# EDGAR Filing Document

**Accession Number:** 0001145255
**File Stem:** 0000897069-26-000920
**Filing Date:** 2026-4
**Character Count:** 31005
**Document Hash:** 384633af806f2e02f7bf1685a9e7bb48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897069-26-000920.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0000897069-26-000920

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**EFFECTIVENESS DATE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HENNESSY ADVISORS INC
- **CENTRAL INDEX KEY:** 0001145255
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 680176227
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06715
- **FILM NUMBER:** 26877112

**BUSINESS ADDRESS:**
- **STREET 1:** 7250 REDWOOD BLVD.
- **STREET 2:** SUITE 200
- **CITY:** NOVATO
- **STATE:** CA
- **ZIP:** 94945
- **BUSINESS PHONE:** 415-899-1555

**MAIL ADDRESS:**
- **STREET 1:** 7250 REDWOOD BLVD.
- **STREET 2:** SUITE 200
- **CITY:** NOVATO
- **STATE:** CA
- **ZIP:** 94945

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** HENNESSY ADVISORS INC<br>**Address:** 7250 REDWOOD BLVD.<br>SUITE 200<br>NOVATO, CA 94945

**Form 13F File Number:** 028-06715

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Teresa M. Nilsen<br>**Title:** President and Chief Operating Officer<br>**Phone:** 415-899-1555

**Signature, Place, and Date of Signing:**

/s/Teresa M. Nilsen  NOVATO, CA  04-16-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 278

**Form 13F Information Table Value Total:** $2769080087

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Abbott Laboratories | COM | 002824100 |  | 5071898 | 49400 | SH |  | SOLE |  | 49400 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 6046222 | 27800 | SH |  | SOLE |  | 27800 | 0 | 0 |
| Adobe Inc | COM | 00724F101 |  | 2331623 | 9592 | SH |  | SOLE |  | 9592 | 0 | 0 |
| ADT Inc Del | COM | 00090Q103 |  | 6915582 | 1052600 | SH |  | SOLE |  | 1052600 | 0 | 0 |
| AECOM | COM | 00766T100 |  | 24233074 | 285700 | SH |  | SOLE |  | 285700 | 0 | 0 |
| Algonquin Power  Utilities Corp | ADR | 015857105 |  | 866133 | 141064 | SH |  | SOLE |  | 141064 | 0 | 0 |
| Alignment Healthcare Inc | COM | 01625V104 |  | 8309592 | 471600 | SH |  | SOLE |  | 471600 | 0 | 0 |
| Alliant Energy Corp | COM | 018802108 |  | 2328612 | 32450 | SH |  | SOLE |  | 32450 | 0 | 0 |
| Allstate Corp/The | COM | 020002101 |  | 10390222 | 50112 | SH |  | SOLE |  | 50112 | 0 | 0 |
| Altria Group Inc | COM | 02209S103 |  | 9403575 | 142500 | SH |  | SOLE |  | 142500 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 2395105 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| Ameren Corp | COM | 023608102 |  | 3855994 | 35080 | SH |  | SOLE |  | 35080 | 0 | 0 |
| American Airls Group Inc. | COM | 02376R102 |  | 30189066 | 2810900 | SH |  | SOLE |  | 2810900 | 0 | 0 |
| Ameriprise Finl Inc | COM | 03076C106 |  | 2355320 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| Amgen Inc | COM | 031162100 |  | 4239793 | 12050 | SH |  | SOLE |  | 12050 | 0 | 0 |
| Antero Midstream Corp | COM | 03676B102 |  | 6769548 | 296910 | SH |  | SOLE |  | 296910 | 0 | 0 |
| Antero Resources Corp | COM | 03674X106 |  | 844556 | 19900 | SH |  | SOLE |  | 19900 | 0 | 0 |
| Associated Banc-Corp | COM | 045487105 |  | 905100 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| Astronics Corp | COM | 046433108 |  | 25210594 | 377800 | SH |  | SOLE |  | 377800 | 0 | 0 |
| AT Inc | COM | 00206R102 |  | 7362300 | 253960 | SH |  | SOLE |  | 253960 | 0 | 0 |
| Atmos Energy Corp | COM | 049560105 |  | 26467790 | 143286 | SH |  | SOLE |  | 143286 | 0 | 0 |
| Autoliv Inc | ADR | 052800109 |  | 30054728 | 285800 | SH |  | SOLE |  | 285800 | 0 | 0 |
| AutoZone Inc | COM | 053332102 |  | 2364446 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| Avidia Bancorp Inc | COMMON STOCK | 05369T100 |  | 3048850 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| Avista Corp | COM | 05379B107 |  | 893998 | 22272 | SH |  | SOLE |  | 22272 | 0 | 0 |
| Axis Cap Hldgs Ltd | SHS | G0692U109 |  | 8832811 | 87100 | SH |  | SOLE |  | 87100 | 0 | 0 |
| Banc of California Inc | COM | 05990K106 |  | 3428100 | 195000 | SH |  | SOLE |  | 195000 | 0 | 0 |
| Bancorp Inc Del | COM | 05969A105 |  | 2417850 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 7234500 | 148400 | SH |  | SOLE |  | 148400 | 0 | 0 |
| BankUnited Inc | COM | 06652K103 |  | 2393480 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| Banner Corp | COM NEW | 06652V208 |  | 485440 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Beacon Financial Corp | COM | 084680107 |  | 3330000 | 111000 | SH |  | SOLE |  | 111000 | 0 | 0 |
| Berkley W R Corp | COM | 084423102 |  | 2618060 | 39500 | SH |  | SOLE |  | 39500 | 0 | 0 |
| Berkshire Halthaway Inc - CL A | CL A | 084670108 |  | 25853040 | 36 | SH |  | SOLE |  | 36 | 0 | 0 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 1437600 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| Bjs Whsl Club Hldgs Inc | COM | 05550J101 |  | 7263396 | 73800 | SH |  | SOLE |  | 73800 | 0 | 0 |
| Black Hills Corp | COM | 092113109 |  | 3133653 | 45147 | SH |  | SOLE |  | 45147 | 0 | 0 |
| Block Inc | CL A | 852234103 |  | 421260 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 7834900 | 166700 | SH |  | SOLE |  | 166700 | 0 | 0 |
| Bread Financial Holdings Inc | COM | 018581108 |  | 2096920 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| Brighthouse Finl Inc | COM | 10922N103 |  | 8733318 | 145847 | SH |  | SOLE |  | 145847 | 0 | 0 |
| BrightSpring Health Services Inc | COM | 10950A106 |  | 20806463 | 488300 | SH |  | SOLE |  | 488300 | 0 | 0 |
| Brinker International Inc | COM | 109641100 |  | 8380599 | 58700 | SH |  | SOLE |  | 58700 | 0 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 9728260 | 160400 | SH |  | SOLE |  | 160400 | 0 | 0 |
| British Amern Tob PLC | SPONSORED ADR | 110448107 |  | 6115962 | 104600 | SH |  | SOLE |  | 104600 | 0 | 0 |
| Broadridge Finl Solutions Inc | COM | 11133T103 |  | 2047248 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| C H Robinson Worldwide Inc | COM | 12541W209 |  | 47828160 | 288000 | SH |  | SOLE |  | 288000 | 0 | 0 |
| California BanCorp | COM | 84252A106 |  | 1860600 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| Cal-Maine Foods Inc | COM | 128030202 |  | 27449220 | 346800 | SH |  | SOLE |  | 346800 | 0 | 0 |
| Canadian Natural Resources Ltd | ADR | 136385101 |  | 8620337 | 176900 | SH |  | SOLE |  | 176900 | 0 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 1277010 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| Cardinal Health Inc | COM | 14149Y108 |  | 12699731 | 60100 | SH |  | SOLE |  | 60100 | 0 | 0 |
| Caseys Gen Stores Inc | COM | 147528103 |  | 64051680 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| CenterPoint Energy Inc | COM | 15189T107 |  | 14425280 | 334228 | SH |  | SOLE |  | 334228 | 0 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 234950 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| Charter Communications Inc | CL A | 16119P108 |  | 4770948 | 22100 | SH |  | SOLE |  | 22100 | 0 | 0 |
| Cheesecake Factory Inc/The | COM | 163072101 |  | 35406825 | 646700 | SH |  | SOLE |  | 646700 | 0 | 0 |
| Chefs Whse Inc | COM | 163086101 |  | 9250301 | 155598 | SH |  | SOLE |  | 155598 | 0 | 0 |
| Cheniere Energy Inc | COM NEW | 16411R208 |  | 33482829 | 117997 | SH |  | SOLE |  | 117997 | 0 | 0 |
| Chesapeake Utilities Corp | COM | 165303108 |  | 3166579 | 25058 | SH |  | SOLE |  | 25058 | 0 | 0 |
| Chevron Corp | COM | 166764100 |  | 13496501 | 65232 | SH |  | SOLE |  | 65232 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 6866715 | 88500 | SH |  | SOLE |  | 88500 | 0 | 0 |
| Citigroup Inc | COM | 172967424 |  | 8199543 | 72300 | SH |  | SOLE |  | 72300 | 0 | 0 |
| Citizens Financial Group Inc | COM | 174610105 |  | 719640 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| CMS Energy Corp | COM | 125896100 |  | 10946383 | 141098 | SH |  | SOLE |  | 141098 | 0 | 0 |
| CNO Financial Group Inc | COM | 12621E103 |  | 7284044 | 177400 | SH |  | SOLE |  | 177400 | 0 | 0 |
| Coca-Cola Co/The | COM | 191216100 |  | 10620383 | 139650 | SH |  | SOLE |  | 139650 | 0 | 0 |
| Cognizant Technology Solutio | CL A | 192446102 |  | 1944795 | 31700 | SH |  | SOLE |  | 31700 | 0 | 0 |
| Coinbase Global Inc | COM CL A | 19260Q107 |  | 523830 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| Colgate-Palmolive Co | COM | 194162103 |  | 8753121 | 102700 | SH |  | SOLE |  | 102700 | 0 | 0 |
| Columbia Banking System Inc | COM | 197236102 |  | 2880150 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| Comcast Corp | CL A | 20030N101 |  | 6003261 | 209100 | SH |  | SOLE |  | 209100 | 0 | 0 |
| Compass Inc | CL A | 20464U100 |  | 8195241 | 1121100 | SH |  | SOLE |  | 1121100 | 0 | 0 |
| ConnectOne Bancorp Inc | COM | 20786W107 |  | 3881650 | 145000 | SH |  | SOLE |  | 145000 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 9229968 | 69924 | SH |  | SOLE |  | 69924 | 0 | 0 |
| Consolidated Edison Inc | COM | 209115104 |  | 13065046 | 115436 | SH |  | SOLE |  | 115436 | 0 | 0 |
| Crown Hldgs Inc | COM | 228368106 |  | 38646375 | 385500 | SH |  | SOLE |  | 385500 | 0 | 0 |
| Csg Sys Intl Inc | COM | 126349109 |  | 11172974 | 139767 | SH |  | SOLE |  | 139767 | 0 | 0 |
| Customers Bancorp Inc | COM | 23204G100 |  | 2290530 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| CVS Health Corp | COM | 126650100 |  | 5271588 | 73400 | SH |  | SOLE |  | 73400 | 0 | 0 |
| Darden Restaurants Inc | COM | 237194105 |  | 2528916 | 12900 | SH |  | SOLE |  | 12900 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 2929160 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| Dell Technologies Inc | CL C | 24703L202 |  | 3906294 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| Devon Energy Corp | COM | 25179M103 |  | 503200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Diamondback Energy Inc | COM | 25278X109 |  | 1111580 | 5620 | SH |  | SOLE |  | 5620 | 0 | 0 |
| Dollar Tree Inc | COM | 256746108 |  | 2244955 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| Dominion Energy Inc | COM | 25746U109 |  | 4381616 | 70877 | SH |  | SOLE |  | 70877 | 0 | 0 |
| Driven Brands Hldgs Inc | COM | 26210V102 |  | 6376877 | 505700 | SH |  | SOLE |  | 505700 | 0 | 0 |
| DT Midstream Inc | COMMON STOCK | 23345M107 |  | 19941934 | 148080 | SH |  | SOLE |  | 148080 | 0 | 0 |
| DTE Energy Co | COM | 233331107 |  | 6156447 | 42104 | SH |  | SOLE |  | 42104 | 0 | 0 |
| Duke Energy Corp | COM NEW | 26441C204 |  | 12424504 | 94887 | SH |  | SOLE |  | 94887 | 0 | 0 |
| Dycom Industries Inc | COM | 267475101 |  | 48654552 | 143600 | SH |  | SOLE |  | 143600 | 0 | 0 |
| Eagle Bancorp Inc | COM | 268948106 |  | 3606150 | 145000 | SH |  | SOLE |  | 145000 | 0 | 0 |
| Eastern Bankshares Inc | COM | 27627N105 |  | 2151600 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| eBay Inc | COM | 278642103 |  | 2657784 | 29200 | SH |  | SOLE |  | 29200 | 0 | 0 |
| EchoStar Corp | CL A | 278768106 |  | 55830683 | 476900 | SH |  | SOLE |  | 476900 | 0 | 0 |
| Enbridge Inc | COM | 29250N105 |  | 26662055 | 492465 | SH |  | SOLE |  | 492465 | 0 | 0 |
| Endava PLC | ADS | 29260V105 |  | 91936 | 20800 | SH |  | SOLE |  | 20800 | 0 | 0 |
| Energy Transfer LP | COM UT LTD PTN | 29273V100 |  | 10996368 | 569760 | SH |  | SOLE |  | 569760 | 0 | 0 |
| Enterprise Products Partners LP | COM | 293792107 |  | 10799158 | 285390 | SH |  | SOLE |  | 285390 | 0 | 0 |
| EOG Resources Inc | COM | 26875P101 |  | 4601663 | 31830 | SH |  | SOLE |  | 31830 | 0 | 0 |
| EQT Corp | COM | 26884L109 |  | 26964268 | 423700 | SH |  | SOLE |  | 423700 | 0 | 0 |
| Equinor ASA | SPONSORED ADR | 29446M102 |  | 9866360 | 233800 | SH |  | SOLE |  | 233800 | 0 | 0 |
| Essential Utilities Inc | COM | 29670G102 |  | 4039081 | 100300 | SH |  | SOLE |  | 100300 | 0 | 0 |
| EverQuote Inc | COM CL A | 30041R108 |  | 5452512 | 353600 | SH |  | SOLE |  | 353600 | 0 | 0 |
| Exelon Corp | COM | 30161N101 |  | 6236864 | 127231 | SH |  | SOLE |  | 127231 | 0 | 0 |
| Expand Energy Corp | COM | 165167735 |  | 889218 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 8994016 | 53012 | SH |  | SOLE |  | 53012 | 0 | 0 |
| EZCORP Inc | CL A NON VTG | 302301106 |  | 10921014 | 430300 | SH |  | SOLE |  | 430300 | 0 | 0 |
| Fidelity National Financial Inc | COM SHS | 31620R303 |  | 5199198 | 112100 | SH |  | SOLE |  | 112100 | 0 | 0 |
| Fiserv Inc | COM | 337738108 |  | 390600 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| Flagstar Bank National Assoc | COM NEW | 649445400 |  | 2963250 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| Ford Motor Co | COM | 345370860 |  | 5076446 | 439900 | SH |  | SOLE |  | 439900 | 0 | 0 |
| Fortis Inc | COM | 349553107 |  | 5254079 | 94176 | SH |  | SOLE |  | 94176 | 0 | 0 |
| Fox Corp | CL A COM | 35137L105 |  | 9776160 | 167400 | SH |  | SOLE |  | 167400 | 0 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 1000436 | 17020 | SH |  | SOLE |  | 17020 | 0 | 0 |
| Fresenius Medical Care AG | SPONSORED ADR | 358029106 |  | 7620768 | 337800 | SH |  | SOLE |  | 337800 | 0 | 0 |
| Fresh Del Monte Produce Inc | COM | G36738105 |  | 9660186 | 239945 | SH |  | SOLE |  | 239945 | 0 | 0 |
| Gilead Sciences Inc | COM | 375558103 |  | 9518971 | 68300 | SH |  | SOLE |  | 68300 | 0 | 0 |
| Goldman Sachs Group Inc/The | COM | 38141G104 |  | 1268985 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Graham Holdings Co | COM CL B | 384637104 |  | 9501596 | 8987 | SH |  | SOLE |  | 8987 | 0 | 0 |
| Granite Construction Inc | COM | 387328107 |  | 40183776 | 335200 | SH |  | SOLE |  | 335200 | 0 | 0 |
| Groupon Inc | COM NEW | 399473206 |  | 4943260 | 415400 | SH |  | SOLE |  | 415400 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 6885504 | 124760 | SH |  | SOLE |  | 124760 | 0 | 0 |
| Halliburton Co | COM | 406216101 |  | 1059748 | 27180 | SH |  | SOLE |  | 27180 | 0 | 0 |
| Hancock Whitney Corp | COM | 410120109 |  | 1081030 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| Hanover Insurance Group Inc/The | COM | 410867105 |  | 7523390 | 43400 | SH |  | SOLE |  | 43400 | 0 | 0 |
| Hartford Insurance Group Inc | COM | 416515104 |  | 2772215 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 2697468 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| Helmerich  Payne Inc | COM | 423452101 |  | 980016 | 27200 | SH |  | SOLE |  | 27200 | 0 | 0 |
| Hingham Institution For Savings The | COM | 433323102 |  | 3715920 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| Home Depot Inc/The | COM | 437076102 |  | 8403140 | 25550 | SH |  | SOLE |  | 25550 | 0 | 0 |
| Horace Mann Educators Corp | COM | 440327104 |  | 8664040 | 203000 | SH |  | SOLE |  | 203000 | 0 | 0 |
| HSBC Holdings PLC | SPON ADR NEW | 404280406 |  | 5955778 | 72200 | SH |  | SOLE |  | 72200 | 0 | 0 |
| Incyte Corp | COM | 45337C102 |  | 2437708 | 25900 | SH |  | SOLE |  | 25900 | 0 | 0 |
| Independent Bank Corp | COM | 453836108 |  | 2557140 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| International Business Machs | COM | 459200101 |  | 5465895 | 22550 | SH |  | SOLE |  | 22550 | 0 | 0 |
| Jabil Inc | COM | 466313103 |  | 3027916 | 11399 | SH |  | SOLE |  | 11399 | 0 | 0 |
| Jacobs Solutions Inc | COM | 46982L108 |  | 31883640 | 250500 | SH |  | SOLE |  | 250500 | 0 | 0 |
| JB Hunt Transport Services Inc | COM | 445658107 |  | 2733510 | 12900 | SH |  | SOLE |  | 12900 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 12417552 | 50800 | SH |  | SOLE |  | 50800 | 0 | 0 |
| Jones Lang LaSalle Inc | COM | 48020Q107 |  | 35361984 | 116200 | SH |  | SOLE |  | 116200 | 0 | 0 |
| Jpmorgan Chase  Co. | COM | 46625H100 |  | 7442248 | 25300 | SH |  | SOLE |  | 25300 | 0 | 0 |
| Kearny Finl Corp MD | COM | 48716P108 |  | 1887500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| KeyCorp | COM | 493267108 |  | 1243100 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| Kimberly-Clark Corp | COM | 494368103 |  | 2556455 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| Kinder Morgan Inc | COM | 49456B101 |  | 30905640 | 921731 | SH |  | SOLE |  | 921731 | 0 | 0 |
| Kroger Co/The | COM | 501044101 |  | 11567614 | 159862 | SH |  | SOLE |  | 159862 | 0 | 0 |
| Leidos Holdings Inc | COM | 525327102 |  | 33825600 | 217500 | SH |  | SOLE |  | 217500 | 0 | 0 |
| Lithia Motors Inc | COM | 536797103 |  | 26670096 | 106800 | SH |  | SOLE |  | 106800 | 0 | 0 |
| Live Nation Entertainment Inc | COM | 538034109 |  | 9485359 | 62195 | SH |  | SOLE |  | 62195 | 0 | 0 |
| Loews Corp | COM | 540424108 |  | 8795376 | 82400 | SH |  | SOLE |  | 82400 | 0 | 0 |
| Lowe's Cos Inc | COM | 548661107 |  | 2339172 | 9900 | SH |  | SOLE |  | 9900 | 0 | 0 |
| Lululemon Athletica Inc | COM | 550021109 |  | 2128090 | 13900 | SH |  | SOLE |  | 13900 | 0 | 0 |
| Lyft Inc | CL A COM | 55087P104 |  | 21443590 | 1612300 | SH |  | SOLE |  | 1612300 | 0 | 0 |
| Macy's Inc | COM | 55616P104 |  | 38381553 | 2121700 | SH |  | SOLE |  | 2121700 | 0 | 0 |
| Marathon Pete Corp | COM | 56585A102 |  | 268598 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| Markel Group Inc | COM | 570535104 |  | 7464873 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| Marsh  McLennan Cos Inc | COM | 571748102 |  | 2549715 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| MasTec Inc | COM | 576323109 |  | 65988874 | 205100 | SH |  | SOLE |  | 205100 | 0 | 0 |
| Mastercard Incorporated | CL A | 57636Q104 |  | 1049286 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| McDonald's Corp | COM | 580135101 |  | 1647187 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| MDU Resources Group Inc | COM | 552690109 |  | 3723529 | 179707 | SH |  | SOLE |  | 179707 | 0 | 0 |
| Medtronic PLC | SHS | G5960L103 |  | 5199000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| Merck  Co Inc | COM | 58933Y105 |  | 14170162 | 117800 | SH |  | SOLE |  | 117800 | 0 | 0 |
| MGE Energy Inc | COM | 55277P104 |  | 949044 | 12279 | SH |  | SOLE |  | 12279 | 0 | 0 |
| Millicom Intl Cellular S A | COM STK | L6388F110 |  | 18892374 | 252100 | SH |  | SOLE |  | 252100 | 0 | 0 |
| Mondelez International Inc | CL A | 609207105 |  | 6075256 | 105400 | SH |  | SOLE |  | 105400 | 0 | 0 |
| Morgan Stanley | COM NEW | 617446448 |  | 7027139 | 42700 | SH |  | SOLE |  | 42700 | 0 | 0 |
| MPLX LP | COM | 55336V100 |  | 9274959 | 162519 | SH |  | SOLE |  | 162519 | 0 | 0 |
| National Fuel Gas Co | COM | 636180101 |  | 6898919 | 73424 | SH |  | SOLE |  | 73424 | 0 | 0 |
| National Grid PLC | SPONSORED ADR NE | 636274409 |  | 15307862 | 180944 | SH |  | SOLE |  | 180944 | 0 | 0 |
| NB Bancorp Inc | COM | 63945M107 |  | 3792600 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| NetApp Inc | COM | 64110D104 |  | 2956306 | 28873 | SH |  | SOLE |  | 28873 | 0 | 0 |
| New Jersey Resources Corp | COM | 646025106 |  | 5828879 | 106134 | SH |  | SOLE |  | 106134 | 0 | 0 |
| Newmont Corp | COM | 651639106 |  | 2403150 | 22200 | SH |  | SOLE |  | 22200 | 0 | 0 |
| Nexstar Media Group Inc | COMMON STOCK | 65336K103 |  | 31374005 | 173500 | SH |  | SOLE |  | 173500 | 0 | 0 |
| NextEra Energy Inc | COM | 65339F101 |  | 1028182 | 11070 | SH |  | SOLE |  | 11070 | 0 | 0 |
| NIKE Inc | CL B | 654106103 |  | 7920359 | 149950 | SH |  | SOLE |  | 149950 | 0 | 0 |
| NiSource Inc | COM | 65473P105 |  | 16726723 | 358481 | SH |  | SOLE |  | 358481 | 0 | 0 |
| Nomad Foods Ltd | USD ORD SHS | G6564A105 |  | 4097704 | 426400 | SH |  | SOLE |  | 426400 | 0 | 0 |
| Northwest Natural Holding Co | COM | 66765N105 |  | 2623906 | 49303 | SH |  | SOLE |  | 49303 | 0 | 0 |
| Northwestern Energy Group Inc | COM NEW | 668074305 |  | 909840 | 13798 | SH |  | SOLE |  | 13798 | 0 | 0 |
| NOV Inc | COM | 62955J103 |  | 980001 | 52100 | SH |  | SOLE |  | 52100 | 0 | 0 |
| NVR Inc | COM | 62944T105 |  | 1976949 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| OceanFirst Financial Corp | COM | 675234108 |  | 3517800 | 195000 | SH |  | SOLE |  | 195000 | 0 | 0 |
| Old National Bancorp/IN | COM | 680033107 |  | 1989000 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| Old Rep Intl Corp | COM | 680223104 |  | 7517080 | 188398 | SH |  | SOLE |  | 188398 | 0 | 0 |
| Omnicom Group Inc | COM | 681919106 |  | 2522885 | 33500 | SH |  | SOLE |  | 33500 | 0 | 0 |
| ONE Gas Inc | COM | 68235P108 |  | 6552340 | 76075 | SH |  | SOLE |  | 76075 | 0 | 0 |
| ONEOK Inc | COM | 682680103 |  | 35759549 | 395614 | SH |  | SOLE |  | 395614 | 0 | 0 |
| OneSpan Inc | COM | 68287N100 |  | 110502 | 10494 | SH |  | SOLE |  | 10494 | 0 | 0 |
| Opendoor Technologies Inc | COM | 683712103 |  | 17479332 | 3734900 | SH |  | SOLE |  | 3734900 | 0 | 0 |
| PayPal Holdings Inc | COM | 70450Y103 |  | 2844967 | 62900 | SH |  | SOLE |  | 62900 | 0 | 0 |
| Peloton Interactive Inc | CL A COM | 70614W100 |  | 19250946 | 4487400 | SH |  | SOLE |  | 4487400 | 0 | 0 |
| Penn Entertainment Inc | COM | 707569109 |  | 27127647 | 1804900 | SH |  | SOLE |  | 1804900 | 0 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 9208697 | 59300 | SH |  | SOLE |  | 59300 | 0 | 0 |
| Petroleo Brasileiro SA - Petrobras | SPONSORED ADR | 71654V408 |  | 9163200 | 441600 | SH |  | SOLE |  | 441600 | 0 | 0 |
| Pfizer Inc | COM | 717081103 |  | 6545448 | 233100 | SH |  | SOLE |  | 233100 | 0 | 0 |
| PG Corp | COM | 69331C108 |  | 12394739 | 705449 | SH |  | SOLE |  | 705449 | 0 | 0 |
| Philip Morris International Inc | COM | 718172109 |  | 5935706 | 35900 | SH |  | SOLE |  | 35900 | 0 | 0 |
| Phillips 66 | COM | 718546104 |  | 874464 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| Pilgrim's Pride Corp | COM | 72147K108 |  | 5826368 | 154300 | SH |  | SOLE |  | 154300 | 0 | 0 |
| Pitney Bowes Inc | COM | 724479100 |  | 10779275 | 975500 | SH |  | SOLE |  | 975500 | 0 | 0 |
| Plains All American Pipeline LP | UNIT LTD PARTN | 726503105 |  | 9004706 | 403256 | SH |  | SOLE |  | 403256 | 0 | 0 |
| PNC Financial Services Group Inc/The | COM | 693475105 |  | 1664720 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Porch Group Inc | COM | 733245104 |  | 10024377 | 1398100 | SH |  | SOLE |  | 1398100 | 0 | 0 |
| Post Holdings Inc | COM | 737446104 |  | 7236552 | 73200 | SH |  | SOLE |  | 73200 | 0 | 0 |
| PPL Corp | COM | 69351T106 |  | 5986666 | 156719 | SH |  | SOLE |  | 156719 | 0 | 0 |
| Price T Rowe Group Inc. | COM | 74144T108 |  | 2298570 | 25500 | SH |  | SOLE |  | 25500 | 0 | 0 |
| PriceSmart Inc | COM | 741511109 |  | 12431300 | 82600 | SH |  | SOLE |  | 82600 | 0 | 0 |
| Primoris Services Corp | COM | 74164F103 |  | 44728608 | 312700 | SH |  | SOLE |  | 312700 | 0 | 0 |
| Procter  Gamble Co/The | COM | 742718109 |  | 12429062 | 86050 | SH |  | SOLE |  | 86050 | 0 | 0 |
| ProFrac Holding Corp | CLASS A COM | 74319N100 |  | 362700 | 58500 | SH |  | SOLE |  | 58500 | 0 | 0 |
| Progressive Corp/The | COM | 743315103 |  | 2596944 | 13100 | SH |  | SOLE |  | 13100 | 0 | 0 |
| Provident Financial Services Inc | COM | 74386T105 |  | 3808800 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| Public Service Enterprise Group Inc | COM | 744573106 |  | 12408826 | 153290 | SH |  | SOLE |  | 153290 | 0 | 0 |
| PulteGroup Inc | COM | 745867101 |  | 2446288 | 20800 | SH |  | SOLE |  | 20800 | 0 | 0 |
| QUALCOMM Inc | COM | 747525103 |  | 4958030 | 38500 | SH |  | SOLE |  | 38500 | 0 | 0 |
| RGC Resources Inc | COM | 74955L103 |  | 285636 | 12954 | SH |  | SOLE |  | 12954 | 0 | 0 |
| Robinhood Markets Inc | COM | 770700102 |  | 554400 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Root Inc | CL A NEW | 77664L207 |  | 2080495 | 47102 | SH |  | SOLE |  | 47102 | 0 | 0 |
| Royal Bank of Canada | COM | 780087102 |  | 5759368 | 35600 | SH |  | SOLE |  | 35600 | 0 | 0 |
| Sanmina Corp | COM | 801056102 |  | 39527236 | 304900 | SH |  | SOLE |  | 304900 | 0 | 0 |
| Sempra | COM | 816851109 |  | 27147355 | 279380 | SH |  | SOLE |  | 279380 | 0 | 0 |
| Shell PLC | SPON ADS | 780259305 |  | 7551600 | 81200 | SH |  | SOLE |  | 81200 | 0 | 0 |
| SLB Ltd | COM STK | 806857108 |  | 7364701 | 143310 | SH |  | SOLE |  | 143310 | 0 | 0 |
| Southern Co/The | COM | 842587107 |  | 24718772 | 256100 | SH |  | SOLE |  | 256100 | 0 | 0 |
| Southwest Gas Holdings Inc | COM | 844895102 |  | 7857237 | 90417 | SH |  | SOLE |  | 90417 | 0 | 0 |
| Spire Inc | COM | 84857L101 |  | 4729900 | 52241 | SH |  | SOLE |  | 52241 | 0 | 0 |
| Starbucks Corp | COM | 855244109 |  | 5644170 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| StoneX Group Inc | COM | 861896108 |  | 56942933 | 706050 | SH |  | SOLE |  | 706050 | 0 | 0 |
| Suncor Energy Inc | ADR | 867224107 |  | 8254495 | 124860 | SH |  | SOLE |  | 124860 | 0 | 0 |
| Sunoco LP/Sunoco Fin Corp | COM UT REP LP | 86765K109 |  | 9108794 | 140200 | SH |  | SOLE |  | 140200 | 0 | 0 |
| Synchrony Financial | COM | 87165B103 |  | 1020300 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| Sysco Corp | COM | 871829107 |  | 2460885 | 34500 | SH |  | SOLE |  | 34500 | 0 | 0 |
| Targa Resources Corp | COM | 87612G101 |  | 3643107 | 14530 | SH |  | SOLE |  | 14530 | 0 | 0 |
| TC Energy Corp | ADR | 87807B107 |  | 28777220 | 459700 | SH |  | SOLE |  | 459700 | 0 | 0 |
| TD SYNNEX Corp | COM | 87162W100 |  | 40823096 | 241972 | SH |  | SOLE |  | 241972 | 0 | 0 |
| Telefonaktiebolaget LM Ericsson | ADR B SEK 10 | 294821608 |  | 158084 | 14027 | SH |  | SOLE |  | 14027 | 0 | 0 |
| Telephone and Data Systems Inc | COM NEW | 879433829 |  | 9489340 | 225400 | SH |  | SOLE |  | 225400 | 0 | 0 |
| Tenaris SA | SPONSORED ADS | 88031M109 |  | 942516 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| Texas Instrs Inc | COM | 882508104 |  | 5998926 | 30900 | SH |  | SOLE |  | 30900 | 0 | 0 |
| T-Mobile US Inc | COM | 872590104 |  | 6909987 | 32900 | SH |  | SOLE |  | 32900 | 0 | 0 |
| Toronto-Dominion Bank/The | COM NEW | 891160509 |  | 5962509 | 63900 | SH |  | SOLE |  | 63900 | 0 | 0 |
| Tractor Supply Co | COM | 892356106 |  | 2269530 | 50100 | SH |  | SOLE |  | 50100 | 0 | 0 |
| Travelers Companies Inc | COM | 89417E109 |  | 10762992 | 36900 | SH |  | SOLE |  | 36900 | 0 | 0 |
| Truist Financial Corp | COM | 89832Q109 |  | 1654920 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| UGI Corp | COM | 902681105 |  | 12606856 | 346152 | SH |  | SOLE |  | 346152 | 0 | 0 |
| Unilever PLC | SPON ADR NEW | 904767803 |  | 5283626 | 92744 | SH |  | SOLE |  | 92744 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 2862916 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| United Microelectronics Corp | SPON ADR NEW | 910873405 |  | 151457 | 16866 | SH |  | SOLE |  | 16866 | 0 | 0 |
| United Parcel Service Inc | CL B | 911312106 |  | 2439824 | 24800 | SH |  | SOLE |  | 24800 | 0 | 0 |
| United Therapeutics Corp Del | COM | 91307C102 |  | 3320688 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 7982405 | 29500 | SH |  | SOLE |  | 29500 | 0 | 0 |
| Unitil Corp | COM | 913259107 |  | 710360 | 13598 | SH |  | SOLE |  | 13598 | 0 | 0 |
| Unum Group | COM | 91529Y106 |  | 6536185 | 89500 | SH |  | SOLE |  | 89500 | 0 | 0 |
| US Bancorp | COM NEW | 902973304 |  | 1321054 | 25400 | SH |  | SOLE |  | 25400 | 0 | 0 |
| Valero Energy Corp | COM | 91913Y100 |  | 914196 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| Verizon Communications Inc | COM | 92343V104 |  | 22323187 | 444685 | SH |  | SOLE |  | 444685 | 0 | 0 |
| Viasat Inc | COM | 92552V100 |  | 55175260 | 1204700 | SH |  | SOLE |  | 1204700 | 0 | 0 |
| Virtu Financial Inc | CL A | 928254101 |  | 9473292 | 215400 | SH |  | SOLE |  | 215400 | 0 | 0 |
| Visa Inc | COM CL A | 92826C839 |  | 1057840 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| Vistance Networks Inc | COM | 20337X109 |  | 40749800 | 2239000 | SH |  | SOLE |  | 2239000 | 0 | 0 |
| WaFd Inc | COM | 938824109 |  | 3454000 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| Walmart Inc | COM | 931142103 |  | 10799932 | 86900 | SH |  | SOLE |  | 86900 | 0 | 0 |
| Wayfair Inc | COM | 94419L101 |  | 31324965 | 416500 | SH |  | SOLE |  | 416500 | 0 | 0 |
| WEC Energy Group Inc | COM | 92939U106 |  | 17265938 | 149140 | SH |  | SOLE |  | 149140 | 0 | 0 |
| Weis Markets Inc | COM | 948849104 |  | 6940149 | 101479 | SH |  | SOLE |  | 101479 | 0 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 6822577 | 85700 | SH |  | SOLE |  | 85700 | 0 | 0 |
| Western Midstream Partners LP | COM | 958669103 |  | 4539404 | 110260 | SH |  | SOLE |  | 110260 | 0 | 0 |
| Western New England Bancorp Inc | COM | 958892101 |  | 2327400 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| Williams Cos Inc/The | COM | 969457100 |  | 32771524 | 450282 | SH |  | SOLE |  | 450282 | 0 | 0 |
| Williams Sonoma Inc | COM | 969904101 |  | 2315591 | 12700 | SH |  | SOLE |  | 12700 | 0 | 0 |
| Wintrust Financial Corp | COM | 97650W108 |  | 2500920 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| Wolverine World Wide Inc | COM | 978097103 |  | 18643968 | 1142400 | SH |  | SOLE |  | 1142400 | 0 | 0 |
| Xcel Energy Inc | COM | 98389B100 |  | 8118689 | 102199 | SH |  | SOLE |  | 102199 | 0 | 0 |
| Zoetis Inc | CL A | 98978V103 |  | 2517873 | 21300 | SH |  | SOLE |  | 21300 | 0 | 0 |

---