Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

HENNESSY ADVISORS INC (HNNA)

33 + Investors. Track Smart Money conviction in HNNA. See who's accumulating, reducing, or initiating positions.

Fetching live quote...
Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +3
Streak
2Q ▲
Buyers last Q
62%

Smart Money Signals — HNNA

Based on 33 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds added HNNA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
33 hedge funds hold HNNA right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +32% more funds vs a year ago

fund count last 6Q
+8 new funds entered over the past year (+32% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢

More buyers than sellers — 62% buying

15 buying9 selling
Last quarter: 15 funds were net buyers (4 opened a brand new position + 11 added to an existing one). Only 9 were sellers (8 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.
➡️

Steady new buyers — ~4 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 4 → 1 → 6 → 4. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

48% of holders stayed for 2+ years

48% conviction (2yr+) 33% medium 18% new
16 out of 33 hedge funds have held HNNA for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
➡️

Steady discovery — ~4 new funds/quarter

3 → 4 → 1 → 6 → 4 new funds/Q
New funds entering each quarter: 4 → 1 → 6 → 4. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 48% of holders stayed 2+ years

48% veterans 18% 1-2yr 33% new
Of 33 current holders: 16 (48%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋

Smaller funds dominant — 16% AUM from top-100

16% from top-100 AUM funds
12 of 33 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
3.9
out of 10
Low Exit Risk
Exit risk score 3.9/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — HNNA

In 2026 Q1, 15 hedge funds were net buyers of HNNA (4 opened a new position, 11 added to an existing one), while 9 reduced or exited (8 trimmed, 1 sold completely) — a 62% buyer ratio, indicating clear institutional accumulation. Net buying has persisted for two consecutive quarters, a positive momentum signal. Net fund flow last quarter: +3 funds (more new holders than closures). Total institutional holders: 33.

Hedge Fund Ownership: HNNA

How many hedge funds hold HNNA — quarterly history vs. share price
Quarterly hedge fund ownership of HNNA vs. share price

Market Analysis: HNNA

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: HNNA

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy HENNESSY ADVISORS INC (HNNA) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much HNNA has moved relative to its sector benchmark (XLF) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 71d ago
HNNA
nan%
XLF
+5.8%

HNNA outperformed XLF by nan% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 26d ago
HNNA
nan%
XLF
+2.2%

Since the filing became public, HNNA outperformed XLF by nan% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

6 top-rated funds 0 high-conviction
Consensus
3.7
/ 10
breadth
×
Elite
0.2
/ 10
conviction
Hedge Fund Positioning: HNNA
33 + Investors

Track Smart Money conviction in HNNA. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 33 30 10.0%
13F Shares 1M 1M 3.32%
Total Value $11M $11M 3.01%
New Positions 4 6 -2
Increased Positions 11 8 +3
Closed Positions 1 2 -1
Reduced Positions 8 8 -
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: HNNA

View More

Valuation Measures Data as of: --

Market Cap --
Enterprise Value --
Trailing P/E --
Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

33 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in HNNA. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of HNNA — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Truffle Hound Capital, LLC 0.51% 200,000 $1.9M
2 AEGIS FINANCIAL CORP 0.24% 141,353 $1.4M
3 Net Worth Advisory Group 0.03% 12,860 $125K
4 NAVELLIER & ASSOCIATES INC 0.01% 11,894 $116K
5 Perigon Wealth Management, LLC 0.01% 63,798 $622K
6 Quinn Opportunity Partners LLC 0.01% 14,917 $145K
7 GSA CAPITAL PARTNERS LLP 0.01% 11,077
8 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.00% 22,011 $215K
9 Allworth Financial LP 0.00% 81,380 $793K
10 CALDWELL SUTTER CAPITAL, INC. 0.00% 505 $5K
11 RENAISSANCE TECHNOLOGIES LLC 0.00% 100,088 $976K
12 Concurrent Investment Advisors, LLC 0.00% 10,539 $103K
13 Empowered Funds, LLC 0.00% 15,011 $146K
14 Clarity Asset Management, Inc. 0.00% 71
15 Cambridge Investment Research Advisors, Inc. 0.00% 10,062
16 MassMutual Private Wealth & Trust, FSB 0.00% 500 $5K
17 Capital Advisors, Ltd. LLC 0.00% 54
18 Tower Research Capital LLC (TRC) 0.00% 376 $4K
19 VANGUARD FIDUCIARY TRUST CO 0.00% 27,391 $267K
20 VANGUARD CAPITAL MANAGEMENT LLC 0.00% 238,856 $2.3M
21 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% 20,424 $199K
22 CITADEL ADVISORS LLC 0.00% 10,932 $107K
23 BANK OF AMERICA CORP /DE/ 0.00% 13,500 $132K
24 JONES FINANCIAL COMPANIES LLLP 0.00% 1,347 $13K
25 UBS Group AG 0.00% 3,701 $36K
Investor Ownership
History
% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — HENNESSY ADVISORS INC (HNNA)

What does the Smart Money Trend signal show for HNNA?

Buying streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds added HNNA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for HNNA?

More buyers than sellers — 62% buying: Last quarter: 15 funds were net buyers (4 opened a brand new position + 11 added to an existing one). Only 9 were sellers (8 trimmed + 1 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for HNNA holders?

Smaller funds dominant — 16% AUM from top-100: 12 of 33 holders rank in the top 100 by AUM, but together hold only 16% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held HNNA?

48% of holders stayed for 2+ years: 16 out of 33 hedge funds have held HNNA for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy HENNESSY ADVISORS INC (HNNA) following the 2026 Q1 hedge fund 13F filings?

As of today, HNNA has moved nan% since the 2026 Q1 13F filing date (May 15, 2026), compared to +2.2% for the XLF sector ETF — an outperformance of nan%. Since the quarter end (March 31, 2026), HNNA has gained nan% vs +5.8% for XLF. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

Full history →