Hennessy adds large-caps to lineup

Hennessy Advisors Inc. today launched two large-cap funds after acquiring the assets of two funds with combined assets of $158 million from Voyageur Asset Management Inc. “Part of our growth strategy is growth through acquisition,” said Neil Hennessy, chairman, chief executive and president of Hennessy Advisors. The Novato, Calif.-based fund firm bought the Tamarack Large Cap Growth Fund and the Tamarack Value Fund, allowing Hennessy Advisors to add two large-cap offerings to its six-fund lineup. The funds are the Hennessy Cornerstone Large Growth Fund (HFLGX) and the Hennessy Select Large Value Fund (HSVFX). The Cornerstone Large Growth Fund will be managed using a quantitative strategy. The Select Large Value Fund will be actively managed and subadvised back to Voyageur Asset Management of Minneapolis. The firm didn’t previously have a large-cap fund, Mr. Hennessy said. He acknowledged that there are challenges in launching funds in a down market. “It’s challenging anytime, but we’re getting there,” Mr. Hennessy said. “There’s always a future in small-, mid- and large-cap. There are plenty of companies out there that are quality; whenever you are buying quality companies, you’re going to be fine in the long term,” Mr. Hennessy said. Prior to the acquisition, Hennessy Advisors had $550 million in assets under management.