Japan Smaller Capitalization Fund (Japan Smaller Capitalization Fund) Net-Net Working Capital : $0.02 (As of Aug. 2023)

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What is Japan Smaller Capitalization Fund Net-Net Working Capital?

In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

Japan Smaller Capitalization Fund's Net-Net Working Capital for the quarter that ended in Aug. 2023 was $0.02.

The industry rank for Japan Smaller Capitalization Fund's Net-Net Working Capital or its related term are showing as below:

JOF's Price-to-Net-Net-Working-Capital is ranked worse than
98.1% of 526 companies
in the Asset Management industry
Industry Median: 6.67 vs JOF: 380.50

Japan Smaller Capitalization Fund Net-Net Working Capital Historical Data

The historical data trend for Japan Smaller Capitalization Fund's Net-Net Working Capital can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Japan Smaller Capitalization Fund Net-Net Working Capital Chart

Japan Smaller Capitalization Fund Annual Data

Trend

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Net-Net Working Capital

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-0.01

0.02

-0.06

0.04

0.01

Japan Smaller Capitalization Fund Semi-Annual Data
	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23
Net-Net Working Capital	Get a 7-Day Free Trial								0.01	0.04	0.02	0.01	0.02

Competitive Comparison of Japan Smaller Capitalization Fund's Net-Net Working Capital

For the Asset Management subindustry, Japan Smaller Capitalization Fund's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Japan Smaller Capitalization Fund's Price-to-Net-Net-Working-Capital Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Japan Smaller Capitalization Fund's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Japan Smaller Capitalization Fund's Price-to-Net-Net-Working-Capital falls into.

Japan Smaller Capitalization Fund Net-Net Working Capital Calculation

Japan Smaller Capitalization Fund's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Feb. 2023 is calculated as

	Net-Net Working Capital		(A: Feb. 2023 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(1.366	+	0	+	0.75 * 0	+	0.5 * 0	-	1.084
-	0	-	0)	/	28.3339
=	0.01

Japan Smaller Capitalization Fund's Net-Net Working Capital (NNWC) per share for the quarter that ended in Aug. 2023 is calculated as

	Net-Net Working Capital		(Q: Aug. 2023 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(2.326	+	0	+	0.75 * 0	+	0.5 * 0	-	1.895
-	0	-	0)	/	28.3339
=	0.02

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

Japan Smaller Capitalization Fund (NYSE:JOF) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

Japan Smaller Capitalization Fund Net-Net Working Capital Related Terms

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Japan Smaller Capitalization Fund (Japan Smaller Capitalization Fund) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Japan Smaller Capitalization Fund Inc (NYSE:JOF) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

309 West 49th Street, Worldwide Plaza, New York, NY, USA, 10019

Website

https://funds.nomura-asset.com

Japan Smaller Capitalization Fund Inc is a United States-based non-diversified, closed-end management investment company. Its investment objective is to seek long-term capital appreciation through investments in smaller capitalization Japanese equity securities. Its portfolio of investments consists of different sectors such as banks, chemicals, construction, electric appliances, financing business, food, Information and Communication, Utilities, Real Estate, and others.

Executives

She Yi	officer: Assistant Treasurer	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019
Rodney A Buck	director	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019
Atsushi Katayama	other: Lead Portfolio Manager	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019
Shinichi Masuda	officer: Vice President	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019
Melanie Dana Malc	officer: Assistant Treasurer	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019
Paige Ouimet	director	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019
Michael Morronngiello	officer: Vice President	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019
Hiroyasu Koike	other: CEO to the Adviser of JOF	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019
Junko Nakagawa	other: CEO to the Adviser of JOF	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019-7316
Yuichi Nomoto	director, officer: President	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019-7316
Zheng Liu	officer: Vice President	WORLDWIDE PLAZA, 309 WEST 49TH STREET, NEW YORK NY 10019-7316
Takeshi Toyoshima	officer: Vice President	NOMURA ASSET MANAGEMENT USA INC., 309 WEST 49TH STREET, NEW YORK NY 10019
Lee Kelly So Young	officer: Assistant Treasurer	NOMURA ASSET MANAGEMENT USA INC., 309 WEST 49TH STREET, NEW YORK NY 10019
Marcia L Macharg	director	309 WEST 49TH STREET, NEW YORK NY 10019
Kunio Watanabe	other: CEO of Adviser of JOF	C/O NOMURA ASSET MANAGEMENT USA INC., 309 WEST 49TH STREET, NEW YORK NY 10019