# 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.

- CRD: 110770
- Filed as: HENNESSY ADVISORS, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Novato, CA
- Filing period: October 2026
- Form ADV filing dated: November 14, 2025
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110770
- AdvisorCensus page: https://advisorcensus.com/firm/hennessy-advisors-inc-novato-ca-110770

## Quick answers

**How 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

### Compensation (Item 5.E)
- A percentage of assets under your management

### Regulatory assets under management (Item 5.F)
- Total: $4,252,155,951
- Discretionary: $4,252,155,951
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 17 | $4,252,155,951 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 1990 (36 years)
- Employees: 19 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the December 2025 filing
- Boston, MA
- Chapel Hill, NC
- Dallas, TX

### Websites listed on Form ADV (Item 1.I)
- hennessyadvisors.com
- hennessyetfs.com
- hennessyfunds.com
- Facebook @HennessyFunds1
- LinkedIn @HENNESSY-ADVISORS-INC.
- LinkedIn @HENNESSY-FUNDS
- X @HennessyFunds
- YouTube @UCCMGMPfsI7kF8wbjEXDjAiQ

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,561,884,917 | 22 | December 10, 2020 |
| October 2022 | $4,097,449,969 | 19 | December 23, 2021 |
| October 2023 | $2,977,502,486 | 19 | January 3, 2023 |
| October 2024 | $3,071,521,476 | 17 | December 15, 2023 |
| October 2025 | $5,149,278,896 | 18 | December 16, 2024 |
| October 2026 | $4,252,155,951 | 19 | November 14, 2025 |

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.

## 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Hennessy Advisors, Inc. (CRD 110770): Form ADV filing data as of October 2026.