HNNA — what changed in the latest 10-Q
A section-by-section comparison of HNNA's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-06 vs the prior 10-Q · 2026-02-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +23 | −14 | ~17 | 19 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-06
On a total return basis, the Dow Jones Industrial Average was up 0.71% for the six months ended March 31, 2026. During the most recent quarter, equity prices declined as geopolitical fears coupled with prospective interest rate cuts have seemed to cause investors to reconsider the case for continued…
Long-term U.S. bond yields rose during the three months ended March 31, 2026. Higher oil and gas prices may portend a higher level of inflation, especially if a resolution with Iran is not reached soon. Before the conflict in the Middle East, inflation remained above the Federal Reserve’s 2% goal bu…
For the one‑, three‑, five-, and ten year periods ending March 31, 2026, all 17 Hennessy Funds posted positive total returns (except that the Hennessy Sustainable ETF does not have ten years of performance history).
Total revenue comprises investment advisory fees and shareholder service fees. Comparing the three months ended March 31, 2025, to the three months ended March 31, 2026, total revenue decreased by 12.3%, from $9.3 million to $8.1 million, investment advisory fees decreased by 12.6%, from $8.7 millio…
Redemptions as a percentage of assets under management decreased from an average of 5.5% per month during the three months ended March 31, 2025, to an average of 2.6% per month during the three months ended March 31, 2026. Redemptions as a percentage of assets under management decreased from an aver…
Text removed vs the prior filing · source: 10-Q · 2026-02-05
On a total return basis, the Dow Jones Industrial Average was up 4.03% for the three months ended December 31, 2025. During the most recent quarter, equity prices increased buoyed by earnings growth, broad margin expansion, expectations of supportive monetary policy and continued strength in large c…
Long-term U.S. bond yields were close to flat during the three months ended December 31, 2025. While inflation remains above the Federal Reserve’s 2% goal, economic data points to a continued moderation in the pace of inflation, despite a resilient global economy. Projections compiled by Bloomberg e…
For the twelve months ended December 31, 2025, all but one of the Hennessy Funds generated positive total returns. In addition, for the three‑year period ending December 31, 2025, all 17 Hennessy Funds posted positive annualized total returns. Over the longer term, the 16 Hennessy Funds with over fi…
Total revenue comprises investment advisory fees and shareholder service fees. Comparing the three months ended December 31, 2024, to the three months ended December 31, 2025, total revenue decreased by 14.3%, from $9.7 million to $8.3 million, investment advisory fees decreased by 14.3%, from $9.1 …
None of the Hennessy Funds had net inflows during the three months ended December 31, 2025.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice