Hennessy Advisors is a small, publicly traded investment management firm that manages a family of 16 mutual funds and one ETF, collectively branded as the Hennessy Funds, with roughly $4.2B in AUM. The funds span domestic equity, multi-asset, and sector strategies, with sector funds covering niches like energy, midstream infrastructure, gas utilities, Japanese equities, financials, and technology. Hennessy Advisors distributes its funds through fund supermarkets (Schwab, Fidelity, Ameriprise, Pershing), wirehouses, broker-dealers, registered investment advisors, and directly through its website. Revenue comes primarily from investment advisory fees charged as a percentage of average daily NAV, with rates ranging from 0.40% to 1.25% depending on the fund. For select funds, Hennessy Advisors delegates portfolio management to external sub-advisors, whose fees reduce net revenue. With only 18 employees, the firm's cost base is lean and profitability is highly sensitive to AUM levels. Hennessy Advisors pursues growth both organically — through media appearances and expanding its financial advisor network — and through acquisitions of fund management contracts. Since 2000, the firm has completed 12 such acquisitions, adding AUM without building new investment capabilities from scratch, and typically retaining the existing portfolio management team as employees or sub-advisors.