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 September 30, 2017
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. as a registered investment manager. It details the issuer, class of security, CUSIP, value, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide a clear value for these metrics. Form 13F reports investment holdings, not the operating financial performance of the investment manager itself.
Portfolio Overview: The filing lists approximately 200 individual equity positions. The portfolio is heavily weighted toward utility, energy, and financial sectors. Notable large positions by value include:
- Enbridge Inc: $70,867,000 (1,693,765 shares)
- Cheniere Energy Inc: $72,083,000 (1,600,417 shares)
- MDU Resources Group Inc: $43,952,000 (1,693,707 shares)
- TransCanada Corp: $68,948,000 (1,394,853 shares)
- Navistar International Corp: $54,350,000 (1,233,268 shares)
- National Grid PLC: $67,748,000 (1,080,345 shares)
- Nisource Inc: $38,354,000 (1,498,781 shares)
Voting Authority: For all listed securities, the manager holds "Sole" voting authority. No "Shared" or "None" voting authority is reported.
Material Changes Versus Prior Period
The filing text does not provide a clear value for material changes versus the prior comparable period. This document is a snapshot of holdings as of the reporting date and does not include comparative data from the previous quarter (June 30, 2017) or year-over-year analysis.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value for management commentary, future guidance, or outlook. Form 13F is a regulatory disclosure of past holdings and does not contain forward-looking statements.
Risks and Contingencies: No specific risks or contingencies are disclosed in this filing. The standard SEC disclaimer notes that the Commission has not reviewed the information for accuracy or completeness.
Unusual Items: The portfolio contains significant concentrations in specific utility and energy infrastructure companies (e.g., Enbridge, TransCanada, Cheniere, MDU Resources), which may indicate a specific investment strategy focused on regulated utilities and energy midstream sectors.
Important Facts for Investor Verification
- Holdings vs. Performance: Verify that this document reflects asset holdings, not the financial performance (revenue/profit) of Hennessy Advisors Inc.
- Concentration Risk: Confirm the total portfolio value and the percentage weight of the top 10 holdings (e.g., Enbridge, Cheniere, TransCanada) to assess concentration risk.
- Voting Control: Note that Hennessy Advisors holds sole voting authority for all reported positions, indicating full control over corporate actions for these shares.
- Valuation Basis: Values are reported in thousands (x$1,000); ensure calculations account for this multiplier when aggregating total assets under management.
- Missing Data: Acknowledge that this filing does not disclose short positions, derivatives, or non-equity assets.