Assets Under Management - Average assets under management for fiscal year 2024 were $3.7 billion, with total assets under management at $4.6 billion as of the end of fiscal year 2024[20]. - Assets under management increased to $4,642,363,000 in fiscal 2024 from $3,032,042,000 in fiscal 2023, reflecting a growth of 53.2%[88]. - Approximately 75% of the company's assets under management are concentrated in five or six funds, with the Hennessy Cornerstone Mid Cap 30 Fund accounting for 27% of average assets under management[176]. Revenue and Fees - The company’s revenue primarily comes from investment advisory services, calculated as a percentage of the average daily net asset values of the Hennessy Funds[18]. - Total revenue, net of sub-advisory fees, for fiscal 2024 was $25,477,000, up from $20,261,000 in fiscal 2023, indicating a growth of 25.5%[89]. - Investment advisory fees for fiscal 2024 were $27,524,000, compared to $22,090,000 in fiscal 2023, marking an increase of 24.5%[89]. - The Hennessy Energy Transition Fund has the highest investment advisory fee at 1.25% of fund assets[93]. - Hennessy Mutual Funds charge a shareholder service fee of 0.10% of the average daily net assets of the Investor Class shares[103]. - The 12b-1 fee for each Hennessy Mutual Fund is set at 0.15% of the average daily net assets of the Investor Class shares[106]. Investment Performance - Hennessy Cornerstone Growth Fund achieved a one-year return of 42.60% for Institutional Class shares and 42.16% for Investor Class shares[76]. - Hennessy Cornerstone Mid Cap 30 Fund reported a one-year return of 44.44% for Institutional Class shares and 43.89% for Investor Class shares[76]. - Hennessy Total Return Fund had a one-year return of 16.77% for Investor Class shares, underperforming the 75/25 Blended DJIA/Treasury Index which returned 22.74%[76]. - Hennessy Cornerstone Value Fund's one-year return was 19.52% for Institutional Class shares and 19.24% for Investor Class shares, compared to the Russell 1000 Value Index at 27.76%[76]. - Hennessy Japan Fund Institutional Class Share (HJPIX) reported a one-year return of 37.43%[78]. - Hennessy Stance ESG ETF (STNC) had a one-year net asset value return of 24.31%[78]. Strategic Growth and Acquisitions - The company completed the purchase of assets related to the management of 10 mutual funds previously managed by FBR Fund Advisers, totaling approximately $2.2 billion[33]. - In November 2023, the company purchased assets related to a mutual fund previously managed by Community Capital Management, totaling approximately $12 million[48]. - In February 2024, the company purchased assets related to a second mutual fund previously managed by Community Capital Management, totaling approximately $59 million[49]. - The company’s business strategy focuses on organic growth through marketing and sales efforts, as well as growth through strategic purchases of management-related assets[20]. - Hennessy Funds have completed 12 asset purchases over nearly 25 years, integrating $4.4 billion in net assets from 33 different investment funds[125]. Regulatory and Compliance - The company maintains compliance with extensive federal and state laws and regulations, including the SEC's Advisers Act and the 1940 Act[129]. - The company has received an exemptive order from the SEC to operate under a manager of managers structure, allowing for more flexibility in appointing sub-advisors[101]. - The company’s investment advisory agreements must be renewed annually, ensuring ongoing oversight and compliance with regulations[95]. - Regulatory compliance is a significant concern, as failure to comply could result in substantial financial penalties and increased operational costs[162]. Market and Competitive Environment - The investment advisory industry is highly competitive, with numerous global and U.S. investment managers posing challenges to Hennessy Funds[127]. - The company may face downward pressure on investment advisory fees, which could reduce profit margins and adversely affect results of operations[156]. - The performance of the Hennessy Funds is crucial, as poor performance compared to competitors can lead to increased redemptions and decreased purchases[140]. Risks and Challenges - The company faces risks related to assets under management, as investors can redeem their investments at any time, which can adversely affect revenues[139]. - Market volatility and economic conditions can significantly impact the company's assets under management and revenues[144]. - Cybersecurity risks pose a significant threat to the company's operations, as any breaches could result in operational disruptions and reputational damage[192]. - The company faces significant competition for qualified personnel, and the loss of key personnel could materially affect its business and financial condition[183]. Employee and Corporate Structure - As of the end of fiscal year 2024, the company had 18 employees, with an average tenure of 14 years, and over 50% of employees are women[134]. - The management contracts are classified as an indefinite-life asset valued at $82.3 million as of the end of fiscal year 2024, subject to impairment analysis[207]. Financial Obligations - The company completed a public offering of the 2026 Notes totaling $40.25 million, maturing on December 31, 2026, with an interest rate of 4.875% per annum[209]. - The company may need to raise additional capital to fund new business initiatives or repay the 2026 Notes, which could adversely impact its operations if financing is not available on acceptable terms[170].

Financial Performance - Total revenue for the fiscal year ended September 30, 2024, was $29.6 million, representing a 23% increase compared to the previous year[6] - Net income increased by 49% to $7.1 million for the same period[6] - Fully diluted earnings per share rose by 46% to $0.92[6] - Cash and cash equivalents, net of gross debt, increased by 17% to $23.7 million[6] Assets Under Management - Average assets under management increased by 23% to $3.7 billion[6] - Total assets under management at fiscal year end reached $4.6 billion, a 53% increase from the previous year[6] - The company welcomed $549 million in net new assets under management during the fiscal year[5] Market Performance - The Dow Jones Industrial Average returned 28.85% and the S&P 500® Index returned 36.35% over the one-year period ended September 30, 2024[4] - Hennessy Funds posted positive returns across all 17 funds for the fiscal year[4] Business Strategy - The company executed a business strategy that included purchasing assets related to the management of $72 million in mutual funds[5]

Core Insights - Hennessy Advisors, Inc. reported strong financial results for the fiscal year ended September 30, 2024, with a total revenue of $29.6 million, a 23% increase from the previous year, and net income of $7.1 million, reflecting a 49% increase [6][7] - The company emphasized the resilience of the U.S. economy, citing low unemployment, robust corporate earnings, and positive consumer sentiment as key drivers for continued market growth [1][3] - Hennessy Advisors successfully executed its business strategy, resulting in a 23% increase in average assets under management and a 53% increase in total assets under management, reaching $4.6 billion by the end of the fiscal year [3][6] Financial Performance - Total revenue for the fiscal year was $29,646,194, up from $24,019,874 in 2023, marking a 23.4% increase [6] - Net income increased to $7,096,701 from $4,770,888, representing a 48.8% growth [6] - Earnings per share (diluted) rose to $0.92, a 46% increase from $0.63 in the previous year [6] - Average assets under management reached $3,686,942,501, a 23.2% increase from $2,991,689,979 [6] - Total assets under management at fiscal year-end were $4,642,363,105, reflecting a 53.1% increase from $3,032,041,791 [6] Market Context - The U.S. stock market experienced significant growth, with the Dow Jones Industrial Average returning 28.85% and the S&P 500® Index returning 36.35% over the one-year period ending September 30, 2024 [2] - All 17 Hennessy Funds posted positive returns during the same period, with 15 funds achieving positive returns over the three-year period and all 16 funds with at least 10 years of history posting positive returns over both the 5-year and 10-year periods [2]

Core Points - Hennessy Advisors, Inc. declared a quarterly dividend of $0.1375 per share, to be paid on November 27, 2024, to shareholders of record as of November 14, 2024, representing an annualized dividend yield of 5.28% [1][2] - The company has consistently paid dividends for two decades, indicating a strong commitment to shareholder returns supported by earnings and cash flow [1] Company Overview - Hennessy Advisors, Inc. is a publicly traded investment manager that offers a variety of domestic equity, multi-asset, and sector and specialty funds [3] - The company emphasizes superior service to shareholders and follows a disciplined buy-and-hold investment philosophy, avoiding market timing strategies [3]

NOVATO, Calif., Aug. 8, 2024 /PRNewswire/ -- Hennessy Advisors, Inc. (Nasdaq: HNNA) reported results for its third fiscal quarter of 2024, which ended June 30, 2024. The firm also announced a quarterly dividend of $0.1375 per share to be paid on September 5, 2024, to shareholders of record as of August 22, 2024, which represents an annualized dividend yield of 6.6%.* "The U.S. stock market continues to perform well in 2024, with the Dow Jones Industrial Average up 4.79% and the S&P 500® Index up 15.29% for ...

FORM 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number 001-36423 HENNESSY ADVISORS, INC. (Exact name of registrant as specified in its charter) California 68-0176227 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 7250 Redwood Boulevard, Suite 200 Novato, California 94945 (Address of principal executive office) (Zip code) (415) 899-1555 (Registrant's telephone number) ☒ QUARTERLY RE ...

Exhibit 3.1 SIXTH AMENDED AND RESTATED BYLAWS OF HENNESSY ADVISORS, INC. Dated as of May 8, 2024 | Table of Contents | | --- | TABLE OF CONTENTS | | | Page | | --- | --- | --- | | ARTICLE I OFFICES | | 1 | | Section 1. | PRINCIPAL OFFICES. | 1 | | Section 2. | OTHER OFFICES. | 1 | | | ARTICLE II MEETINGS OF SHAREHOLDERS | 1 | | Section 1. | PLACE OF MEETINGS. | 1 | | Section 2. | ANNUAL MEETING. | 1 | | Section 3. | SPECIAL MEETING. | 1 | | Section 4. | NOTICE OF SHAREHOLDERS' MEETINGS. | 2 | | Section 5. | ...

FORM 10-Q Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 Yes ☒ No ☐ For the transition period from _____ to _____ Commission File Number 001-36423 HENNESSY ADVISORS, INC. (Exact name of registrant as specified in its charter) Calif ...

FORM 10-K Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ Commission File Number 001-36423 HENNESSY ADVISORS, INC. (Exact name of registrant as specified in its charter) California 68-0176 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (415) 899-1555 (Registrant's telephone number) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 001-36423 HENNESSY ADVISORS, INC. (Exact name of registrant as specified ...