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 based in Novato, California. The report covers the calendar quarter ended March 31, 2013, and was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on April 25, 2013.
Key Financial Metrics
As a 13F filing, this document reports equity holdings rather than the manager's own corporate financial performance (revenue, profit, or cash flow). The following metrics reflect the portfolio under management:
- Total Portfolio Value: $2,023,219,000 (approx. $2.02 billion).
- Total Number of Holdings: 319 distinct securities.
- Investment Discretion: Sole discretion for all reported positions.
- Top Holdings by Value:
- Spectra Energy Corp: $45,083,000
- Williams Cos Inc: $44,678,000
- Kinder Morgan Inc: $44,620,000
- National Grid PLC: $44,498,000
- Enbridge Inc: $43,952,000
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (December 31, 2012) to calculate specific material changes in position size or value. However, the portfolio composition indicates a heavy concentration in the Utilities and Energy sectors, with significant positions in mid-cap and large-cap dividend-paying stocks. Notable holdings include major energy infrastructure firms (Spectra Energy, Williams Cos, Kinder Morgan) and utility providers (Dominion Resources, PG&E, National Grid).
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical snapshots of holdings and do not contain forward-looking guidance, management commentary, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. The portfolio's heavy weighting in energy and utility sectors implies exposure to regulatory changes, commodity price fluctuations, and interest rate sensitivity.
Key Facts for Investor Verification
- Portfolio Size: Verify the total reportable assets of approximately $2.02 billion.
- Sector Concentration: Confirm the significant exposure to Energy and Utilities, which dominates the top 10 holdings.
- Top 5 Positions: Validate the specific share counts and values for Spectra Energy, Williams Cos, Kinder Morgan, National Grid, and Enbridge.
- Reporting Lag: Note that this data reflects positions as of March 31, 2013, and does not account for trading activity in the subsequent weeks.
- Missing Data: The filing does not provide data on short positions, derivatives, or non-equity assets.