XML 28 R43.htm IDEA: XBRL DOCUMENT v3.3.1.900
Label Element Value
Hennessy Large Value Fund  
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 85% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 85.00%
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
Under normal circumstances, the Fund invests 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, 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.

Medium-Sized Companies Risk: The Fund may invest in medium-sized companies, which 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.

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, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the S&P 500 Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell 1000® Value Index. For additional information on these indices, please see “Descriptions of Indices ” on page 66 of this Prospectus. 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 on or prior 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 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 an index that reflects a broad measure of market performance, the S&P 500 Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell 1000® Value Index.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex We use the Russell 1000® Value Index as an additional index because it compares the Fund’s performance with the returns of an index reflecting the performance of investments similar to those of the Fund.
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 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 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 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 and inception dates.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
We use the Russell 1000® Value Index as an additional index because it compares the Fund’s performance with the returns of an index reflecting the performance of 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 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.

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 Investor Class and Institutional Class shares.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2015)
Hennessy Large Value Fund | 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, 1 Year rr_AverageAnnualReturnYear01 (3.83%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.27%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.16%
Hennessy Large Value 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, 10 Years rr_AverageAnnualReturnYear10 7.31%
Hennessy Large Value Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
SHAREHOLDER FEES (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.85%
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 1.35%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 137
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 428
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 739
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,624
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%
Annual Return 2014 rr_AnnualReturn2014 12.19%
Annual Return 2015 rr_AnnualReturn2015 (3.46%)
Label rr_AverageAnnualReturnLabel Hennessy Large Value Fund - Investor Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.46%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 10.21%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.01%
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, 1 Year rr_AverageAnnualReturnYear01 (5.54%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 9.37%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.83%
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, 1 Year rr_AverageAnnualReturnYear01 (0.24%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.12%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.16%
Hennessy Large Value Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
SHAREHOLDER FEES (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing rr_Component1OtherExpensesOverAssets none
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.33%
Other Expenses rr_OtherExpensesOverAssets 0.33%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.18%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 120
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 375
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 649
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,432
Label rr_AverageAnnualReturnLabel Hennessy Large Value Fund - Institutional Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.39%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 10.55%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.24%
[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.