SEC Filing Summary: Hennessy Advisors Inc (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Hennessy Advisors, Inc., an institutional investment manager. The report covers the calendar quarter ended September 30, 2005, and was signed on October 18, 2005, by Teresa M. Nilsen, Executive Vice President and Chief Financial Officer. 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 the investment manager itself. The following metrics reflect the portfolio under management:
- Total Portfolio Value: $1,782,289,000 (Reported as $1,782,289 in thousands).
- Total Number of Holdings: 178 distinct securities.
- Investment Discretion: The firm holds "Sole" investment discretion for all reported positions.
- Voting Authority: The firm holds sole voting authority for the majority of shares, with some positions showing shared or no voting authority.
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (June 30, 2005) to calculate material changes in position size or total assets. However, the portfolio composition reveals a diversified mix of sectors, with significant concentrations in:
- Energy: Valero Energy Corp ($53.9M), Tesoro Petroleum Corp ($39.9M), and Consol Energy Inc ($35.1M).
- Industrial & Materials: Building Materials Holding CP ($50.1M), USG Corp ($36.5M), and Cleveland-Cliffs Inc ($35.7M).
- Healthcare: Aetna Inc ($31.3M) and Molina Healthcare Inc ($10.2M).
- Self-Holding: The firm holds a significant position in its own stock, Hennessy Advisors Inc, valued at $38.1M.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future market conditions.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. The primary risk inherent in this data is the lag in reporting (filed 45 days after quarter-end) and the fact that it only covers long equity positions, excluding derivatives, short positions, or non-equity assets.
Key Facts for Investor Verification
- Portfolio Size: Verify the total managed assets of approximately $1.78 billion as of September 30, 2005.
- Top Concentrations: Confirm the top 5 holdings by value: Valero Energy, Building Materials Holding, Tesoro Petroleum, Hennessy Advisors (self), and USG Corp.
- Self-Ownership: Note the firm's significant ownership stake in its own common stock ($38.1M).
- Reporting Limitations: Acknowledge that this filing does not reflect the firm's own profitability, cash flow, or debt levels, nor does it include short positions or derivatives.