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, 2022
Context: This filing discloses the equity securities held by the investment manager at the end of the second quarter of 2022. It 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):
- Energy/Midstream: Plains All American Pipeline LP ($17,008,000), Kinder Morgan Inc ($28,767,000), Cheniere Energy Inc ($30,293,000), Antero Resources Corp ($24,750,000).
- Utilities: Atmos Energy Corp ($29,985,000), Dominion Energy Inc ($29,081,000), Sempra ($29,128,000), TC Energy Corp ($27,418,000).
- Financials: First Bancorp P R ($5,680,000), Lakeland Bancorp Inc ($5,234,000), Eastern Bankshares Inc ($3,323,000).
- Consumer/Industrial: Alcoa Corp ($16,053,000), Commercial Metals Co ($15,633,000), CenterPoint Energy Inc ($15,551,000).
Voting Authority: For all listed positions, the investment manager holds "Sole" voting authority. No "Shared" or "None" voting authority is reported for these holdings.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of June 30, 2022. It does not include the prior quarter's data (March 31, 2022) or a summary of purchases and sales. Therefore, specific material changes in position size or new entries cannot be calculated from this document alone.
Portfolio Characteristics: The portfolio demonstrates a distinct concentration in high-yield sectors, particularly energy infrastructure (MLPs and pipelines) and regulated utilities, which aligns with a strategy focused on income generation and value investing.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, management commentary, or earnings outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The primary risk inherent in this portfolio, based on the holdings, is sector concentration risk, specifically exposure to energy commodity prices and interest rate sensitivity in the utility and financial sectors.
Key Facts for Investor Verification
- Total Portfolio Value: The filing lists individual position values but does not explicitly state the aggregate total value of the portfolio in the text provided.
- Concentration Risk: Verify the total percentage of assets allocated to the Energy and Utilities sectors, as these appear to be the dominant holdings.
- Turnover: Compare this list against the Q1 2022 filing to determine the turnover rate and specific trades executed during the quarter.
- Derivatives: The "Put/Call" column is empty for all entries, indicating no reported derivative positions (options) in this specific table.
- Small Cap Exposure: Note the presence of numerous regional banks and smaller industrial companies, which may carry higher volatility than large-cap peers.