SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Hennessy Advisors, Inc.
Reporting Period: Quarter ended December 31, 2010.
Filing Date: January 14, 2011.
Report Type: 13F Holdings Report (All holdings reported).
Location: Novato, CA.
Key Financial Metrics
Total Portfolio Value: $669,695,000 (Reported in thousands).
Total Number of Holdings: 199.
Other Included Managers: 0.
Voting Authority: Sole authority reported for all listed positions.
Material Changes and Portfolio Composition
Note: As this is a quarterly snapshot without prior period data in the text, specific changes versus the prior quarter cannot be calculated.
The portfolio consists entirely of long equity positions (Common Stock and ADRs). There are no reported short positions, options, or convertible securities in this filing.
Top Holdings by Share Count:
- U.S. Airways Group Inc: 915,500 shares
- Quiksilver Inc: 811,000 shares
- Tuesday Morning Corp: 752,800 shares
- Newcastle Invt Corp: 695,900 shares
- Mercer Intl Inc: 606,700 shares
Top Holdings by Reported Value (Approximate based on share count and typical 2010 pricing):
- U.S. Airways Group Inc
- AT&T Inc (275,100 shares)
- Verizon Communications Inc (244,850 shares)
- Tractor Supply Co (200,336 shares)
- United Contl Hldgs Inc (380,800 shares)
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: Not applicable. This form does not disclose risk factors or legal contingencies.
Unusual Items: The portfolio includes a significant number of small-cap and mid-cap industrial and consumer discretionary stocks, alongside large-cap defensive holdings (e.g., Pfizer, Johnson & Johnson, Coca-Cola).
Investor Verification Checklist
- Verify the total portfolio value of $669.7 million against the firm's total assets under management (AUM) to determine if this represents the entire firm or a specific fund.
- Confirm the concentration risk in the top 10 holdings, which appear to represent a significant portion of the total share count.
- Review the specific sector exposure, noting heavy weighting in industrials, consumer discretionary, and healthcare.
- Check subsequent filings (Q1 2011) to determine if the large positions in U.S. Airways and Quiksilver were maintained or liquidated.
- Validate that the "Sole" voting authority designation applies to all 199 positions as reported.