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History

"Our founding principle of ‘Shareholders First’ still guides us each day.” - Terry Nilsen, Executive VP

Hennessy Advisors, Inc., the investment advisor to the Hennessy Funds, was founded in 1989 in the San Francisco Bay Area by Neil J. Hennessy, who had been a successful stockbroker, branch, regional, and divisional manager for Paine Webber. He named the company in honor of his father, Edward J. Hennessy, who had also been a successful stockbroker. Neil believed that his father embodied the ideals that would make his business successful. Hennessy Advisors was founded on the principles of treating clients honestly and ethically, building strong partnerships and managing money for the sole benefit of shareholders, and those same principles guide us today, over 25 years later.

The firm became an SEC-registered investment advisor in 1990 and expanded from serving individual clients to managing open-end mutual funds. Our first fund, the Hennessy Balanced Fund opened in 1996, followed soon thereafter by the Hennessy Total Return Fund in 1998.

Following seven successful, strategic acquisitions, the Hennessy family of products now includes mutual funds covering domestic equity, sector and specialty, and multi-asset categories.

Hennessy maintains offices in Novato, CA and Boston, MA.


1989

Neil Hennessy founds the firm.


1990

Firm registers as an Investment Advisor.


1996

Launches first mutual fund, the Hennessy Balanced Fund.


1998

Launches the Hennessy Total Return Fund.


2000

Acquires the Cornerstone Growth Fund and the Cornerstone Value Fund.


2003

Acquires the SYM Select Growth Fund to launch the Hennessy Cornerstone Mid Cap 30 Fund.


2004

Acquires Linder Asset Management (five funds merge into existing Hennessy Funds).


2005

Acquires the Henlopen Fund to launch the Hennessy Cornerstone Growth Fund, Series II (subsequently merges into Cornerstone Growth in 2011).


2009

Acquires the Tamarack Large Cap Growth Fund to launch the Hennessy Cornerstone Large Growth Fund and acquires the Tamarack Value Fund, which is renamed and is now the Hennessy Large Value Fund. These funds were acquired from Voyageur Asset Management, which is now known as RBC Global Asset Management (U.S.), and they continue to sub-advise the Hennessy Large Value Fund.


Acquires the Japan Fund and the Japan Small Cap Fund from SPARX Asset Management, and they continue to sub-advise these Funds.


2012

Acquires the ten FBR Funds, merging three into existing Hennessy Funds and adding seven new funds to the Hennessy line-up. Each of the seven Funds continue to be managed by the same Portfolio Managers that managed them as FBR Funds.


2016

Acquires The Westport Funds, merging two funds into the Hennessy Cornerstone Mid Cap 30 Fund.