SEC Filing Summary: Hennessy Advisors Inc (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Hennessy Advisors, Inc., an institutional investment manager. The report covers the period ended September 30, 2001, and was signed on October 18, 2001, 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 the manager itself. Key portfolio metrics include:
- Total Portfolio Value: $186,557,000 (reported in thousands).
- Total Number of Holdings: 112 distinct equity positions.
- Investment Discretion: Sole discretion for all reported positions.
- Voting Authority: Sole voting authority for all reported positions.
- Top Holdings by Value:
- Advance PCS: $5,218,000
- AmerisourceBergen Corp: $4,661,000
- Tenet Healthcare Corp: $4,450,000
- CBRL Group Inc: $4,014,000
- Caremark Rx Inc: $4,077,000
Material Changes and Portfolio Composition
The filing text does not provide comparative data against the prior quarter (June 30, 2001); therefore, material changes in holdings, additions, or deletions cannot be determined from this document alone. The portfolio is heavily concentrated in the following sectors based on the issuer list:
- Healthcare: Significant exposure to pharmacy benefit managers (AmerisourceBergen, Caremark, Express Scripts) and healthcare services (Tenet, Coventry, Oxford Health).
- Telecommunications: Holdings in major carriers including AT&T, SBC Communications, Verizon, and British Telecom.
- Homebuilding: Diversified positions in Beazer Homes, D.R. Horton, Lennar, Meritage, Pulte, Ryland, and Toll Brothers.
- Financials: Exposure to regional and national banks including Bank of America, Wells Fargo, and Wachovia.
Guidance, Risks, and Contingencies
Form 13F filings are strictly informational regarding equity holdings and do not contain management guidance, forward-looking outlooks, risk factor disclosures, or commentary on contingencies. No such information is present in this filing.
Investor Verification Checklist
- Verify the total portfolio value of $186.6 million against the firm's total assets under management (AUM) to determine if this report covers all funds or a specific subset.
- Compare the 112 holdings listed here against the previous quarter's 13F filing to identify specific trades (buys/sells) and sector rotation.
- Assess the concentration risk in the homebuilding and healthcare sectors, which represent a significant portion of the top holdings.
- Confirm the "Sole" voting and investment discretion status to ensure no co-management arrangements exist for these specific positions.