Hennessy Funds Surpass $1 Billion in Assets
03 Dicembre 2003 - 11:00PM
PR Newswire (US)
Hennessy Funds Surpass $1 Billion in Assets NOVATO, Calif., Dec. 3
/PRNewswire-FirstCall/ -- Hennessy Advisors, Inc. (BULLETIN BOARD:
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 new investments. 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."
About Hennessy Advisors 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). Forward-Looking Statements 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: -- Continuing volatility in the equity markets may
cause the levels of assets under management to fluctuate
significantly. -- Continued weak market conditions may lower assets
under management and reduce the company's revenues and income.
Supplemental Information Nothing 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. For more complete information about the Hennessy
Funds, including risks, fees and expenses, call 800-966-4354 to
obtain a free prospectus. Read it carefully before you invest or
send money. The distributor for the Hennessy Funds is Quasar
Distributors, LLC. DATASOURCE: Hennessy Advisors, Inc. CONTACT:
Terry Nilsen of Hennessy Advisors, Inc., +1-415-899-1555, or fax,
+1-415-899-1559 Web site: http://www.hennessy-funds.com/
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