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: Quarter ended September 30, 2016
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. as a registered investment manager. It details the issuer, class of security, CUSIP, value, and voting authority for each holding.
Key Financial Metrics and Holdings
Note: Form 13F filings report portfolio holdings, not the operating financial results (revenue, profit, cash flow) of the investment manager itself. The following metrics reflect the portfolio composition as of the reporting date.
- Total Portfolio Value: The filing lists individual security values but does not explicitly state the aggregate total portfolio value in the text provided.
- Largest Holdings by Value (Top 5):
- Cheniere Energy Inc: $76,218,000
- Enbridge Inc: $74,851,000
- National Grid PLC: $75,523,000
- Spectra Energy Corp: $76,904,000
- TransCanada Corp: $75,519,000
- Investment Authority: All listed securities are held with "Sole" voting authority.
- Debt and Liquidity: The filing text does not provide data on Hennessy Advisors Inc.'s corporate debt, liquidity, or cash flow.
Material Changes and Portfolio Composition
Comparison to Prior Period: The provided text contains only the snapshot of holdings for the quarter ended September 30, 2016. It does not include the prior quarter's data, making a quantitative comparison of material changes impossible based solely on this document.
Sector Concentration: The portfolio shows significant exposure to the Energy and Utilities sectors, with large positions in pipeline and utility companies (e.g., Spectra Energy, TransCanada, National Grid, Cheniere Energy, Dominion Resources).
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 includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies regarding the portfolio are detailed in this table.
Key Facts for Investor Verification
- Portfolio Strategy: Verify if the heavy concentration in Energy and Utilities aligns with the firm's stated investment philosophy or if it represents a tactical shift.
- Top Holdings: Confirm the current market value of the top 5 holdings (Spectra Energy, Cheniere Energy, TransCanada, National Grid, Enbridge) to assess current portfolio weightings.
- Reporting Accuracy: Note the standard SEC disclaimer that the data has not been independently verified by the Commission.
- Missing Data: Acknowledge that this filing does not provide Hennessy Advisors' own financial health (revenue, profit, or debt levels).