Operates as a closed-ended equity investment vehicle. Manages a concentrated portfolio of publicly traded growth companies. Now — the numbers.
This is an established company with proven profits.
The net profit margin is 87% — the profit kept from each dollar of revenue is the company’s cushion in hard quarters.
It pays out $0.10 per share each year — regular cash for whoever holds the stock.
Over the last 3 years, sales fell about 33% a year on average. Profit is holding up, but a shrinking business is a risk worth watching.
Since the drop from its peak, buyer appetite hasn’t come back.
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.