Hennessy Advisors Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), Hennessy Advisors Inc. reported 283 stock positions worth $2.8 billion. Its top holding was Echostar Class A (ECHO) at 2.0% of the portfolio, followed by Dycom Industries (DY, 1.9%) and Casey's General Stores (CASY, 1.9%). Compared with Q3 2025, it opened 6 new positions, sold out of 5, added to 18 and reduced 230. The biggest buy was a new position in Peloton Interactive Class A (PTON) and the biggest sale Wolverine World Wide (WWW, shares −5%).

Most Recent 13F
Q2 2026
Location
NOVATO, CA
CIK
0001145255
Portfolio Value
$2.8B (Q4 2025)
SEC Filing
0000897069-26-000187 ↗ filed Jan 27, 2026

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 Q3 2025 Q4 2025: $2.8B $2.8B Q4 2025 Q1 2026: $2.8B Q1 2026 Q2 2026: $3.1B Q2 2026

Holdings 283 stocks · $2.8B
ECHO Echostar Corp. Class A 2.03% 526,800 $57.3M Reduce -5.3%
DY Dycom Industries Inc. 1.90% 158,600 $53.6M Reduce -5.3%
CASY Casey's General Stores Inc. 1.88% 95,900 $53.0M Reduce -5.5%
M Macy's Inc. 1.83% 2,343,500 $51.7M Reduce -5.3%
CHRW C.H. Robinson Worldwide Inc. 1.81% 318,100 $51.1M Reduce -5.3%
SANM Sanmina Corp. 1.79% 336,800 $50.5M Reduce -5.3%
MTZ Mastec Inc. 1.75% 226,600 $49.3M Reduce -5.3%
SNEX Stonex Group Inc. 1.73% 513,300 $48.8M Reduce -5.4%
AAL American Airlines Group Inc. 1.69% 3,104,700 $47.6M Reduce -7.0%
W Wayfair Inc. Class A 1.64% 460,000 $46.2M Reduce -5.3%
VSAT Viasat Inc. 1.62% 1,330,600 $45.9M Reduce -5.3%
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1.59% 2,473,000 $44.8M Reduce -5.3%
CCK Crown Holdings Inc. 1.55% 425,800 $43.8M Reduce -5.3%
LDOS Leidos Holdings Inc. 1.55% 241,900 $43.6M Reduce -6.8%
JLL Jones Lang Lasalle Inc. 1.53% 128,400 $43.2M Reduce -5.2%
PRIM Primoris Services Corp. 1.52% 345,400 $42.9M Reduce -5.3%
GVA Granite Construction Inc. 1.51% 370,300 $42.7M Reduce -5.3%
SNX TD Synnex Corp. 1.42% 266,300 $40.0M Reduce -7.3%
LAD Lithia Motors Inc. 1.39% 117,900 $39.2M Reduce -5.3%
NXST Nexstar Media Group Inc. 1.38% 191,700 $38.9M Reduce -5.3%
ALV Autoliv Inc. 1.33% 315,700 $37.5M Reduce -5.3%
J Jacobs Solutions Inc. 1.30% 276,700 $36.7M Reduce -5.3%
CAKE The Cheesecake Factory Inc. 1.28% 714,400 $36.1M Reduce -5.3%
LYFT LYFT Inc. Class A 1.22% 1,780,900 $34.5M Reduce -5.3%
PTON Peloton Interactive Inc. Class A 1.08% 4,956,600 $30.5M New
CALM Cal-Maine Foods Inc. 1.08% 383,100 $30.5M Reduce -5.3%
ACM Aecom 1.07% 315,600 $30.1M Reduce -5.3%
WMB Williams Cos Inc. 1.05% 492,632 $29.6M Reduce -6.6%
PENN Penn Entertainment Inc. 1.04% 1,993,600 $29.4M Reduce -5.3%
OKE Oneok Inc. 1.03% 395,954 $29.1M Reduce -2.4%
LNG Cheniere Energy Inc. 1.02% 147,667 $28.7M Add +14.9%
KMI Kinder Morgan Inc. 0.99% 1,011,461 $27.8M Reduce -3.2%
TRP TC Energy Corp. 0.98% 501,530 $27.6M Reduce -6.2%
BRK.A Berkshire Hathaway Inc. Class A 0.88% 33 $24.9M No change
ENB Enbridge Inc. 0.86% 506,265 $24.2M Reduce -0.9%
ATO Atmos Energy Corp. 0.86% 144,386 $24.2M Reduce -2.5%
OPEN Opendoor Technologies Inc. 0.85% 4,125,400 $24.1M Reduce -5.3%
SRE Sempra 0.85% 271,580 $24.0M Reduce -8.8%
WWW Wolverine World Wide Inc. 0.81% 1,261,800 $22.9M Reduce -5.3%
EQT Eqt Corp. 0.80% 422,100 $22.6M Reduce -19.6%
SO The Southern Co. 0.78% 252,400 $22.0M Reduce -2.6%
ATRO Astronics Corp. 0.75% 390,900 $21.2M Reduce -6.1%
BTSG Brightspring Health Services 0.67% 505,300 $18.9M Reduce -6.1%
DTM DT Midstream Inc. 0.64% 149,740 $17.9M Reduce -2.3%
VZ Verizon Communications Inc. 0.62% 431,485 $17.6M Reduce -4.3%
CAH Cardinal Health Inc. 0.60% 83,000 $17.1M Reduce -5.1%
WEC WEC Energy Group Inc. 0.56% 149,140 $15.7M Reduce -1.6%
JNJ Johnson & Johnson 0.54% 74,050 $15.3M Reduce -8.2%
NI Nisource Inc. 0.54% 362,781 $15.1M No change
TIGO Millicom Intl Cellular S.A. 0.51% 260,900 $14.5M Reduce -6.1%
NGG National Grid PLC-SP ADR 0.50% 180,644 $14.0M Reduce -2.6%
UGI Ugi Corp. 0.47% 357,952 $13.4M Reduce -5.4%
PRCH Porch Group Inc. 0.47% 1,446,500 $13.2M Reduce -6.1%
KR Kroger Co. 0.46% 209,662 $13.1M Reduce -5.7%
CNP Centerpoint Energy Inc. 0.46% 341,128 $13.1M Reduce -2.7%
MRK Merck & Co. Inc. 0.45% 121,850 $12.8M Reduce -2.8%
FOXA Fox Corp. Class A 0.45% 173,200 $12.7M Reduce -6.1%
PEG Public Service Enterprise GP 0.45% 156,390 $12.6M Reduce -2.7%
COMP Compass Inc. Class A 0.43% 1,160,000 $12.3M Reduce -6.1%
ED Consolidated Edison Inc. 0.41% 117,636 $11.7M Reduce -2.6%
PCG P G & E Corp. 0.41% 720,249 $11.6M Reduce -2.7%
DUK Duke Energy Corp. 0.40% 96,787 $11.3M Reduce -2.7%
CSGS CSG Systems Intl Inc. 0.39% 144,667 $11.1M Reduce -6.1%
PBI Pitney Bowes Inc. 0.38% 1,009,300 $10.7M Reduce -6.1%
PSMT Pricesmart Inc. 0.37% 85,500 $10.5M Reduce -6.2%
GHC Graham Holdings Co. Class B 0.37% 9,387 $10.3M Reduce -6.0%
PM Philip Morris International 0.36% 63,800 $10.2M Reduce -4.1%
CMS CMS Energy Corp. 0.36% 145,698 $10.2M No change
CHEF The Chefs' Warehouse Inc. 0.36% 160,998 $10.0M Reduce -6.1%
WMT Walmart Inc. 0.35% 89,900 $10.0M Reduce -6.2%
C Citigroup Inc. 0.35% 85,800 $10.0M Reduce -4.0%
EPD Enterprise Products Partners 0.35% 310,050 $9.9M No change
EVER Everquote Inc. Class A 0.35% 365,800 $9.9M Reduce -6.1%
BHF Brighthouse Financial Inc. 0.35% 150,947 $9.8M Reduce -6.1%
KO The Coca-Cola Co. 0.34% 138,800 $9.7M Reduce -5.5%
HMN Horace Mann Educators 0.34% 210,000 $9.7M Reduce -6.1%
AXS Axis Capital Holdings Ltd. 0.34% 90,100 $9.6M Reduce -6.2%
ALHC Alignment Healthcare Inc. 0.34% 488,000 $9.6M Reduce -6.1%
ET Energy Transfer LP 0.34% 580,930 $9.6M No change
TDS Telephone and Data Systems 0.34% 233,300 $9.6M Reduce -6.1%
MPLX MPLX LP 0.33% 176,549 $9.4M Reduce -1.7%
CVX Chevron Corp. 0.33% 60,982 $9.3M Reduce -3.6%
LYV Live Nation Entertainment Inc. 0.33% 64,395 $9.2M Reduce -6.1%
CSCO Cisco Systems Inc. 0.32% 116,600 $9.0M Reduce -21.6%
L Loews Corp. 0.32% 85,200 $9.0M Reduce -6.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.32% 30,150 $8.9M Reduce -26.1%
ORI Old Republic Intl Corp. 0.32% 194,898 $8.9M Reduce -6.1%
DMC Del Monte Corp. filed as FRESH DEL MONTE PRODUCE INC 0.31% 248,345 $8.8M Reduce -6.1%
ADT Adt Inc. 0.31% 1,089,000 $8.8M Reduce -6.1%
EAT Brinker International Inc. 0.31% 60,700 $8.7M Reduce -6.0%
EZPW Ezcorp Inc. Class A 0.31% 445,300 $8.6M Reduce -6.1%
MO Altria Group Inc. 0.31% 149,500 $8.6M Reduce -4.1%
MKL Markel Group Inc. 0.30% 4,000 $8.6M Reduce -7.0%
TD Toronto-Dominion Bank 0.30% 88,700 $8.4M Reduce -5.3%
MS Morgan Stanley 0.30% 47,000 $8.3M Reduce -4.7%
FMS Fresenius Medical Care-ADR 0.29% 349,500 $8.3M Reduce -6.1%
THG Hanover Insurance Group Inc./ 0.29% 44,900 $8.2M Reduce -6.3%
TRV The Travelers Cos Inc. 0.29% 28,000 $8.1M Reduce -6.3%
PG The Procter & Gamble Co. 0.29% 56,300 $8.1M Reduce -0.4%
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 0.28% 100,800 $7.9M Reduce -5.3%

Show all 283 holdings

Portfolio Sells Q3 2025 → Q4 2025
WWW Wolverine World Wide Inc. Reduce -5.3% 0.81% −0.45
ACM Aecom Reduce -5.3% 1.07% −0.43
PRCH Porch Group Inc. Reduce -6.1% 0.47% −0.42
PENN Penn Entertainment Inc. Reduce -5.3% 1.04% −0.36
OPEN Opendoor Technologies Inc. Reduce -5.3% 0.85% −0.35
CALM Cal-Maine Foods Inc. Reduce -5.3% 1.08% −0.23
J Jacobs Solutions Inc. Reduce -5.3% 1.30% −0.21
PRIM Primoris Services Corp. Reduce -5.3% 1.52% −0.21
SNX TD Synnex Corp. Reduce -7.3% 1.42% −0.21
LYFT LYFT Inc. Class A Reduce -5.3% 1.22% −0.21
EQT Eqt Corp. Reduce -19.6% 0.80% −0.18
SNEX Stonex Group Inc. Reduce -5.4% 1.73% −0.16
LDOS Leidos Holdings Inc. Reduce -6.8% 1.55% −0.15
CAKE The Cheesecake Factory Inc. Reduce -5.3% 1.28% −0.14
WMB Williams Cos Inc. Reduce -6.6% 1.05% −0.10
CASY Casey's General Stores Inc. Reduce -5.5% 1.88% −0.10
GRPN Groupon Inc. Reduce -6.1% 0.27% −0.10
ALV Autoliv Inc. Reduce -5.3% 1.33% −0.09
IBM Intl Business Machines Corp. Reduce -26.1% 0.32% −0.08
SRE Sempra Reduce -8.8% 0.85% −0.08
SO The Southern Co. Reduce -2.6% 0.78% −0.07
MCD McDonald's Corp. Reduce -22.3% 0.26% −0.06
CHTR Charter Communications Inc. Class A Reduce -6.2% 0.17% −0.06
LYV Live Nation Entertainment Inc. Reduce -6.1% 0.33% −0.06
VZ Verizon Communications Inc. Reduce -4.3% 0.62% −0.06
KR Kroger Co. Reduce -5.7% 0.46% −0.05
MO Altria Group Inc. Reduce -4.1% 0.31% −0.05
PBI Pitney Bowes Inc. Reduce -6.1% 0.38% −0.05
FMS Fresenius Medical Care-ADR Reduce -6.1% 0.29% −0.04
WEC WEC Energy Group Inc. Reduce -1.6% 0.56% −0.04
GHC Graham Holdings Co. Class B Reduce -6.0% 0.37% −0.04
WMK Weis Markets Inc. Reduce -6.1% 0.24% −0.04
ADT Adt Inc. Reduce -6.1% 0.31% −0.04
KMI Kinder Morgan Inc. Reduce -3.2% 0.99% −0.04
ROOT Root Inc./Oh Class A Reduce -6.2% 0.12% −0.04
DRVN Driven Brands Holdings Inc. Reduce -6.1% 0.27% −0.04
T AT&T Inc. Reduce -5.3% 0.20% −0.03
FNF Fidelity National Financial Reduce -6.1% 0.22% −0.03
POST Post Holdings Inc. Reduce -6.1% 0.27% −0.03
CSCO Cisco Systems Inc. Reduce -21.6% 0.32% −0.03
NFG National Fuel Gas Co. Reduce -3.3% 0.20% −0.03
MDLZ Mondelez International Inc. Class A Reduce -5.3% 0.17% −0.03
ENB Enbridge Inc. Reduce -0.9% 0.86% −0.03
VIRT Virtu Financial Inc. Class A Reduce -6.1% 0.26% −0.03
TRP TC Energy Corp. Reduce -6.2% 0.98% −0.03
COIN Coinbase Global Inc. Class A Reduce -20.0% 0.03% −0.03
XEL Xcel Energy Inc. Reduce -2.7% 0.25% −0.02
BANR Banner Corporation Reduce -50.0% 0.02% −0.02
DUK Duke Energy Corp. Reduce -2.7% 0.40% −0.02
EQH Equitable Holdings Inc. Reduce -54.5% 0.02% −0.02

Portfolio Buys Q3 2025 → Q4 2025
PTON Peloton Interactive Inc. Class A New 1.08% +1.08
UNH Unitedhealth Group Inc. Add +385.7% 0.08% +0.06
NKE Nike Inc. Class B Add +30.0% 0.23% +0.04
BBT Beacon Financial Corp. Add +138.1% 0.06% +0.04
AVBC Avidia Bancorp Inc. Add +137.5% 0.06% +0.04
USB US Bancorp Add +115.4% 0.05% +0.03
HD Home Depot Inc. Add +32.2% 0.21% +0.03
FISV Fiserv Inc. New 0.02% +0.02
TBBK The Bancorp Inc. Add +33.3% 0.10% +0.02
BKH Black Hills Corp. Add +0.6% 0.12% +0.02
KEY Keycorp New 0.01% +0.01
INDB Independent Bank Corp. Add +4.4% 0.12% +0.01
MA Mastercard Inc. Class A Add +25.0% 0.05% +0.01
OCFC Oceanfirst Financial Corp. Add +2.9% 0.11% +0.01
FG F&G Annuities & Life Inc. New 0.01% +0.01
CFG Citizens Financial Group Add +11.1% 0.02% +0.00
V Visa Inc. Class A Add +2.5% 0.05% +0.00
DAVA Endava PLC- Spon ADR New 0.00% +0.00
KRNY Kearny Financial Corp. New 0.00% +0.00
SCHW Schwab (charles) Corp. Add +16.7% 0.01% +0.00
ERIC Ericsson (lm) Tel-SP ADR Add +10.3% 0.01% +0.00
PYPL PayPal Holdings Inc. Add +14.3% 0.05% +0.00
UMC United Microelectron-SP ADR Add +8.8% 0.01% +0.00
LNG Cheniere Energy Inc. Add +14.9% 1.02% −0.03

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