Neil Hennessy Ranks 6th on Barron's List of “Top 100 Fund Managers”

Novato, CA – August 15, 2006 – Hennessy Advisors, Inc. (OTCBB:HNNA) Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. was recognized in the August 14, 2006 issue of Barron's as one of the top 100 mutual fund managers in the nation. Hennessy’s rank jumped to #6 as manager of the Hennessy Cornerstone Growth Fund, up from #8 last year, from #9 in 2004 and from #16 in 2003. Mr. Hennessy was also one of just three managers to be recognized more than once on the 2006 list of Top 100 Managers. Hennessy also ranked #39 on the list as manager of the Hennessy Cornerstone Value Fund.

“We are proud to once again be named to Barron’s list of top fund managers, and we are most pleased to have been able to deliver strong and consistent performance to our fund shareholders” said Mr. Hennessy. “We attribute the success of these funds to their quantitative, time-tested stock selection formulas and to our straight-forward, disciplined investment management style,” he added. The Hennessy Cornerstone Growth Fund is classified as a small-cap blend fund, while the Hennessy Cornerstone Value Fund is classified as a large-cap value fund.

Fund managers named to the Barron’s list of the industry's top 100 have outperformed their peers and have done so by delivering less volatile returns. The Barron's/Value Line annual rankings system awards points to managers who generate more stable returns and subtracts points from funds deemed too volatile. A manager with average performance and volatility gets a score of zero. Value Line first scanned 3,344 equity funds, screening out those with more than two managers and managers with less than three years’ tenure. The remaining funds were then organized by investment objective, and then sector funds and those with less than $100 million in assets were eliminated. 505 managers qualified to be ranked.


About Hennessy Advisors, Inc.
Hennessy Advisors, Inc., headquartered in Novato, California, manages the Hennessy Funds, a family of six no-load mutual funds, which satisfy a variety of investment horizons and risk tolerance levels. Each of the Hennessy Funds utilizes a quantitative stock selection strategy and is managed with the discipline and consistency of an index fund. In addition to the Cornerstone Growth Fund (HFCGX) and Cornerstone Value Fund (HFCVX) the company also manages the Hennessy Cornerstone Growth Fund, Series II (HENLX), the Hennessy Focus 30 Fund (HFTFX), the Hennessy Total Return Fund (HDOGX) and the Hennessy Balanced Fund (HBFBX).



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