Western Assetorate Loan Fund (Western Assetorate Loan Fund) Net-Net Working Capital : $-0.76 (As of Sep. 2020)

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What is Western Assetorate Loan 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.

Western Assetorate Loan Fund's Net-Net Working Capital for the quarter that ended in Sep. 2020 was $-0.76.

The industry rank for Western Assetorate Loan Fund's Net-Net Working Capital or its related term are showing as below:

TLI's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Asset Management industry.
Industry Median: 6.635
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Western Assetorate Loan Fund Net-Net Working Capital Historical Data

The historical data trend for Western Assetorate Loan 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.

* Premium members only.

Western Assetorate Loan Fund Net-Net Working Capital Chart

Western Assetorate Loan Fund Annual Data

Trend

Sep17

Sep18

Sep19

Sep20

Net-Net Working Capital

-6.62

-7.26

-7.00

-0.76

Western Assetorate Loan Fund Semi-Annual Data
	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20
Net-Net Working Capital	Get a 7-Day Free Trial			-7.26	-8.37	-7.00	-5.66	-0.76

Competitive Comparison of Western Assetorate Loan Fund's Net-Net Working Capital

For the Asset Management subindustry, Western Assetorate Loan 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.

Western Assetorate Loan Fund's Price-to-Net-Net-Working-Capital Distribution in the Asset Management Industry

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

* The bar in red indicates where Western Assetorate Loan Fund's Price-to-Net-Net-Working-Capital falls into.

Western Assetorate Loan Fund Net-Net Working Capital Calculation

Western Assetorate Loan Fund's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Sep. 2020 is calculated as

	Net-Net Working Capital		(A: Sep. 2020 )
=	(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)
=	(0.103	+	0	+	0.75 * 0	+	0.5 * 0	-	7.589
-	0	-	0)	/	9.87692
=	-0.76

Western Assetorate Loan Fund's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2020 is calculated as

	Net-Net Working Capital		(Q: Sep. 2020 )
=	(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)
=	(0.103	+	0	+	0.75 * 0	+	0.5 * 0	-	7.589
-	0	-	0)	/	9.87692
=	-0.76

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.

Western Assetorate Loan Fund (NYSE:TLI) 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.

Western Assetorate Loan Fund Net-Net Working Capital Related Terms

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Western Assetorate Loan Fund (Western Assetorate Loan Fund) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Western Asset Corporate Loan Fund Inc (NYSE:TLI) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

620 Eighth Avenue, 49th Floor, New York, NY, USA, 10018

Website

https://www.leggmason.com

Western Asset Corporate Loan Fund Inc is the United States-based non-diversified, closed-end management investment company. Its investment objective is to maximize current income consistent with prudent efforts to preserve capital. The fund invests primarily in floating or variable-rate collateralized senior loans to corporations, partnerships or other business entities operating in various industries and geographic regions. Its portfolio of investments consists of different sectors such as capital goods, communications, transportation, healthcare, real estate, and others.

Executives

Brian Eakes	other: Manager/Investment Manager	100 INTERNATIONAL DRIVE, BALTIMORE MD 21202
Laura F Fergerson	other: Manager/Investment Manager	3310 QUALITY DRIVE, 2ND FLOOR, RANCHO CORDOVA CA 95670
George P. Hoyt	officer: Secretary and Ch Lgl Officer	C/O FRANKLIN TEMPLETON, 100 FIRST STAMFORD PLACE, STAMFORD CT 06902
Jed A. Plafker	other: Director of Sub-Adviser	ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Matthew Nicholls	other: Director of Sub-Adviser	ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Jennifer M Johnson	other: Director of Sub-Adviser	C/O FRANKLIN RESOURCES, INC., ONE FRANKLIN PARKWAY, SAN MATEO CA 94403-1906
Fred Steven Jensen	officer: Chief Compliance Officer	LEGG MASON, 620 EIGHTH AVENUE, 49TH FLOOR, NEW YORK NY 10018
Investors, Llp Bulldog	10 percent owner	PARK 80 WEST - PLAZA TWO, 250 PEHLE AVE. SUITE 708, SADDLE BROOK NJ 07663
Andrew Dakos	10 percent owner	250 PEHLE AVE., SUITE 708, SADDLE BROOK NJ 07663
Phillip Goldstein	10 percent owner	60 HERITAGE DRIVE, PLEASANTVILLE NY 10570
Steven Samuels	10 percent owner	72 COLEYTOWN ROAD, WESTPORT CT 06882
Christopher Berarducci	officer: Treas/Principal Finan Officer	LEGG MASON, 620 EIGHTH AVENUE, NEW YORK NY 10018
Paolo M Cucchi	director	DEAN OF COLLEGE OF LIBERAL ARTS, DDREW UNIVESITY 108 BROTHERS COLLEGE, MADISON NJ 07940
Nisha Kumar	director	1735 MARKET STREET, 32ND FLOOR, PHILADELPHIA PA 19103
William R Hutchinson	director	535 N MICHIGAN STE 1012, CHICAGO IL 60611