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: Quarter ended September 30, 2013
Context: This filing discloses the equity securities held by Hennessy Advisors Inc. at the end of the quarter. As a registered investment adviser, the firm reports holdings where it has sole, shared, or disinterested voting authority. The filing does not contain financial performance data (revenue, profit, cash flow) for Hennessy Advisors itself, but rather a list of its portfolio positions.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of common stocks and limited partnership units. Key observations include:
- Asset Class: The portfolio consists almost entirely of equity securities (Common Stock, Units, ADRs).
- Voting Authority: Hennessy Advisors exercised Sole voting authority for all reported positions.
- Derivatives: No put or call options were reported in this filing.
- Top Holdings by Share Count:
- Synovus Financial Corp: 2,330,000 shares
- Spectra Energy Corp: 1,593,615 shares
- Kinder Morgan Inc: 1,511,225 shares
- Williams Cos Inc: 1,343,825 shares
- NiSource Inc: 1,348,631 shares
- Top Holdings by Reported Value (Column 4):
- Cheniere Energy Inc: $56,386,000
- Enbridge Inc: $51,981,000
- Energy Transfer Equity LP: $55,828,000
- Spectra Energy Corp: $54,549,000
- Williams Cos Inc: $48,861,000
Material Changes and Sector Focus
Source Data Limitation: As this is a standalone Form 13F filing, it does not provide comparative data against the prior quarter (June 30, 2013). Therefore, specific material changes in position size or new entries cannot be calculated from this text alone.
Sector Concentration: The portfolio demonstrates a significant concentration in the Energy and Utilities sectors, particularly in midstream energy infrastructure (pipelines, storage) and regulated utilities. Notable holdings include Spectra Energy, Williams Cos, Kinder Morgan, Enbridge, and numerous regional utility companies (e.g., CenterPoint Energy, Dominion Resources, PG&E).
Other represented sectors include Financials (Regional Banks, Insurance), Industrials, and Consumer Staples.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The primary risk inherent in this portfolio, based on the holdings, is exposure to energy commodity prices and regulatory changes affecting the utility and midstream sectors.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing Column 4 (Value) to assess the scale of assets under management reported.
- Compare this list against the prior quarter's 13F filing to identify specific buy/sell activity, particularly in the energy sector.
- Confirm the "Sole" voting authority status to understand the firm's active engagement level with these issuers.
- Note that the "Value" column is reported in thousands (x$1,000); ensure calculations adjust for this multiplier.
- Check for any subsequent filings (e.g., 13F-HR amendments) that might correct or update these positions.