SEC Filing Summary: Hennessy Advisors Inc. (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, 2005, and was signed on July 25, 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 reports 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: $1,345,014,000 (reported in thousands as $1,345,014).
- Total Number of Holdings: 135 distinct equity positions.
- Investment Discretion: The firm exercised "Sole" investment discretion for all reported positions.
- Largest Holdings by Value:
- Valero Energy Corp: $35,995,000
- Building Materials Holding CP: $34,181,000
- Sears Holding Corp: $31,114,000
- Tesoro Petroleum Corp: $29,614,000
- Electronics Boutique Holding CP: $27,929,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (March 31, 2005); therefore, specific material changes in holdings cannot be calculated from this document alone. However, the portfolio composition indicates a diversified mix with significant exposure to:
- Energy: Valero Energy, Tesoro Petroleum, Consol Energy, and Kerr-McGee.
- Industrial/Materials: Building Materials Holding, Nucor Corp, and W.R. Grace & Co.
- Consumer Discretionary: Sears Holding Corp, Electronics Boutique, and Quiksilver Inc.
- Financials: Citigroup, J.P. Morgan Chase, and Bank of America.
Guidance, Outlook, and Risks
Form 13F filings are statutory reports of holdings and do not contain management commentary, forward-looking guidance, risk factors, or contingency disclosures. Consequently, no outlook or risk assessment is provided in this text.
Key Facts for Investor Verification
- Portfolio Concentration: Verify if the top 10 holdings represent a disproportionate risk relative to the total $1.345 billion portfolio.
- Self-Holding: Hennessy Advisors holds 1,479,030 shares of its own common stock (valued at $37,715,000), representing approximately 2.8% of the total reported portfolio value.
- Voting Authority: While investment discretion is "Sole" for all positions, voting authority is occasionally "Shared" or "None" for specific issuers (e.g., Adobe Systems, Sprint Fon Group), which may indicate proxy voting arrangements or restricted shares.
- Historical Context: Investors should cross-reference this 2005 snapshot with subsequent filings to track the evolution of the firm's strategy, particularly regarding the energy and retail sectors which were prominent in this quarter.