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 December 31, 2019
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 holding.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, Cash Flow, Debt, Liquidity: The filing text does not provide a clear value for Hennessy Advisors Inc.'s internal financial metrics (revenue, profit, cash flow, debt, or liquidity). Form 13F filings report portfolio holdings, not the manager's financial statements.
Portfolio Overview: The table lists approximately 230 individual equity positions. All reported voting authority is classified as "Sole," indicating the manager has exclusive discretion over these shares. No put or call options are reported in the "PRN AMT" columns.
Top Holdings by Value (Selected):
- Enbridge Inc: $41,988,000 (1,055,765 shares)
- Cheniere Energy Inc: $41,706,000 (682,917 shares)
- Equitrans Midstream Corp: $12,269,000 (918,345 shares)
- Kinder Morgan Inc: $43,189,000 (2,040,101 shares)
- Nisource Inc: $26,442,000 (949,781 shares)
- Sunpower Corp: $8,368,000 (1,072,800 shares)
- Tellurian Inc: $5,531,000 (759,690 shares)
- TC Energy Corp: $42,614,000 (799,353 shares)
- News Corp: $11,306,000 (799,600 shares)
- Scientific Games Corp: $15,329,000 (572,400 shares)
Material Changes and Sector Focus
Comparison to Prior Period: The filing text does not provide a clear value for holdings in the prior comparable period; therefore, material changes in position size cannot be calculated from this document alone.
Sector Concentration: The portfolio demonstrates a significant concentration in the Utilities and Energy/Midstream sectors. Notable holdings include Dominion Energy, CenterPoint Energy, CMS Energy, Consolidated Edison, DTE Energy, Duke Energy, and National Grid. There is also exposure to Financials (various Bancorps), Industrials, and Consumer Staples.
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 statutory disclosure of holdings and does not contain narrative analysis.
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.
Key Facts for Investor Verification
- Portfolio Strategy: Verify if the heavy weighting in Utilities and Energy/Midstream aligns with the firm's stated investment philosophy (e.g., dividend growth or value).
- Concentration Risk: Assess the impact of regulatory or commodity price changes on the top holdings, particularly Kinder Morgan, Enbridge, and TC Energy.
- Turnover: Compare this list against the Q3 2019 filing to determine the firm's turnover rate and trading activity.
- Valuation: Confirm the "Value" column represents the fair market value at quarter-end (December 31, 2019) to assess current portfolio performance relative to that baseline.
- Voting Rights: Note that all reported positions are held with "Sole" voting authority, implying no shared control with other managers for these specific shares.