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Hennessy Advisors, Inc. (NASDAQ:HNNA) today announced that it has completed the acquisition of assets related to the management of the CCM Small/Mid-Cap Impact Value Fund. As a result, the CCM Small/Mid-Cap Impact Value Fund will be reorganized into an existing exchange-traded fund ("ETF") managed by Hennessy Advisors, Inc. This acquisition represents approximately $12 million in assets.
"I want to share my appreciation to the shareholders of the CCM Small/Mid-Cap Impact Value Fund for their vote of confidence in Hennessy Funds," said Neil Hennessy, Chairman and CEO of Hennessy Advisors, Inc. "We are honored to be given the opportunity to serve these additional shareholders," he added.
"As we have said throughout the process of this transaction, we remain confident that the Hennessy Stance ESG ETF is the right home for our equity mutual fund shareholders," said Alyssa Greenspan, CEO and President of CCM.
The Fund is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. The Fund will not. This may create additional risks for your investment. For example:
The differences between the Fund and other ETFs may also have advantages. By keeping certain information about the Fund portfolio secret, the Fund may face less risk that other traders can predict or copy its investment strategy. This may improve the Fund's performance. If other traders are able to copy or predict the Fund's investment strategy, however, this may hurt the Fund's performance.
For additional information regarding the unique attributes and risks of the Fund, see the Fund's prospectus and statement of additional information.
The Special Meeting of shareholders of the CCM Core Impact Equity Fund (approximately $53 million in assets) has been adjourned to November 21, 2023. Pending shareholder approval, the CCM Core Impact Equity Fund will also be reorganized into the Hennessy Stance ESG ETF.
Posted In: HNNA