SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2020
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. as a registered investment manager. The table lists individual holdings, share counts, and voting authority. It does not contain financial performance data (revenue, profit, cash flow) for Hennessy Advisors itself.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists approximately 200 individual equity positions. All listed securities are held with "Sole" voting discretion. No put or call options are reported in this table.
Top Holdings by Value (Selected):
- Enbridge Inc: 914,565 shares ($26,705,000)
- Kinder Morgan Inc: 2,206,101 shares ($27,201,000)
- PG&E Corp: 1,591,449 shares ($14,944,000)
- Tellurian Inc: 904,690 shares ($721,000)
- Sunpower Corp: 857,000 shares ($10,721,000)
- Nisource Inc: 746,181 shares ($16,416,000)
- TC Energy Corp: 618,153 shares ($25,975,000)
- Ford Motor Co: 616,645 shares ($4,107,000)
- News Corp: 638,700 shares ($8,955,000)
- CenterPoint Energy Inc: 647,628 shares ($12,532,000)
Notable Sector Exposure: The portfolio shows significant concentration in Utilities (e.g., Enbridge, Kinder Morgan, PG&E, Nisource, TC Energy) and Energy sectors. Other notable holdings include Financials (Bank of America, Citigroup, Wells Fargo), Industrials (Caterpillar, Deere), and Technology (Cisco, Intel).
Material Changes and Comparisons
Comparison Data: The filing text provided does not include data from the prior comparable period (June 30, 2020). Therefore, material changes in holdings, additions, or deletions cannot be calculated 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 disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies regarding the portfolio are detailed in this table.
Investor Verification Checklist
- Total Assets Under Management (AUM): Verify the total value of the portfolio by summing the "Value" column, noting that this represents only the reported equity holdings and may not reflect the full AUM if other asset classes are excluded.
- Concentration Risk: Assess the impact of the heavy weighting in Utilities and Energy sectors on portfolio volatility.
- Small Cap Exposure: Review the number of positions with values under $1 million (e.g., Celestica, Neophotonics, TeleNav) to understand exposure to smaller, potentially more volatile issuers.
- Voting Authority: Confirm that "Sole" voting authority applies to all listed positions, indicating full control over voting decisions for these securities.
- Missing Data: Acknowledge that revenue, profit, and cash flow metrics for Hennessy Advisors Inc. are not present in this filing and must be sourced from 10-K or 10-Q reports.