Invests primarily in California municipal securities. Provides income exempt from federal and California state income taxes. Now — the numbers.
The company closed last year at a loss: costs ran above sales. The picture changes only if spending is reined in.
No real growth (-1% a year). Red columns mark years that ended in a loss.
This company is not turning a profit, so the market is pricing its sales instead: 25× for every dollar of annual revenue.
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.
It pays out $0.24 per share each year — regular cash for whoever holds the stock.
A loss of $57.1M against $16.5M in annual sales. And on top of that, sales fell from the year before.
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.