SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Hennessy Advisors, Inc.
Reporting Period: Quarter ended December 31, 2011.
Filing Date: January 31, 2012.
Report Type: 13F Holdings Report (All holdings reported).
Location: Novato, CA.
Key Financial Metrics
Total Portfolio Value: $567,829,000 (reported in thousands).
Total Number of Holdings: 218 entries.
Voting Authority: Sole voting authority reported for all listed positions.
Other Included Managers: None.
Material Changes and Portfolio Composition
This filing is a snapshot of holdings as of the period end. As a Form 13F, it does not provide comparative data against the prior quarter (September 30, 2011) within this document; therefore, material changes in position size or new entries cannot be calculated from this text alone.
Top Holdings by Value (Selected):
- Pricesmart Inc: $11,315,000
- Pfizer Inc: $8,624,000
- Verizon Communications Inc: $8,461,000
- Merck & Co: $7,851,000
- Johnson & Johnson: $7,224,000
- Kraft Foods Inc: $7,274,000
- AT&T Inc: $7,330,000
Notable High-Share Positions:
- Quiksilver Inc: 663,000 shares
- Tuesday Morning Corp: 610,100 shares
- Newcastle Invt Corp: 568,900 shares
- Mercer Intl Inc: 495,900 shares
- Istar Financial Inc: 482,500 shares
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, forward-looking guidance, or strategic outlook. Form 13F is a regulatory disclosure of holdings only.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this document. The filing represents a static list of equity securities held at the end of the quarter.
Unusual Items: The portfolio includes a mix of large-cap blue-chip stocks (e.g., Pfizer, Verizon, Merck) and smaller-cap or specialized holdings (e.g., Quiksilver, Tuesday Morning, Istar Financial). All positions are reported with sole voting authority.
Investor Verification Checklist
- Verify the total portfolio value of $567.8 million against the firm's total assets under management (AUM) to determine if this represents the entire firm or a specific fund.
- Compare the 218 holdings against the prior quarter's 13F filing to identify specific buys, sells, and net changes.
- Review the concentration risk in the top 10 holdings, which represent a significant portion of the reported value.
- Confirm the nature of the "Sole" voting authority for all positions to ensure no shared control arrangements exist.
- Check for any subsequent amendments filed after January 31, 2012, that may have corrected or updated these holdings.