Invests in a diversified portfolio of income-generating assets. Seeks to provide current income to investors. Now — the numbers.
The company is still in the product-building phase: its spending runs far above its sales. That only changes once the product starts selling at scale.
No real growth (-2% a year). Red columns mark years that ended in a loss.
Before the clock runs out, either sales must climb sharply or new money must come in. This is the most critical line in the whole picture.
This company is not turning a profit, so the market is pricing its sales instead: 26.4× for every dollar of annual revenue.
No analyst target is on record for this company.
The stock trades 15% below its peak. The market has trimmed its expectations for the company.
Sales run at $69.2M a year. A small number, but proof the product has real buyers.
It pays out $0.56 per share each year — regular cash for whoever holds the stock.
A loss of $49.5M against $69.2M in annual sales.
At the current pace of spending, the cash lasts less than a year. After that, the company needs to find new money.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.