SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Hennessy Advisors, Inc.
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended December 31, 2007
Filing Date: January 22, 2008
Location: Novato, CA
This filing discloses the equity securities held by Hennessy Advisors, Inc. at the end of the reporting period. The report covers 179 individual holdings with sole or shared investment discretion.
Key Financial Metrics
Total Portfolio Value: $1,390,473,000 (Reported in thousands)
Total Number of Holdings: 179
Investment Discretion: Primarily Sole Discretion; some Shared Discretion noted.
Voting Authority: Mix of Sole, Shared, and None.
Note: As a Form 13F, this filing reports holdings of equity securities only. It does not contain data on revenue, profit, cash flow, operating margins, debt, or liquidity for the reporting manager or the underlying portfolio companies.
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of December 31, 2007. It does not provide comparative data against the prior quarter (September 30, 2007) to calculate material changes in position size or total portfolio value.
Top Holdings by Value (Selected):
- CF Industries Holdings Inc: $61,942,000 (562,800 shares)
- Ak Steel Holding Corp: $47,410,000 (1,025,300 shares)
- Robbins & Myers Inc: $32,687,000 (432,200 shares)
- M & F Worldwide Corp: $28,379,000 (527,000 shares)
- Manitowoc Co: $27,023,000 (553,400 shares)
- Steel Dynamics Inc: $25,949,000 (435,600 shares)
- Sun Healthcare Group Inc: $23,188,000 (1,350,500 shares)
- GEO Group Inc: $22,557,000 (805,600 shares)
- Volvo AB SWE -ADR: $20,689,000 (1,253,900 shares)
- Hennessy Advisors Inc. (Self-Holding): $20,887,000 (1,740,548 shares)
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, future guidance, or outlook for the portfolio or the firm.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The filing is a statutory disclosure of holdings and does not include narrative risk analysis.
Unusual Items: The portfolio includes a significant holding in the reporting manager's own stock (Hennessy Advisors Inc.) valued at approximately $20.9 million. Several holdings are listed with "None" for voting authority, indicating the manager may not have voting rights for those specific positions.
Investor Verification Checklist
- Verify the total portfolio value of $1.39 billion against the firm's latest 10-K or 10-Q to assess asset growth or contraction.
- Compare the top 10 holdings listed here against the previous quarter's 13F to identify significant buy/sell activity.
- Confirm the status of the self-holding in Hennessy Advisors Inc. stock to understand insider confidence or liquidity needs.
- Review the "Shared" discretion entries to understand if these positions are managed in conjunction with other entities.
- Check for any subsequent amendments to this filing that may correct errors or add new holdings.