Fund Renews Portfolio Once A Year; Rebuilds Over Winter; Neil Hennessy holds his picks for full year in Cornerstone Growth.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)

Publication: Investor's Business Daily

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COPYRIGHT 2005 Investor's Business Daily, Inc.

Byline: KEN HOOVER

You probably envision your mutual fund manager spending his workday peering at flashing numbers on a computer screen, waiting for one more downtick before he plunges in with your money.

He might listen intently on conference calls, pose probing questions to CEOs and burn the midnight oil studying financial statements.

Not Neil Hennessy, 49, who runs Hennessy Cornerstone Growth Fund. He buys in December and holds about a year. And his system is so maddeningly simple you wonder what he does with his time.

Starting with a universe of 9,700 stocks, he first eliminates those with market caps of less than $134 million. That keeps him out of thinly traded, illiquid, micro-cap companies where he could get burned.

Then he...

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