SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Hennessy Advisors, Inc. (filing on behalf of Hennessy Funds)
Reporting Period: Quarter ended September 30, 2004
Filing Date: October 21, 2004
Document Type: Form 13F Holdings Report (139 entries)
This filing discloses the equity securities held by the institutional investment manager at the end of the reporting period. It does not contain financial statements, revenue, or profit data for Hennessy Advisors itself.
Key Financial Metrics
Total Portfolio Value: $1,216,147,000 (reported in thousands)
Number of Holdings: 139
Top Holdings by Value:
- Tesoro Petroleum Corp: $35,220,000
- Sierra Health Services: $30,306,000
- Carpenter Technology Corp: $28,921,000
- Pilgrim's Pride Corp: $27,947,000
- Dick's Sporting Goods Inc: $25,671,000
Investment Discretion: The manager reported "Sole" discretion for the vast majority of positions. A small number of positions (e.g., SBC Communications, J.P. Morgan Chase, DuPont) included "Shared" voting authority.
Material Changes and Portfolio Composition
Comparison to Prior Period: The filing text does not provide data for the prior comparable period; therefore, material changes in holdings or value cannot be calculated from this document alone.
Notable Holdings: The portfolio includes significant positions in energy (Tesoro, ChevronTexaco, ConocoPhillips), industrials (Cummins, Joy Global), and retail (Dicks Sporting Goods, Foot Locker).
Zero Value Positions: Several holdings are listed with a market value of $0, including Telefonica de Argentina (two classes) and Enron Corp, indicating these positions may have been liquidated or had negligible value at quarter-end.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, management commentary, or earnings outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The presence of Enron Corp (a company that filed for bankruptcy in 2001) with a $0 value suggests the portfolio may still be in the process of resolving legacy positions or the data reflects a specific accounting treatment for distressed assets.
Key Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $1.22 billion against the manager's total assets under management (AUM) to determine if this represents the entire portfolio or a subset.
- Enron Holdings: Investigate the status of the Enron Corp position listed with $0 value to understand if it represents a residual claim or a data artifact.
- Concentration Risk: Assess the concentration in the top 10 holdings, which represent a significant portion of the total reported value.
- Voting Rights: Note the instances of "Shared" voting authority, which may indicate co-investment structures or specific fund mandates.
- Missing Data: Confirm that this filing does not include derivative positions or non-equity securities, as Form 13F is limited to specific equity types.