Fund Evaluator:
Hennessy Cornerstone Large Growth Instl (HILGX)
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Best Performing in Mid-Cap Value Over the Last Year
| 41.4% | Fidelity Value Strategies (FSLSX) |
| 39.3% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 39.2% | Fidelity Mid Cap Value (FSMVX) |
| 38.8% | Harbor Mid Cap Value Instl (HAMVX) |
| 38.3% | Harbor Mid Cap Value Investor (HIMVX) |
Fund Details
Hennessy Cornerstone Large Growth Instl Overview
Hennessy Cornerstone Large Growth Instl (HILGX) is an actively managed U.S. Equity Mid-Cap Value fund. Hennessy launched the fund in 2009.
The investment seeks long-term growth of capital. The fund invests in growth-oriented common stocks of larger companies by utilizing a quantitative formula known as the Cornerstone Large Growth Formula (the "Large Growth Formula"). It purchases 50 stocks weighted equally by dollar amount, with 2% of the portfolio's assets invested in each. Using the Large Growth Formula, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter.
About Hennessy Cornerstone Large Growth Instl (HILGX)
There are 3 members of the management team with an average tenure of 11.41 years: Ryan Kelley (2017), L. Wein (2019), Neil Hennessy (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. Hennessy Cornerstone Large Growth Instl has 51 securities in its portfolio. The top 10 holdings constitute 29.1% 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 Cornerstone Large Growth Instl is part of the Equity global asset class and is within the U.S. Equity fund group. Hennessy Cornerstone Large Growth Instl has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.9%. There is 0.0% 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 Cornerstone Large Growth Instl has 2.1% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $642 million average for the Mid-Cap Value 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.
HILGX 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 Cornerstone Large Growth Instl expense ratio is high compared to funds in the Mid-Cap Value category. Hennessy Cornerstone Large Growth Instl has an expense ratio of 1.00%, which is 3% 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 Cornerstone Large Growth Instl has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.
Recently, in the month of July 2026, Hennessy Cornerstone Large Growth Instl returned 3.0%, which earned it a grade of B, as the Mid-Cap Value category had an average return of 1.7%. 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 Cornerstone Large Growth Instl has a trailing yield of 1.00%, which is above the 0.87% category average. The fund normally distributes its income annually 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 Cornerstone Large Growth Instl Grades
Year to date, the fund has returned 15.0%, 0.6 percentage points worse than the category, which translates into a grade of C. The fund has returned 19.7% over the past year (grade of D), 10.0% over the past three years (grade of F) and 7.9% per year over the past five years (grade of D) and 11.5% per year over the past 10 years (grade of A).
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HILGX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HILGX Return (NAV) | 3.0% | 7.4% | 19.7% | 10.0% | 7.9% | 11.5% |
| HILGX Grade | B | B | D | F | D | A |
| +/- Category | 1.3% | 1.4% | -3.4% | -3.4% | -1.5% | 1.4% |
| Mid-Cap Value Avg | 1.7% | 6.0% | 23.1% | 13.4% | 9.4% | 10.1% |
| HILGX Tax Cost Ratio | na | na | 1.6% | 1.4% | 2.3% | 2.1% |
HILGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HILGX Return (NAV) | 15.0% | 7.7% | 4.7% | 22.1% | -13.1% | 35.1% | 5.8% | 27.8% | -8.7% | 17.3% | 15.0% |
| HILGX Grade | C | D | F | A | F | A | B | C | A | A | D |
| +/- Category | -0.6% | -2.2% | -7.1% | 8.2% | -4.9% | 7.6% | 2.0% | 1.5% | 4.7% | 3.2% | -2.3% |
| Mid-Cap Value Avg | 15.5% | 9.9% | 11.8% | 13.9% | -8.2% | 27.5% | 3.8% | 26.3% | -13.4% | 14.1% | 17.4% |
| Risk Measures | |
| Standard Deviation: | 13.7% |
| Total Risk Index: | 1.12 - Above Average |
| Category Risk Index: | 0.94 - Below Average |
| Category Risk Grade: | B (33% Rank) |
| Beta: | 0.73 |
| R-Squared: | 48% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $143 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 46% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 17.4 years | |||
| Average Tenure: 11.4 years | |||
| Managers (Year): Hennessy Neil (2009), Kelley Ryan (2017), Wein L. (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 51 |
| % in Top 10 Holdings: | 29.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 97.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.1% |
Purchase Information
| Fund Family: | Hennessy |
| Phone Number: | 800-966-4354 |
| Website: | www.hennessyfunds.com |
| Status: | Open |
| Inception Date: | March 20, 2009 |
| Min. Initial Purchase: | $250,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Hennessy Cornerstone Large Growth Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
