SEC Filing Summary: Hennessy Advisors Inc. (Form 13F-HR)
Business Context and Reporting Period
This filing is a Form 13F Holdings Report submitted by Hennessy Advisors, Inc., an institutional investment manager based in Novato, California. The report covers the calendar quarter ended September 30, 2008, and was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on October 14, 2008. The filing represents a complete report of all holdings managed by the firm for this period.
Key Financial Metrics
As a Form 13F filing, this document discloses equity holdings rather than the operating financial performance (revenue, profit, cash flow) of Hennessy Advisors itself. The following metrics reflect the portfolio under management:
- Total Portfolio Value: $872,887,000 (reported in thousands as $872,887).
- Total Number of Holdings: 173 distinct securities.
- Investment Discretion: Sole discretion for all reported positions.
- Top Holdings by Value:
- Teledyne Technologies Inc: $19,612,000
- Alpha Natural Resources Inc: $19,003,000
- Stanley Inc: $13,402,000
- Azz Inc: $12,796,000
- Fairfax Financial Holdings: $12,582,000
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of the quarter-end date. It does not contain comparative data against the prior quarter (June 30, 2008) to determine material changes in position size or new entries versus exits. The portfolio is heavily diversified across sectors including industrials, healthcare, financials, and consumer staples. Notable positions include significant stakes in General Motors Corp ($3,319,000), Citigroup Inc ($7,486,000), and Bank of America Corp ($8,705,000), reflecting exposure to the financial sector during the 2008 market environment.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, future guidance, or strategic outlook. Form 13F is a regulatory disclosure of past holdings and does not include forward-looking statements.
Risks and Contingencies: No specific risks or contingencies are detailed in this document. However, the portfolio composition as of September 30, 2008, indicates exposure to sectors heavily impacted by the global financial crisis, including major banks (Citigroup, Bank of America, Wachovia) and automotive manufacturers (General Motors).
Key Facts for Investor Verification
- Portfolio Size: Verify the total managed assets of $872.9 million against other regulatory filings or public disclosures to confirm the firm's scale.
- Concentration Risk: Review the top 10 holdings to assess concentration, noting that the largest single position (Teledyne Technologies) represents approximately 2.2% of the total reported value.
- Financial Sector Exposure: Confirm the firm's risk tolerance given the significant holdings in distressed or volatile financial institutions (e.g., Wachovia, Citigroup) at the height of the 2008 crisis.
- Reporting Completeness: The filing indicates "Sole" voting authority and investment discretion for all 173 entries, confirming no shared management for these specific accounts.