Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: SEC Form 13F Information Table
Reporting Period: Quarter ended December 31, 2021
Context: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It details the value, share count, and voting authority for each position.
Key Financial Metrics
Portfolio Composition: The filing lists 220 individual equity positions. The portfolio is heavily weighted toward utility, energy, and financial sectors, with significant holdings in companies such as Kinder Morgan, PG&E, Plains All American Pipeline, and various regional banks.
Valuation: Values are reported in thousands of dollars (Column 4). The largest single position by value is Kinder Morgan Inc. ($25,663,000), followed by PG&E Corp ($16,363,000) and Plains All American Pipeline L.P. ($11,718,000).
Voting Authority: For all listed securities, the manager reports "Sole" voting authority. No "Shared" or "None" voting authority is indicated for any position.
Derivatives: The filing indicates zero holdings in Put or Call options for all listed securities.
Material Changes
Comparison Data: The provided text contains only the snapshot of holdings as of December 31, 2021. It does not include the prior quarter's data (September 30, 2021) or a summary of purchases and sales. Therefore, material changes versus the prior comparable period cannot be determined from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies: No specific risks or contingencies are disclosed in this filing. 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 Column 4 (Value) to assess the scale of assets under management.
- Confirm the concentration risk by analyzing the top 10 holdings, which appear to be dominated by energy infrastructure and utility stocks.
- Check subsequent filings (e.g., Q1 2022) to determine if the "Sole" voting authority status or specific positions have changed.
- Validate that the CUSIP numbers match the intended issuers, particularly for complex entities like limited partnerships (e.g., Plains All American Pipeline).
- Note that this filing does not reflect the manager's own financial health, only the securities they manage for clients.