SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Hennessy Advisors, Inc.
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended March 31, 2006
Submission Date: April 17, 2006
Signatory: Teresa M. Nilsen, Executive Vice President and Chief Financial Officer
This filing discloses the equity securities held by Hennessy Advisors, Inc. at the end of the first quarter of 2006. The report covers 169 distinct holdings with sole or shared investment discretion.
Key Financial Metrics
Total Portfolio Value: $2,195,396,000 (Reported in thousands as $2,195,396)
Total Number of Holdings: 169
Investment Discretion: Predominantly Sole Discretion; limited Shared Discretion noted in specific entries.
Top Holdings by Value (Selected):
- Hennessy Advisors Inc: $49,849,000
- Frontier Oil Corp: $50,483,000
- JLG Industries Inc: $51,167,000
- USG Corp: $39,779,000
- Express Scripts Inc: $32,954,000
- General Cable Corp: $32,213,000
- Great Atlantic & Pacific Tea Co: $32,150,000
- Valero Energy Corp: $31,642,000
- Palm Inc: $30,590,000
- Beacon Roofing Supply Inc: $30,464,000
Material Changes and Portfolio Composition
Comparison to Prior Period: The filing text does not provide data for the prior comparable period (December 31, 2005); therefore, material changes in holdings or value cannot be calculated from this document alone.
Portfolio Characteristics: The portfolio is diversified across multiple sectors including Energy (Frontier Oil, Valero, Marathon), Industrials (JLG Industries, USG, Wabtec), Retail (Great Atlantic & Pacific Tea, Circuit City), and Technology (Palm Inc, Western Digital).
Notable Positions: The manager holds a significant position in its own stock (Hennessy Advisors Inc) valued at approximately $49.8 million.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary on future strategy.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The filing represents a snapshot of equity ownership at a specific point in time.
Unusual Items: The filing includes two entries for "Telefonica de Argentina" with a reported market value of $0 despite holding 12,900 shares each, which may indicate a valuation adjustment or specific reporting condition not detailed in the text.
Investor Verification Checklist
- Portfolio Concentration: Verify the impact of the top 10 holdings, which represent a significant portion of the $2.2 billion portfolio.
- Self-Holding: Confirm the rationale and size of the $49.8 million position in Hennessy Advisors Inc common stock.
- Zero-Value Entries: Investigate the two Telefonica de Argentina entries listed with $0 market value to understand if they represent distressed assets or reporting anomalies.
- Discretion Type: Review the "Shared" voting authority entries (e.g., A&T Inc, Bank of America) to understand co-management arrangements.
- Historical Context: Compare these holdings against the Q4 2005 13F filing to identify turnover and strategic shifts.