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, 2006, and was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on October 18, 2006. 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: $2,044,444,000 (Reported as $2,044,444 in thousands).
- Total Number of Holdings: 177 distinct entries.
- Investment Discretion: The firm holds "Sole" discretion for the vast majority of positions, with some positions showing "Shared" discretion.
- Top Holdings by Value:
- Holly Corp: $47,832,000
- Hennessy Advisors Inc. (Own Stock): $47,309,000
- Frontier Oil Corp: $44,078,000
- General Cable Corp/De: $41,691,000
- Quanta Services Inc: $41,533,000
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, 2006) to determine material changes in position size or new entries. However, the portfolio composition indicates a diversified strategy with significant exposure to:
- Energy and Materials: Notable positions in Holly Corp, Frontier Oil, Marathon Oil, and Alon USA Energy.
- Industrial and Manufacturing: Holdings in General Cable, Quanta Services, and Dress Barn.
- Financials: Positions in Citigroup, Bank of America, and Wells Fargo.
- Consumer Discretionary: Significant stakes in Circuit City Stores, Payless Shoesource, and Six Flags.
The filing does not provide data on debt, liquidity, or margins for the portfolio or the manager.
Guidance, Outlook, and Risks
Form 13F filings are regulatory disclosures of past holdings and do not contain management commentary, forward-looking guidance, risk factors, or contingency plans. Consequently, no outlook or risk assessment is provided in this document.
Key Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $2.04 billion against other regulatory filings or public disclosures.
- Concentration Risk: Note the significant concentration in the top 5 holdings, which collectively represent over $223 million (approx. 11% of the total reported value).
- Self-Holding: The firm holds a substantial position in its own stock (Hennessy Advisors Inc.) valued at $47.3 million.
- Reporting Limitations: Confirm that this document reflects only long equity positions and does not disclose short positions, derivatives, or non-equity assets.
- Discretion Type: Verify the "Sole" vs. "Shared" discretion status for specific holdings if analyzing voting power or control.