NOVATO -- Citing strong investor inflows and investment gains, Hennessy Advisors, Inc. (Nasdaq: HNNA) on Monday announced growth beyond $5 billion in assets under management.

It is the latest milestone for an investment management and mutual fund firm that has seen significant growth in recent years. The Novato-based company reached $4 billion in assets under management in September of 2013, after more than tripling its portfolio -- to $3 billion -- through a major acquisition in October 2012.

“With sixteen funds spanning domestic, sector, specialty and balanced equity categories, we believe our products can play a role in nearly every investor’s portfolio, and we have continued to see strong interest from financial advisers and individual investors alike,” said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, in an announcement.

Hennessy Advisors currently serves around 15,000 financial advisers and over 250,000 account holders in the United States, according to the announcement. The company has been publicly traded in the over the counter market since 2002, and shifted its shares to the Nasdaq in April 2014.

Shares in Hennessy Advisors were trading at $13.92 when the Nasdaq closed on Tuesday, up 3.1 percent from opening.