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 December 31, 2013
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. at the end of the fourth quarter of 2013. As a Form 13F, this document reports investment holdings rather than the company's own financial performance (revenue, profit, or cash flow).
Key Financial Metrics and Holdings
The filing details a diversified portfolio of common stocks. The following metrics are derived from the reported holdings:
- Total Reported Value: The filing lists individual security values in thousands of dollars. A precise aggregate total is not explicitly stated in the text, but the portfolio consists of over 200 distinct issuers.
- Largest Holdings by Value (Top 5):
- Cheniere Energy Inc: $61,882,000
- Enbridge Inc: $61,211,000
- Energy Transfer Equity L P: $62,834,000
- Oneok Inc: $63,257,000
- Spectra Energy Corp: $63,621,000
- Significant Sector Exposure: The portfolio shows heavy concentration in the Energy and Utilities sectors, including major holdings in Kinder Morgan Inc ($63,116,000), National Grid PLC ($62,459,000), and TransCanada Corp ($61,998,000).
- Voting Authority: Hennessy Advisors reported "Sole" voting authority for all listed positions. No "Shared" or "None" authority was reported.
- Derivatives: No Put or Call options were reported in the "Put/Call" column.
Material Changes Versus Prior Period
Comparison Data Unavailable: This filing text contains only the snapshot of holdings as of December 31, 2013. It does not include the prior quarter's data (September 30, 2013) within this specific document. Therefore, material changes in position size, new purchases, or sales cannot be calculated from this source text 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 SEC disclaimer stating that the Commission 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 aggregate exposure to the Energy and Utilities sectors, which appear to represent a significant portion of the reported value.
- Top Holdings Accuracy: Confirm the share counts and values for the top 10 positions (e.g., Spectra Energy, Oneok, Cheniere) against market prices as of December 31, 2013.
- Turnover Analysis: Compare this list against the Q3 2013 13F filing to determine the fund's turnover rate and specific entry/exit points for the quarter.
- Discretionary Authority: Note that all positions are held with "Sole" discretion, indicating full control by the investment manager over these assets.