SEC Filing Summary: Hennessy Advisors Inc (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Hennessy Advisors, Inc., an institutional investment manager. The report covers the calendar quarter ended December 31, 2001, and was signed on January 28, 2002, by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer. 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 reports equity holdings rather than the operating financial performance (revenue, profit, cash flow) of the manager itself. Key portfolio metrics include:
- Total Portfolio Value: $202,412,000 (reported in thousands).
- Total Number of Holdings: 110 distinct equity positions.
- Voting Authority: The manager holds "Sole" voting authority for all reported positions.
- Top Holdings by Value:
- Beazer Homes USA Inc: $5,715,000
- Ryland Group Inc: $5,614,000
- CBRL Group Inc: $5,379,000
- NVR Inc: $5,161,000
- D.R. Horton Inc: $4,604,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (September 30, 2001) to quantify material changes in holdings or value. However, the portfolio composition reveals a distinct concentration in specific sectors:
- Homebuilding: Significant exposure to residential construction, with the top 5 holdings including Beazer Homes, Ryland Group, NVR, D.R. Horton, and Meritage Corp.
- Healthcare Services: Notable positions in Tenet Healthcare, Caremark RX, and Express Scripts.
- Retail and Consumer: Holdings include Foot Locker, Reebok International, and Pepsi Bottling Group.
Guidance, Outlook, and Risks
Form 13F filings are statutory reports of holdings and do not contain management commentary, forward-looking guidance, or risk disclosures regarding the manager's strategy or the underlying companies. No information regarding contingencies or unusual items is provided in this document.
Investor Verification Checklist
- Verify the total portfolio value of $202.4 million against the firm's total assets under management (AUM) to determine if this report covers all funds or a specific subset.
- Assess the concentration risk in the homebuilding sector, which comprises a significant portion of the top 10 holdings.
- Confirm the "Sole" voting authority status for all 110 positions to understand the firm's control over corporate governance.
- Compare the December 31, 2001 holdings against the September 30, 2001 filing to identify specific trades (buys/sells) made during the fourth quarter.