SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
This filing is a Form 13F Holdings Report submitted by Hennessy Advisors, Inc. (Reporting Manager: Hennessy Funds) for the quarter ended September 30, 2002. The report was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on October 22, 2002. The filing discloses equity securities held by the institutional investment manager with sole investment discretion.
Key Financial Metrics
As this is a Form 13F filing, it reports portfolio holdings rather than the operating financials (revenue, profit, cash flow) of the manager itself. Key portfolio metrics include:
- Total Portfolio Value: $368,138,000 (reported in thousands).
- Total Number of Holdings: 105 entries.
- Investment Discretion: Sole discretion for all reported positions.
- Top Holdings by Value:
- Tractor Supply Co: $12,420,000
- Hovnanian Enterprises Inc: $11,668,000
- NVR Inc: $10,914,000
- Michaels Stores Inc: $10,324,000
- Penn National Gaming Inc: $9,563,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (June 30, 2002) to quantify material changes in holdings or value. However, the portfolio composition indicates a heavy concentration in retail, homebuilding, and gaming sectors. Notable holdings include significant positions in Tractor Supply, Hovnanian Enterprises, NVR, and Penn National Gaming. The portfolio also contains smaller positions in large-cap industrial and financial firms such as ChevronTexaco, Exxon Mobil, Wells Fargo, and General Electric.
Guidance, Risks, and Contingencies
Form 13F filings are statutory disclosures of holdings and do not contain management guidance, forward-looking outlooks, or specific risk factor commentary. The filing includes a standard representation that the information is true, correct, and complete. No unusual items or contingencies are disclosed within the text of this specific form.
Investor Verification Checklist
- Verify the total portfolio value of $368.1 million against the firm's total assets under management (AUM) to determine if this report covers all funds or only a subset.
- Confirm the sector concentration risks, particularly in homebuilding (Hovnanian, NVR, Ryland, D.R. Horton) and retail (Tractor Supply, Michaels, Ross Stores), given the economic environment of late 2002.
- Review the "Sole" voting authority designation to confirm the manager's ability to influence corporate governance in these 105 companies.
- Compare the top 10 holdings against the prior quarter's 13F filing to identify significant entry or exit trades not explicitly detailed in this document.