XML 22 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
Hennessy Cornerstone Large Growth Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Hennessy Cornerstone Large Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Hennessy Cornerstone Large Growth Fund seeks long-term growth of capital.
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 79 % of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 79.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent This item has been restated to reflect the implementation of a Distribution (Rule 12b-1) Plan effective as of November 1, 2015, which causes “Total Annual Fund Operating Expenses” to differ from the ratio of expenses to net assets shown in the Fund’s most recent annual report.
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 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 in growth-oriented common stocks of larger companies, excluding American Depositary Receipts, by utilizing a highly disciplined, quantitative formula known as the Cornerstone Large Growth Formula (the “Large Growth Formula”). The Large Growth Formula selects the 50 common stocks from the Capital IQ Database that meet the following criteria, in order:

 
1)
Market capitalization that exceeds the Database average
 
 
2)
Price-to-cash flow ratio less than the Database median
 
 
3)
Positive total capital
 
 
4)
Highest one-year return on total capital

The Fund purchases 50 stocks as dictated by the Large Growth Formula, 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.  Stocks meeting the Large Growth Formula’s criteria not currently in the portfolio will be purchased, and stocks that no longer meet the criteria will be sold.  Holdings of all stocks in the Fund that continue to meet the criteria will be appropriately increased or decreased to result in an equal 2% weighting.
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, an industry, a 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.

Formula Investing Risk: The Fund will adhere to the Large Growth Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, despite any adverse developments that may arise. This could result in substantial losses to the Fund, if for example, the stocks selected for the Fund for a given year are experiencing financial difficulty, or are out of favor in the market because of weak performance, a poor earnings forecast, negative publicity or general market cycles. The Fund’s portfolio is rebalanced annually in accordance with the Large Growth Formula, which may result in the elimination of better performing assets from the Fund’s investments and increases in investments with relatively lower total return.

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

Growth Style Risk: A growth style of investing may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth.  Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery.  There is the risk that the growth investment style may be out of favor for a period of time.  At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

Value Investing Risk: The value approach to investing involves the risk that value stock may remain undervalued.  Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time.
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 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 and 5 years and since inception compare with those of indices that reflect a broad measure of market performance, the Russell 1000® Index and the S&P 500 Index. For additional information on these indices, please see “Descriptions of Indices ” 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 and 5 years and since inception compare with those of indices that reflect a broad measure of market performance, the Russell 1000® Index and the S&P 500 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 CORNERSTONE LARGE GROWTH FUND CALENDAR YEAR TOTAL RETURNS 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 11.76 % for the quarter ended September 30, 2010 and the lowest quarterly return was -15.98% for the quarter ended September 30, 2011.
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.76%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (15.98%)
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 Investor Class shares only and after-tax returns for 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 return 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.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
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 Investor Class shares only and after-tax returns for 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 return after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2015)
Hennessy Cornerstone Large Growth Fund | Russell 1000® Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 1000® Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.92%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 12.44%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 18.21%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Mar. 20, 2009
Hennessy Cornerstone Large Growth Fund | 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, 1 Year rr_AverageAnnualReturnYear01 1.38%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 12.57%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 17.98%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Mar. 20, 2009
Hennessy Cornerstone Large Growth Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
SHAREHOLDER FEES (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.15% [1]
Shareholder Servicing rr_Component1OtherExpensesOverAssets 0.10%
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.35%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.24%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 126
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 393
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 681
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,500
Annual Return 2010 rr_AnnualReturn2010 18.85%
Annual Return 2011 rr_AnnualReturn2011 2.59%
Annual Return 2012 rr_AnnualReturn2012 10.44%
Annual Return 2013 rr_AnnualReturn2013 33.79%
Annual Return 2014 rr_AnnualReturn2014 16.18%
Annual Return 2015 rr_AnnualReturn2015 (6.60%)
Label rr_AverageAnnualReturnLabel Hennessy Cornerstone Large Growth Fund - Investor Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (6.60%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 10.47%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 17.52%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Mar. 20, 2009
Hennessy Cornerstone Large Growth Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Hennessy Cornerstone Large Growth Fund - Investor Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (11.76%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 15.06%
Hennessy Cornerstone Large Growth Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Hennessy Cornerstone Large Growth Fund - Investor Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.58%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.44%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 14.64%
Hennessy Cornerstone Large Growth Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
SHAREHOLDER FEES (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing rr_Component1OtherExpensesOverAssets none
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.25%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.99%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 101
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 315
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 547
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,213
Label rr_AverageAnnualReturnLabel Hennessy Cornerstone Large Growth Fund - Institutional Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (6.47%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 10.70%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 17.80%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Mar. 20, 2009
[1] This item has been restated to reflect the implementation of a Distribution (Rule 12b-1) Plan effective as of November 1, 2015, which causes "Total Annual Fund Operating Expenses" to differ from the ratio of expenses to net assets shown in the Fund's most recent annual report.