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 December 31, 2005
Filing Date: January 17, 2006
Location: Novato, CA
This filing discloses the equity securities held by Hennessy Advisors, Inc. at the end of the reporting period. The report covers 172 individual holdings with sole investment discretion.
Key Financial Metrics
Total Portfolio Value: $1,792,142,000 (Reported in thousands as $1,792,142)
Number of Holdings: 172
Investment Discretion: Sole discretion for all reported positions.
Top 5 Holdings by Value:
- Valero Energy Corp: $50,269,000 (974,200 shares)
- McDermott International Inc: $53,470,000 (1,198,600 shares)
- Building Materials Holding CP: $38,443,000 (563,600 shares)
- Cleveland-Cliffs Inc: $38,333,000 (432,800 shares)
- Tesoro Petroleum Corp: $37,835,000 (614,700 shares)
Note: The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity for Hennessy Advisors, Inc., as Form 13F is a disclosure of holdings only.
Material Changes and Portfolio Composition
Comparison to Prior Period: The filing text does not provide data for the prior comparable period; therefore, material changes in holdings or value cannot be calculated from this document alone.
Portfolio Characteristics:
- The portfolio is heavily weighted toward industrial, energy, and materials sectors (e.g., Valero, McDermott, Cleveland-Cliffs, Tesoro, USG Corp).
- Significant holdings in healthcare services (e.g., Molina Healthcare, Humana, WellCare Health Plans).
- Two positions in Telefonica de Argentina Cont ADR are reported with a market value of $0.
Guidance, Outlook, and Risks
Management Commentary: None provided. Form 13F filings are statutory disclosures of holdings and do not contain management discussion, guidance, or outlook.
Risks and Contingencies: No specific risks or contingencies are disclosed in this filing. The report contains a standard representation that the information is true, correct, and complete.
Investor Verification Checklist
- Portfolio Concentration: Verify the impact of the top 5 holdings (approx. $218M combined) on the total portfolio value.
- Zero-Value Positions: Investigate the two Telefonica de Argentina positions reported with $0 market value to determine if they represent distressed assets or data anomalies.
- Discretion Type: Confirm that all 172 holdings are under "Sole" investment discretion, indicating full control by Hennessy Advisors.
- Historical Context: Compare this $1.79B portfolio value against Q3 2005 filings to assess net inflows/outflows and trading activity.