{ "crd_number": 110770, "slug": "hennessy-advisors-inc-novato-ca-110770", "primary_business_name": "HENNESSY ADVISORS, INC.", "legal_name": "HENNESSY ADVISORS, INC.", "dbas": [], "city": "Novato", "state": "CA", "country": "United States", "cbsa_code": "41860", "metro": { "cbsa_code": "41860", "common_name": "San Francisco", "msa_name": "San Francisco-Oakland-Fremont, CA", "path": "/advisors/ca/san-francisco" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "1990-04-02", "years_registered": 36, "period": "2026-10-01", "filing_date": "2025-11-14", "carried_forward": false, "raum_total": 4252155951.0, "raum_discretionary": 4252155951.0, "raum_non_discretionary": 0.0, "raum_band": "1b_5b", "raum_band_label": "$1 billion to $5 billion", "total_employees": 19, "advisory_employees": 8, "client_count_bucket": null, "clients_by_type": { "investment_companies": { "raum": 4252155951.0, "count": 17 } }, "compensation_types": [ "percentage_of_aum" ], "advisory_activities": [ "portfolio_management_investment_companies" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CA" ], "websites": [ "https://facebook.com/HennessyFunds1", "https://hennessyadvisors.com", "https://hennessyetfs.com", "https://hennessyfunds.com", "https://linkedin.com/COMPANY/HENNESSY-ADVISORS-INC.", "https://linkedin.com/COMPANY/HENNESSY-FUNDS", "https://twitter.com/HennessyFunds", "https://youtube.com/channel/UCCMGMPfsI7kF8wbjEXDjAiQ" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/110770", "city_as_filed": "NOVATO", "url": "https://advisorcensus.com/firm/hennessy-advisors-inc-novato-ca-110770", "display_name": "Hennessy Advisors, Inc.", "summary": "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.", "citation": "AdvisorCensus. Hennessy Advisors, Inc. (CRD 110770): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management" ], "advisory_activity_labels": [ "Portfolio management for investment companies (and business development companies)" ], "quick_answers": [ { "q": "How is Hennessy Advisors, Inc. compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Hennessy Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management." }, { "q": "Where is Hennessy Advisors, Inc. located?", "a": "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)." }, { "q": "Is Hennessy Advisors, Inc. registered with the SEC or a state?", "a": "Hennessy Advisors, Inc. is an SEC-registered investment advisory firm, registered since 1990. Status as filed: Approved. CRD 110770." }, { "q": "How much does Hennessy Advisors, Inc. manage?", "a": "Hennessy Advisors, Inc. reports $4,252,155,951 in regulatory assets under management in its Form ADV filing dated November 14, 2025 (100% discretionary)." }, { "q": "How have Hennessy Advisors, Inc.'s assets and staff changed since 2021?", "a": "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." }, { "q": "What types of clients does Hennessy Advisors, Inc. serve?", "a": "By number of clients on Form ADV Item 5.D: investment companies (17)." }, { "q": "Does Hennessy Advisors, Inc. report any disciplinary disclosures?", "a": "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" }, { "q": "What changed in Hennessy Advisors, Inc.'s recent Form ADV filings?", "a": "In the December 2025 filing data: Regulatory assets under management went from $5,149,278,896 to $4,252,155,951 (-17%)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 3561884917.0, "total_employees": 22, "filing_date": "2020-12-10" }, { "period": "2022-10-01", "regulatory_assets_under_management": 4097449969.0, "total_employees": 19, "filing_date": "2021-12-23" }, { "period": "2023-10-01", "regulatory_assets_under_management": 2977502486.0, "total_employees": 19, "filing_date": "2023-01-03" }, { "period": "2024-10-01", "regulatory_assets_under_management": 3071521476.0, "total_employees": 17, "filing_date": "2023-12-15" }, { "period": "2025-10-01", "regulatory_assets_under_management": 5149278896.0, "total_employees": 18, "filing_date": "2024-12-16" }, { "period": "2026-10-01", "regulatory_assets_under_management": 4252155951.0, "total_employees": 19, "filing_date": "2025-11-14" } ], "recent_changes": [ { "period": "2025-12-01", "period_label": "December 2025", "notes": [ "Regulatory assets under management went from $5,149,278,896 to $4,252,155,951 (-17%)." ] } ], "fees_from_brochure": null, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/hennessy-advisors-inc-novato-ca-110770.md", "clients": [ { "type": "investment_companies", "label": "Investment companies", "count": 17, "fewer_than_5": false, "raum": 4252155951.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/110770", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }