Hennessy Select SPARX Japan Smaller Companies Fund Marks Third Anniversary and Awarded Highest Rating

NOVATO, Calif., Sept. 7 /PRNewswire/ -- Hennessy Advisors, Inc. (OTC Bulletin Board: HNNA), investment advisor of the Hennessy Funds, announced that its Hennessy Select SPARX Japan Smaller Companies Fund (Ticker: SPJSX) marked its third anniversary on August 31st, and that it today received the coveted 5-star Overall Morningstar Rating™ among 26 Japan Stock funds as of 8/31/10.  The Overall Morningstar Rating™ for a fund is derived from a weighted average of the risk-adjusted returns associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics. Five stars is Morningstar's highest rating given to mutual funds.

The Hennessy Select SPARX Japan Smaller Companies Fund invests in small-cap Japanese equities, primarily those with market capitalization below 100 billion Japanese yen, or $1.1 billion. Hennessy Funds acts as the Fund's investment manager and has retained SPARX Asset Management Co., Ltd. as the Fund's sub-advisor. SPARX Asset Management, based in Tokyo, Japan, is responsible for all stock selections and the day to day management of the Fund's portfolio.

The Hennessy Select SPARX Japan Smaller Companies Fund is one of just two open-end mutual funds available to U.S. investors that is comprised primarily of Japanese small cap stocks, and the only small cap Japan fund whose portfolio managers are based in Japan.

"I view investing in Japan right now as a smart, contrarian strategy," said Neil Hennessy, President and Chief Investment Officer of Hennessy Funds. "While many investors may have written off Japan, I am excited by the large number of Japanese companies that I see enjoying tremendous global opportunities for strong, long-term growth and whose stock prices are at or near historical lows," he added. "We share the responsibilities for managing our Select SPARX Japan Funds with one of the largest, most well-respected and talented asset managers in Asia. SPARX Asset Management epitomizes the type of highly qualified category experts we employ as sub-advisors for our Select Funds," Hennessy commented.

About Hennessy Advisors, Inc.

Hennessy Advisors, Inc. is the publicly traded investment advisor of the entire family of Hennessy Mutual Funds.  Hennessy Funds offers a wide range of both domestic and international equity mutual funds, including a full line up of quantitatively managed portfolios as well as a series of sub-advised, actively managed strategies. Hennessy Funds is committed to their consistent and repeatable investment strategies, highly disciplined management approach and superior service to shareholders.

About SPARX Asset Management Co., Ltd.

SPARX Asset Management Co., Ltd. is a wholly owned subsidiary of SPARX Group Co., Ltd., a publicly traded asset manager based in Tokyo, Japan. Since its founding in 1989, SPARX has grown to become the largest independent money manager in Asia. SPARX's extensive experience in Japan and throughout Asia over the past two decades offers investors keen insights into opportunities throughout the region.

Additional Information

Nothing in this press release shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful prior to registration under the applicable securities laws.

Mutual fund investing involves risk.  Principal loss is possible.  The Hennessy Select SPARX Japan Funds may invest in small and medium-capitalization companies, which tend to have more limited liquidity and greater price volatility than large-capitalization companies. The Funds also invest in foreign securities, which may involve greater volatility and political, economic and currency risk and differences in accounting methods.

The Funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-966-4354, or visiting www.hennessyfunds.com. Please read it carefully before you invest or send money.

© 2010 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. The Hennessy Select SPARX Japan Smaller Companies Fund was rated against 26 Japan Stock funds over the last three years. With respect to these Japan Stock funds, Hennessy Select SPARX Japan Smaller Companies Fund received a Morningstar rating of 5 stars for the three-year period. The fund does not yet have five- or ten-year performance numbers.

The Hennessy Funds are distributed by Quasar Distributors, LLC.

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Neil J. Hennessy

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SOURCE Hennessy Advisors, Inc.