SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Hennessy Advisors, Inc.
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended June 30, 2007
Filing Date: July 17, 2007
Location: Novato, CA
This filing discloses the equity securities held by Hennessy Advisors, Inc. at the end of the second quarter of 2007. The report covers 174 individual holdings with sole investment discretion.
Key Financial Metrics
Total Portfolio Value: $1,890,335,000 (Reported in thousands as $1,890,335)
Total Number of Holdings: 174
Investment Discretion: Sole discretion for all reported positions.
Note: As a Form 13F filing, this document reports holdings of equity securities only. It does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics for Hennessy Advisors, Inc. itself, nor does it report non-equity assets.
Material Changes and Portfolio Composition
Top Holdings by Value (Selected):
- Hennessy Advisors Inc: $34,956,000 (2,688,898 shares)
- M & F Worldwide Corp: $42,325,000 (635,700 shares)
- CF Industries Holdings Inc: $40,659,000 (678,900 shares)
- Belden Cdt Inc: $40,632,000 (734,100 shares)
- Ak Steel Holding Corp: $36,552,000 (978,100 shares)
- Chaparral Steel Co: $35,317,000 (491,400 shares)
- Big Lots Inc: $32,159,000 (1,093,100 shares)
- Holly Corp: $31,553,000 (425,300 shares)
- Jack In The Box Inc: $31,817,000 (448,500 shares)
- Wellcare Health Plans Inc: $34,104,000 (376,800 shares)
Material Changes: The filing text does not provide comparative data for the prior quarter (March 31, 2007). Therefore, specific changes in position size or new entries versus the prior period cannot be determined from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, guidance, or outlook.
Risks and Contingencies: Not applicable. The filing does not disclose risk factors or contingencies.
Unusual Items: The portfolio includes a significant position in the reporting manager's own stock (Hennessy Advisors Inc) valued at approximately $35 million. Several holdings show split voting authority (Sole/Shared/None), indicating potential shared control or restricted voting rights for specific issuers.
Investor Verification Checklist
- Verify the total portfolio value of $1.89 billion against the firm's total assets under management (AUM) to determine if this represents the full portfolio or a subset.
- Confirm the concentration risk associated with the top 10 holdings, which represent a significant portion of the reported value.
- Review the "Voting Authority" columns for positions where Hennessy Advisors does not hold sole voting rights (e.g., ChevronTexaco, General Electric, General Motors) to understand potential governance limitations.
- Compare this list against the previous quarter's 13F filing to identify specific buy/sell activity, as this document only provides a snapshot as of June 30, 2007.
- Note that the filing excludes derivatives, debt securities, and cash positions, which may materially affect the firm's actual risk profile.