October 29, 2018 - Hennessy Advisors, Inc., the investment manager of the Hennessy Funds, announced that it has completed the acquisition of assets related to the management of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund. Hennessy Advisors is now the investment advisor of the Funds, and BP Capital is now the sub-advisor to the Funds, meaning that the same Portfolio Managers who managed the portfolios in the past will continue to manage the portfolios going forward.
The Funds have been renamed and mapped as follows:
- BP Capital TwinLine Energy Fund Class A (BPEAX ) ---> Hennessy BP Energy Fund Investor Class (HNRGX)
- BP Capital TwinLine Energy Fund Class I (BPEIX ) ---> Hennessy BP Energy Fund Institutional Class (HNRIX)
- BP Capital TwinLine MLP Fund Class A (BPMAX) ---> Hennessy BP Midstream Fund Investor Class (HMSFX)
- BP Capital TwinLine MLP Fund Class I (BPMIX) ---> Hennessy BP Midstream Fund Institutional Class shares (HMSIX)
Toby Loftin, Managing Principal of BP Capital Fund Advisors noted, “Neil Hennessy, Terry Nilsen, and the team at Hennessy Advisors consistently demonstrate a commitment to the mutual fund business and to their shareholders. We are excited to join the Hennessy team, and we feel confident our shareholders will continue to receive both solid portfolio management and excellent shareholder service."
Neil Hennessy, Chairman, and CEO of Hennessy Advisors, Inc. and President and Chief Investment Officer of Hennessy Funds added, "With the addition of these two funds, inspired by legendary energy investor T. Boone Pickens, Hennessy will now offer a suite of complementary energy-related mutual funds. We want to thank the shareholders of the BP Capital TwinLine Funds for their vote of confidence, and we are excited to welcome them into the Hennessy family of Fund."
The transaction has been structured with the intention that it qualifies, for federal income tax purposes, as a tax-free reorganization under the Internal Revenue Code of 1986, as amended. Therefore, shareholders of the Funds should not recognize any gain or loss for federal income tax purposes as a result of the transaction.
For additional information, please read the Frequently Asked Questions Regarding the Acquisition of the BP Capital TwinLine Funds.