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Novato, CA - August 5, 2003
- Neil Hennessy, President and Chairman of Hennessy Advisors,
was recognized in the August 4, 2003 issue of Barron's as
one (actually two) of the top 100 fund managers. Neil was
ranked #16 as manager of The Hennessy Cornerstone Growth Fund
and #23 as manager of the Hennessy Cornerstone Value Fund.
Additionally, Neil Hennessy was one of only four fund managers
on the list recognized for management of more than one fund.
The Hennessy
Cornerstone Growth and the Hennessy Cornerstone Value funds are both
managed quantitatively (see below for process). At Hennessy Advisors,
each of our mutual funds is built on a stock selection strategy that
has historically produced results consistent with the specific funds'
objectives. In addition, the Hennessy Cornerstone Growth Fund has consistently
produced results exceeding the long-term returns achieved by comparable
indexes. Much of the funds' success is due to a disciplined, non-emotional
investment strategy.
Stock
Selection Process for the Hennessy Cornerstone Growth Fund
1. Compustat® Database
2. Market Capitalization exceeding $134 Million
3. A price-to-Sales Ratio Below 1.5
4. Annual Earnings that are higher than the previous year
5. Select 50 of the remaining stocks, which the advisors believe have
had the best positive relative strength over the past three- and six-month
periods.
Stock
Selection Process for the Hennessy Cornerstone Value Fund
1. Compustat® Database
2. Market Capitalization exceeding the average of the database
3. Cash Flow which exceeds the average for the database
4. A number of shares outstanding which exceeds the average for the
database
5. Twelve month sales which are 50% greater than the average for the
database
6. Select 50 of the remaining stocks with the highest dividend yield
How Fund Managers Were Rated
According to the article, Barron's
annual rankings were determined by having Value Line first
scan 6,000 equity funds, screening out those with more than
two managers. The funds that passed were then organized by
investment objective, eliminating sector funds. Only 650 managers
ultimately qualified to be ranked. A manager with average
performance and volatility gets a score of zero. Points are
rewarded to managers who generate more stable returns, and
subtracted from funds that are too volatile. Managers that
outperformed their peers and done so by deliver less volatile
returns made Value Line's list of the industry's top 100.
Value Line's rating system measures a manager's risk-adjusted
performance as of 6/30/03 for his/her tenure versus the performance
of similar funds.
About Hennessy Advisors
The Hennessy Advisors manages the
Hennessy Funds, headquartered in Novato, California. Hennessy
Funds is a family of no-load mutual funds, satisfying a variety
of investment horizons and risk tolerance levels. In addition
to the Cornerstone Growth Fund (HFCGX) and the Hennessy Cornerstone
Value Fund (HFCVX), the company also manages the Hennessy
Total Return Fund (HDOGX) and the Hennessy Balanced Fund (HBFBX).
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