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 March 31, 2016
Description: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It does not contain financial statements regarding the manager's own profitability or cash flow.
Key Financial Metrics and Portfolio Composition
Total Portfolio Value: The filing lists individual security values in thousands of dollars but does not explicitly state a total aggregate portfolio value in the summary text. The portfolio consists of common stocks (SH) with sole voting authority.
Top Holdings by Value (Selected):
- Williams Cos Inc: $46,724,000 (2,907,557 shares)
- TransCanada Corp: $74,409,000 (1,892,868 shares)
- Spectra Energy Corp: $71,770,000 (2,345,415 shares)
- Cheniere Energy Inc: $50,258,000 (1,485,617 shares)
- Enbridge Inc: $59,175,000 (1,520,821 shares)
- Boyd Gaming Corp: $36,326,000 (1,758,300 shares)
- Express Inc: $39,504,000 (1,845,100 shares)
- JetBlue Airways Corp: $31,380,000 (1,485,800 shares)
- Interpublic Group Cos Inc: $35,091,000 (1,529,000 shares)
- Goodyear Tire & Rubber Co: $35,341,000 (1,071,600 shares)
Debt and Liquidity: Not applicable. Form 13F filings do not disclose the investment manager's debt, liquidity, or cash flow positions.
Material Changes
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of March 31, 2016. It does not include the "Schedule of Changes" or comparative data from the previous quarter (December 31, 2015). Therefore, material changes in position size or new entries cannot be determined from this specific text.
Guidance, Outlook, and Risks
Management Commentary: None provided. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, guidance, or outlook.
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 disclosed in this format.
Investor Verification Checklist
- Portfolio Concentration: Verify the total aggregate value of the portfolio to assess the weight of the top holdings (e.g., Williams Cos, TransCanada) relative to the total AUM.
- Energy Sector Exposure: Confirm the strategic intent behind the significant concentration in energy infrastructure and midstream companies (Williams, Spectra, Cheniere, Enbridge, Kinder Morgan).
- Position Changes: Cross-reference this filing with the Q4 2015 Form 13F to identify specific buy/sell activity, as this document only shows the ending balance.
- Voting Authority: Note that all listed positions are held with "Sole" voting authority, indicating direct control over these specific shares.