Hennessy Advisors [profile] reported 17 cents earnings for the fiscal year ending September 30, down four cents from the previous year.

Total assets under management increased almost 23 percent from $749 million at the beginning of the fiscal year to $919 million at the end of the fiscal year, primarily driven by positive market impact. However, according to Hennessy, based on the timing of asset flows throughout the fiscal year, the average level of assets under management during the period dropped to $823 million from $883 million for the previous year.

"Our business strategy is two-fold: to grow our mutual fund assets under management through marketing and sales, and to strategically purchase management related assets. Despite strong returns for the major U.S. financial market indices and positive performance for each of the Hennessy Funds, we believe that investors are still fearful and that confidence has not yet fully returned, and net flows into our Funds were roughly flat for the year," stated Neil Hennessy, President, Chairman & CEO of Hennessy Advisors, Inc.

One example of the acquisitive side of Hennessy's strategy, the purchase of FBR Funds completed in October. 

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