XML 24 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Hennessy Cornerstone Value Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Hennessy Cornerstone Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Hennessy Cornerstone Value Fund seeks total return, consisting of capital appreciation 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 had a portfolio turnover rate of 36% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 36.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Effective February 28, 2017, the assets of the Hennessy Large Value Fund were reorganized into the Fund. “Remaining Other Expenses” has been restated to reflect the anticipated expenses of the Fund following this reorganization, which may cause “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 larger, dividend-paying companies (companies with market capitalizations that exceed the average of the Capital 1Q Database) by utilizing a highly disciplined, quantitative formula known as the Cornerstone Value Strategy® (the “Value Strategy”). The Fund invests in both domestic and foreign companies whose securities are listed on a U.S. national securities exchange and American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. The Value Strategy then selects the 50 common stocks with the highest dividend yield as of the date of purchase from the Capital IQ Database that also meet the following criteria:

 
1)
 Market capitalization that exceeds the Database average
 
 
2)
 Number of shares outstanding that exceeds the Database average
 
 
3)
 Twelve-month sales that are 50% greater than the Database average
 
 
4)
 Cash flow that exceeds the Database average

The Fund purchases 50 stocks as dictated by the Value Strategy, weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Value Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Value Strategy’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

As of January 31, 2017, the average market capitalization of the stocks held by the Fund was $84.7 billion.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time and it is possible to lose money. The principal risks of investing in the Fund include the following:

Market and Equity Investments 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 Value Strategy 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’s portfolio 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 Value Strategy, which may result in the sale of securities that have been performing well in the near term and the purchase of securities that have been performing less well in the near term.

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.

Value Investing Risk:  A value-oriented investment approach involves the risk that value stocks may remain undervalued, or may not appreciate in value as anticipated.  Value stocks may perform differently from the market as a whole and may be out of favor with investors for periods of time.

Foreign Securities Risk: The Fund may invest in the securities of foreign issuers, including American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. There are specific risks associated with investing in the securities of foreign companies not typically associated with investing in domestic companies. Risks include fluctuations in the exchange rates of foreign currencies, which may affect the U.S. Dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country.
Risk Lose Money [Text] rr_RiskLoseMoney The value of your 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 60 of this Prospectus. The Fund is the successor to the Hennessy Cornerstone Value Fund, a series of Hennessy Mutual Funds, Inc. (the “Predecessor Value Fund”). The performance information provided for the periods on or prior to February 28, 2014, is historical information for the Predecessor Value Fund, which was managed by the same investment adviser and had the same investment objective and 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 Hennessy Funds’ 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 CORNERSTONE 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 28.59% for the quarter ended September 30, 2009, and the lowest quarterly return was -22.40% 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 28.59%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.40%)
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 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 inception date of the Fund’s Institutional Class is March 3, 2008.  Performance shown prior to the inception of Institutional Class shares reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to and are higher than those of Institutional Class shares.
Caption rr_AverageAnnualReturnCaption AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2016)
Hennessy Cornerstone 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 17.34%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 14.80%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.72%
Hennessy Cornerstone 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 11.96%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 14.66%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.95%
Hennessy Cornerstone Value 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%
Shareholder Servicing rr_Component1OtherExpensesOverAssets 0.10%
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.23% [1]
Other Expenses rr_OtherExpensesOverAssets 0.33%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.22%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 124
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 387
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 670
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,477
Annual Return 2007 rr_AnnualReturn2007 0.59%
Annual Return 2008 rr_AnnualReturn2008 (43.07%)
Annual Return 2009 rr_AnnualReturn2009 44.62%
Annual Return 2010 rr_AnnualReturn2010 12.51%
Annual Return 2011 rr_AnnualReturn2011 6.47%
Annual Return 2012 rr_AnnualReturn2012 11.94%
Annual Return 2013 rr_AnnualReturn2013 26.40%
Annual Return 2014 rr_AnnualReturn2014 8.86%
Annual Return 2015 rr_AnnualReturn2015 (6.37%)
Annual Return 2016 rr_AnnualReturn2016 17.25%
Label rr_AverageAnnualReturnLabel Investor Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 17.25%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.08%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.31%
Hennessy Cornerstone Value Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.13%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 10.40%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.72%
Hennessy Cornerstone Value Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Return before taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 9.77%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.70%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.16%
Hennessy Cornerstone Value 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 0.21% [1]
Other Expenses rr_OtherExpensesOverAssets 0.21%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 97
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 303
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 525
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,166
Label rr_AverageAnnualReturnLabel Institutional Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 17.61%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.31%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.53%
[1] Effective February 28, 2017, the assets of the Hennessy Large Value Fund were reorganized into the Fund. "Remaining Other Expenses" has been restated to reflect the anticipated expenses of the Fund following this reorganization, which may cause "Total Annual Fund Operating Expenses" to differ from the ratio of expenses to net assets shown in the Fund's most recent annual report.