SEC Filing Summary: 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 March 31, 2008, and was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on April 21, 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 the manager itself. The following metrics reflect the portfolio composition:
- Total Portfolio Value: $1,057,102,000 (reported in thousands as $1,057,102).
- Total Number of Holdings: 173 individual securities.
- Investment Discretion: Sole discretion for all reported positions.
- Asset Class: Primarily common stock and American Depositary Receipts (ADRs).
- Top Holdings by Value:
- Owens-Illinois Inc: $27,984,000
- Alpha Natural Resources Inc: $30,569,000
- Steel Dynamics Inc: $15,972,000
- Tele Norte Leste -ADR: $13,830,000
- Fresh Del Monte Produce Inc: $13,756,000
Material Changes and Portfolio Composition
This filing is a snapshot of holdings as of March 31, 2008. It does not provide comparative data against the prior quarter (December 31, 2007) within the text of this specific document; therefore, material changes in position size or new entries cannot be quantified from this source alone. The portfolio demonstrates a diversified mix across sectors including industrials, healthcare, consumer staples, and energy, with significant exposure to international markets via ADRs.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures and do not contain forward-looking guidance, management commentary, or strategic outlooks for the reporting manager or the underlying portfolio companies.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio includes exposure to financial institutions (e.g., Bank of America, Citigroup, Washington Mutual) and energy sectors, which were subject to significant market volatility during the first quarter of 2008.
Investor Verification Checklist
- Verify the total portfolio value of approximately $1.06 billion against the firm's total assets under management (AUM) to determine if this report covers all managed accounts.
- Compare the 173 holdings listed here against the previous quarter's 13F filing to identify new positions or significant reductions.
- Review the specific valuation of top holdings (e.g., Alpha Natural Resources, Owens-Illinois) to assess concentration risk.
- Note that the filing does not disclose short positions, derivatives, or non-equity assets.