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: Ended March 31, 2019
Context: This filing discloses the equity securities held by the investment manager at the end of the first quarter of 2019. It details the number of shares, market value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, and Cash Flow: The filing text does not provide a clear value for the company's revenue, profit, cash flow, or operating margins. Form 13F filings report portfolio holdings, not the operating financial results of the investment manager itself.
Debt and Liquidity: The filing text does not provide a clear value for the company's debt or liquidity positions.
Portfolio Metrics:
- Total Positions: The filing lists approximately 230 distinct equity positions.
- Top Holdings by Value (Selected):
- Enbridge Inc: $45,462,000
- Sempra Energy: $46,611,000
- Southern Co: $46,471,000
- WEC Energy Group Inc: $39,440,000
- TransCanada Corp: $44,282,000
- National Grid PLC: $42,821,000
- Kinder Morgan Inc: $44,964,000
- Voting Authority: The manager reported "Sole" voting authority for all listed positions.
Material Changes Versus Prior Period
The filing text does not provide a clear value for material changes compared to the prior comparable period. Form 13F filings are snapshots of holdings at a specific date and do not inherently contain comparative data or change analysis within the document text provided.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value for management guidance or future outlook. This form is a regulatory disclosure of past holdings, not a forward-looking earnings release.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. No specific operational risks or contingencies are detailed in the text.
Unusual Items: No unusual items were identified in the provided text.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the heavy weighting in the Utilities and Energy sectors, which appears to be a core strategy for this period.
- Top Holdings: Confirm the specific share counts and values for the largest positions (e.g., Sempra Energy, Enbridge, Southern Co) to understand portfolio concentration risk.
- Reporting Lag: Note that this data reflects holdings as of March 31, 2019, and does not reflect subsequent trading activity.
- Managerial Control: Verify that "Sole" voting authority was maintained across all positions, indicating full control over voting decisions for these assets.