Manages a portfolio of tax-advantaged preferred securities. Invests in income-producing assets to generate attractive total returns. Now — the numbers.
This is an established company with proven profits.
The market pays 10.5× for every dollar of annual profit — cheap, which is either an opportunity or a warning.
No analyst target is on record for this company.
The stock trades 32% below its peak. The market has trimmed its expectations for the company.
The net profit margin is 73% — the profit kept from each dollar of revenue is the company’s cushion in hard quarters.
It pays out $1.61 per share each year — regular cash for whoever holds the stock.
Over the last 4 years, sales fell about 3% a year on average. Profit is holding up, but a shrinking business is a risk worth watching.
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.