Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
BSP:GAME11's Price-to-Net-Net-Working-Capital is not ranked *
in the REITs industry.
Industry Median: 15.975 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I (BSP:GAME11) 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.
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I Net-Net Working Capital Related Terms
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I Net-Net Working Capital Historical Data
* 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.
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I Net-Net Working Capital Chart
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I Annual Data
Trend
Dec21
Dec22
Dec23
Dec24
Dec25
Net-Net Working Capital
-14.93
-0.58
-0.45
-0.34
-0.02
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I Semi-Annual Data
Dec21
Dec22
Dec23
Dec24
Dec25
Net-Net Working Capital
-14.93
-0.58
-0.45
-0.34
-0.02
BSP:GAME11 vs VICI, WPC: Net-Net Working Capital Comparison
* 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.
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I Price-to-Net-Net-Working-Capital vs REITs Industry
* 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.
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. 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.
What does a Net-Net Working Capital of R$-0.02 mean?
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I (BSP:GAME11) has a Net-Net Working Capital of R$-0.02 as of Dec. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I According to the industry distribution chart, Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I ranks #999999 out of 112 companies in the REITs industry.
Is Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I's Net-Net Working Capital too high?
Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I's current Net-Net Working Capital is R$-0.02. Based on the distribution chart, Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I ranks #999999 out of 112 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I has a GF Score™ of 47/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I's Net-Net Working Capital compare to VICI and WPC?
According to the REITs industry distribution chart, Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I ranks #999999 out of 112 companies for Net-Net Working Capital. This places Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I in the lower half of its industry. The industry median Net-Net Working Capital is 15.98. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a REITs company?
The median Net-Net Working Capital among REITs companies is 15.98, based on 112 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I For the REITs industry, the median Net-Net Working Capital is 15.98 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I's current Net-Net Working Capital is R$-0.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I stock overvalued right now?
Based on GuruFocus' analysis, Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I (BSP:GAME11) is currently considered Modestly Undervalued. The stock's GF Value™ is R$11.44, compared to a current price of R$8.13 — trading 28.9% below its estimated fair value. The current Net-Net Working Capital is R$-0.02. Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I's overall GF Score™ is 47/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I (BSP:GAME11), the current Net-Net Working Capital is R$-0.02 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I (BSP:GAME11) Overvalued in 2026?
Based on GuruFocus' analysis, Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I stock appears to be undervalued.
The current stock price of R$8.13 is trading 28.9% below its estimated GF Value™ of R$11.44.
GuruFocus considers Fundo DE Investimen Imobiliario Guardian Multiestrategia Imobiliaria I to be Modestly Undervalued.
Key valuation signals for BSP:GAME11:
Net-Net Working Capital: R$-0.02
GF Value™: R$11.44 vs. price of R$8.13 (28.9% below fair value)
No single metric tells the full story. See the BSP:GAME11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BSP:GAME11 has been successfully added to your 
