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Hennessy Advisors (HNNA)

Market Price (6/13/2026): $9.93 | Market Cap: $78.4 MilSector: Financials | Industry: Asset Management & Custody Banks

Hennessy Advisors (HNNA)

Market Price (6/13/2026): $9.93
Market Cap: $78.4 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 5.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 13%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Investment Management. Themes include Active Mutual Fund Management, Traditional Investment Products, and Value-Oriented Investing.

Weak multi-year price returns
3Y Excs Rtn is -16%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.1%, Rev Chg QQuarterly Revenue Change % is -12%

Key risks
HNNA key risks include [1] a heavy dependence on a few highly concentrated flagship funds for revenue and [2] a limited national distribution network that relies on third-party channels.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 5.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 13%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
3 Low stock price volatility
Vol 12M is 31%
4 Megatrend and thematic drivers
Megatrends include Investment Management. Themes include Active Mutual Fund Management, Traditional Investment Products, and Value-Oriented Investing.
5 Weak multi-year price returns
3Y Excs Rtn is -16%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.1%, Rev Chg QQuarterly Revenue Change % is -12%
7 Key risks
HNNA key risks include [1] a heavy dependence on a few highly concentrated flagship funds for revenue and [2] a limited national distribution network that relies on third-party channels.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 6/1/2026

Hennessy Advisors (HNNA) stock has remained largely at the same level since 2/28/2026 because of the following key factors:

1. Stable, yet declining, Q1 2026 Financial Results with Maintained Profitability.

Hennessy Advisors reported diluted earnings per share (EPS) of $0.24 for its first fiscal quarter ended March 31, 2026, despite a 12% decrease in total revenue to $8.1 million and a 26% decline in net income to $1.9 million year-over-year. Average assets under management (AUM) also decreased by 12% to $4.2 billion, and total AUM fell by 8% to $3.9 billion. While showing year-over-year declines, the company remained profitable, which likely prevented a more significant downward movement in the stock price.

2. Consistent Quarterly Dividend Supported by Strong Cash Position.

The company declared a quarterly cash dividend of $0.15 per share, representing an annualized yield of 6.0%. This commitment to shareholder returns, coupled with a 20% increase in cash and cash equivalents (net of gross debt) to $32.8 million, likely provided a floor to the stock price and appealed to income-focused investors, contributing to its stability.

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Stock Movement Drivers

Fundamental Drivers

The -1.0% change in HNNA stock from 2/28/2026 to 6/12/2026 was primarily driven by a -4.2% change in the company's Net Income Margin (%).
(LTM values as of)22820266122026Change
Stock Price ($)9.909.80-1.0%
Change Contribution By: 
Total Revenues ($ Mil)3433-3.3%
Net Income Margin (%)26.5%25.4%-4.2%
P/E Multiple8.69.27.0%
Shares Outstanding (Mil)88-0.1%
Cumulative Contribution-1.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/12/2026
ReturnCorrelation
HNNA-1.0% 
Market (SPY)8.4%29.4%
Sector (XLF)4.2%28.4%

Fundamental Drivers

The -0.2% change in HNNA stock from 11/30/2025 to 6/12/2026 was primarily driven by a -7.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256122026Change
Stock Price ($)9.829.80-0.2%
Change Contribution By: 
Total Revenues ($ Mil)3633-7.8%
Net Income Margin (%)27.5%25.4%-7.8%
P/E Multiple7.79.219.1%
Shares Outstanding (Mil)88-1.4%
Cumulative Contribution-0.2%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/12/2026
ReturnCorrelation
HNNA-0.2% 
Market (SPY)9.2%20.6%
Sector (XLF)0.9%21.0%

Fundamental Drivers

The -4.1% change in HNNA stock from 5/31/2025 to 6/12/2026 was primarily driven by a -7.6% change in the company's Net Income Margin (%).
(LTM values as of)53120256122026Change
Stock Price ($)10.219.80-4.1%
Change Contribution By: 
Total Revenues ($ Mil)3633-7.1%
Net Income Margin (%)27.5%25.4%-7.6%
P/E Multiple8.19.213.5%
Shares Outstanding (Mil)88-1.4%
Cumulative Contribution-4.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/12/2026
ReturnCorrelation
HNNA-4.1% 
Market (SPY)27.3%11.2%
Sector (XLF)6.3%14.2%

Fundamental Drivers

The 62.3% change in HNNA stock from 5/31/2023 to 6/12/2026 was primarily driven by a 29.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236122026Change
Stock Price ($)6.049.8062.3%
Change Contribution By: 
Total Revenues ($ Mil)253329.7%
Net Income Margin (%)19.6%25.4%29.6%
P/E Multiple9.29.20.7%
Shares Outstanding (Mil)88-4.1%
Cumulative Contribution62.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/12/2026
ReturnCorrelation
HNNA62.3% 
Market (SPY)84.5%15.7%
Sector (XLF)76.3%15.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HNNA Return32%-17%-14%103%-21%5%61%
Peers Return16%-22%22%6%-12%0%3%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
HNNA Win Rate58%33%25%75%42%50% 
Peers Win Rate53%40%53%58%40%53% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
HNNA Max Drawdown-23%-23%-31%-15%-30%-12% 
Peers Max Drawdown-26%-42%-28%-18%-27%-25% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: SAMG, GROW, VRTS, CNS, APAM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)

How Low Can It Go

EventHNNAS&P 500
2025 US Tariff Shock
  % Loss-27.4%-18.8%
  % Gain to Breakeven37.7%23.1%
  Time to Breakeven80 days79 days
2023 SVB Regional Banking Crisis
  % Loss-27.2%-6.7%
  % Gain to Breakeven37.4%7.1%
  Time to Breakeven450 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-19.3%-24.5%
  % Gain to Breakeven23.8%32.4%
  Time to Breakeven687 days427 days
2020 COVID-19 Crash
  % Loss-43.0%-33.7%
  % Gain to Breakeven75.5%50.9%
  Time to Breakeven326 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-30.0%-19.2%
  % Gain to Breakeven42.9%23.8%
  Time to Breakeven2062 days105 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-30.7%-15.4%
  % Gain to Breakeven44.3%18.2%
  Time to Breakeven172 days125 days

Compare to SAMG, GROW, VRTS, CNS, APAM

In The Past

Hennessy Advisors's stock fell -27.4% during the 2025 US Tariff Shock. Such a loss loss requires a 37.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventHNNAS&P 500
2025 US Tariff Shock
  % Loss-27.4%-18.8%
  % Gain to Breakeven37.7%23.1%
  Time to Breakeven80 days79 days
2023 SVB Regional Banking Crisis
  % Loss-27.2%-6.7%
  % Gain to Breakeven37.4%7.1%
  Time to Breakeven450 days31 days
2020 COVID-19 Crash
  % Loss-43.0%-33.7%
  % Gain to Breakeven75.5%50.9%
  Time to Breakeven326 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-30.0%-19.2%
  % Gain to Breakeven42.9%23.8%
  Time to Breakeven2062 days105 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-30.7%-15.4%
  % Gain to Breakeven44.3%18.2%
  Time to Breakeven172 days125 days
2008-2009 Global Financial Crisis
  % Loss-86.5%-53.4%
  % Gain to Breakeven641.6%114.4%
  Time to Breakeven1775 days1085 days

Compare to SAMG, GROW, VRTS, CNS, APAM

In The Past

Hennessy Advisors's stock fell -27.4% during the 2025 US Tariff Shock. Such a loss loss requires a 37.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Hennessy Advisors (HNNA)

Hennessy Advisors, Inc. is publicly owned investment manager. It provides its services to Hennessy Funds and investment companies. The firm launches and manages equity, fixed income, and balanced mutual funds. It invests in the public equity and fixed income markets across the globe. The firm primarily invests in growth stocks of companies. It conducts in-house research to make its investments. Hennessy Advisors, Inc. was founded in 1989 and is based in Novato, California with additional offices in Boston, Massachusetts and Chapel Hill, North Carolina.

AI Analysis | Feedback

Here are 1-3 brief analogies for Hennessy Advisors (HNNA):

  • A smaller Fidelity for mutual funds.

  • A focused T. Rowe Price for actively managed funds.

  • A boutique BlackRock for growth-oriented mutual funds.

AI Analysis | Feedback

  • Investment Management Services: Providing professional management of investment portfolios for Hennessy Funds and other investment companies.
  • Mutual Funds: Launching and managing a variety of equity, fixed income, and balanced mutual funds for public investment.

AI Analysis | Feedback

Hennessy Advisors, Inc. (HNNA) primarily sells its investment management services to investment funds and companies.

Its major customers are the family of funds known as the Hennessy Funds, for which it acts as the investment manager. Examples of these funds include:

  • Hennessy Focus Fund
  • Hennessy Cornerstone Mid Cap 30 Fund
  • Hennessy Large Growth Fund
  • Hennessy Small Cap Financial Fund

These Hennessy Funds are not publicly traded companies with their own stock symbols, but rather investment vehicles (mutual funds) that engage Hennessy Advisors, Inc. for management services. While the company description also mentions providing services to "investment companies" more broadly, the Hennessy Funds represent the core of their direct client relationships as described.

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  • BDO USA, P.C.
  • Foreside Fund Services, LLC
  • U.S. Bancorp (USB)

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Neil J. Hennessy, Chief Executive Officer

Neil J. Hennessy began his career as a broker in 1979 at Paine Webber and Hambrecht & Quist. He founded his own broker/dealer firm in 1989 and subsequently founded Hennessy Funds, launching his first mutual fund in 1996. He has a successful history of acquiring asset management companies and starting mutual funds.

Kathryn R. Fahy, Chief Financial Officer and Senior Vice President

Kathryn R. Fahy joined Hennessy Advisors in 2006. Prior to her tenure at Hennessy, she worked as a public accountant for Deloitte & Touche LLP and served as a Senior Internal Auditor for Knight Ridder, Inc. She is also a Certified Public Accountant.

Teresa M. Nilsen, President, Chief Operating Officer, and Secretary

Teresa M. Nilsen joined Hennessy Advisors in 1989 and played an instrumental role in building the company from its inception.

Daniel B. Steadman, Executive Vice President

Daniel B. Steadman serves as an Executive Vice President at Hennessy Advisors.

Brian A. Hennessy, Director

Brian A. Hennessy has served as a Director of Hennessy Advisors since 1989. He was a self-employed dentist for over 20 years before his retirement.

AI Analysis | Feedback

The key risks to Hennessy Advisors' business are primarily related to its declining assets under management and the broader competitive landscape within the investment management industry.

  1. Declining Assets Under Management (AUM) and Financial Deterioration: Hennessy Advisors is facing significant financial headwinds, marked by a concerning decline in revenue and net income. The company reported a 14.3% year-over-year decrease in revenue and a 31.9% drop in net income, primarily due to declining assets under management (AUM). In fiscal year 2025, total AUM decreased by 8.6% to $4.2 billion, with redemptions as a percentage of AUM increasing from 2.3% to 3.6% per month. This trend has continued into Q1 2026, with further declines in revenue, net income, and earnings per share. As an investment advisor, Hennessy's fee generation is directly tied to market performance and fund holder retention, meaning that a decrease in AUM directly impacts its profitability and overall financial health.

  2. Competitive Pressure and Fee Compression: As an active investment manager, Hennessy Advisors operates in a market that increasingly favors scale and low-cost passive funds. The firm faces "relentless fee compression" from the economic environment and growing investor demand for ESG funds, creating a strategic challenge against larger competitors offering passive investment options. This competitive landscape puts pressure on Hennessy's average expense ratio and necessitates substantial technological investment that the company may struggle to afford.

  3. Regulatory Scrutiny and Compliance Costs: The asset management industry, including Hennessy Advisors, operates within a complex and evolving regulatory environment. Increased regulatory scrutiny on fund disclosures and marketing practices, particularly the SEC's continued enforcement of the Marketing Rule, represents a high-cost compliance factor for the company. Hennessy Advisors anticipates that ongoing regulatory requirements and developments will lead to additional administrative and compliance expenses, impacting its operational costs.

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  • The ongoing and accelerating shift of investor capital from actively managed mutual funds to lower-cost, passively managed exchange-traded funds (ETFs) and index funds. This trend directly threatens Hennessy Advisors' core business model, which relies on generating fees from actively managed funds. The preference for passive investing places significant downward pressure on fees for active managers and makes it increasingly challenging to attract and retain Assets Under Management (AUM).

AI Analysis | Feedback

Hennessy Advisors, Inc. (symbol: HNNA) operates primarily in the investment management sector, with its main products and services revolving around launching and managing equity, fixed income, and balanced mutual funds. The addressable market for these services is primarily within the United States.

The U.S. mutual funds market was valued at approximately USD 34.58 trillion in 2024 and is projected to reach USD 43.25 trillion by 2030, growing at a compound annual growth rate (CAGR) of 3.80%. Another estimate projects the U.S. mutual fund market to reach USD 50.28 trillion by 2033, with a CAGR of 4.45%. Furthermore, assets under management (AUM) growth in U.S. mutual funds is expected to reach $38 trillion by 2030, with a CAGR of 6% between 2022 and 2030.

For the broader U.S. asset management market, which encompasses mutual funds and other investment management services, the market size is substantial. It is valued at approximately USD 140 trillion. Projections indicate the U.S. asset management market size will reach USD 70.97 trillion in 2026 and is forecast to grow to USD 125.98 trillion by 2031, reflecting a 12.16% CAGR. Another report anticipates the U.S. asset management market to grow at a significant CAGR of 34.6% from 2024 to 2030.

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Hennessy Advisors (HNNA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:

  1. Strategic Acquisitions and Mergers: Hennessy Advisors explicitly identifies mergers and acquisitions (M&A) as a vital component of its growth strategy, particularly in the absence of a strong organic growth engine. The company actively seeks external opportunities that align with its values to create long-term shareholder value. This approach has historically been a significant means by which the firm has expanded its assets under management (AUM).
  2. Expansion of the ETF Lineup: The company has indicated a strategic focus on expanding its exchange-traded fund (ETF) offerings. Recent statements highlight a "pending deal in process to expand our ETF lineup," and a previous press release from November 2024 mentioned a "Transition to Fully Transparent ETF Structure and Name Change," signaling a shift towards and investment in this product category.
  3. Favorable Equity Market Performance: As an investment manager primarily investing in public equity markets, Hennessy Advisors' revenue is significantly influenced by the overall performance of the stock market. The Chairman and CEO, Neil Hennessy, expressed confidence in the strength of the economy and the U.S. stock market as of late 2025, suggesting that positive market trends are anticipated to contribute to an increase in the firm's assets under management (AUM) through appreciation, thereby boosting revenue.
  4. Sustained Strong Investment Performance: The firm's ability to deliver positive results across its funds is crucial for retaining existing clients and attracting new investors, which directly supports AUM growth and, consequently, revenue. Hennessy Advisors has a track record of funds delivering positive long-term results, and its in-house research capabilities are fundamental to maintaining this performance. [cite: 3, 12, Background]

AI Analysis | Feedback

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Share Repurchases

  • In May 2022, Hennessy Advisors increased its stock buyback plan, making over 1,000,000 shares eligible for repurchase.

Share Issuance

  • The number of shares outstanding for Hennessy Advisors increased by 1.10% over the last 12 months.
  • Share outstanding changes include increases of 1.31% for the quarter ending December 31, 2024, and 0.67% for the quarter ending March 31, 2025.

Outbound Investments

  • In March 2023, Hennessy Advisors entered into an agreement to acquire assets from Community Capital Management, LLC's equity funds, valued at approximately $70 million. This acquisition, specifically the CCM Core Impact Equity Fund, was completed by February 2024, incorporating approximately $60 million in assets.
  • In December 2022, the company completed the acquisition of assets related to the Stance Equity ESG Large Cap Core ETF, representing approximately $43 million in assets.

Capital Expenditures

  • For the first fiscal quarter of 2026 (ended December 31, 2025), capital expenditures were $601,000.
  • Capital expenditures for the trailing twelve months ending December 31, 2025, were -$383,000.
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Better Bets vs. Hennessy Advisors (HNNA)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Hennessy Advisors Earnings Notes12/16/2025
Title
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Peer Comparisons

Peers to compare with:

Financials

HNNASAMGGROWVRTSCNSAPAMMedian
NameHennessy.Silvercr.US Globa.Virtus I.Cohen & .Artisan . 
Mkt Price9.8010.872.96145.1877.0535.8823.38
Mkt Cap0.10.10.01.04.02.40.5
Rev LTM3312598295891,223357
Op Inc LTM116-214920540780
FCF LTM1090-34-681955
FCF 3Y Avg10160761428215
CFO LTM11131-28-631966
CFO 3Y Avg10190843728628

Growth & Margins

HNNASAMGGROWVRTSCNSAPAMMedian
NameHennessy.Silvercr.US Globa.Virtus I.Cohen & .Artisan . 
Rev Chg LTM-7.1%0.5%6.2%-7.7%7.1%8.7%3.3%
Rev Chg 3Y Avg11.1%1.7%-16.5%0.2%2.8%8.9%2.3%
Rev Chg Q-12.3%0.0%31.3%-8.7%7.9%9.3%4.0%
QoQ Delta Rev Chg LTM-3.3%0.0%7.5%-2.2%1.9%2.2%1.0%
Op Inc Chg LTM-13.5%-65.3%37.0%-17.9%3.0%8.5%-5.2%
Op Inc Chg 3Y Avg23.2%-37.7%-408.3%-3.3%-1.2%10.3%-2.3%
Op Mgn LTM33.6%4.6%-15.9%18.0%34.7%33.3%25.7%
Op Mgn 3Y Avg31.8%11.0%-13.6%18.6%35.3%32.6%25.2%
QoQ Delta Op Mgn LTM-1.3%-2.9%12.3%-1.7%0.2%-0.1%-0.7%
CFO/Rev LTM32.7%10.1%5.3%-3.3%-10.7%16.0%7.7%
CFO/Rev 3Y Avg33.0%15.3%2.5%9.6%8.2%26.0%12.4%
FCF/Rev LTM31.6%7.0%5.1%-4.1%-11.5%15.9%6.1%
FCF/Rev 3Y Avg32.0%12.9%1.8%8.7%3.6%25.6%10.8%

Valuation

HNNASAMGGROWVRTSCNSAPAMMedian
NameHennessy.Silvercr.US Globa.Virtus I.Cohen & .Artisan . 
Mkt Cap0.10.10.01.04.02.40.5
P/S2.30.73.71.26.71.92.1
P/Op Inc7.014.5-23.36.519.45.86.7
P/EBIT5.611.49.03.019.44.97.3
P/E9.231.511.18.325.48.310.2
P/CFO7.26.669.5-35.3-63.112.16.9
Total Yield16.4%11.3%12.3%18.8%7.2%23.7%14.4%
Dividend Yield5.6%8.1%3.3%6.7%3.3%11.6%6.2%
FCF Yield 3Y Avg14.5%11.2%0.6%3.9%0.3%10.7%7.3%
D/E0.50.30.02.90.00.10.2
Net D/E-0.40.2-1.02.6-0.00.0-0.0

Returns

HNNASAMGGROWVRTSCNSAPAMMedian
NameHennessy.Silvercr.US Globa.Virtus I.Cohen & .Artisan . 
1M Rtn0.9%-7.8%16.1%2.8%5.9%-0.7%1.8%
3M Rtn2.2%-22.1%-7.6%17.1%24.4%3.5%2.9%
6M Rtn1.5%-26.0%23.9%-11.4%25.6%-8.4%-3.5%
12M Rtn-6.6%-22.5%28.8%-13.4%3.4%-8.4%-7.5%
3Y Rtn68.3%-37.1%18.3%-22.6%42.7%21.2%19.7%
1M Excs Rtn1.0%-7.6%16.3%3.0%6.1%-0.5%2.0%
3M Excs Rtn-9.8%-34.1%-19.7%5.0%12.4%-8.6%-9.2%
6M Excs Rtn-7.3%-33.4%15.0%-16.8%19.1%-15.5%-11.4%
12M Excs Rtn-30.0%-45.9%6.0%-36.2%-18.4%-31.0%-30.5%
3Y Excs Rtn-16.0%-112.7%-56.4%-96.0%-33.1%-44.2%-50.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Investment advisory business3630   
Investment advisory fees  222730
Shareholder service fees  222
Total3630243033


Price Behavior

Price Behavior
Market Price$9.80 
Market Cap ($ Bil)0.1 
First Trading Date03/09/2005 
Distance from 52W High-19.9% 
   50 Days200 Days
DMA Price$9.85$9.85
DMA Trenddownup
Distance from DMA-0.6%-0.5%
 3M1YR
Volatility24.6%31.0%
Downside Capture26.3038.48
Upside Capture23.1620.28
Correlation (SPY)27.4%12.3%
HNNA Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.280.090.570.450.300.38
Up Beta0.700.420.510.570.600.51
Down Beta1.871.741.951.150.130.30
Up Capture16%3%21%17%15%13%
Bmk +ve Days13283667141432
Stock +ve Days13223366127378
Down Capture-83%-123%20%16%38%48%
Bmk -ve Days7132757109318
Stock -ve Days7162752113333

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HNNA
HNNA-6.1%30.9%-0.18-
Sector ETF (XLF)6.2%14.7%0.2015.7%
Equity (SPY)24.9%12.3%1.5212.5%
Gold (GLD)25.5%27.4%0.8115.1%
Commodities (DBC)30.1%19.0%1.25-7.2%
Real Estate (VNQ)13.5%13.5%0.6918.4%
Bitcoin (BTCUSD)-41.8%42.2%-1.169.5%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HNNA
HNNA9.3%34.1%0.33-
Sector ETF (XLF)8.8%18.6%0.3516.2%
Equity (SPY)13.5%17.1%0.6115.1%
Gold (GLD)16.8%18.2%0.753.6%
Commodities (DBC)8.4%19.4%0.332.8%
Real Estate (VNQ)2.8%18.8%0.0512.7%
Bitcoin (BTCUSD)13.6%54.4%0.4412.8%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with HNNA
HNNA-2.6%38.7%0.05-
Sector ETF (XLF)12.9%22.2%0.5318.6%
Equity (SPY)15.3%17.9%0.7316.9%
Gold (GLD)12.5%16.1%0.642.2%
Commodities (DBC)6.7%18.0%0.296.8%
Real Estate (VNQ)5.7%20.7%0.2415.7%
Bitcoin (BTCUSD)60.2%66.8%1.007.8%

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Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 515202619.2%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity7.9 Mil
Short % of Basic Shares0.1%

Earnings Returns History

Updated 6/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20262.9%-0.5%0.2%
2/5/20261.9%3.5%3.2%
12/3/20250.5%-2.9%-6.6%
8/6/2025-4.5%-13.4%-0.3%
5/7/20255.8%-5.0%4.8%
2/13/20251.9%-0.6%-11.1%
12/11/20243.4%-5.3%-4.7%
8/8/20246.3%14.0%23.9%
...
SUMMARY STATS   
# Positive141112
# Negative101312
Median Positive1.9%3.5%7.3%
Median Negative-1.2%-2.9%-3.3%
Max Positive9.1%16.7%23.9%
Max Negative-4.8%-13.4%-17.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/05/202610-Q
09/30/202512/03/202510-K
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/13/202510-Q
09/30/202412/11/202410-K
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202302/08/202410-Q
09/30/202312/07/202310-K
06/30/202308/02/202310-Q
03/31/202305/10/202310-Q
12/31/202202/09/202310-Q
09/30/202212/07/202210-K
06/30/202208/03/202210-Q

Insider Activity

Updated 5/12/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Fahy, KathrynSVP and CFODirectSell512202610.0010,000100,000606,889Form
2Newton, Kiera DirectSell123120259.355715,339152,349Form
3Newton, Kiera DirectSell929202510.733904,185180,961Form
4Newton, Kiera DirectSell925202511.00333189,805Form
5Seavey, Thomas L DirectSell818202510.632,60327,678536,163Form

Industry Resources

External Quote Links


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Core Cache Last Updated: 6/12/2026