SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table (Schedule of Investments)
Reporting Period: Quarter ended June 30, 2016
Context: This filing discloses the equity securities held by the investment manager at the end of the reporting period. It does not contain financial statements regarding Hennessy Advisors' own operations, revenue, or profitability.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists 200+ individual equity positions. The filing text does not provide a clear aggregate total value for the entire portfolio, as the "Value" column is presented in thousands of dollars per position without a summary total.
Top Holdings by Value (Selected):
- Penney J C Inc: $36,494,000 (4,109,700 shares)
- Kinder Morgan Inc: $320,561,000 (4,143,225 shares)
- Spectra Energy Corp: $171,173,000 (2,161,415 shares)
- TransCanada Corp: $129,406,000 (1,691,868 shares)
- Cheniere Energy Inc: $109,677,000 (1,709,117 shares)
- Columbia Pipeline Group Inc: $216,247,000 (2,912,782 shares)
- Enbridge Inc: $94,742,000 (1,495,321 shares)
- National Grid PLC: $85,175,000 (1,070,558 shares)
- Boyd Gaming Corp: $60,308,000 (1,810,200 shares)
- Express Inc: $52,263,000 (1,899,600 shares)
Investment Authority: All listed positions are reported with "Sole" voting authority. No "Shared" or "None" voting authority is indicated for these holdings.
Material Changes and Portfolio Characteristics
Comparison to Prior Period: The filing text provided does not contain data for the prior quarter (March 31, 2016); therefore, material changes in holdings, additions, or deletions cannot be calculated from this document alone.
Sector Concentration: The portfolio shows significant exposure to:
- Energy & Utilities: Heavy weighting in midstream energy (Kinder Morgan, Spectra Energy, TransCanada, Cheniere) and regulated utilities (Dominion Resources, PG&E, Exelon, CenterPoint Energy).
- Financials: Significant holdings in regional banks (AmTrust, Brookline Bancorp, First Bancorp, Clifton Bancorp) and major financial institutions (Bank of America, Citigroup, JPMorgan).
- Consumer Discretionary: Notable positions in retail (J.C. Penney, Express, GameStop, Bed Bath & Beyond) and automotive (AutoNation, Lithia Motors).
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are statutory disclosures of holdings and 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 contingencies or risk factors regarding the portfolio are disclosed in this table.
Key Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value to assess the percentage weight of the top 10 holdings, particularly the large positions in energy infrastructure and regional banks.
- Valuation Methodology: Confirm that the "Value" column represents the fair market value at the quarter-end date (June 30, 2016) and not a cost basis.
- Turnover Analysis: Compare this list against the Q1 2016 13F filing to determine the turnover rate and identify specific trades made during the second quarter.
- Dividend Exposure: Given the heavy weighting in utilities and energy MLPs, verify the dividend yield profile of the portfolio relative to the broader market.
- Regulatory Status: Note that the filing is a snapshot in time; holdings may have changed significantly since June 30, 2016.