13F
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HENNESSY ADVISORS INC

13F equity value
$2.8B
Positions
278
Top 10 concentration
18.8%
Quarters / total new picks
32 / 857
13F equity value over time
$0M$2B$3B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +1.7% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 53.1% of quarters (excess t = 0.04, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.1%
t-stat
0.04
Quarterly win rate
53%
Annualized excess
-7.1%
$1 → follow vs universe
$1.22 vs $2.09
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920200331: universe 1.09620200630: universe 1.21120200930: universe 1.48520201231: universe 1.55320210331: universe 1.56620210630: universe 1.69220210930: universe 1.51920211231: universe 1.29220220331: universe 1.38720220630: universe 1.28520220930: universe 1.38120221231: universe 1.28220230331: universe 1.35120230630: universe 1.30320230930: universe 1.47920231231: universe 1.54520240331: universe 1.58020240630: universe 1.72320240930: universe 1.70820241231: universe 1.59420250331: universe 1.73820250630: universe 1.79320250930: universe 2.01620251231: universe 2.085 20180331: follow 1.05220180630: follow 0.92220180930: follow 0.98220181231: follow 0.90520190331: follow 0.90220190630: follow 0.96820190930: follow 1.05720191231: follow 0.76820200331: follow 0.95220200630: follow 1.11020200930: follow 1.36920201231: follow 1.54420210331: follow 1.54120210630: follow 1.45820210930: follow 1.51320211231: follow 1.38520220331: follow 1.35120220630: follow 1.25720220930: follow 1.29020221231: follow 0.69720230331: follow 0.75120230630: follow 0.74220230930: follow 0.86520231231: follow 1.02120240331: follow 1.05620240630: follow 1.14220240930: follow 1.11720241231: follow 1.03020250331: follow 1.07820250630: follow 1.13020250930: follow 1.24320251231: follow 1.224 0.64 1.45 2.25 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 278 · 2026 Q1

Ticker Value Weight QoQ
MTZ $66M
2.4%
TRIM
CASY $64M
2.3%
TRIM
SNEX $57M
2.1%
ADD
ECHO $56M
2.0%
TRIM
VSAT $55M
2.0%
TRIM
DY $49M
1.8%
TRIM
CHRW $48M
1.7%
TRIM
PRIM $45M
1.6%
TRIM
SNX $41M
1.5%
TRIM
VISN $41M
1.5%
TRIM
GVA $40M
1.5%
TRIM
SANM $40M
1.4%
TRIM
CCK $39M
1.4%
TRIM
M $38M
1.4%
TRIM
OKE $36M
1.3%
HOLD
CAKE $35M
1.3%
TRIM
JLL $35M
1.3%
TRIM
LDOS $34M
1.2%
TRIM
LNG $33M
1.2%
TRIM
WMB $33M
1.2%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

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Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.