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 March 31, 2015
Context: This filing discloses the equity securities held by the investment manager at the end of the first quarter of 2015. It is a regulatory disclosure of portfolio composition, not a financial performance report of the manager itself.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide a clear value for these metrics. Form 13F reports holdings of the managed portfolio, not the financial statements of the investment manager (Hennessy Advisors Inc.).
Portfolio Overview:
- Total Holdings Disclosed: The table lists approximately 230 individual equity positions.
- Investment Authority: All listed positions are held with "Sole" voting authority.
- Derivatives: No put or call options are reported in the "Put/Call" column.
- Top Holdings by Share Count:
- Spectra Energy Corp: 2,975,915 shares
- Nisource Inc: 2,369,131 shares
- Williams Cos Inc: 2,168,557 shares
- Enbridge Inc: 2,184,077 shares
- TransCanada Corp: 2,451,427 shares
- Kinder Morgan Inc: 2,560,725 shares
Material Changes Versus Prior Period
The filing text does not provide a clear value for material changes. Form 13F filings for a specific quarter do not include comparative data from the prior quarter within the document text; such analysis requires external data from the previous filing.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value. This form is a statutory disclosure of holdings and contains no management commentary, forward-looking statements, or earnings guidance.
Risks and Contingencies: The filing text does not provide a clear value. Standard Form 13F filings do not include risk factor disclosures or contingency details.
Unusual Items: The portfolio shows a significant concentration in utility and energy infrastructure sectors (e.g., Spectra Energy, Williams Cos, Kinder Morgan, Nisource, TransCanada), which may indicate a specific investment strategy focused on regulated utilities and midstream energy.
Important Facts for Investor Verification
- Manager Performance: This document does not report Hennessy Advisors' own revenue, profit, or assets under management (AUM); it only lists the securities they hold.
- Portfolio Concentration: Verify the weight of the energy and utility holdings relative to the total portfolio value to assess sector risk.
- Valuation: The "Value" column is reported in thousands (x$1000). Investors must sum these values to estimate the total reported portfolio value for the quarter.
- Authority: Confirm that "Sole" voting authority applies to all positions, indicating the manager has full discretion over these specific holdings.
- Completeness: Form 13F only requires reporting of equity securities; it does not disclose cash positions, fixed income, or other non-equity assets held by the fund.