HENNESSY ADVISORS INC

The portfolio exhibits a "core-satellite" or high-conviction approach combined with broad diversification. While the firm holds 283 positions, the portfolio is relatively evenly distributed among the top holdings. The largest position, EchoStar Corp (SATS), constitutes only 2.03% of the portfolio, indicating a strategy that avoids heavy concentration in single names. This structure minimizes idiosyncratic risk associated with any single security while allowing for broad market exposure.

Key Holdings

The top 10 holdings are characterized by a mix of value and cyclical plays, with no single dominant sector leader. The top position is EchoStar Corp (SATS) ($57.26M, 2.03%), followed closely by Dycom Industries (DY) ($53.59M, 1.90%) and Casey's General Stores (CASY) ($53.00M, 1.88%). Notably, the top three holdings represent distinct sectors: Communication Services, Industrials, and Consumer Cyclical.