SEC Filing Summary: Hennessy Advisors Inc (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Hennessy Advisors, Inc., an institutional investment manager. The report covers the period ended June 30, 2001, and was signed on October 18, 2001, by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer. The filing represents a complete report of all holdings managed by the firm for this period.
Key Financial Metrics
As a 13F filing, this document reports equity holdings rather than the operating financials (revenue, profit, cash flow) of the manager itself. Key portfolio metrics include:
- Total Portfolio Value: $196,297,000 (reported as $196,297 in thousands).
- Total Number of Holdings: 114 distinct equity positions.
- Investment Discretion: Sole discretion for all reported positions.
- Voting Authority: Sole voting authority for all reported positions.
- Top Holdings by Value:
- Beazer Homes USA Inc: $4,711,000
- Rent-A-Center Inc: $4,529,000
- Stewart & Stevenson Services: $4,316,000
- Advance PCS: $4,182,000
- Allied Waste Inds Inc: $3,809,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (March 31, 2001) to calculate material changes in holdings or value. However, the portfolio composition for the period ended June 30, 2001, shows significant exposure to the following sectors:
- Homebuilding: Heavy concentration in Beazer Homes, D.R. Horton, Lennar Corp, Meritage Corp, NVR Inc, Pulte Corp, Ryland Group, Standard Pacific, and Toll Brothers.
- Healthcare Services: Significant positions in Amerisource Health, Caremark Rx, Coventry Health Care, Express Scripts, Health Net, Mid Atlantic Medical Svcs, Tenet Healthcare, and Universal Health Svcs.
- Telecommunications: Holdings in AT&T, Bellsouth, SBC Communications, and Verizon.
- Financials: Positions in Bank of America, FleetBoston, First Union, J.P. Morgan Chase, and Wells Fargo.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical snapshots of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks. This document does not provide such information.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration of assets in cyclical sectors such as homebuilding and telecommunications during the 2001 period implies exposure to interest rate fluctuations and sector-specific economic downturns.
Unusual Items: No unusual items or restatements were indicated in the cover page of this filing.
Investor Verification Checklist
- Verify the total portfolio value of $196.3 million against the firm's total assets under management (AUM) to determine if this report covers the entire firm or a specific fund.
- Confirm the sector concentration risk, particularly the high weighting in homebuilding stocks relative to the broader market at the time.
- Review the "Sole" investment discretion and voting authority to confirm the manager's full control over these assets.
- Check subsequent filings (e.g., September 30, 2001) to assess turnover rates and changes in the top 10 holdings.