July 1 , 2005

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Novato, CA - July 1, 2005 - Hennessy Advisors, Inc. (OTCBB:HNNA), today announced the purchase of $299 million in assets related to the management contract for The Henlopen Fund (HENLX). The mutual fund will now be called Hennessy Cornerstone Growth Fund, Series II and will be managed using a time-tested, quantitative formula known as the Cornerstone Growth Strategy®. This formula is the same as the one employed in the Hennessy Cornerstone Growth Fund (HFCGX), but because the two funds purchase stocks at different times of the year, they should maintain substantially different portfolios. The Hennessy Cornerstone Growth Fund, Series II will retain the symbol HENLX.

“Our firm was selected to manage this fund because of our history of solid performance, comparable investment style, low expenses and our reputation for quality service,” said Neil Hennessy, President and Chairman of Hennessy Advisors, Inc. “I want to personally welcome each Henlopen shareholder to the Hennessy family of funds, and to reiterate our promise to manage the fund in the sole interest of its shareholders. To that end, we are pleased to immediately reduce the expense ratio of the fund from 1.38% to 1.25%,” he added.

Including the assets from this acquisition, Hennessy Advisors now manages total assets of more than $1.66 billion.

Hennessy Advisors, Inc., based in Novato, California, is the investment manager to six no-load mutual funds, which satisfy a variety of investment horizons and risk tolerance levels. Each of the Hennessy Funds employs a time-tested stock selection formula and is managed with unwavering discipline and consistency.

Supplemental Information
Nothing in this section 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.

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