XML 16 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Hennessy Large Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Hennessy Large Value Fund seeks long-term growth of capital and current income.
Expense [Heading] rr_ExpenseHeading Fund Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 91% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 91.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on the assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks that are considered to be undervalued in relation to earnings, dividends and/or assets.  The Fund invests in stocks that, at the time of initial purchase, meet each of the following criteria:

 
stocks that the portfolio managers consider to be undervalued based on their earnings, dividends and/or assets or other widely recognized stock valuation measurements; and
 

 
stocks that the portfolio managers believe have sound businesses with good future potential based on their fundamental characteristics.

The Fund normally invests for the long-term, but may sell a security at any time that the Fund’s portfolio managers consider it to be overvalued or otherwise unfavorable.  With respect to stocks, the Fund generally requires a minimum market capitalization of $1 billion at time of purchase, and there is no maximum market capitalization.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with any security, there are market and investment risks associated with an investment in the Fund. The value of an investment will fluctuate over time and it is possible to lose money. The principal risks of investing in the Fund include the following:

Market Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, industry, sector of the economy or the market as a whole. The value of equity securities will fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, forecasts for the issuer's industry and the value of the issuer's assets.

Medium-Sized Companies Risk: The Fund may invest in medium-sized companies, that may have more limited liquidity and greater price volatility than larger, more established companies.

High Portfolio Turnover Risk:  High portfolio turnover will produce higher transaction costs (such as brokerage commissions or markups or markdowns) that the Fund must pay, and will increase realized gains (or losses) to investors, which may lower the Fund’s after-tax performance.
Risk Lose Money [Text] rr_RiskLoseMoney The value of an investment will fluctuate over time and it is possible to lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The Fund is the successor to the Tamarack Value Fund pursuant to a reorganization that took place on March 20, 2009. The performance information provided for the periods from April 19, 2004 to March 20, 2009 is historical information for the Tamarack Value Fund’s Class S shares. The Tamarack Value Fund was managed by RBC Global Asset Management (U.S.) Inc. (formerly known as Voyageur Asset Management Inc.) and had the same investment objective and a similar investment strategy as the Fund. The performance information provided for periods prior to April 19, 2004 is historical information for the Babson Value Fund, the predecessor to the Tamarack Value Fund.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance, as well as an additional index that reflects the market sectors in which the Fund invests, the S&P 500 Index and the Russell 1000® Value Index. For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for 1, 5 and 10 years compare with those of a broad measure of market performance, as well as an additional index that reflects the market sectors in which the Fund invests, the S&P 500 Index and the Russell 1000® Value Index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress hennessyfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of future performance.
Bar Chart [Heading] rr_BarChartHeading HENNESSY LARGE VALUE FUND TOTAL RETURN OF INVESTOR SHARES
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
For the period shown in the bar chart, the Fund’s highest quarterly return was 16.42% for the quarter ended September 30, 2009 and the lowest quarterly return was -21.02% for the quarter ended December 31, 2008.
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.42%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.02%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for only Investor Class shares and after-tax returns for the Institutional Class shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock
Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
We use the Russell 1000® Value Index because that index compares the Fund’s performance with the returns of an index of funds holding investments similar to those of the Fund.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.  After-tax returns are shown for only Investor Class shares and after-tax returns for the Institutional Class shares will vary. The Fund’s return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.

For periods prior to March 20, 2009, performance shown reflects the performance of the Tamarack Value Fund’s Class S shares and includes expenses that are not applicable to and are different than those of the Investor Class and Institutional Class shares.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2013)
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, One Year rr_AverageAnnualReturnYear01 32.53%
Average Annual Returns, Five Years rr_AverageAnnualReturnYear05 16.67%
Average Annual Returns, Ten Years rr_AverageAnnualReturnYear10 7.58%
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, One Year rr_AverageAnnualReturnYear01 32.39%
Average Annual Returns, Five Years rr_AverageAnnualReturnYear05 17.94%
Average Annual Returns, Ten Years rr_AverageAnnualReturnYear10 7.41%
Hennessy Large Value Fund - Investor Class
 
Risk/Return: rr_RiskReturnAbstract  
Sales charge (load) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption fee rr_RedemptionFeeOverRedemption none
Exchange fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing rr_Component1OtherExpensesOverAssets 0.10%
All Remaining Other Expenses rr_Component2OtherExpensesOverAssets 0.38%
Other Expenses rr_OtherExpensesOverAssets 0.48%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.33%
Net Expenses rr_NetExpensesOverAssets 1.33%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 135
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 421
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 729
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,601
Annual Return 2004 rr_AnnualReturn2004 16.34%
Annual Return 2005 rr_AnnualReturn2005 1.29%
Annual Return 2006 rr_AnnualReturn2006 15.28%
Annual Return 2007 rr_AnnualReturn2007 3.31%
Annual Return 2008 rr_AnnualReturn2008 (36.35%)
Annual Return 2009 rr_AnnualReturn2009 19.45%
Annual Return 2010 rr_AnnualReturn2010 10.76%
Annual Return 2011 rr_AnnualReturn2011 0.58%
Annual Return 2012 rr_AnnualReturn2012 16.33%
Annual Return 2013 rr_AnnualReturn2013 28.27%
Label rr_AverageAnnualReturnLabel Hennessy Large Value Fund - Investor Return before taxes
Average Annual Returns, One Year rr_AverageAnnualReturnYear01 28.27%
Average Annual Returns, Five Years rr_AverageAnnualReturnYear05 14.70%
Average Annual Returns, Ten Years rr_AverageAnnualReturnYear10 5.90%
Hennessy Large Value Fund - Investor Class | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Hennessy Large Value Fund - Investor Return after taxes on distributions
Average Annual Returns, One Year rr_AverageAnnualReturnYear01 28.04%
Average Annual Returns, Five Years rr_AverageAnnualReturnYear05 14.52%
Average Annual Returns, Ten Years rr_AverageAnnualReturnYear10 4.62%
Hennessy Large Value Fund - Investor Class | After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Hennessy Large Value Fund - Investor Return after taxes on distributions and sale of Fund shares
Average Annual Returns, One Year rr_AverageAnnualReturnYear01 16.20%
Average Annual Returns, Five Years rr_AverageAnnualReturnYear05 11.87%
Average Annual Returns, Ten Years rr_AverageAnnualReturnYear10 4.99%
Hennessy Large Value Fund - Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Sales charge (load) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption fee rr_RedemptionFeeOverRedemption none
Exchange fee rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing rr_Component1OtherExpensesOverAssets none
All Remaining Other Expenses rr_Component2OtherExpensesOverAssets 0.29%
Other Expenses rr_OtherExpensesOverAssets 0.29%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.14%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.16%) [1]
Net Expenses rr_NetExpensesOverAssets 0.98%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 100
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 346
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 612
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,372
Label rr_AverageAnnualReturnLabel Hennessy Large Value Fund - Institutional Return before taxes
Average Annual Returns, One Year rr_AverageAnnualReturnYear01 28.73%
Average Annual Returns, Five Years rr_AverageAnnualReturnYear05 15.13%
Average Annual Returns, Ten Years rr_AverageAnnualReturnYear10 6.09%
[1] The Fund's investment manager has contractually agreed to insure that total operating expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund's Board of Trustees terminates it.