per year over the past 10 years (grade of D).
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GASFX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GASFX Return (NAV) | 3.0% | -1.6% | 15.2% | 16.0% | 12.2% | 8.1% |
| GASFX Grade | A | F | C | B | B | D |
| +/- Category | 0.9% | -1.4% | -0.1% | 1.8% | 2.1% | -0.5% |
| Utilities Avg | 2.1% | -0.2% | 15.3% | 14.3% | 10.0% | 8.6% |
| GASFX Tax Cost Ratio | na | na | 2.9% | 2.3% | 2.4% | 2.2% |
GASFX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GASFX Return (NAV) | 12.0% | 10.4% | 25.0% | 0.3% | 6.2% | 19.5% | -9.3% | 20.8% | -3.5% | 7.0% | 20.7% |
| GASFX Grade | A | F | C | A | A | A | F | D | F | F | A |
| +/- Category | 3.6% | -4.3% | 3.7% | 4.6% | 5.5% | 3.6% | -9.8% | -2.7% | -5.9% | -5.2% | 5.1% |
| Utilities Avg | 8.4% | 14.7% | 21.2% | -4.4% | 0.6% | 16.0% | 0.5% | 23.5% | 2.4% | 12.3% | 15.6% |
| Risk Measures | |
| Standard Deviation: | 12.6% |
| Total Risk Index: | 1.03 - Average |
| Category Risk Index: | 0.86 - Low |
| Category Risk Grade: | A (2% Rank) |
| Beta: | 0.26 |
| R-Squared: | 7% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $516 Mil |
| Fund Total Assets: | $ 449 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.3 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Kelley Ryan (2013), Wein L. (2019) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 47 |
| % in Top 10 Holdings: | 49.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 13.7% |
Portfolio Allocation |
|
| Domestic Stock: | 84.8% |
| Foreign Stock: | 13.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.5% |
Purchase Information
| Fund Family: | Hennessy |
| Phone Number: | 800-966-4354 |
| Website: | www.hennessyfunds.com |
| Status: | Open |
| Inception Date: | May 10, 1989 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.15% |
Expenses and Fees | |
| Expense Ratio (%): | 0.97% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Hennessy Gas Utility Investor |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
