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, 2022
Context: This filing discloses the equity securities held by the investment manager at the end of the first 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: Kinder Morgan Inc ($33,002,000), Plains All American Pipeline LP ($18,129,000), EQT Corp ($27,796,000), Cheniere Energy Inc ($31,185,000), Antero Resources Corp ($24,525,000).
- Utilities: PG&E Corp ($15,883,000), Dominion Energy Inc ($28,675,000), Enbridge Inc ($30,109,000), CenterPoint Energy Inc ($18,115,000).
- Financials: First Bancorp P R ($6,757,000), Flushing Finl Corp ($6,593,000), Old Natl Bancorp Ind ($6,929,000), JPMorgan Chase & Co ($10,701,000).
- Industrial/Other: Alcoa Corp ($31,619,000), Peabody Engr Corp ($30,353,000), Goodyear Tire & Rubber Co ($9,427,000).
Voting Authority: The manager reported "Sole" voting authority for all listed positions. No "Shared" or "None" voting authority was reported for any security.
Derivatives: The filing indicates zero holdings in Put or Call options for all listed securities.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of March 31, 2022. It does not include the prior quarter's data (December 31, 2021) within this specific document text; therefore, specific quantitative changes (additions or deletions) cannot be calculated from this source alone.
Portfolio Characteristics: The portfolio demonstrates a distinct concentration in high-yield sectors (Energy, Utilities, Financials) and value-oriented industrials. There is minimal exposure to large-cap technology relative to the energy holdings (e.g., Apple Inc. is held at $2,648,000, while Antero Resources is held at $24,525,000).
Guidance, Risks, and Contingencies
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 risk factors or contingencies. However, the heavy concentration in energy and utility sectors implies significant exposure to commodity price volatility, regulatory changes in the energy sector, and interest rate sensitivity.
Key Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value to assess the percentage weight of the top 10 holdings, which appear to be heavily skewed toward energy infrastructure and regional banks.
- Turnover: Compare this list against the Q4 2021 filing to determine the turnover rate and identify specific trades made during Q1 2022.
- Valuation Methodology: Confirm that the "Value" column represents the fair market value at the quarter-end date (March 31, 2022) and not an average or cost basis.
- Derivative Exposure: Note that while no options are listed in this table, Form 13F does not always capture all derivative exposures depending on the specific structure; verify if other filings (e.g., 13F-HR) provide additional context on hedging strategies.
- Small Cap Exposure: Several holdings are in smaller regional banks and industrial firms; verify the liquidity and credit status of these specific issuers given the economic environment of early 2022.