AdvisorCensus / Financial advisors / California / San Francisco / Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is an SEC-registered investment advisory firm in Novato, CA, registered since 1990, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated November 14, 2025.
Quick answers
From the filingHow is Hennessy Advisors, Inc. compensated?
On its Form ADV (Item 5.E, October 2026), Hennessy Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management.
Where is Hennessy Advisors, Inc. located?
Hennessy Advisors, Inc.'s principal office is in Novato, CA, according to its Form ADV; the December 2025 filing also lists 3 other offices (Schedule D, Section 1.F).
Is Hennessy Advisors, Inc. registered with the SEC or a state?
Hennessy Advisors, Inc. is an SEC-registered investment advisory firm, registered since 1990. Status as filed: Approved. CRD 110770.
How much does Hennessy Advisors, Inc. manage?
Hennessy Advisors, Inc. reports $4,252,155,951 in regulatory assets under management in its Form ADV filing dated November 14, 2025 (100% discretionary).
How have Hennessy Advisors, Inc.'s assets and staff changed since 2021?
In the Form ADV data for Hennessy Advisors, Inc.: Regulatory assets under management: $3,561,884,917 in the October 2021 data and $4,252,155,951 in the October 2026 data, up 19%. Total employees: 22 in October 2021 and 19 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Hennessy Advisors, Inc. serve?
By number of clients on Form ADV Item 5.D: investment companies (17).
Does Hennessy Advisors, Inc. report any disciplinary disclosures?
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/110770
What changed in Hennessy Advisors, Inc.'s recent Form ADV filings?
In the December 2025 filing data: Regulatory assets under management went from $5,149,278,896 to $4,252,155,951 (-17%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Regulatory assets under management
Item 5.F$4,252,155,951 as of October 2026, filing dated November 14, 2025.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for investment companies (and business development companies)
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 1990 (36 years)
- Employees
- Total: 19. Performing investment advisory functions: 8.
- Wrap fee program participation
- No.
- Other offices (Schedule D, Section 1.F)
-
3 other offices, as of the December 2025 filing
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $4,252,155,951 | 19 | November 14, 2025 |
| October 2025 | $5,149,278,896 | 18 | December 16, 2024 |
| October 2024 | $3,071,521,476 | 17 | December 15, 2023 |
| October 2023 | $2,977,502,486 | 19 | January 3, 2023 |
| October 2022 | $4,097,449,969 | 19 | December 23, 2021 |
| October 2021 | $3,561,884,917 | 22 | December 10, 2020 |
Regulatory assets under management: $3,561,884,917 in the October 2021 data and $4,252,155,951 in the October 2026 data, up 19%.
Total employees: 22 in October 2021 and 19 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- December 2025
- Regulatory assets under management went from $5,149,278,896 to $4,252,155,951 (-17%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Hennessy Advisors, Inc. (CRD 110770): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/hennessy-advisors-inc-novato-ca-110770