Business Context and Reporting Period
This Form 13F-HR filing is submitted by Hennessy Advisors, Inc., an institutional investment manager, for the calendar quarter ended December 31, 2000. The report was signed on October 17, 2001, by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer. The filing represents a complete holdings report for the manager, with no other included managers.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financial performance (revenue, profit, cash flow) of the manager itself. Key portfolio metrics include:
- Total Portfolio Value: $190,871,000 (reported in thousands).
- Total Number of Holdings: 110 entries.
- Investment Discretion: Sole discretion for all reported positions.
- Voting Authority: Sole voting authority for all reported positions.
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (September 30, 2000) to calculate material changes in holdings or value. However, the portfolio composition for the period ended December 31, 2000, reveals significant concentration in specific sectors:
- Top Holdings by Value:
- Quest Diagnostics Inc: $14,507,000
- Shaw Group Inc: $12,337,000
- Talbots Inc: $6,387,000
- Timberland Co: $7,899,000
- Park Electrochemical Corp: $5,412,000
- Sector Exposure: The portfolio includes significant positions in retail (e.g., Circuit City, Costco, Target), gaming (e.g., Argosy Gaming, Harrah's Entertainment), and technology/telecommunications (e.g., AT&T, Verizon, Take-Two Interactive).
Guidance, Outlook, and Risks
This filing type (Form 13F) is a regulatory disclosure of equity holdings and does not contain management commentary, forward-looking guidance, risk factors, or contingency plans. The document strictly lists the securities held at the end of the reporting period.
Important Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $190.9 million against the manager's total assets under management (AUM) to determine if this represents the full portfolio or a specific fund.
- Concentration Risk: Note that the top 5 holdings represent a significant portion of the total portfolio value, indicating high concentration risk.
- Reporting Lag: The report was filed in October 2001 for the 2000 year-end, which is consistent with the standard 45-day filing window for 13F reports.
- Discretion: Confirm that all 110 positions are held with sole investment discretion, implying no co-managed accounts are included in this specific report.