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 December 31, 2022
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. at the end of the fourth quarter of 2022. As a Form 13F, this document details investment positions rather than the company's own financial performance.
Key Financial Metrics and Portfolio Composition
Total Portfolio Value: The filing text does not provide a clear aggregate total value for the entire portfolio; values are listed per security.
Number of Holdings: The table lists approximately 200 distinct equity positions.
Top Holdings by Value (Selected):
- PG&E Corp: $924,649 (924,649 shares)
- Plains All American Pipeline LP: $1,400,136 (1,400,136 shares)
- Plains GP Holdings LP: $985,700 (985,700 shares)
- Kinder Morgan Inc: $1,569,591 (1,569,591 shares)
- Energy Transfer LP: $805,900 (805,900 shares)
- Enbridge Inc: $676,065 (676,065 shares)
- TC Energy Corp: $635,300 (635,300 shares)
- EQT Corp: $658,700 (658,700 shares)
- Tellurian Inc: $687,190 (687,190 shares)
Voting Authority: Hennessy Advisors Inc. reported "Sole" voting authority for all listed positions. No "Shared" or "None" voting authority was reported.
Material Changes and Portfolio Characteristics
Comparison to Prior Period: The filing text does not provide data for the prior comparable period (September 30, 2022); therefore, material changes in holdings cannot be calculated from this document alone.
Sector Concentration: The portfolio exhibits significant concentration in the Energy and Utilities sectors, particularly in midstream energy infrastructure (pipelines, MLPs) and regulated utilities. Notable holdings include Kinder Morgan, Plains All American, Enbridge, TC Energy, PG&E, and Dominion Energy.
Derivatives: The filing indicates no Put or Call options were held (Columns 6 and 7 are empty for all entries).
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 outlook.
Risks and Contingencies: The filing does not disclose specific risks or contingencies. However, the heavy weighting in energy infrastructure and utilities suggests exposure to regulatory changes, commodity price fluctuations, and interest rate sensitivity affecting utility valuations.
Investor Verification Checklist
- Portfolio Turnover: Compare this list against the Q3 2022 13F filing to identify significant buys or sells in the energy sector.
- Valuation Accuracy: Verify the "Value" column against market prices as of December 30, 2022, to ensure the reported dollar amounts reflect accurate closing prices.
- Concentration Risk: Assess the percentage of total assets under management (AUM) represented by the top 10 energy holdings to understand concentration risk.
- Dividend Yield Exposure: Given the high number of utility and MLP holdings, verify the dividend yield profile of the portfolio relative to the broader market.