SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended March 31, 2021
Description: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It is a regulatory disclosure of holdings, not a financial performance report of Hennessy Advisors Inc. itself.
Key Financial Metrics and Holdings
Total Portfolio Value: The filing lists individual security values in thousands of dollars but does not explicitly state the aggregate total portfolio value in the text provided. Summation of the "Value" column is required to determine total assets under management reported.
Top Holdings by Value (Selected):
- PG&E Corp: $1,363,649 (1,363,649 shares)
- Kinder Morgan Inc: $1,591,101 (1,591,101 shares)
- Tellurian Inc: $908,690 (908,690 shares)
- Enbridge Inc: $715,365 (715,365 shares)
- Matel Inc: $795,200 (795,200 shares)
- Nisource Inc: $654,181 (654,181 shares)
- Vista Outdoor Inc: $580,100 (580,100 shares)
- Yellow Corp: $555,100 (555,100 shares)
- Centerpoint Energy Inc: $524,028 (524,028 shares)
- Jeffries Finl Group Inc: $502,500 (502,500 shares)
Voting Authority: The manager reported "Sole" voting authority for all listed positions. No "Shared" or "None" voting authority was reported.
Derivatives: No Put or Call options were reported in the "Put/Call" column for any security.
Material Changes and Portfolio Composition
Comparison to Prior Period: The filing text provided does not contain data for the prior quarter (December 31, 2020); therefore, material changes in holdings, additions, or deletions cannot be calculated from this document alone.
Sector Exposure: The portfolio demonstrates significant exposure to:
- Utilities & Energy: Heavy weighting in utility companies (e.g., PG&E, Dominion Energy, Duke Energy, Southern Co) and energy infrastructure (e.g., Kinder Morgan, Enbridge, Cheniere Energy).
- Financials: Significant holdings in regional banks and financial services (e.g., BankUnited, Cadence Bancorporation, LPL Financial Holdings).
- Consumer Discretionary: Notable positions in retail and automotive (e.g., Mattel, AutoNation, Lithia Motors).
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings do not include management commentary, forward-looking guidance, or strategic outlooks. This document is strictly a snapshot of holdings.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies regarding the portfolio are disclosed in this table.
Investor Verification Checklist
- Aggregate Value: Verify the total portfolio value by summing the "Value" column, as the total is not explicitly stated in the text.
- Turnover Analysis: Compare this list against the December 31, 2020, 13F filing to identify new positions and exited positions.
- Concentration Risk: Assess the percentage of the total portfolio represented by the top 10 holdings, particularly the large positions in PG&E and Kinder Morgan.
- Share Class Verification: Confirm that the "Title of Class" (e.g., Common Stock, ADR) matches the intended investment strategy for each issuer.
- Regulatory Compliance: Ensure the "Sole" voting authority designation aligns with the fund's governance structure.