HENNESSY ADVISORS INC recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Hennessy Advisors Inc. is an investment management firm based out of Novato, California. The company was established in 1989 by Neil J. Hennessy, who remains with the company today acting as its President, Chairman, and CEO. The company launched its first mutual fund in 1996 and would acquire Cornerstone Value and Cornerstone Growth Funds in 2000 before having its IPO in 2002. The firm would continue to expand its business and offerings through acquisitions, merging with Lindner Asset Management and acquiring a wide variety of funds including SYM Select Growth, Henlopen, and other funds. Hennessy Advisors has grown from its inception to now have 19 employees of which 8 are investment professionals. The company conducts its research internally and invests in the growth stocks of companies in the public equity and fixed income markets on a global scale. Hennessy Advisors invests most heavily in the utilities and telecommunications sector, which alone makes up over a third of its total asset allocations, and also invests in the energy, finance, consumer discretionary, materials, health care, and industrials sectors, among others to a lesser degree, in order of decreasing allocation. None of the company’s holdings exceed 3% of its total asset allocations and the company has a relatively low turnover rate of 6.25%. Hennessy Advisors holds over $5.5 billion in total assets under management spread across 16 accounts, all of which are discretionary. Both of its total number of accounts and total assets under management have been increasing in recent years with its total managed assets growing significantly from $900 million back in 2010 to over 6 times that amount today. The company currently caters exclusively to investment companies. Hennessy Advisors offers a wide array of mutual funds including its Cornerstone Growth Fund, Large Value Fund, Technology Fund, Japan Fund, and Equity and Income Fund.
As of the latest 13F report, the guru’s equity portfolio contained 263 stocks valued at a total of $1.52Bil. The top holdings were KMI(1.86%), BRK.A(1.79%), and ENB(1.74%).
According to GuruFocus data, these were HENNESSY ADVISORS INC’s top five trades of the quarter.
Royal Bank of Canada
The guru sold out of their 52,900-share investment in NYSE:RY. Previously, the stock had a 0.33% weight in the equity portfolio. Shares traded for an average price of $94.40000000000001 during the quarter.
On 01/21/2023, Royal Bank of Canada traded for a price of $100.68 per share and a market cap of $138.89Bil. The stock has returned -10.06% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Royal Bank of Canada has a price-earnings ratio of 11.79, a price-book ratio of 1.86, a price-earnings-to-growth (PEG) ratio of 1.32 and a price-sales ratio of 3.89.
The price-to-GF Value ratio is 1.08, earning the stock a GF Value rank of 5.
Kinder Morgan Inc
HENNESSY ADVISORS INC reduced their investment in NYSE:KMI by 201,500 shares. The trade had a 0.23% impact on the equity portfolio. During the quarter, the stock traded for an average price of $17.99.
On 01/21/2023, Kinder Morgan Inc traded for a price of $18.64 per share and a market cap of $41.90Bil. The stock has returned 13.13% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Kinder Morgan Inc has a price-earnings ratio of 16.64, a price-book ratio of 1.36, a price-earnings-to-growth (PEG) ratio of 27.73, a EV-to-Ebitda ratio of 12.92 and a price-sales ratio of 2.22.
The price-to-GF Value ratio is 0.82, earning the stock a GF Value rank of 9.
Berkshire Hathaway Inc
HENNESSY ADVISORS INC reduced their investment in NYSE:BRK.A by 8 shares. The trade had a 0.22% impact on the equity portfolio. During the quarter, the stock traded for an average price of $448762.
On 01/21/2023, Berkshire Hathaway Inc traded for a price of $469645 per share and a market cap of $684.31Bil. The stock has returned 0.34% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Berkshire Hathaway Inc has a price-book ratio of 1.51, a EV-to-Ebitda ratio of 68.13 and a price-sales ratio of 2.72.
The price-to-GF Value ratio is 1.14, earning the stock a GF Value rank of 3.
BankUnited Inc
The guru established a new position worth 95,000 shares in NYSE:BKU, giving the stock a 0.21% weight in the equity portfolio. Shares traded for an average price of $35.31 during the quarter.
On 01/21/2023, BankUnited Inc traded for a price of $35.15 per share and a market cap of $2.66Bil. The stock has returned -12.18% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, BankUnited Inc has a price-earnings ratio of 9.90, a price-book ratio of 1.10, a price-earnings-to-growth (PEG) ratio of 1.30 and a price-sales ratio of 2.85.
The price-to-GF Value ratio is 0.75, earning the stock a GF Value rank of 10.
Atmos Energy Corp
HENNESSY ADVISORS INC reduced their investment in NYSE:ATO by 28,000 shares. The trade had a 0.2% impact on the equity portfolio. During the quarter, the stock traded for an average price of $109.98.
On 01/21/2023, Atmos Energy Corp traded for a price of $113 per share and a market cap of $15.93Bil. The stock has returned 10.06% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Atmos Energy Corp has a price-earnings ratio of 19.96, a price-book ratio of 1.69, a price-earnings-to-growth (PEG) ratio of 8.68, a EV-to-Ebitda ratio of 16.18 and a price-sales ratio of 3.73.
The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 6.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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