SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
This filing is a Form 13F Holdings Report submitted by Hennessy Advisors, Inc., an institutional investment manager based in Novato, California. The report covers the calendar quarter ended June 30, 2008, and was signed by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer, on July 25, 2008. The filing represents a complete report of all holdings managed by the firm for this period.
Key Financial Metrics
As a Form 13F filing, this document discloses equity holdings rather than the operating financial performance (revenue, profit, cash flow) of Hennessy Advisors itself. The following metrics reflect the portfolio under management:
- Total Portfolio Value: $1,048,224,000 (reported in thousands as $1,048,224).
- Total Number of Holdings: 173 distinct securities.
- Investment Discretion: Sole discretion for all reported positions.
- Top Holdings by Value:
- Alpha Natural Resources Inc: $72,336,000
- Flowserv Corp: $30,771,000
- Massey Energy Co: $32,325,000
- Owens-Illinois Inc: $20,145,000
- Steel Dynamics Inc: $16,417,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (March 31, 2008) to quantify material changes in holdings or value. However, the portfolio composition as of June 30, 2008, indicates significant exposure to:
- Energy and Materials: Notable positions in coal (Massey Energy, Alpha Natural Resources), oil services (Oil States Intl), and industrial materials (Owens-Illinois, Steel Dynamics).
- Financials: Holdings include major banks such as Citigroup, Bank of America, J.P. Morgan Chase, and Wachovia.
- Healthcare: Significant positions in Aetna, Express Scripts, and Molina Healthcare.
- International Exposure: The portfolio includes numerous American Depositary Receipts (ADRs) from European, Asian, and South American entities (e.g., ArcelorMittal, Siemens, Sony, Total SA).
Guidance, Risks, and Contingencies
Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or risk factors regarding the investment manager's operations. The filing does not disclose specific risks or contingencies associated with the portfolio. The only unusual item noted is a holding in Barclays PLC Rights with a reported market value of $0, though 17,443 shares were held.
Investor Verification Checklist
- Verify the total portfolio value of approximately $1.05 billion against the firm's Assets Under Management (AUM) reported in other regulatory filings (e.g., Form ADV).
- Confirm the concentration risk in the energy sector, specifically the top three holdings (Alpha Natural Resources, Massey Energy, Flowserv) which represent a significant portion of the total value.
- Review the exposure to financial institutions (Citigroup, Bank of America, Wachovia) given the market conditions of mid-2008.
- Check subsequent filings to determine if the $0 value Barclays Rights position was exercised or liquidated.