SEC Filing Summary: Hennessy Advisors Inc. (Form 13F-HR)
Business Context and Reporting Period
This filing is a Form 13F Holdings Report submitted by Hennessy Advisors, Inc., an institutional investment manager based in Novato, California. The report covers the calendar quarter ended December 31, 2008. The filing was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on January 14, 2008 (note: the signature date in the text appears to be a clerical error relative to the 2008 reporting period, as 13F filings are due 45 days after quarter-end, implying a 2009 submission date).
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financials of Hennessy Advisors itself. Key portfolio metrics include:
- Total Portfolio Value: $627,508,000 (reported in thousands).
- Total Number of Holdings: 183 distinct securities.
- Investment Discretion: Sole discretion for all reported positions.
- Top Holdings by Value:
- Teledyne Technologies Inc: $14,140,000
- Stanley Inc: $11,782,000
- Fairfax Financial Holdings: $10,781,000
- Odyssey Re Holdings Corp: $10,217,000
- CBIZ Inc: $9,072,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data for the prior quarter (September 30, 2008); therefore, material changes in position size or new entries cannot be quantified from this document alone. The portfolio is heavily diversified across sectors including industrials, healthcare, consumer discretionary, and financials. Notable positions include significant stakes in General Electric ($5,081,000), Pfizer ($7,100,000), and Verizon Communications ($7,554,000).
Guidance, Outlook, and Risks
Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or risk factors regarding the investment manager's strategy. The filing indicates no "Shared" investment discretion or "Other" voting authority, suggesting a concentrated management approach. No unusual items or contingencies are disclosed in this format.
Investor Verification Checklist
- Verify the total portfolio value of $627.5 million against the firm's total Assets Under Management (AUM) to determine if this represents the entire book or a specific fund.
- Confirm the signature date discrepancy (January 14, 2008 vs. Q4 2008 reporting) to ensure the filing was not an amendment or restatement.
- Review the 183 holdings for concentration risk, noting that the top 5 positions represent approximately 10% of the total reported value.
- Check subsequent filings to track the performance of the top holdings (e.g., Teledyne, Stanley) through the 2009 market recovery.