Invests in fixed income markets of the United States. Focuses primarily on municipal obligations issued by state and local government authorities. Now — the numbers.
This is an established company with proven profits.
No real growth (4% a year). Red columns mark years that ended in a loss.
The market pays 36.6× 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 18% below its peak. The market has trimmed its expectations for the company.
The net profit margin is 59% — still a thick cushion, though costs have been eating into it lately.
It pays out $0.46 per share each year — regular cash for whoever holds the stock.
The company’s market value is 37 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.