SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Ended March 31, 2023
Context: This filing discloses the equity securities held by the investment manager at the end of the first quarter of 2023. It details the number of shares, value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, and Cash Flow: The filing text does not provide a clear value for the company's own revenue, profit, or cash flow. Form 13F reports portfolio holdings, not the operating financials of the investment manager.
Portfolio Metrics:
- Total Positions: The filing lists 188 distinct equity positions.
- Voting Authority: Hennessy Advisors Inc. reports "Sole" voting authority for all listed positions.
- Derivatives: No put or call options are reported in the "Put/Call" column.
- Top Holdings by Value (Selected):
- Enbridge Inc (ADR): $24,582,525
- Southern Co: $24,840,060
- Atmos Energy Corp: $24,841,223
- Sempra: $24,962,562
- TC Energy Corp (ADR): $23,544,441
- Super Micro Computer Inc: $22,791,045
Material Changes and Sector Focus
Comparative Data: The filing text does not provide a clear value for the prior comparable period (Q4 2022), preventing a direct calculation of material changes in holdings or value.
Sector Concentration: The portfolio demonstrates a heavy concentration in the Utilities and Energy/Midstream sectors. Significant holdings include:
- Utilities: Atmos Energy, Southern Co, Sempra, NextEra Energy, Dominion Energy, Duke Energy, WEC Energy Group.
- Energy/Midstream: Kinder Morgan, Plains All American Pipeline, Enbridge, TC Energy, EQT Corp, Devon Energy.
- Financials: JPMorgan Chase, Wells Fargo, Citigroup, Capital One Financial.
- Technology: Super Micro Computer, Hewlett Packard Enterprise, Intel, Cisco Systems.
Guidance, Risks, and Contingencies
Management Commentary: The filing text does not provide a clear value for management commentary, guidance, or outlook. Form 13F is a statutory disclosure of holdings and does not typically include narrative commentary.
Risks and Contingencies: No specific risks or contingencies are disclosed in this document. The standard SEC disclaimer notes that the Commission has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column, as the filing does not provide a total portfolio value summary.
- Confirm the specific share counts for high-conviction utility and energy positions to assess exposure to interest rate sensitivity.
- Check subsequent filings (Form 13F-HR) for Q2 2023 to determine if the heavy utility/energy weighting was maintained or adjusted.
- Review the company's own 10-Q or 10-K filings for Hennessy Advisors Inc. to obtain actual revenue, profit, and liquidity metrics, which are absent here.