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, 2013
Context: This filing discloses the equity securities held by the investment manager at the end of the quarter. It does not contain financial performance data (revenue, profit, cash flow) for Hennessy Advisors itself, but rather a list of its portfolio holdings.
Key Financial Metrics and Portfolio Composition
The filing details a portfolio consisting of 230+ individual equity positions. Key metrics derived from the table include:
- Total Positions: 230+ distinct issuers.
- Investment Authority: All listed positions are held with "Sole" voting authority.
- Derivatives: No Put or Call options are reported in this filing.
- Top Holdings by Share Count:
- Synovus Financial Corp: 2,225,000 shares
- Williams Cos Inc: 1,512,529 shares
- Spectra Energy Corp: 1,420,660 shares
- Kinder Morgan Inc: 1,305,025 shares
- Cheniere Energy Inc: 1,324,692 shares
- Top Holdings by Reported Value (Column 4):
- Williams Cos Inc: $49,112,000
- Spectra Energy Corp: $48,956,000
- Enbridge Inc: $48,656,000
- Sempra Energy: $48,658,000
- TransCanada Corp: $48,417,000
Material Changes and Sector Focus
Source Data Limitation: As this is a static snapshot of holdings for a single quarter, the filing text does not provide comparative data against the prior period (March 31, 2013) to calculate material changes in position size or value.
Portfolio Characteristics:
- Energy & Utilities Concentration: The portfolio shows a significant concentration in energy infrastructure and utilities, including major holdings in Williams Cos, Spectra Energy, Kinder Morgan, Enbridge, and Sempra Energy.
- Financials: Significant exposure to regional and national banks (e.g., Bank of America, Wells Fargo, PNC Financial Services) and mortgage-related entities (e.g., Nationstar, PennyMac).
- Consumer Staples & Discretionary: Holdings include major retailers and consumer goods companies such as Home Depot, Lowe's, McDonald's, and Procter & Gamble.
Guidance, Risks, and Management Commentary
Guidance & Outlook: Form 13F filings do not contain management guidance, earnings outlooks, or forward-looking commentary. This information is not present in the source text.
Risks & 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 table.
Unusual Items: No unusual items, such as short positions or complex derivatives, are reported in this specific filing.
Investor Verification Checklist
- Valuation Accuracy: Verify the "Value" column (in thousands) against market prices as of June 30, 2013, to confirm the total portfolio size.
- Turnover Analysis: Compare this list against the Q1 2013 13F filing to identify significant buys or sells, particularly in the energy and financial sectors.
- Concentration Risk: Assess the impact of the heavy weighting in energy midstream companies (Williams, Spectra, Kinder Morgan) on the portfolio's volatility.
- Voting Rights: Confirm that "Sole" voting authority applies to all positions, indicating full control over proxy voting for these holdings.
- Missing Data: Note that this filing does not disclose the total assets under management (AUM) for Hennessy Advisors, only the value of the specific securities listed.