January 12, 2018 - Hennessy Advisors, Inc., the investment manager of the Hennessy Funds, today announced that it has completed the acquisition of assets related to the management of the Rainier Small/Mid Cap Equity Fund, the third and final of the Rainier U.S. Equity Funds. As a result, the Rainier Small/Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund effective for shareholders on January 16, 2018, based on closing prices as of January 12, 2018, as follows:
NAV as of Jan. 12 Conversion Ratio
Rainier Small/Mid Cap Equity, Original (RIMSX) $37.4758 1.83935723 shares of HFMDX
Rainier Small/Mid Cap Equity, Institutional (RAISX) $40.3208 1.92688311 shares of HIMDX
Hennessy Cornerstone Mid Cap 30, Investor (HFMDX) $20.3744 ___
Hennessy Cornerstone Mid Cap 30, Institutional (HIMDX) $20.9254 ___
“I want to welcome the shareholders of the Rainier Funds to the Hennessy family of funds,” said Neil Hennessy, Chairman, CEO and President of Hennessy Advisors, Inc. and President and Chief Investment Officer of Hennessy Funds. “We are honored to have the opportunity to serve these shareholders and look forward to helping them meet their investment goals,” he added.
Hennessy Advisors, Inc. previously completed the acquisition of assets related to the management of the Rainier Large Cap Equity Fund and Rainier Mid Cap Equity Fund, which were reorganized into the Hennessy Cornerstone Large Growth Fund and the Hennessy Cornerstone Mid Cap 30 Fund, respectively, on December 1, 2017. For more information on that transaction please refer to the press release dated Dec. 1, 2017.
For more information, please read the FAQs regarding the reorganization.