SEC Filing Summary: Hennessy Advisors Inc. (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Hennessy Advisors, Inc., an institutional investment manager based in Novato, California. The report covers the calendar quarter ended September 30, 2012, and was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on October 26, 2012. The filing represents a complete report of all holdings managed by the firm for this period.
Key Financial Metrics
As a 13F filing, this document discloses equity holdings rather than the firm's own financial performance (revenue, profit, or cash flow). The following metrics relate to the portfolio under management:
- Total Portfolio Value: $714,696,000 (reported in thousands).
- Total Number of Holdings: 216 distinct securities.
- Number of Other Included Managers: 0.
- Voting Authority: The firm reported "Sole" voting authority for all listed positions.
- Debt and Liquidity: The filing text does not provide data on the firm's debt, liquidity, or cash flow, as these are not required in a 13F-HR.
Material Changes and Portfolio Composition
This filing is a snapshot of holdings at a specific date and does not provide comparative data against the prior quarter (June 30, 2012) to calculate material changes in position size or value. However, the portfolio composition reveals a diversified mix across multiple sectors:
- Top Holdings by Value (Selected):
- LeapFrog Enterprises Inc.: $6,125,000 (679,100 shares).
- Metropolitan Health Net: $5,214,000 (558,214 shares).
- Sally Beauty Holdings Inc.: $13,009,000 (518,500 shares).
- InnerWorkings Inc.: $5,210,000 (400,165 shares).
- Intel Corp.: $8,679,000 (382,650 shares).
- Sector Exposure: Significant exposure to consumer discretionary (e.g., Ross Stores, TJX Cos, Pier 1 Imports), healthcare (e.g., Pfizer, Merck, Molina Healthcare), and technology (e.g., Intel, Dell, Microsoft).
Guidance, Outlook, and Risks
The filing text does not contain management commentary, forward-looking guidance, risk factors, or discussion of contingencies. Form 13F is a statutory disclosure of long equity positions and does not include narrative analysis or outlook statements.
Investor Verification Checklist
- Verify the total portfolio value of approximately $714.7 million against the firm's total assets under management (AUM) to determine if this represents the entire firm or a specific fund.
- Confirm the concentration risk by analyzing the top 10 holdings, which appear to include significant positions in mid-cap growth stocks (e.g., LeapFrog, InnerWorkings).
- Review the "Sole" voting authority designation to confirm the firm's active engagement in corporate governance for these 216 issuers.
- Note that this report excludes short positions, derivatives, and non-equity assets, which may not be reflected in the $714.7 million total.