The two funds have combined assets of approximately $158 million, representing 17,000 shareholders, and were acquired from RBC’s Voyageur Asset Management, according to the announcement. Hennessy said shares of the Tamarack Large Cap Growth Fund will be exchanged for shares of the Hennessy Cornerstone Large Growth Fund (HFLGX), and the fund will be managed by Hennessy Advisors following a purely quantitative, time tested investment formula.
Shares of the Tamarack Value Fund will be exchanged for shares of the Hennessy Select Large Value Fund (HSVFX) – the initial offering under Hennessy’s new ‘Select Series’ of funds – and Hennessy Advisors has retained Voyageur Asset Management as sub advisor to manage the portfolio of the fund. Hennessy is also launching Institutional Class shares of each of these two new funds.
“The Hennessy Select Series will employ seasoned asset managers. Launching this new series of funds will allow us to round out our product offering and to showcase the talent of what we believe are excellent, yet undiscovered managers,” said Kevin Rowell, President of Hennessy Funds, in the announcement.