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, 2022
Context: 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 position.

Key Financial Metrics and Portfolio Composition

Portfolio Overview: The filing lists 200+ individual equity positions. The total aggregate value of the portfolio is not explicitly stated as a single sum in the text, but individual position values are provided in thousands of dollars (Column 4).
Top Holdings by Value (Selected):

• Cheniere Energy Inc: $29,601,000
• Kinder Morgan Inc: $29,471,000
• Enbridge Inc: $26,870,000
• Berkshire Hathaway Inc (Class A): $26,827,000
• Sempra: $26,470,000
• Atmos Energy Corp: $26,062,000
• TC Energy Corp: $25,310,000
• Dominion Energy Inc: $25,265,000
• Southern Co: $24,970,000
• EQT Corp: $27,270,000

Voting Authority: For all listed positions, the manager holds "Sole" voting authority. No "Shared" or "None" voting authority is reported for these specific holdings.
Derivatives: No Put or Call options are reported in the provided text.

Material Changes and Sector Focus

Sector Concentration: The portfolio demonstrates a heavy concentration in the Energy and Utilities sectors. Significant holdings include major midstream operators (Kinder Morgan, Enbridge, Cheniere), integrated oil and gas (Exxon Mobil, Chevron, ConocoPhillips), and regulated utilities (Dominion, Southern, NextEra, Duke Energy).
Other Notable Sectors:

• Financials: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo.
• Healthcare: AbbVie, Merck, Gilead Sciences, Pfizer.
• Technology: Apple, Cisco, Intel, Meta Platforms.
• Consumer Staples: Coca-Cola, PepsiCo, Colgate-Palmolive.

Comparison: As this is a snapshot of holdings at a specific date, material changes versus the prior period cannot be calculated from this single document without the previous quarter's filing.

Guidance, Risks, and Contingencies

Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the heavy weighting in energy and utility stocks implies exposure to commodity price volatility, regulatory changes in the energy sector, and interest rate sensitivity affecting utility valuations.
Unusual Items: No unusual items or special notes are present in the provided text beyond standard disclosure footers.

Investor Verification Checklist

• Total Portfolio Value: Verify the aggregate value of all holdings by summing Column 4, as the total is not explicitly stated in the text.
• Turnover Rate: Compare this list against the June 30, 2022, filing to determine the turnover rate and identify new entries or exits.
• Concentration Risk: Assess the percentage of the total portfolio represented by the top 10 energy and utility holdings to evaluate sector concentration risk.
• Derivative Exposure: Confirm if any derivative positions (puts/calls) were held but not listed in this specific text snippet, as 13F requires disclosure of significant derivatives.
• Foreign Holdings: Note the presence of foreign issuers (e.g., Enbridge, TC Energy, Equinor) and verify currency exposure implications.