September 23, 2016 - Hennessy Advisors, Inc. today announced that it has completed the acquisition of assets related to the management of The Westport Funds. All Westport Fund and Westport Select Cap Fund shareholders, including holders of both the Class R and Class I shares, are now shareholders of Institutional Class shares of the Hennessy Cornerstone Mid Cap 30 Fund, a concentrated, mid-cap fund with a similar investment objective.
Based on closing fund prices as of September 23, shareholders of The Westport Funds will receive shares of the Hennessy Cornerstone Mid Cap 30 Fund (HIMDX) as follow:
NAV as of Sept. 23 Conversion Ratio
Westport Fund, Class I (WPFIX) $26.1380 1.34193800 shares of HIMDX
Westport Fund, Class R (WPFRX) $25.8105 1.32512398 shares of HIMDX
Westport Select Cap Fund, Class I (WPSCX) $8.5035 0.43657394 shares of HIMDX
Westport Select Cap Fund, Class R (WPSRX) $7.1534 0.36725913 shares of HIMDX
Hennessy Cornerstone Mid Cap 30 Fund, $19.4778 ___
Class I (HIMDX)
“I want to thank the shareholders of The Westport Funds for their vote of confidence and welcome them to the Hennessy family of funds," said Neil Hennessy, President and Chief Investment Officer of Hennessy Funds. “We will strive to deliver strong investment management and performance while providing superior shareholder service,” he added.
For additional information, please see the Frequently Asked Questions regarding this transaction.