SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Hennessy Advisors Inc.
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended June 30, 2021
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. as a registered investment manager. The data represents holdings with sole voting authority, indicating direct control over the listed positions.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists approximately 230 individual equity positions. The portfolio is heavily weighted toward utility, energy, and financial sectors, with significant exposure to regional banks and power generation companies.
Top Holdings by Value (Selected):
- Enbridge Inc: $27,910,000 (697,065 shares)
- PG&E Corp: $13,116,000 (1,289,649 shares)
- CenterPoint Energy Inc: $16,037,000 (654,028 shares)
- Cheniere Energy Inc: $27,351,000 (315,317 shares)
- Southern Co: $25,559,000 (422,400 shares)
- WEC Energy Group Inc: $25,692,000 (288,840 shares)
- National Grid PLC: $25,515,000 (399,044 shares)
- Sempra Energy: $26,329,000 (198,740 shares)
- Dominion Energy Inc: $26,241,000 (356,677 shares)
- Kinder Morgan Inc: $26,636,000 (1,461,101 shares)
Liquidity and Debt: As a Form 13F filing, this document does not disclose the firm's internal cash flow, debt levels, or liquidity ratios. It strictly reports the market value of reported securities.
Material Changes and Portfolio Activity
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of June 30, 2021. It does not include the "Changes" section typically found in 13F filings that compares current holdings to the prior quarter. Therefore, material increases or decreases in specific positions cannot be determined from this text alone.
Notable Position Characteristics:
- Concentration: Significant capital is allocated to regulated utilities and midstream energy infrastructure.
- Small Cap Exposure: The portfolio includes numerous regional banks (e.g., First Bancorp, Lakeland Bancorp) and smaller industrial firms.
- Derivatives: No put or call options are reported in the provided table; all positions are listed as common stock ("SH").
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are statutory disclosures and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. The primary risk to investors analyzing this data is the lack of context regarding the firm's total assets under management (AUM) versus the reported holdings, as 13F filings only require reporting of equity securities exceeding $100,000 in aggregate value.
Investor Verification Checklist
- Total AUM Context: Verify the firm's total Assets Under Management to understand the percentage of the portfolio represented by these reported holdings.
- Unreported Assets: Confirm if the firm holds significant non-equity assets (bonds, cash, private equity) which are not disclosed in Form 13F.
- Quarterly Changes: Cross-reference with the Q1 2021 filing to calculate actual buy/sell activity for the top utility and energy positions.
- Voting Authority: Note that all listed positions have "Sole" voting authority; verify if any positions are held in client accounts with shared or none authority that might be excluded or aggregated differently.
- Valuation Timing: Ensure the "Value" column reflects the market price at the end of the reporting period (June 30, 2021) and not a trailing average.