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, 2014
Context: This filing discloses the equity securities held by the investment manager at the end of the quarter. It is a regulatory disclosure of portfolio composition, not a financial performance report of the management firm itself.
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 holdings of the managed portfolio, not the operating financials of Hennessy Advisors Inc.
Portfolio Overview: The table lists 200+ individual equity positions. Voting authority for all listed securities is reported as "Sole."
| Issuer | Shares Held | Value ($000s) | Industry Sector |
|---|---|---|---|
| Kinder Morgan Inc | 2,853,725 | 109,412 | Energy/Midstream |
| Spectra Energy Corp | 2,737,615 | 107,479 | Energy/Midstream |
| Nisource Inc | 2,475,131 | 101,431 | Utilities |
| Enbridge Inc | 2,200,247 | 105,348 | Energy/Midstream |
| TransCanada Corp | 2,027,927 | 104,499 | Energy/Midstream |
| Dominion Res Inc | 1,576,896 | 108,948 | Utilities |
| Oneok Inc | 1,528,598 | 100,200 | Energy/Midstream |
| PG&E Corp | 1,494,299 | 67,303 | Utilities |
| National Grid PLC | 1,489,698 | 107,079 | Utilities |
| Questar Corp | 1,648,619 | 36,748 | Utilities |
Note: The table above highlights the largest holdings by value. The portfolio shows a heavy concentration in Utilities and Energy/Midstream sectors.
Material Changes and Observations
As this is a snapshot of holdings at a specific date, material changes versus the prior period cannot be calculated from this single document. However, the following observations are evident from the data:
- Sector Concentration: The portfolio is heavily weighted toward dividend-paying sectors, specifically Utilities (e.g., Nisource, Dominion, PG&E, National Grid) and Energy Infrastructure (e.g., Kinder Morgan, Spectra Energy, Enbridge, TransCanada).
- Position Sizing: Several positions exceed $100 million in value, indicating significant conviction in these specific utility and energy infrastructure names.
- Discretion: All listed positions are held with "Sole" voting authority, indicating full control by the investment manager.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value for management guidance, future outlook, or commentary. Form 13F is a historical record of holdings and does not contain forward-looking statements.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. Standard risks associated with this portfolio composition include interest rate sensitivity (due to high utility exposure) and commodity price volatility (due to energy exposure).
Unusual Items: No unusual items or derivatives (puts/calls) are listed in the provided text; all holdings appear to be common stock ("COM").
Key Facts for Investor Verification
- Portfolio Strategy: Verify if the heavy concentration in Utilities and Energy Midstream aligns with the firm's stated investment philosophy (likely a dividend or value-oriented strategy).
- Top Holdings: Confirm the current market value of the top 10 positions (Kinder Morgan, Spectra Energy, Nisource, Enbridge, TransCanada) to assess current portfolio weightings.
- Turnover: Compare this list with the Q2 2014 filing to determine the turnover rate and identify any significant exits or new entries.
- Regulatory Status: Note that the SEC has not reviewed the accuracy of this information; investors should verify holdings through other sources if precision is required.