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: Quarter ended September 30, 2015
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. at the end of the quarter. As a Form 13F, it details the issuer, class of security, CUSIP, value, and number of shares for each holding, along with voting authority.
Key Financial Metrics and Holdings
The filing does not provide aggregate financial metrics for Hennessy Advisors Inc. itself (such as revenue, profit, or cash flow). Instead, it lists the portfolio composition of the investment manager. Key portfolio characteristics include:
- Asset Class: Common stocks (COM) and limited partnership units.
- Voting Authority: All listed holdings are reported with "SOLE" voting authority.
- Derivatives: No put or call options are reported in the "PRN AMT" columns.
- Top Holdings by Value (Selected):
- Enbridge Inc: $70,206,000 (1,890,821 shares)
- Williams Cos Inc: $71,675,000 (1,945,057 shares)
- Spectra Energy Corp: $76,746,000 (2,921,415 shares)
- Cheniere Energy Inc: $75,136,000 (1,555,617 shares)
- Kinder Morgan Inc: $76,057,000 (2,747,725 shares)
- TransCanada Corp: $77,163,000 (2,443,427 shares)
- National Grid PLC: $80,514,000 (1,156,318 shares)
- Sempra Energy: $81,858,000 (846,340 shares)
- Dominion Res Inc: $80,405,000 (1,142,446 shares)
- PG&E Corp: $60,947,000 (1,154,299 shares)
Material Changes and Portfolio Composition
As this is a snapshot of holdings at a specific date, the filing does not explicitly state material changes versus the prior period. However, the portfolio demonstrates a heavy concentration in the Utilities and Energy sectors, particularly in midstream energy infrastructure and regulated utilities. Notable holdings include significant positions in natural gas pipelines (e.g., Williams Cos, Spectra Energy, Kinder Morgan) and electric utilities (e.g., PG&E, Dominion, Sempra).
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, forward-looking guidance, or an outlook for the firm or the portfolio.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information and that readers should not assume it is accurate or complete. No specific risk factors or contingencies are detailed in the text provided.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the firm's exposure to the energy and utility sectors, which appear to dominate the top holdings by value.
- Valuation Basis: Confirm that the "Value" column represents the fair market value of the securities as of September 30, 2015, and not the cost basis.
- Voting Control: Note that Hennessy Advisors Inc. exercises sole voting authority over all reported positions, indicating direct control over these investments.
- Missing Data: The filing does not disclose the total assets under management (AUM) for the firm, only the value of the specific securities listed in this table.