SEC Filing Summary: Hennessy Advisors Inc (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 based in Novato, California. The report covers the calendar quarter ended March 31, 2007, and was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on April 30, 2007. 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 Hennessy Advisors itself. The following metrics reflect the portfolio under management:
- Total Portfolio Value: $1,879,514,000 (Reported as $1,879,514 in thousands).
- Total Number of Holdings: 176 distinct securities.
- Investment Discretion: The firm holds "Sole" discretion for the vast majority of positions, with some shared discretion noted in specific entries.
- Top Holdings by Value:
- HENNESSY ADVISORS INC: $42,562,000
- BELDEN CDT INC: $40,970,000
- BIG LOTS INC: $34,993,000
- M & F WORLDWIDE CORP: $32,432,000
- JACK IN THE BOX INC: $31,827,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (December 31, 2006) to quantify material changes in holdings or value. However, the portfolio composition as of March 31, 2007, indicates a diversified mix across multiple sectors, including:
- Consumer Discretionary: Significant exposure to retailers such as Big Lots, Blockbuster, CarMax, and DSW.
- Energy and Materials: Holdings in Ak Steel, Alon USA Energy, CF Industries, and Holly Corp.
- Financials: Positions in Bank of America, Citigroup, Goldman Sachs, and J.P. Morgan Chase.
- Healthcare: Investments in Amerigroup, Bristol-Myers Squibb, and WellCare Health Plans.
The filing includes a notable position in the firm's own stock (Hennessy Advisors Inc), valued at approximately $42.6 million.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical reports of holdings and do not contain forward-looking guidance, management commentary on market outlook, or earnings projections.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. It strictly lists securities held with sole, shared, or defined voting authority. The presence of "Shared" voting authority in certain positions (e.g., A.T. & T, Altria Group, Bank of America) indicates joint management of voting rights for those specific shares.
Investor Verification Checklist
- Verify the total portfolio value of $1.88 billion against the firm's total assets under management (AUM) to determine if this report covers all managed accounts or a subset.
- Confirm the concentration risk by analyzing the top 10 holdings, which represent a significant portion of the reported value.
- Review the "Shared" voting authority entries to understand the extent of co-management with other entities.
- Note that this filing does not reflect the firm's own profitability, operating expenses, or cash flow, which would be found in a Form 10-K or 10-Q.
- Check subsequent filings to track changes in the 176 reported positions, particularly in volatile sectors like energy and retail represented in this quarter.