HNNA

SEC Filing Summary: Form 13F Information Table

Business Context and Reporting Period

Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2023
Description: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It details the issuer, class of security, CUSIP, value, and voting authority for each holding.

Key Financial Metrics and Portfolio Composition

Revenue, Profit, and Cash Flow: The filing text does not provide a clear value for Hennessy Advisors Inc.'s own revenue, profit, or cash flow. Form 13F filings report portfolio holdings, not the manager's operating financials.
Debt and Liquidity: The filing text does not provide a clear value for the manager's debt or liquidity position.
Portfolio Metrics: The table lists approximately 180 individual equity positions. Holdings are reported with "Sole" voting authority. The portfolio is heavily weighted toward the Energy, Utilities, and Financial sectors.

Material Changes and Portfolio Highlights

Top Holdings by Value (Selected):

• Super Micro Computer Inc: $76,863,866 (280,300 shares)
• Plains All American Pipeline LP: $28,613,716 (1,867,736 units)
• PBF Energy Inc: $29,732,382 (555,434 shares)
• Plains GP Holdings LP: $22,127,924 (1,372,700 units)
• TC Energy Corp: $23,371,272 (679,200 shares)
• Enbridge Inc: $22,222,862 (669,565 shares)
• PG&E Corp: $14,750,062 (914,449 shares)
• Southern Co: $21,247,576 (328,300 shares)
• Sempra: $21,700,209 (318,980 shares)
• WEC Energy Group Inc: $15,927,957 (197,740 shares)

Material Changes: As this is a snapshot of holdings at a single point in time, the filing text does not provide a clear value for changes versus the prior comparable period. Comparative analysis requires data from the previous quarter's filing.

Guidance, Outlook, and Risks

Management Commentary: The filing text does not provide a clear value for management commentary, guidance, or outlook. Form 13F is a regulatory disclosure of holdings and does not contain narrative analysis.
Risks and Contingencies: The filing text does not provide a clear value for specific risks or contingencies. The portfolio composition indicates exposure to energy commodity prices, utility regulation, and interest rate sensitivity given the heavy weighting in energy infrastructure and utilities.

Investor Verification Checklist

• Portfolio Concentration: Verify the total aggregate value of the portfolio to assess concentration risk in the Energy and Utility sectors.
• Turnover Analysis: Compare this list against the June 30, 2023 filing to determine the manager's trading activity and strategy shifts.
• Valuation Accuracy: Confirm that the reported values reflect market prices as of September 30, 2023, noting that Form 13F values are estimates to the nearest dollar.
• Voting Authority: Note that all listed positions are held with "Sole" voting authority, indicating full control over voting decisions for these shares.
• Missing Data: Acknowledge that this document does not contain the firm's own financial health (revenue, expenses, or liabilities).