SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Ended June 30, 2015
Context: This filing discloses the equity securities held by the investment manager at the end of the second quarter of 2015. It is a regulatory disclosure of portfolio composition, not a financial statement of the manager's own operating results.
Key Financial Metrics and Portfolio Composition
Total Portfolio Value: The filing lists individual security values but does not explicitly state a consolidated total portfolio value in the text provided. The values are reported in thousands of dollars (Column 4).
Top Holdings by Value (Selected):
- Spectra Energy Corp: $97,814,000 (3,000,415 shares)
- Williams Cos Inc: $97,337,000 (1,696,057 shares)
- Enbridge Inc: $96,092,000 (2,053,697 shares)
- TransCanada Corp: $93,078,000 (2,291,427 shares)
- National Grid PLC: $94,842,000 (1,468,823 shares)
- Cheniere Energy Inc: $94,790,000 (1,368,617 shares)
- Nisource Inc: $94,149,000 (2,065,131 shares)
- Sempra Energy: $95,263,000 (962,840 shares)
- PG&E Corp: $69,049,000 (1,406,299 shares)
- Frontier Communications Corp: $13,203,000 (2,667,200 shares)
Investment Authority: All listed positions are reported with "Sole" voting authority. No "Shared" or "None" authority is indicated for the holdings listed.
Derivatives: The filing indicates no Put or Call options were held (Columns 5 and 6 are blank for all entries).
Material Changes and Portfolio Characteristics
Asset Class Concentration: The portfolio demonstrates a heavy concentration in the Utilities and Energy sectors. Significant holdings include natural gas pipelines, electric utilities, and energy infrastructure companies (e.g., Spectra Energy, Williams Cos, Enbridge, TransCanada, Cheniere Energy, PG&E).
Geographic Exposure: While primarily U.S.-based, the portfolio includes significant Canadian energy and utility firms (Enbridge, TransCanada, National Grid PLC, BCE Inc, Manulife Financial Corp).
Comparison to Prior Period: This filing is a snapshot of holdings as of June 30, 2015. The provided text does not contain data for the prior quarter (March 31, 2015) or year-over-year comparisons; therefore, material changes in position size cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are strictly factual disclosures of holdings. They do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not discuss specific risks or contingencies. However, the concentration in the energy and utility sectors implies exposure to regulatory changes, commodity price fluctuations (specifically natural gas), and interest rate sensitivity.
Unusual Items: No unusual items or special notes are present in the provided text beyond standard regulatory disclaimers.
Key Facts for Investor Verification
- Portfolio Strategy: Verify if the heavy weighting in midstream energy and utilities aligns with the firm's stated investment philosophy for the period.
- Top 10 Concentration: Calculate the percentage of the total portfolio represented by the top 10 holdings (e.g., Spectra Energy, Williams Cos, Enbridge) to assess concentration risk.
- Turnover: Compare this list against the Q1 2015 13F filing to determine the turnover rate and identify significant new entries or exits.
- Valuation Basis: Confirm that the "Value" column represents the market value at the close of the reporting period (June 30, 2015).
- Regulatory Compliance: Note that the SEC has not reviewed the accuracy of this information, as stated in the filing header.