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, 2005
Filing Date: April 8, 2005
Location: Novato, CA
This filing discloses the equity securities held by Hennessy Advisors, Inc. at the end of the first quarter of 2005. The report covers 137 distinct holdings with sole investment discretion.
Key Financial Metrics
Total Portfolio Value: $1,340,526,000 (Reported in thousands)
Total Number of Holdings: 137
Investment Discretion: Sole (100% of reported holdings)
Top Holdings by Value:
- Hennessy Advisors Inc: $35,800,000
- Valero Energy Corp: $33,880,000
- Sears Holding Corp: $28,192,000
- Cleveland-Cliffs Inc: $26,780,000
- Commercial Metals: $25,584,000
Material Changes and Portfolio Composition
Comparison to Prior Period: The filing text does not provide data for the prior comparable period; therefore, material changes in holdings or value cannot be calculated from this document alone.
Portfolio Characteristics: The portfolio is heavily weighted toward industrial, energy, and materials sectors. Notable positions include significant stakes in steel producers (Cleveland-Cliffs, AK Steel, Nucor), energy companies (Valero, Tesoro, Reliant Energy), and homebuilders (Toll Brothers, Meritage Homes).
Unusual Items: The portfolio includes a position in Enron Corp ADR with a reported market value of $0, though 10,392 shares are listed. Additionally, two separate entries for Telefonica de Argentina Cont ADR show a market value of $0.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The filing is limited to the snapshot of equity ownership as of the period end.
Investor Verification Checklist
- Verify the total portfolio value of $1.34 billion against the firm's total assets under management (AUM) to determine if this represents the entire firm or a specific fund.
- Confirm the status of the Enron Corp and Telefonica de Argentina positions, which show zero market value despite share ownership.
- Review the concentration risk in the energy and steel sectors, which represent a significant portion of the top holdings.
- Check subsequent filings to track the disposition of the zero-value Enron position.