SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Hennessy Advisors, Inc.
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended December 31, 2004
Filing Date: January 21, 2005
Signatory: Teresa M. Nilsen, Executive Vice President and Chief Financial Officer
This filing discloses the equity securities held by Hennessy Advisors, Inc. at the end of the reporting period. The report covers 140 distinct holdings entries.
Key Financial Metrics
Total Portfolio Value: $1,358,256,000 (Reported in thousands as $1,358,256)
Number of Holdings: 140
Investment Discretion: Sole discretion for all reported positions.
Voting Authority: Primarily sole voting authority, with limited shared voting authority noted in specific positions.
Note: As a Form 13F filing, this document reports portfolio holdings and does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics for the reporting manager itself.
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of December 31, 2004. It does not provide comparative data against the prior quarter to calculate material changes in position size or total portfolio value. The portfolio is diversified across multiple sectors including industrials, healthcare, consumer staples, and financials.
Top Holdings by Value (Selected):
- USG Corp: $37,407,000
- Tesoro Petroleum Corp: $36,534,000
- Sierra Health Services: $33,342,000
- Carpenter Technology Corp: $33,883,000
- Pilgrims Pride Corp: $30,297,000
- Joy Global Inc: $29,611,000
- Pacificare Health Sys: $29,492,000
- Hennessy Advisors Inc (Self-Holding): $27,246,000
- Cummins Inc: $26,193,000
- Mcdermott Intl Inc: $26,907,000
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, future guidance, or outlook statements.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The filing is a statutory disclosure of holdings and does not include narrative risk analysis.
Unusual Items: The portfolio includes a significant position in the reporting manager's own stock (Hennessy Advisors Inc, $27.2 million). Two entries for Telefonica de Argentina Cont ADR show a value of $0 despite holding shares, which may indicate a specific valuation adjustment or reporting nuance.
Investor Verification Checklist
- Verify the total portfolio value of $1.36 billion against the firm's total assets under management (AUM) to determine if this report represents the entire firm or a specific fund.
- Confirm the valuation of the $0 holdings (Telefonica de Argentina) to understand if they were liquidated or impaired.
- Review the concentration risk, noting that the top 10 holdings represent a significant portion of the total reported value.
- Check subsequent filings (Q1 2005) to determine if the large positions in USG Corp and Tesoro Petroleum were maintained or adjusted.
- Validate the self-holding of Hennessy Advisors Inc stock to assess insider confidence or fund structure requirements.