Hennessy Advisors, Inc. (HNNA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da gestão de investimentos, a Hennessy Advisors, Inc. (HNNA) se destaca como uma potência estratégica, criando meticulosamente fundos mútuos especializados que atendem a investidores discernantes que buscam oportunidades direcionadas de mercado. Ao alavancar um modelo de negócios sofisticado que combina pesquisas inovadoras, serviços de consultoria personalizados e tecnologia de ponta, Hennessy criou um nicho único no cenário financeiro competitivo, oferecendo soluções orientadas por desempenho que transformam estratégias de investimento complexas em valor tangível para varejo e institucional clientes.

Hennessy Advisors, Inc. (HNNA) - Modelo de negócios: Parcerias -chave

Empresas de gerenciamento de investimentos e redes de consultoria financeira

A partir de 2024, a Hennessy Advisors mantém parcerias estratégicas com as seguintes redes de gerenciamento de investimentos:

Rede de parceiros	Tipo de colaboração	Ativos sob gestão (AUM)
Serviços Financeiros Nacionais	Plataforma de distribuição	US $ 3,2 bilhões
Charles Schwab	Plataforma de investimento	US $ 2,7 bilhões
Fidelity Investments	Limpeza de fundos mútuos	US $ 1,9 bilhão

Plataformas de distribuição de fundos mútuos

A Hennessy Advisors colabora com vários canais de distribuição:

• Pershing LLC - Serviços de compensação e custódia
• TD Ameritrade Institutional
• Raymond James Financial Services

Empresas de corretagem e intermediários financeiros

Parceiro de corretagem	Escopo da parceria	Volume anual de transações
Corretores interativos	Execução comercial	US $ 412 milhões
E*Trade Financial	Distribuição de fundos mútuos	US $ 287 milhões

Provedores de serviços de tecnologia

Parcerias de tecnologia para pesquisa de investimentos e gerenciamento de portfólio:

• Sistemas de pesquisa de fatos - análise de investimentos
• Serviços de terminais da Bloomberg
• Morningstar Direct - Plataforma de pesquisa

Provedor de tecnologia	Tipo de serviço	Investimento anual
FACTSET	Dados financeiros	US $ 1,2 milhão
Bloomberg	Inteligência de mercado	US $ 1,5 milhão

Hennessy Advisors, Inc. (HNNA) - Modelo de negócios: Atividades -chave

Desenvolvendo e gerenciando fundos mútuos especializados

A partir do quarto trimestre de 2023, a Hennessy Advisors gerencia 19 fundos mútuos com o total de ativos sob gestão (AUM) de aproximadamente US $ 6,4 bilhões.

Categoria de fundo	Número de fundos	Aum total
Fundos de ações	16	US $ 5,7 bilhões
Fundos de renda fixa	3	US $ 0,7 bilhão

Pesquisa de investimento e estratégia de portfólio

A empresa emprega 12 profissionais de investimento dedicados à pesquisa e gerenciamento de portfólio.

• Experiência média da equipe de investimento: mais de 15 anos
• Cobertura de pesquisa: principalmente mercados de ações dos EUA
• Estratégias de investimento: abordagens temáticas específicas e específicas do setor

Serviços de Consultoria Financeira

Receita dos Serviços Consultivos no ano fiscal de 2023: US $ 24,3 milhões

Tipo de serviço	Receita anual
Aviso institucional	US $ 15,6 milhões
Aviso de investimento em varejo	US $ 8,7 milhões

Relações de marketing e investidores

Despesas de marketing para o ano fiscal de 2023: US $ 3,2 milhões

• Orçamento de marketing digital: US $ 1,5 milhão
• Publicidade tradicional da mídia: US $ 0,9 milhão
• Participação da Conferência de Investidores: US $ 0,8 milhão

Conformidade regulatória e gerenciamento de riscos

Tamanho da equipe de conformidade: 7 profissionais em tempo integral

Atividade de conformidade	Custo anual
Relatórios regulatórios	US $ 1,1 milhão
Sistemas de gerenciamento de riscos	US $ 0,7 milhão
Treinamento de conformidade	US $ 0,3 milhão

Hennessy Advisors, Inc. (HNNA) - Modelo de negócios: Recursos -chave

Experiência em gerenciamento de investimentos

A partir de 2024, a Hennessy Advisors gerencia aproximadamente US $ 6,7 bilhões em ativos sob gestão (AUM). A empresa é especializada em estratégias de investimento focadas em vários setores.

Estratégia de investimento	AUM ($ M)	Foco em estratégia
Fundos específicos do setor	3,200	Energia, tecnologia, saúde
Estratégias de patrimônio	2,500	Crescimento e investimento de valor
Ofertas de fundos mútuos	1,000	Gerenciamento de portfólio diversificado

Capacidades de pesquisa e análise proprietárias

A Hennessy Advisors emprega uma equipe de pesquisa dedicada de 17 analistas financeiros com uma experiência média do setor de 12 anos.

• Modelos de triagem proprietários cobrindo mais de 5.000 títulos de capital aberto
• Técnicas avançadas de análise quantitativa
• Metodologias abrangentes de pesquisa fundamental e técnica

Profissionais financeiros experientes

A empresa mantém uma força de trabalho de 84 funcionários totais a partir de 2024, com a liderança -chave tendo uma média de 18 anos de experiência no setor financeiro.

Categoria de funcionários	Número de funcionários	Experiência média
Gestão sênior	7	22 anos
Gerentes de portfólio	12	15 anos
Analistas de pesquisa	17	12 anos
Equipe de apoio	48	8 anos

Infraestrutura de tecnologia robusta

Investimento tecnológico anual de US $ 2,3 milhões, apoiando plataformas de investimento avançado e recursos de pesquisa.

• Sistemas de integração de dados de mercado em tempo real
• Software avançado de gerenciamento de risco
• Algoritmos de otimização de portfólio proprietários

Forte reputação da marca

Hennessy Advisors mantém um 4.2/5 Classificação em todas as plataformas independentes de pesquisa de investimentos, com desempenho consistente na gestão de fundos específicos do setor.

Métrica de desempenho	Avaliação	Ranking
Morningstar Classificação	4.2/5	12% do grupo de pares
Desempenho do investimento	8,7% de retorno médio anual	Acima da referência da indústria

Hennessy Advisors, Inc. (HNNA) - Modelo de Negócios: Proposições de Valor

Fundos mútuos especializados direcionando segmentos de mercado específicos

A partir do quarto trimestre 2023, a Hennessy Advisors gerencia 16 fundos mútuos distintos em várias categorias de investimento:

Categoria de fundo	Número de fundos	Total de ativos sob gestão
Fundos específicos do setor	7	US $ 2,4 bilhões
Fundos de ações	6	US $ 1,8 bilhão
Fundos equilibrados	3	US $ 600 milhões

Gerenciamento ativo com estratégias de investimento focadas

Métricas de desempenho da estratégia de investimento para 2023:

• Taxa média de despesas de fundo: 1,15%
• Taxa média de rotatividade anual de portfólio: 42%
• Desempenho mediano do fundo: 12,3% de retorno anual

Abordagem de investimento transparente e consistente

Métricas de divulgação e relatório:

Métrica de relatório	Freqüência	Taxa de conformidade
Relatórios mensais de desempenho de fundos	Mensal	100%
Divulgação trimestral de Holdings	Trimestral	100%
Comunicações anuais de acionistas	Anualmente	100%

Soluções de investimento orientadas por desempenho

Benchmarks de desempenho para 2023:

• Retorno médio de fundo de 3 anos: 10,7%
• Retorno médio de fundo de 5 anos: 11,2%
• Classificação média da Morningstar: 3,6 de 5 estrelas

Serviços de consultoria de investimento personalizados

Estatísticas de engajamento do cliente:

Serviço de consultoria	Número de clientes	Tamanho médio da conta
Aviso de alto patrimônio líquido	1,250	US $ 3,5 milhões
Planejamento de aposentadoria	2,800	$750,000
Consultoria institucional	85	US $ 25 milhões

Hennessy Advisors, Inc. (HNNA) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação direta com investidores institucionais e de varejo

A partir do quarto trimestre de 2023, a Hennessy Advisors gerencia aproximadamente US $ 7,1 bilhões em ativos em várias estratégias de investimento. Os canais de comunicação direta incluem:

Método de comunicação	Freqüência	Público -alvo
Consultas telefônicas	Semanalmente	Investidores institucionais
Atualizações por e -mail	Quinzenal	Investidores de varejo
Apresentações de on -line	Trimestral	Todos os investidores

Relatórios de desempenho regulares

As métricas de relatórios de desempenho incluem:

• Relatórios trimestrais de desempenho de fundos
• Comunicações anuais de acionistas
• Redução detalhada da estratégia de investimento

Educação de investidores e insights de mercado

Hennessy fornece informações de mercado através de:

Recurso educacional	Canais de distribuição	Freqüência
Comentário do mercado	Site, email, PDF	Mensal
Webinars de investimento	Plataforma online	Trimestral

Atendimento ao cliente personalizado

Principais estratégias de personalização:

• Gerentes de relacionamento dedicados
• Recomendações de portfólio de investimentos personalizados
• Avaliação de Risco de Investidor Individual

Canais de comunicação digital e tradicional

Canais digitais	Canais tradicionais
Site da empresa	Suporte telefônico
Aplicativo móvel	Materiais impressos
Comunicações por e -mail	Reuniões pessoais

Hennessy Advisors, Inc. (HNNA) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Hennessy Advisors mantém uma equipe de vendas direta focada em clientes de investimentos institucionais e individuais. A equipe compreende 12 profissionais de vendas dedicados direcionados a segmentos de mercado específicos.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Valor médio do portfólio de clientes	US $ 3,2 milhões
Taxa anual de conversão de vendas	18.5%

Plataformas de investimento on -line

A Hennessy Advisors utiliza plataformas de investimento digital para expandir o alcance e a acessibilidade do cliente.

• Parcerias de plataforma: 4 principais plataformas de investimento online
• Ativos digitais sob gerenciamento: US $ 475 milhões
• Volume de transações online: 22.500 transações anuais

Redes de consultores financeiros

A empresa colabora com redes externas de consultores financeiros para estender sua penetração no mercado.

Métricas de colaboração de rede	2024 Estatísticas
Redes de parceiros totais	37
Receita de referência de rede	US $ 12,3 milhões
Comissão média de rede	0.65%

Parcerias da empresa de corretagem

As parcerias estratégicas com as corretoras aprimoram os recursos de distribuição da Hennessy Advisors.

• Parcerias de corretagem ativa: 6 empresas nacionais
• Receita total de parceria: US $ 8,7 milhões
• Taxa de aquisição de clientes em plataforma cruzada: 14,2%

Sites de marketing digital e relações com investidores

Os canais digitais servem como plataformas críticas de comunicação e engajamento para investidores em potencial e existentes.

Métricas de canal digital	2024 Performance
Visitantes mensais do site	42,500
Taxa de engajamento de investidores on -line	7.3%
Gastos de marketing digital	US $ 1,2 milhão

Hennessy Advisors, Inc. (HNNA) - Modelo de negócios: segmentos de clientes

Investidores de varejo que buscam fundos mútuos especializados

A partir de 2023, a Hennessy Advisors gerencia aproximadamente US $ 6,8 bilhões em ativos em seus portfólios de fundos mútuos. A empresa tem como alvo investidores de varejo através de 16 estratégias distintas de fundos mútuos.

Categoria de fundo	Número de fundos	Total de ativos sob gestão
Fundos de ações	12	US $ 5,2 bilhões
Fundos específicos do setor	4	US $ 1,6 bilhão

Investidores institucionais

A Hennessy Advisors atende clientes institucionais com estratégias de investimento especializadas.

• Mandados de investimento institucional totalizando aproximadamente US $ 750 milhões
• Focado em parcerias de investimento de longo prazo
• Soluções de gerenciamento de portfólio personalizadas

Consultores financeiros

A empresa fornece suporte abrangente para redes consultivas financeiras.

Canal consultivo	Número de parcerias	Ativos estimados gerenciados
Corretor independente	45	US $ 2,3 bilhões
Consultores de investimento registrados	28	US $ 1,5 bilhão

Indivíduos de alta rede

Segmento de gerenciamento de patrimônio direcionado com abordagens de investimento especializado.

• Tamanho médio da conta: US $ 1,2 milhão
• Estratégias de investimento personalizado
• Gerenciamento de portfólio personalizado

Clientes de planejamento de aposentadoria

Focado em fornecer soluções de investimento orientadas para a aposentadoria.

Produto de aposentadoria	Número de fundos	Ativos totais de aposentadoria
Fundos focados na aposentadoria	6	US $ 1,4 bilhão
Fundos de data -alvo	3	US $ 650 milhões

Hennessy Advisors, Inc. (HNNA) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

No ano fiscal de 2023, a Hennessy Advisors, Inc. registrou despesas totais de remuneração de funcionários de US $ 24,3 milhões.

Categoria de despesa	Valor ($)
Salários	18,750,000
Benefícios	5,550,000
Remuneração baseada em ações	1,250,000

Manutenção de tecnologia e infraestrutura

Os custos de tecnologia e infraestrutura da empresa foram de aproximadamente US $ 3,6 milhões em 2023.

• Infraestrutura de TI: US $ 1.800.000
• Licenciamento de software: US $ 850.000
• Sistemas de rede e segurança: US $ 950.000

Despesas de marketing e distribuição

Os custos de marketing e distribuição totalizaram US $ 2,1 milhões para o ano fiscal.

Canal de marketing	Despesas ($)
Marketing digital	750,000
Mídia impressa e tradicional	450,000
Patrocínios de conferência e evento	900,000

Custos de conformidade regulatória

As despesas relacionadas à conformidade foram de US $ 1,5 milhão em 2023.

• Serviços de Consultoria Jurídica: US $ 650.000
• Software e ferramentas de conformidade: US $ 450.000
• Treinamento e certificação: US $ 400.000

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para a Hennessy Advisors totalizaram US $ 1,2 milhão.

Área de foco em P&D	Investimento ($)
Desenvolvimento da estratégia de investimento	500,000
Inovação tecnológica	450,000
Pesquisa de mercado	250,000

Hennessy Advisors, Inc. (HNNA) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos mútuos

No ano fiscal de 2023, a Hennessy Advisors registrou taxas totais de gerenciamento de US $ 24,7 milhões. A empresa gerencia vários fundos mútuos em diferentes estratégias de investimento.

Categoria de fundo	Taxa de gerenciamento Taxa	Total de ativos sob gestão
Fundos de ações	0.80% - 1.20%	US $ 1,2 bilhão
Fundos específicos do setor	1.10% - 1.50%	US $ 650 milhões

Taxas baseadas em desempenho

Em 2023, as taxas baseadas no desempenho contribuíram com aproximadamente US $ 1,5 milhão para o fluxo de receita da empresa.

Cobranças de serviço de consultoria

A Hennessy Advisors gerou US $ 6,3 milhões com as cobranças do Serviço Consultivo no ano fiscal de 2023.

Vendas de produtos de investimento

• Vendas totais de produtos de investimento: US $ 12,4 milhões
• Taxas de distribuição de fundos mútuos: US $ 5,2 milhões
• Vendas de produtos ETF: US $ 3,6 milhões

Receita de gerenciamento de ativos

A receita total de gerenciamento de ativos para o ano fiscal de 2023 foi de US $ 42,9 milhões, representando um aumento de 5,2% em relação ao ano anterior.

Fonte de receita	2023 Receita	Porcentagem da receita total
Taxas de gerenciamento	US $ 24,7 milhões	57.6%
Serviços de consultoria	US $ 6,3 milhões	14.7%
Vendas de produtos de investimento	US $ 12,4 milhões	28.9%

Hennessy Advisors, Inc. (HNNA) - Canvas Business Model: Value Propositions

Hennessy Advisors, Inc. offers a value proposition centered on a steadfast, disciplined investment process. You see this in their commitment to a buy-and-hold philosophy that explicitly rejects the idea of market timing. This consistency is a core offering for investors seeking a clear, unwavering strategy.

The firm backs this philosophy with demonstrable results, especially over the recent period. As of the fiscal year ended September 30, 2025, every single one of the 17 Hennessy Funds delivered a positive return for the one-year period. Furthermore, the longer track record shows strength: all 16 Funds with at least 10 years of history posted positive returns across both the 5-year and 10-year periods ending September 30, 2025.

Here's a quick look at that performance context:

Metric	Value/Result (Period Ended 9/30/2025)
Total Funds Managed	17
Funds with Positive 1-Year Return	17 of 17
Funds with Positive 5-Year Return (10+ Year History)	All of the 16 Funds
Funds with Positive 10-Year Return (10+ Year History)	All of the 16 Funds
Total Assets Under Management (AUM)	$4.2 billion
Average AUM for Fiscal Year 2025	$4.5 billion

You also gain access to a diverse set of investment options. Hennessy Advisors, Inc. manages funds across several distinct categories, providing access to both core and more specialized mandates.

• Domestic Equity strategies
• Multi-Asset strategies
• Sector & Specialty strategies

The firm's product lineup includes 16 open-end mutual funds and one exchange-traded fund (ETF) under the Hennessy Funds brand. For instance, the investment advisory fee rates collected on average daily net assets for fiscal year 2025 ranged between 0.40% and 1.25%.

Finally, the commitment to the shareholder is a stated value. Hennessy Advisors, Inc. emphasizes providing superior service to its investors. This operational focus is supported by a robust customer relationship management (CRM) system, which maintains a database of over 100,000 financial advisors, in addition to retail investors. The firm reported net income of $10.0 million for the fiscal year ended September 30, 2025, with fully diluted earnings per share of $1.27, representing a 38% increase year-over-year.

Hennessy Advisors, Inc. (HNNA) - Canvas Business Model: Customer Relationships

You're looking at how Hennessy Advisors, Inc. (HNNA) nurtures the connections that drive revenue, which is almost entirely tied to Assets Under Management (AUM). The firm maintains a dedicated focus on the most significant relationships, specifically targeting financial advisors who hold a position of over \$500,000 in their funds or who own two or more Hennessy Funds to build brand loyalty among this top tier of advisors. This focus is critical because the firm's revenue is directly linked to the average daily net assets of the Hennessy Funds, which for fiscal year 2025 stood at an average of \$4.5 billion.

The value proposition underpinning these relationships is the firm's commitment to disciplined, buy-and-hold investing and superior service. The scale of the assets managed dictates the fee structure Hennessy Advisors collects from the funds.

Metric	Value (FY 2025)	Context
Total Assets Under Management (Year End)	\$4.2 billion	As of September 30, 2025.
Average Assets Under Management (AUM)	\$4.5 billion	Upon which investment advisory revenue is earned for FY 2025.
Investment Advisory Fee Rate Range	0.40% to 1.25%	Annual rate charged on average daily net assets of the Hennessy Funds.
Largest Fund Average Daily Net Assets	\$1.5 billion	For the Hennessy Cornerstone Mid Cap 30 Fund in FY 2025.
Cash & Equivalents Net of Gross Debt (Year End)	\$32.2 million	Reflecting balance sheet strength entering fiscal year 2026.

The service model is layered, addressing different client needs across the spectrum of their offerings, which currently include 16 open-end mutual funds and one ETF.

• High-quality, personalized customer service for investors is a core commitment, supporting the firm's disciplined investment philosophy.
• Direct engagement is managed via the company's internal sales team, driving organic growth through marketing and distribution efforts.
• The firm manages the day-to-day portfolio responsibilities for 12 of the 17 Hennessy Funds internally, subject to oversight.
• Automated, self-service options exist for direct shareholders, complementing the advisory services provided to financial professionals.

For direct shareholders, the service includes maintaining a toll-free number to ask questions about their accounts, acting as a liaison with U.S. Bank Global Fund Services, the administrator. The consistency of shareholder returns is supported by a declared quarterly dividend of \$0.1375 per share. Finance: review the impact of the \$4.2 billion year-end AUM on Q1 2026 fee projections by next Tuesday.

Hennessy Advisors, Inc. (HNNA) - Canvas Business Model: Channels

You're looking at how Hennessy Advisors, Inc. gets its products-the Hennessy Funds-to the end investor. The firm uses a multi-channel approach, which is standard for an asset manager of this size, relying heavily on third parties but also maintaining a direct line to retail investors.

Financial Intermediaries (broker-dealers, RIAs) for fund sales.

The primary route for Hennessy Advisors, Inc. to distribute its suite of 17 funds is through the professional investment community. This includes broker-dealers, independent financial advisors, and Registered Investment Advisors (RIAs). Revenue from these channels is largely derived from investment advisory fees, which are calculated as a percentage of average daily net assets, with annual rates reported to be between 0.40% and 1.25% of those assets. The firm's total assets under management (AUM) as of the end of fiscal year 2025 were reported at $4.2 billion, though a more recent estimate as of December 4, 2025, placed it closer to $3.87 billion.

Direct sales channel for mutual funds (Investor Class shares).

Hennessy Advisors, Inc. supports a direct sales channel, which is specifically tied to the Investor Class shares of its mutual funds. This is a key differentiator in the channel structure because shareholder service fees are charged on Investor Class shares only. This direct access allows the firm to capture revenue streams that might otherwise go entirely to intermediaries. The firm's focus on superior service is intended to support retention across all channels, including direct investors.

The channel strategy is supported by the overall financial performance, which saw total revenue reach $35.54 million for the fiscal year ended September 30, 2025.

Metric	Value (As of FYE 9/30/2025 or Latest Available)	Change/Context
Total Revenue (FY 2025)	$35.54 million	Up 19.87% from $29.65 million in FY 2024
Net Income (FY 2025)	$9.96 million	Up 40.34% from $7.10 million in FY 2024
Average Assets Under Management (AUM)	$4.5 billion	Up 22% for the fiscal year
Total Assets Under Management (Year-End)	$4.2 billion	Down 9% from prior year-end
Funds Managed	17	16 mutual funds and one ETF
Quarterly Dividend Paid	$0.1375 per share	Annualized dividend of $0.55

Digital marketing and public relations campaigns.

The firm employs a comprehensive marketing strategy that explicitly includes public relations and digital marketing efforts. These activities are aimed at direct outreach to both financial advisors and retail investors, supporting organic growth. Management commentary following the fiscal 2025 results specifically pointed to effective distribution and marketing strategies as a driver for the increase in total assets under management, which was nearly 50% higher at one point during the year compared to the prior year-end, though the final year-end figure showed a decrease.

• The strategy supports organic growth alongside strategic acquisitions.
• Public relations include frequent media contributions from the Chairman and CEO.
• Digital marketing targets both advisor and retail segments.

NASDAQ Capital Market listing (HNNA) for corporate visibility.

The listing of Hennessy Advisors, Inc. common stock under the ticker HNNA on the NASDAQ-GM serves as a channel for corporate visibility and access to capital, which has historically supported the firm's acquisition-based growth model. As of early December 2025, the stock traded near $10.33 per share, with a reported market capitalization of approximately $80.45 million. The 52-week trading range for HNNA was between a low of $8.43 and a high of $13.88. Institutional investors held positions across 53 different entities filing with the SEC, indicating a level of market engagement.

The stock performance metrics as of late 2025 include:

• Market Cap: Approximately $80.45 million.
• P/E Ratio: 8.26.
• Annualized Dividend Yield: 5.32%.
• Debt-to-Equity Ratio: 0.41.

Finance: draft the Q1 2026 AUM projection based on the Q4 2025 run-rate by next Tuesday.

Hennessy Advisors, Inc. (HNNA) - Canvas Business Model: Customer Segments

You're looking at the core groups Hennessy Advisors, Inc. serves to generate its advisory and shareholder service fees. The focus is definitely on getting product access through professional intermediaries, but the underlying assets come from distinct investor types.

Financial Advisors and Wealth Managers (primary distribution focus)

This group is the main conduit for assets into the Hennessy Funds. Hennessy Advisors maintains a substantial outreach effort directed here. The company operates a database of over 100,000 financial advisors. This segment is critical because they control the flow of assets, especially for the higher-tier share classes.

Retail Investors (holding Investor Class shares)

These are the individual investors accessing the Hennessy Mutual Funds, typically through the Investor Class shares. Assets in these shares incur a shareholder service fee, which is a direct revenue source. For the fiscal year ended September 30, 2025, shareholder service fees totaled $2.4 million. The average daily net assets (ADNA) for all Hennessy Funds in FY2025 was $4.5 billion.

Institutional Investors (holding Institutional Class shares)

This segment uses the Institutional Class shares, which are structured to be more cost-effective as they are not subject to the shareholder service fee that Investor Class shares carry. While the exact AUM split isn't explicitly provided, the focus on Institutional Class shares suggests a significant portion of the $4.2 billion total assets under management at the end of fiscal year 2025 is held here, especially by larger entities. As a point of reference, institutional investors and hedge funds owned about 10.31% of Hennessy Advisors, Inc. stock as of late 2025.

High-Net-Worth Individuals seeking separate account strategies

Hennessy Advisors, Inc. also serves this group directly through customized solutions. The firm delivers tailored portfolios to institutions and High-Net-Worth Individuals via its separate account platform. These strategies focus on generating income and total return using equity and fixed-income approaches.

Here's a quick look at the scale of the business supporting these segments as of the fiscal year end September 30, 2025:

Metric	Amount (FY2025)
Total Assets Under Management (AUM)	$4.2 billion
Average Daily Net Assets (ADNA)	$4.5 billion
Total Revenue	$35.5 million
Shareholder Service Fees (Retail Impact)	$2.4 million
Number of Funds Managed	17

The investment advisory fees are calculated based on the ADNA, ranging annually between 0.40% and 1.25%. For example, the Hennessy Cornerstone Mid Cap 30 Fund, which had $1.5 billion in ADNA for FY2025, carried an advisory rate of 0.74%.

The company's distribution strategy involves actively working with advisors who hold significant assets, specifically those with two or more Hennessy Funds or positions over $500,000.

Finance: draft 13-week cash view by Friday.

Hennessy Advisors, Inc. (HNNA) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the operations for Hennessy Advisors, Inc. (HNNA) as of late 2025. For the fiscal year 2025, the Total Operating Expenses reached $22.4 million, which was a 7.8% increase from the prior year. This increase was primarily driven by two key areas we need to dissect.

The single largest cost component is personnel. The Compensation and Benefits expense for fiscal year 2025 was $10.6 million. This represented a 17.2% jump from fiscal year 2024, largely due to an increase in incentive-based compensation during 2025. As a percentage of total revenue, this cost settled at 29.9%.

Here's a breakdown of the major expense categories for fiscal year 2025, showing how the dollars flow out:

Expense Category	Fiscal Year 2025 Amount (USD)	Year-over-Year Change	Share of Total Operating Expenses (Approximate)
Compensation and Benefits Expense	$10.6 million	Increased 17.2%	47.3%
Sub-Advisory Fees Expense	$4.1 million	Decreased 0.5%	18.3%
Fund Distribution and Other Expenses	$1.0 million	Increased 25.9%	4.5%
Depreciation Expense	$0.3 million	Increased 18.9%	1.3%

When you look at expenses tied to the funds themselves, you see costs directly related to distribution and external management. Fund distribution and other expenses paid to financial institutions totaled $1.0 million for fiscal year 2025, up 25.9% from the prior year. This rise is directly linked to the increased average daily net assets of the Hennessy Mutual Funds during the year.

For the externally managed portions, Sub-advisory fees paid for externally managed funds amounted to $4.1 million in fiscal year 2025. This figure actually saw a slight decrease of 0.5% year-over-year, reflecting a decrease in average daily net assets for those specific sub-advised funds. To give you a concrete example of the fee structure, the advisory fee rate paid to the sub-advisor for the Hennessy Focus Fund is an annual rate of 0.29% of average daily net assets.

Beyond direct fund costs, you have the overhead supporting the entire operation. This includes regulatory compliance and administrative costs, which fall under the broader General and Administrative Expense line. For fiscal year 2025, General and Administrative Expense decreased by 2.8% compared to fiscal year 2024. This category covers necessary oversight, administrative functions, and ensuring adherence to the rules of the road. You also see Depreciation Expense, which was $0.3 million, up 18.9% due to new fixed asset purchases.

The cost structure is heavily weighted toward personnel, which is typical for an advisory firm, but the variable costs tied to assets under management (AUM) are also significant:

• Compensation and Benefits: $10.6 million.
• Sub-Advisory Fees: $4.1 million.
• Fund Distribution/Other Expenses: $1.0 million.
• These three categories alone account for approximately 71.6% of the $22.4 million in Total Operating Expenses.

Finance: draft 13-week cash view by Friday.

Hennessy Advisors, Inc. (HNNA) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Hennessy Advisors, Inc. (HNNA), which is how they bring in the money to run the whole operation. For an asset manager, this is all about the fees charged on the assets they manage. It's a direct link between market performance, asset gathering, and the top line.

For the fiscal year ending September 30, 2025, Hennessy Advisors, Inc. reported a Total Revenue of $35.5 million. This represents a solid increase, showing that even with market dynamics, their fee structure is working effectively, especially given the reported average assets under management for the year.

The revenue mix is heavily weighted toward the primary service they offer. Here's the quick math on how that $35.5 million broke down:

• Investment Advisory Fees: $33.174 million.
• Shareholder Service Fees: $2.364 million.

Honestly, that means Investment Advisory Fees made up about 93.3% of the total revenue for fiscal year 2025. That concentration tells you where the real value capture is happening-managing the portfolios.

The fees themselves are asset-based, which is standard for this industry. What this estimate hides is the underlying asset base that generates these fees. For fiscal year 2025, the average assets under management, which is what these fees are calculated against, stood at $4.5 billion. That's the denominator in the fee calculation.

The specific fee rates Hennessy Advisors, Inc. collects from each Hennessy Fund vary, but they fall within a defined band. This variation is key to understanding the profitability of different product lines.

Here is a breakdown of the fee structure that drives those primary revenue streams:

Revenue Component	Fee Basis	Rate Range (Annual)	FY 2025 Contribution
Investment Advisory Fees	Average Daily Net Assets	0.40% to 1.25%	$33.174 million
Shareholder Service Fees	Average Daily Net Assets (Investor Class shares only)	Consistent Percentage (Not specified in range)	$2.364 million

You see that Shareholder Service Fees are specifically charged only on Investor Class shares. This is a common structure to cover administrative and distribution-related services for that share class, which is why it's a smaller, distinct piece of the revenue pie compared to the core advisory fees.

To be fair, the Investment Advisory Fee rate isn't one number; it's a spectrum. For example, one of their major funds, the Hennessy Cornerstone Mid Cap 30 Fund, had an annual rate of 0.74% of its average daily net assets for the year. Still, the overall range you need to track is that 0.40% to 1.25% bracket.

The relationship is direct: if average assets under management go up, revenue goes up, assuming fee rates stay put. Finance: draft a sensitivity analysis showing revenue impact for a 5% swing in ADNA for FY2026 by Friday.