FUNDS SURPASS $1 BILLION IN ASSETS
CA - December 3, 2003 - Hennessy Advisors, Inc. (OTCB:HNNA) announced
today that it has surpassed $1 billion in assets under management
in their five no-load Hennessy Funds.
"We are very excited to achieve this significant milestone,"
said Neil J. Hennessy, president, chairman and CEO of Hennessy Advisors,
Inc. Hennessy's assets have more than doubled since the beginning
of 2003, when the company had just under $500 million under management
in their mutual funds.
The growth of Hennessy's assets is particularly significant because
it has occurred during times when some mutual fund companies have
experienced a loss of assets. In 2002, Hennessy Advisors grew assets
under management 240%, from $207 to $496 million, during the worst
bear market in recent history. Since October, while in the midst
of the recent mutual funds industry scandals, Hennessy's assets
grew $174 million, with almost half of those assets coming from
Hennessy attributes this success to time-tested stock selection
formulas that have produced strong fund performance, and a highly
disciplined management style that puts shareholders first. "Our
funds are built on solid, strategic investment strategies. Our formulas
are straight-forward so that shareholders can understand exactly
how their money is invested," Hennessy commented. "We
believe in serving shareholders with honesty and integrity, which
is why we fully disclose our strategies and performance. And, we
are committed to managing our funds in the sole interest of our
long-term investors. By doing this we've been able to satisfy our
existing shareholders and attract new investors to our funds."
Hennessy Advisors manages the Hennessy Funds, headquartered in Novato,
California. Hennessy Funds is a family of no-load mutual funds,
satisfying a variety of investment objectives and risk tolerance
levels. The company manages the Hennessy Cornerstone Growth Fund
(HFCGX), the Hennessy Cornerstone Value Fund (HFCVX), the Hennessy
Total Return Fund (HDOGX), the Hennessy Balanced Fund (HBFBX) and
the Hennessy Focus 30 Fund (HFTFX).
Statements in this press release regarding Hennessy Advisors, Inc.'s
business that are not historical facts, are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve a number
of risks, uncertainties and other important factors that could cause
the actual results and outcomes to differ materially from any future
results or outcomes expressed or implied by such forward-looking
statements. These risks, uncertainties and other important factors
are described in more detail in the "Risk Factors" section
of the company's annual report on Form 10-KSB for the fiscal year
ended September 30, 2002, filed with the U.S. Securities and Exchange
Commission, including, without limitation, the "Risk Factors"
section of Management's Discussion and Analysis and Results of Operations.
The following factors could affect the actual results of the company:
volatility in the equity markets may cause the levels of assets
under management to fluctuate significantly.
weak market conditions may lower assets under management and reduce
the company's revenues and income.
in this press release shall be considered a solicitation to buy
or an offer to sell a security to any person in any jurisdiction
where such offer, solicitation, purchase or sale would be unlawful
under the securities laws of such jurisdiction.