Implements a proprietary market-neutral investment strategy. Seeks to generate income with low correlation to equity and bond markets. Now — the numbers.
This is an established company with proven profits.
An average decline of 6% a year over the last 4 years — the most striking risk in this picture. Red columns mark years that ended in a loss.
The market pays 184.5× for every dollar this company earns in a year — a price that already assumes things go well.
No analyst target is on record for this company.
The stock trades near its peak today. For long-term holders the ride has paid off so far — though past performance guarantees nothing about the future.
The net profit margin is 85% — still a thick cushion, though costs have been eating into it lately.
It pays out $0.31 per share each year — regular cash for whoever holds the stock.
Over the last 4 years, sales fell about 6% a year on average. Profit is holding up, but a shrinking business is a risk worth watching.
The company’s market value is 185 times its annual profit. Even a small disappointment could hit the price hard.
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.