Hennessy Completes the Acquisition of the Rainier U.S. Equity Funds
January 12, 2018 - Hennessy Advisors, Inc., the investment manager of the Hennessy Funds, today announced that it has completed the
acquisition of assets related to the management of the Rainier
Small/Mid Cap Equity Fund, the third and final of the Rainier U.S. Equity Funds.
As a result, the Rainier Small/Mid Cap Equity Fund will be reorganized into the
Hennessy Cornerstone Mid Cap 30 Fund effective for shareholders on January 16, 2018, based on closing prices as of January 12, 2018, as follows:
NAV as of Jan. 12 Conversion Ratio
Rainier Small/Mid Cap Equity, Original (RIMSX) $37.4758 1.83935723 shares of HFMDX
Rainier Small/Mid Cap Equity, Institutional (RAISX) $40.3208 1.92688311 shares of HIMDX
Hennessy Cornerstone Mid
Cap 30, Original (HFMDX) $20.3744 ___
Hennessy Cornerstone Mid Cap 30, Institutional (HIMDX) $20.9254 ___
want to welcome the shareholders of the Rainier Funds to the
Hennessy family of funds,” said Neil Hennessy, Chairman, CEO and President of
Hennessy Advisors, Inc. and President and Chief Investment Officer of Hennessy Funds. “We are honored to have the opportunity to serve these
shareholders and look forward to helping them meet their investment goals,” he
Advisors, Inc. previously completed the acquisition of assets related to the
management of the Rainier Large Cap Equity Fund and Rainier Mid Cap Equity
Fund, which were reorganized into the Hennessy Cornerstone Large Growth Fund and the
Hennessy Cornerstone Mid Cap 30 Fund, respectively, on December 1, 2017. For more information on that transaction please refer to the press release dated Dec. 1, 2017.
For more information, please read the FAQs regarding the reorganization.
About Hennessy Funds
Hennessy Funds offers a wide range of domestic equity, multi-asset, sector and specialty mutual funds. Hennessy is committed to its consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach and to providing superior service to shareholders.