SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Hennessy Advisors, Inc. (Hennessy Funds)
Reporting Period: Quarter ended June 30, 2004
Filing Date: July 15, 2004
Location: Novato, CA
Signatory: Teresa M. Nilsen, Executive Vice President and Chief Financial Officer
This filing is a Form 13F Holdings Report detailing the equity securities held by the institutional investment manager at the end of the reporting period. The report covers 133 distinct holdings entries.
Key Financial Metrics
Total Portfolio Value: $1,278,727,000 (Reported in thousands)
Number of Holdings: 133
Investment Discretion: Sole discretion for the vast majority of holdings; some shared discretion noted for specific issuers (e.g., SBC Communications, J.P. Morgan Chase).
Voting Authority: Primarily sole voting authority, with shared or none noted for specific positions.
Top 5 Holdings by Value:
- Tesoro Petroleum Corp: $32,309,000
- Pilgrim's Pride Corp: $30,752,000
- Sierra Health Services: $29,100,000
- William Lyon Homes: $27,276,000
- Hennessy Advisors Inc: $24,395,000
Material Changes and Portfolio Composition
Comparison to Prior Period: The filing text does not provide data for the prior comparable period (March 31, 2004); therefore, material changes in holdings or value cannot be calculated from this document alone.
Sector Exposure: The portfolio demonstrates significant exposure to industrial, retail, healthcare, and energy sectors. Notable holdings include homebuilders (William Lyon Homes, D.R. Horton), retailers (Dicks Sporting Goods, Foot Locker, Rite Aid), and energy companies (Tesoro Petroleum, ChevronTexaco, ConocoPhillips).
Self-Holding: The manager holds a significant position in its own parent company, Hennessy Advisors Inc ($24,395,000).
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical snapshots of holdings and do not contain forward-looking guidance, management commentary on future performance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The filing represents a statutory disclosure of long-only equity positions and does not detail derivatives, short positions, or hedging strategies beyond the limited "Put/Call" columns which show no derivative activity in the provided text.
Investor Verification Checklist
- Portfolio Concentration: Verify the impact of the top 10 holdings, which represent a significant portion of the $1.28 billion portfolio.
- Self-Ownership: Confirm the rationale and size of the $24.4 million holding in Hennessy Advisors Inc.
- Discretion Type: Review the "Investment Discretion" column for the few holdings marked as "Shared" to understand co-management arrangements.
- Historical Context: Compare this June 30, 2004 snapshot against the March 31, 2004 filing to identify turnover and sector rotation.
- Valuation Basis: Note that values are reported in thousands and reflect market value at the quarter-end, not cost basis.