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. The report covers the calendar quarter ended June 30, 2002, and was signed on July 24, 2002, by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer. The report details equity securities held with sole investment discretion.
Key Financial Metrics
As this is a portfolio disclosure filing rather than a corporate earnings report, Hennessy Advisors does not report its own revenue, profit, or cash flow. The filing provides the following aggregate portfolio metrics:
- Total Portfolio Value: $467,980,000 (reported in thousands as $467,980).
- Total Number of Holdings: 109 entries.
- Investment Discretion: Sole discretion for all reported positions.
- Largest Holding: Hennessy Advisors Inc. (own stock) valued at $114,228,000.
- Top Sector Exposure: Significant concentration in retail, homebuilding, and consumer discretionary sectors (e.g., Tractor Supply, Hovnanian Enterprises, Urban Outfitters, Michaels Stores).
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (March 31, 2002); therefore, material changes in holdings cannot be determined from this document alone. The portfolio is heavily weighted toward mid-cap and small-cap equities, with the top 10 holdings representing approximately 45% of the total reported value. Notable positions include significant stakes in homebuilders (NVR, Ryland Group, D.R. Horton) and retailers (Ross Stores, Fred's Inc.).
Guidance, Outlook, and Risks
Form 13F filings are historical disclosures of holdings and do not contain management guidance, forward-looking outlooks, or risk factor analysis. No commentary on market conditions or future strategy is provided in this text.
Investor Verification Checklist
- Verify the total portfolio value of $467.98 million against the firm's total assets under management (AUM) to determine if this report represents the entire portfolio or a subset.
- Confirm the concentration risk associated with the top 10 holdings, which account for a significant portion of the reported value.
- Review the specific sector exposure to retail and homebuilding, which may indicate a specific investment thesis or concentration risk relative to the broader market.
- Note that the largest single holding is the manager's own stock (Hennessy Advisors Inc.), representing approximately 24% of the reported portfolio value.
- Check subsequent filings to track turnover and changes in the top 10 positions, as this filing provides no historical trend data.