Risk factors

Hennessy Advisors (HNNA) risk factors

Item 1A of every Hennessy Advisors Inc. 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.

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  • FY2025 10-K risk factors
    33 risks1 new4 reworded

    Added artificial intelligence operational and competitive risk. Updated AUM concentration figures across specific Hennessy Funds. Expanded macroeconomic factors to include trade policies, tariffs, and specific geopolitical conflicts.

    Filed Dec 03, 2025
  • FY2024 10-K risk factors
    32 risks

    Hennessy Advisors depends heavily on AUM concentrated in a few specific funds like the Cornerstone Mid Cap 30 Fund and Focus Fund. The company faces significant risks from market volatility, fee compression pressures, regulatory compliance costs, and potential debt refinancing needs for its 2026 Notes.

    Filed Dec 11, 2024