Hennessy Advisors Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 20, 2025), Hennessy Advisors Inc. reported 281 stock positions worth $2.9 billion. Its top holding was Casey's General Stores (CASY) at 2.0% of the portfolio, followed by Stonex (SNEX, 1.9%) and Mastec (MTZ, 1.8%). Compared with Q2 2025, it opened 28 new positions, sold out of 87, added to 65 and reduced 158. The biggest buy was a new position in Mastec (MTZ) and the biggest sale Brinker International (EAT, shares −89%).

Most Recent 13F
Q2 2026
Location
NOVATO, CA
CIK
0001145255
Portfolio Value
$2.9B (Q3 2025)
SEC Filing
0000897069-25-001587 ↗ filed Oct 20, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.4B Q1 2024 Q2 2024: $2.6B Q2 2024 Q3 2024: $3.1B Q3 2024 Q4 2024: $3.4B Q4 2024 Q1 2025: $3.0B Q1 2025 Q2 2025: $3.0B Q2 2025 Q3 2025: $2.9B $2.9B Q3 2025 Q4 2025: $2.8B Q4 2025 Q1 2026: $2.8B Q1 2026 Q2 2026: $3.1B Q2 2026

Holdings 281 stocks · $2.9B
CASY Casey's General Stores Inc. 1.98% 101,500 $57.4M Add +361.4%
SNEX Stonex Group Inc. 1.89% 542,800 $54.8M Add +383.8%
MTZ Mastec Inc. 1.76% 239,200 $50.9M New
PRIM Primoris Services Corp. 1.73% 364,600 $50.1M New
LDOS Leidos Holdings Inc. 1.69% 259,600 $49.1M Add +1427.1%
DY Dycom Industries Inc. 1.69% 167,500 $48.9M Reduce -29.2%
SNX TD Synnex Corp. 1.62% 287,404 $47.1M Add +30216.9%
CHRW C.H. Robinson Worldwide Inc. 1.53% 335,800 $44.5M New
M Macy's Inc. 1.53% 2,474,200 $44.4M New
J Jacobs Solutions Inc. 1.51% 292,100 $43.8M New
ACM Aecom 1.50% 333,200 $43.5M New
CCK Crown Holdings Inc. 1.50% 449,500 $43.4M New
W Wayfair Inc. Class A 1.50% 485,700 $43.4M New
GVA Granite Construction Inc. 1.48% 390,900 $42.9M Reduce -31.5%
ECHO Echostar Corp. Class A 1.47% 556,100 $42.5M New
LYFT LYFT Inc. Class A 1.43% 1,880,100 $41.4M New
CAKE The Cheesecake Factory Inc. 1.42% 754,200 $41.2M Reduce -30.9%
ALV Autoliv Inc. 1.42% 333,300 $41.2M New
VSAT Viasat Inc. 1.42% 1,404,800 $41.2M Add +12255.3%
SANM Sanmina Corp. 1.41% 355,600 $40.9M New
PENN Penn Entertainment Inc. 1.40% 2,104,700 $40.5M New
JLL Jones Lang Lasalle Inc. 1.40% 135,500 $40.4M New
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1.40% 2,610,900 $40.4M New
NXST Nexstar Media Group Inc. 1.38% 202,400 $40.0M New
LAD Lithia Motors Inc. 1.36% 124,500 $39.3M New
CALM Cal-Maine Foods Inc. 1.31% 404,500 $38.1M New
AAL American Airlines Group Inc. 1.30% 3,339,200 $37.5M New
WWW Wolverine World Wide Inc. 1.26% 1,332,200 $36.6M New
OPEN Opendoor Technologies Inc. 1.20% 4,355,400 $34.7M New
WMB Williams Cos Inc. 1.15% 527,232 $33.4M Add +477.9%
LNG Cheniere Energy Inc. 1.04% 128,567 $30.2M Reduce -5.1%
OKE Oneok Inc. 1.02% 405,654 $29.6M Add +4.8%
KMI Kinder Morgan Inc. 1.02% 1,045,061 $29.6M Add +1.6%
TRP TC Energy Corp. 1.00% 534,630 $29.1M Reduce -4.2%
EQT Eqt Corp. 0.99% 524,698 $28.6M Add +0.9%
SRE Sempra 0.93% 297,780 $26.8M Reduce -8.3%
PRCH Porch Group Inc. 0.89% 1,540,600 $25.9M Reduce -7.4%
ENB Enbridge Inc. 0.89% 510,665 $25.8M Reduce -5.9%
ATO Atmos Energy Corp. 0.87% 148,086 $25.3M Reduce -9.9%
BRK.A Berkshire Hathaway Inc. Class A 0.86% 33 $24.9M No change
SO The Southern Co. 0.85% 259,200 $24.6M Reduce -8.4%
VZ Verizon Communications Inc. 0.68% 450,935 $19.8M Reduce -4.4%
ATRO Astronics Corp. 0.66% 416,300 $19.0M Reduce -7.4%
WEC WEC Energy Group Inc. 0.60% 151,540 $17.4M Reduce -12.4%
DTM DT Midstream Inc. 0.60% 153,240 $17.3M Reduce -11.7%
BTSG Brightspring Health Services 0.55% 538,100 $15.9M Reduce -7.3%
NI Nisource Inc. 0.54% 362,781 $15.7M Reduce -13.1%
KR Kroger Co. 0.52% 222,362 $15.0M Reduce -5.0%
JNJ Johnson & Johnson 0.52% 80,650 $15.0M No change
CAH Cardinal Health Inc. 0.47% 87,500 $13.7M Reduce -5.3%
CNP Centerpoint Energy Inc. 0.47% 350,728 $13.6M Reduce -13.5%
TIGO Millicom Intl Cellular S.A. 0.47% 277,900 $13.5M Reduce -7.3%
NGG National Grid PLC-SP ADR 0.47% 185,544 $13.5M Reduce -12.1%
PEG Public Service Enterprise GP 0.46% 160,690 $13.4M Reduce -13.1%
UGI Ugi Corp. 0.43% 378,452 $12.6M Reduce -83.3%
DUK Duke Energy Corp. 0.42% 99,487 $12.3M Reduce -13.0%
PBI Pitney Bowes Inc. 0.42% 1,075,000 $12.3M Reduce -7.4%
ED Consolidated Edison Inc. 0.42% 120,836 $12.1M Reduce -13.0%
GHC Graham Holdings Co. Class B 0.41% 9,987 $11.8M Reduce -7.4%
FOXA Fox Corp. Class A 0.40% 184,500 $11.6M Reduce -7.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.40% 40,800 $11.5M Reduce -1.9%
LYV Live Nation Entertainment Inc. 0.39% 68,595 $11.2M Reduce -7.3%
PCG P G & E Corp. 0.39% 740,149 $11.2M Reduce -13.0%
PSMT Pricesmart Inc. 0.38% 91,100 $11.0M Reduce -7.3%
PM Philip Morris International 0.37% 66,500 $10.8M Reduce -0.6%
GRPN Groupon Inc. 0.37% 457,800 $10.7M Reduce -7.3%
CMS CMS Energy Corp. 0.37% 145,698 $10.7M Reduce -13.0%
MRK Merck & Co. Inc. 0.36% 125,300 $10.5M Reduce -0.2%
MO Altria Group Inc. 0.36% 155,900 $10.3M Reduce -0.6%
CSCO Cisco Systems Inc. 0.35% 148,700 $10.2M Reduce -3.0%
HMN Horace Mann Educators 0.35% 223,700 $10.1M Reduce -7.4%
ADT Adt Inc. 0.35% 1,159,900 $10.1M Reduce -7.3%
CHEF The Chefs' Warehouse Inc. 0.35% 171,398 $10.0M Reduce -7.3%
ET Energy Transfer LP 0.34% 580,930 $10.0M No change
COMP Compass Inc. Class A 0.34% 1,235,400 $9.9M Reduce -7.3%
CSGS CSG Systems Intl Inc. 0.34% 154,067 $9.9M Reduce -7.3%
WMT Walmart Inc. 0.34% 95,800 $9.9M Reduce -7.3%
CVX Chevron Corp. 0.34% 63,232 $9.8M Reduce -3.4%
FMS Fresenius Medical Care-ADR 0.34% 372,200 $9.8M Reduce -7.4%
TDS Telephone and Data Systems 0.34% 248,400 $9.7M Reduce -7.3%
KO The Coca-Cola Co. 0.34% 146,800 $9.7M Reduce -1.6%
EPD Enterprise Products Partners 0.33% 310,050 $9.7M No change
MCD McDonald's Corp. 0.32% 30,900 $9.4M Reduce -1.0%
AXS Axis Capital Holdings Ltd. 0.32% 96,000 $9.2M Reduce -7.3%
DMC Del Monte Corp. filed as FRESH DEL MONTE PRODUCE INC 0.32% 264,445 $9.2M Reduce -7.4%
L Loews Corp. 0.31% 90,800 $9.1M Reduce -7.3%
C Citigroup Inc. 0.31% 89,400 $9.1M Reduce -1.1%
ALHC Alignment Healthcare Inc. 0.31% 519,700 $9.1M Reduce -7.3%
EZPW Ezcorp Inc. Class A 0.31% 474,200 $9.0M Reduce -7.3%
DRVN Driven Brands Holdings Inc. 0.31% 557,200 $9.0M Reduce -7.4%
MPLX MPLX LP 0.31% 179,549 $9.0M No change
EVER Everquote Inc. Class A 0.31% 389,600 $8.9M Reduce -7.4%
ORI Old Republic Intl Corp. 0.30% 207,598 $8.8M Reduce -7.3%
THG Hanover Insurance Group Inc./ 0.30% 47,900 $8.7M Reduce -7.3%
PG The Procter & Gamble Co. 0.30% 56,550 $8.7M Add +2.9%
POST Post Holdings Inc. filed as POST HLDGS INC 0.30% 80,700 $8.7M Reduce -83.7%
ALL Allstate Corp. 0.30% 40,112 $8.6M Reduce -8.2%
BHF Brighthouse Financial Inc. 0.29% 160,747 $8.5M Reduce -7.3%
VIRT Virtu Financial Inc. Class A 0.29% 237,400 $8.4M Reduce -7.3%
TRV The Travelers Cos Inc. 0.29% 29,900 $8.3M Reduce -7.1%

Show all 281 holdings

Portfolio Sells Q2 2025 → Q3 2025
EAT Brinker International Inc. Reduce -88.8% 0.28% −3.19
UGI Ugi Corp. Reduce -83.3% 0.43% −2.32
OSCR Oscar Health Inc. Class A Sold out 0.00% −2.05
PTON Peloton Interactive Inc. Class A Sold out 0.00% −1.86
ALK Alaska Air Group Inc. Sold out 0.00% −1.72
CNK Cinemark Holdings Inc. Sold out 0.00% −1.64
MAT Mattel Inc. Sold out 0.00% −1.62
LNC Lincoln National Corp. Sold out 0.00% −1.62
INGR Ingredion Inc. Sold out 0.00% −1.58
RDFN Redfin Corp. Sold out 0.00% −1.56
POST Post Holdings Inc. Reduce -83.7% 0.30% −1.50
FLR Fluor Corp. Sold out 0.00% −1.46
WKC World Kinect Corp. Sold out 0.00% −1.43
VOYA Voya Financial Inc. Sold out 0.00% −1.33
RNG Ringcentral Inc. Class A Sold out 0.00% −1.31
HRI Herc Holdings Inc. Sold out 0.00% −1.20
GPK Graphic Packaging Holding Co. Sold out 0.00% −1.10
NWL Newell Brands Inc. Sold out 0.00% −1.07
KBR KBR Inc. Sold out 0.00% −1.06
MTH Meritage Homes Corp. Sold out 0.00% −1.03
LUMN Lumen Technologies Inc. Sold out 0.00% −1.02
MHO M/I Homes Inc. Sold out 0.00% −1.01
NSIT Insight Enterprises Inc. Sold out 0.00% −0.97
KBH KB Home Sold out 0.00% −0.97
HBI Hanesbrands Inc. Sold out 0.00% −0.96
MDU Mdu Resources Group Inc. Reduce -89.8% 0.11% −0.89
CAKE The Cheesecake Factory Inc. Reduce -30.9% 1.42% −0.86
ECG Everus Construction Group Sold out 0.00% −0.84
GVA Granite Construction Inc. Reduce -31.5% 1.48% −0.30
DY Dycom Industries Inc. Reduce -29.2% 1.69% −0.24
GRPN Groupon Inc. Reduce -7.3% 0.37% −0.18
CHTR Charter Communications Inc. Class A Reduce -7.2% 0.23% −0.13
PPBI Pacific Premier Bancorp Inc. Sold out 0.00% −0.11
VIRT Virtu Financial Inc. Class A Reduce -7.3% 0.29% −0.09
HES Hess Corp. Sold out 0.00% −0.08
ROOT Root Inc./Oh Class A Reduce -7.3% 0.16% −0.08
LOGI Logitech International-Reg Sold out 0.00% −0.08
NOMD Nomad Foods Ltd. Reduce -7.4% 0.21% −0.07
NGG National Grid PLC-SP ADR Reduce -12.1% 0.47% −0.06
LNG Cheniere Energy Inc. Reduce -5.1% 1.04% −0.06
PEG Public Service Enterprise GP Reduce -13.1% 0.46% −0.06
BJ Bj's Wholesale Club Holdings Reduce -7.3% 0.26% −0.05
CHEF The Chefs' Warehouse Inc. Reduce -7.3% 0.35% −0.05
ED Consolidated Edison Inc. Reduce -13.0% 0.42% −0.05
FMS Fresenius Medical Care-ADR Reduce -7.4% 0.34% −0.04
CAH Cardinal Health Inc. Reduce -5.3% 0.47% −0.04
CB Chubb Ltd. Sold out 0.00% −0.04
KR Kroger Co. Reduce -5.0% 0.52% −0.04
DRVN Driven Brands Holdings Inc. Reduce -7.4% 0.31% −0.04
AXS Axis Capital Holdings Ltd. Reduce -7.3% 0.32% −0.04

Portfolio Buys Q2 2025 → Q3 2025
MTZ Mastec Inc. New 1.76% +1.76
PRIM Primoris Services Corp. New 1.73% +1.73
SNX TD Synnex Corp. Add +30216.9% 1.62% +1.62
CASY Casey's General Stores Inc. Add +361.4% 1.98% +1.61
LDOS Leidos Holdings Inc. Add +1427.1% 1.69% +1.60
SNEX Stonex Group Inc. Add +383.8% 1.89% +1.55
CHRW C.H. Robinson Worldwide Inc. New 1.53% +1.53
M Macy's Inc. New 1.53% +1.53
J Jacobs Solutions Inc. New 1.51% +1.51
ACM Aecom New 1.50% +1.50
CCK Crown Holdings Inc. New 1.50% +1.50
W Wayfair Inc. Class A New 1.50% +1.50
ECHO Echostar Corp. Class A New 1.47% +1.47
LYFT LYFT Inc. Class A New 1.43% +1.43
ALV Autoliv Inc. New 1.42% +1.42
VSAT Viasat Inc. Add +12255.3% 1.42% +1.42
SANM Sanmina Corp. New 1.41% +1.41
PENN Penn Entertainment Inc. New 1.40% +1.40
VISN Vistance Networks Inc. New 1.40% +1.40
JLL Jones Lang Lasalle Inc. New 1.40% +1.40
NXST Nexstar Media Group Inc. New 1.38% +1.38
LAD Lithia Motors Inc. New 1.36% +1.36
CALM Cal-Maine Foods Inc. New 1.31% +1.31
AAL American Airlines Group Inc. New 1.30% +1.30
WWW Wolverine World Wide Inc. New 1.26% +1.26
OPEN Opendoor Technologies Inc. New 1.20% +1.20
WMB Williams Cos Inc. Add +477.9% 1.15% +0.96
COLB Columbia Banking System Inc. New 0.12% +0.12
LOW Lowe's Cos Inc. Add +645.8% 0.09% +0.09
RKT Rocket Cos Inc. Class A Add +100.0% 0.08% +0.05
MS Morgan Stanley Add +4.5% 0.27% +0.05
TBBK The Bancorp Inc. Add +76.5% 0.08% +0.05
DHI D.R. Horton Inc. Add +1.7% 0.11% +0.03
CAT Caterpillar Inc. Add +1.4% 0.12% +0.03
PHM Pultegroup Inc. Add +1.3% 0.10% +0.03
INDB Independent Bank Corp. Add +12.5% 0.11% +0.02
ULTA Ulta Beauty Inc. Add +1.5% 0.12% +0.02
BBT Beacon Financial Corp. New 0.02% +0.02
USB US Bancorp New 0.02% +0.02
DELL Dell Technologies -C Add +1.2% 0.12% +0.02
HAL Halliburton Co. Add +0.9% 0.10% +0.02
AVBC Avidia Bancorp Inc. New 0.02% +0.02
CNOB Connectone Bancorp Inc. Add +7.4% 0.12% +0.02
HCA HCA Healthcare Inc. Add +2.4% 0.13% +0.02
HIFS Hingham Institution for SVGS Add +8.3% 0.12% +0.02
PFS Provident Financial Services Add +2.8% 0.12% +0.02
CUBI Customers Bancorp Inc. Add +8.1% 0.09% +0.02
HSY The Hershey Co. Add +1.7% 0.11% +0.02
FLG Flagstar Bank NA Add +3.8% 0.11% +0.02
DAL Delta Air Lines Inc. Add +1.3% 0.08% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 325$3.1BVSAT, SANM, MTZ, SNX, DY
Q1 2026 278$2.8BMTZ, CASY, SNEX, ECHO, VSAT
Q4 2025 283$2.8BECHO, DY, CASY, M, CHRW
Q3 2025 281$2.9BCASY, SNEX, MTZ, PRIM, LDOS
Q2 2025 340$3.0BEAT, UGI, CAKE, OSCR, DY
Q1 2025 295$3.0BEAT, UGI, CAKE, ALK, PTON
Q4 2024 306$3.4BPTON, ALK, EAT, NWL, UGI
Q3 2024 300$3.1BSFM, MOD, ANF, CRS, EME
Q2 2024 300$2.6BANF, GAP, SFM, MOD, EME
Q1 2024 287$2.4BMOD, GAP, FIX, ANF, EME