SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended March 31, 2018
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. as of the end of the first quarter of 2018. As a Form 13F, this document reports investment holdings and voting authority but does not contain the company's own financial performance metrics (revenue, profit, cash flow).
Key Financial Metrics and Holdings
Note: As this is a holdings report, standard corporate financial metrics (revenue, profit, margins, debt) are not applicable. The following data reflects the portfolio composition.
- Total Reported Positions: The filing lists approximately 250 distinct equity positions.
- Top Holdings by Value (Selected):
- Enbridge Inc: $53,460,000 (1,698,765 shares)
- TransCanada Corp: $51,549,000 (1,247,853 shares)
- National Grid PLC: $54,531,000 (966,344 shares)
- Cheniere Energy Inc: $52,323,000 (978,917 shares)
- Sempra Energy: $51,421,000 (462,340 shares)
- Boise Cascade Co: $37,021,000 (959,100 shares)
- Investment Discretion: All reported positions are listed with "Sole" voting authority.
- Derivatives: No put or call options are reported in the "PRN AMT" columns for the listed securities.
Material Changes and Portfolio Composition
Source Data Limitation: This filing represents a snapshot of holdings as of March 31, 2018. It does not provide comparative data against the prior quarter (December 31, 2017) within this specific text. Therefore, material changes in position size or new entries cannot be calculated from this document alone.
Sector Concentration: The portfolio demonstrates significant exposure to:
- Utilities & Energy Infrastructure: Heavy weighting in natural gas, pipelines, and utilities (e.g., Enbridge, TransCanada, Cheniere, National Grid, Sempra, CenterPoint Energy).
- Financials: Significant holdings in regional and national banks (e.g., Bank of California, Banc of California, BankUnited, Capital One).
- Consumer Discretionary & Staples: Holdings in retail and consumer goods (e.g., Builders FirstSource, KB Home, Pinnacle Entertainment, Kroger).
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The primary risk to investors analyzing this document is the lack of context regarding the total assets under management (AUM) or the specific strategy driving these holdings.
Key Facts for Investor Verification
- Portfolio Strategy: Verify if the heavy concentration in energy infrastructure and utilities aligns with Hennessy Advisors' stated investment philosophy for the 2018 period.
- Total AUM: The sum of the values in this table represents only the reportable equity holdings. Investors should verify the firm's total Assets Under Management to understand the percentage of the portfolio represented here.
- Position Sizing: Confirm whether the top holdings (e.g., Enbridge, TransCanada) represent core long-term positions or tactical allocations by comparing with subsequent filings.
- Derivative Exposure: Verify if the firm utilizes options or other derivatives not captured in the "Sole" voting authority columns of this specific table.