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 June 30, 2023
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. as of the end of the second quarter of 2023. It details the number of shares, market value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists approximately 200 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):
- Super Micro Computer Inc: $54,535,900 (218,800 shares)
- Enbridge Inc: $24,019,890 (646,565 shares)
- Southern Co: $23,196,550 (330,200 shares)
- Sempra: $23,969,938 (164,640 shares)
- TC Energy Corp: $23,744,916 (587,600 shares)
- Atmos Energy Corp: $23,824,803 (204,786 shares)
- Plains All American Pipeline LP: $21,161,788 (1,500,836 shares)
- Penske Automotive Group Inc: $20,995,380 (126,000 shares)
- Clean Harbors Inc: $20,915,496 (127,200 shares)
- Wesco Intl Inc: $20,162,156 (112,600 shares)
Voting Authority: For all listed positions, Hennessy Advisors Inc. reports "Sole" voting authority. No shared or none voting authority is indicated for these holdings.
Material Changes and Comparative Data
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of June 30, 2023. It does not include the prior quarter's data (March 31, 2023) or a summary of purchases and sales. Therefore, material changes in position size or new entries versus the prior comparable period cannot be determined from this document alone.
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: 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 related to the portfolio are disclosed in this table.
Investor Verification Checklist
- Portfolio Concentration: Verify the total aggregate value of the portfolio to assess the concentration risk in the Energy and Utility sectors, which appear to dominate the top holdings.
- Turnover Analysis: Compare this filing with the Q1 2023 Form 13F to calculate the fund's turnover rate and identify significant exits or entries.
- Valuation Accuracy: Confirm that the "Value" column reflects the market price as of June 30, 2023, noting that these are historical values and not current market prices.
- Derivative Exposure: Review the "Put/Call" column (all listed as "SH" for shares) to confirm there is no reported exposure to options or derivatives in this specific table.
- Regional Banking Exposure: Note the significant number of regional bank holdings (e.g., BankUnited, Eastern Bankshares, Lakeland Bancorp) and assess their current financial health relative to the reporting date.