Invests primarily in investment-grade municipal securities. Seeks to provide a high level of current income exempt from federal and California personal 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.
An average decline of 3% a year over the last 4 years — the most striking risk in this picture. Red columns mark years that ended in a loss.
This company is not turning a profit, so the market is pricing its sales instead: 13.8× for every dollar of annual revenue.
No analyst target is on record for this company.
The stock trades below its recent peak — about 13% off the top. A pullback, not a collapse.
The company sells $130.7M a year; the problem isn’t sales — it’s costs running above that number.
It pays out $0.38 per share each year — regular cash for whoever holds the stock.
A loss of $287.0M against $130.7M in annual sales.
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.