SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Ended March 31, 2024
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. as of the end of the first quarter of 2024. The report details the number of shares, value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists approximately 230 individual equity positions. The portfolio is heavily weighted toward the Energy, Utilities, and Financial sectors, with significant exposure to midstream energy infrastructure and regional banking.
Top Holdings by Value (Selected):
- Comfort Systems USA Inc: $55,217,998 (173,800 shares)
- Modine Manufacturing Co: $68,003,736 (714,400 shares)
- Gap Inc/The: $63,519,280 (2,305,600 shares)
- EnLink Midstream LLC: $28,870,424 (2,116,600 shares)
- Par Pacific Holdings Inc: $31,612,180 (853,000 shares)
- Parsons Corp: $36,323,805 (437,900 shares)
- Sterling Infrastructure Inc: $48,558,462 (440,200 shares)
- Super Micro Computer Inc: $45,653,356 (45,200 shares)
- Exxon Mobil Corp: $14,298,682 (123,010 shares)
- CenterPoint Energy Inc: $12,983,691 (455,728 shares)
Voting Authority: For all listed positions, Hennessy Advisors Inc. reports "Sole" voting authority. No "Shared" or "None" voting authority is indicated for the reported holdings.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of March 31, 2024. It does not include the prior quarter's data (December 31, 2023) or a summary of purchases and sales. Therefore, specific material changes in position size or new entries cannot be calculated from this document alone.
Notable Concentrations: The portfolio shows distinct concentration in specific sub-sectors:
- Energy/Midstream: Significant holdings in EnLink Midstream, Plains GP Holdings, TC Energy, and ONEOK.
- Regional Banking: Diversified exposure to smaller banks including Brookline Bancorp, Eastern Bankshares, and HomeStreet Inc.
- Industrial/Infrastructure: Large positions in Modine Manufacturing, Parsons Corp, and Sterling Infrastructure.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risks or contingencies. However, the concentration in energy and financial sectors implies exposure to commodity price volatility and interest rate sensitivity.
Unusual Items: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Total Portfolio Value: Verify the aggregate value of all holdings to assess total assets under management (AUM) represented in this filing.
- Turnover Analysis: Compare this list against the Q4 2023 13F filing to identify significant buys or sells, particularly in the top 10 holdings.
- Derivative Exposure: Confirm if any "Put" or "Call" options were held (Column 4 in the source table is empty for all entries, indicating no reported derivatives).
- Concentration Risk: Assess the percentage of the total portfolio held in the top 5 positions (Modine, Comfort Systems, Gap, Sterling, Parsons) to evaluate concentration risk.
- Regulatory Compliance: Ensure the filing was submitted within the 45-day window following the quarter-end (by May 15, 2024).