MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, August 1, 2006 Hennessy Sees Growth Spurt Novato, California-based Hennessy Advisors saw its assets under management surge during the past 12 months. The size of its portfolio jumped 59 percent to $2.18 billion at the end of June, compared to $1.37 billion in 2005, according to firm officials. Hennessy is one of the last of the publicly-owned fund firms to report earnings. Neil Hennessy, president and CEO of the firm, said that fully diluted earnings rose to $0.33 per share for the quarter ended June 30, 2006, up from $0.21 per share in the prior comparable period, an increase of 57 percent. That rise in earnings nearly matches the increase in the firms asset base. Appreciation accounted for 31 percent of the increase in assets while net new purchases into the mutual funds accounted for 32 percent. The acquisition of The Henlopen Fund, which occurred on July 1, 2005, accounts for the remaining 37 percent of the growth in assets under management. "Despite a recent market downturn, our mutual funds have continued to perform well, and we have been successful in attracting new shareholders to our funds, which in turn increases our assets under management, revenue and income," said Hennessy. Printed from: MFWire.com/story.asp?s=12389 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |