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: December 31, 2020
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. as a registered investment manager. The report lists individual stock positions, share counts, and market values as of the end of the fourth quarter of 2020.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing details a diversified portfolio of common stocks across various sectors. The filing text does not provide a consolidated total portfolio value, total revenue, profit, cash flow, or debt metrics for Hennessy Advisors Inc. itself, as Form 13F is a disclosure of holdings rather than a financial statement of the manager.
Top Holdings by Value (Selected):
- PG&E Corp: 1,354,649 shares valued at $16,879,000.
- Kinder Morgan Inc: 1,907,101 shares valued at $26,070,000.
- Tellurian Inc: 791,690 shares valued at $1,013,000.
- Enbridge Inc: 821,365 shares valued at $26,275,000.
- TC Energy Corp: 625,653 shares valued at $25,477,000.
- CenterPoint Energy Inc: 542,028 shares valued at $11,729,000.
- Jeffries Finl Group Inc: 543,500 shares valued at $13,370,000.
- Vista Outdoor Inc: 525,000 shares valued at $12,474,000.
Investment Authority: All listed positions are reported with "Sole" voting authority. No "Shared" or "None" voting authority positions are listed.
Material Changes and Comparisons
Comparison Data: The filing text provided does not contain data for the prior comparable period (September 30, 2020). Consequently, material changes in share counts or values versus the previous quarter cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings do not include management commentary, forward-looking guidance, or strategic outlooks. The document is a statutory disclosure of holdings.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific contingencies or unusual items are disclosed in the text.
Key Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value to assess the concentration of the top holdings (e.g., Kinder Morgan, Enbridge, TC Energy) relative to the firm's total assets under management.
- Sector Exposure: The portfolio shows significant exposure to the Energy and Utilities sectors (e.g., PG&E, Kinder Morgan, Enbridge, TC Energy, Dominion Energy, Southern Co).
- Valuation Basis: Confirm that the "Value" column represents the market value at the close of the reporting period (Dec 31, 2020) and not a cost basis.
- Missing Financials: Investors seeking Hennessy Advisors' own profitability, cash flow, or debt levels must refer to the company's Form 10-K or 10-Q, as this Form 13F does not contain that data.