SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended September 30, 2019
Context: This filing discloses the equity securities held by the investment manager at the end of the quarter. It is a regulatory disclosure of portfolio composition, not a financial performance report of Hennessy Advisors itself.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists approximately 230 individual equity positions. The portfolio is heavily weighted toward utility, energy, and financial sector stocks, with significant holdings in midstream energy and regional banks.
Top Holdings by Value (Selected):
- Kinder Morgan Inc: 2,170,101 shares ($44,726,000)
- Enbridge Inc: 1,246,765 shares ($43,737,000)
- TC Energy Corp: 847,353 shares ($43,884,000)
- Southern Co: 739,200 shares ($45,660,000)
- Cheniere Energy Inc: 681,917 shares ($43,002,000)
- National Grid PLC: 688,844 shares ($37,287,000)
- Equitrans Midstream Corp: 958,345 shares ($13,944,000)
- Nisource Inc: 979,781 shares ($29,315,000)
- WEC Energy Group Inc: 430,740 shares ($40,963,000)
- First Bancorp P R: 590,000 shares ($5,888,000)
Liquidity and Debt: The filing text does not provide data on Hennessy Advisors' corporate liquidity, debt levels, or cash flow. It only reports the market value of the reported securities.
Material Changes and Voting Authority
Voting Authority: For all reported securities, the manager exercises Sole voting authority. There are no shared or none voting authority positions listed in this table.
Derivatives: The filing indicates zero positions in Put or Call options for all listed securities.
Period Comparison: As this is a static snapshot of holdings as of September 30, 2019, the filing text does not explicitly state the net change in shares or value compared to the prior quarter (June 30, 2019). Analysis of turnover requires comparing this table against the previous filing.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies regarding the portfolio are disclosed in this document.
Investor Verification Checklist
- Portfolio Concentration: Verify the aggregate exposure to the Energy and Utility sectors, which appear to dominate the top holdings by value.
- Midstream Focus: Confirm the strategic intent behind the heavy weighting in midstream energy infrastructure (Kinder Morgan, Enbridge, TC Energy, Cheniere).
- Regional Bank Exposure: Review the concentration of smaller regional bank holdings (e.g., First Bancorp, Brookline Bancorp, Cadence Bancorporation) versus large-cap financials.
- Turnover Analysis: Compare this list against the June 30, 2019 filing to calculate actual buy/sell activity and portfolio turnover.
- Valuation Accuracy: Note that the "Value" column is in thousands; ensure calculations account for this scaling when aggregating total portfolio value.