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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.
HGLB's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.725 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Highland Global Allocation Fund (NYSE:HGLB) 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.
Highland Global Allocation Fund Net-Net Working Capital Related Terms
Highland Global Allocation Fund 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.
Highland Global Allocation Fund Net-Net Working Capital Chart
HGLB vs RVII, MPV, FLC: Net-Net Working Capital Comparison
For the Asset Management subindustry, Highland Global Allocation 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.
Highland Global Allocation Fund Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Highland Global Allocation Fund's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Highland Global Allocation Fund's Price-to-Net-Net-Working-Capital falls into.
* 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 $-2.45 mean?
Highland Global Allocation Fund (HGLB) has a Net-Net Working Capital of $-2.45 as of Mar. 2026. 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 Highland Global Allocation Fund According to the industry distribution chart, Highland Global Allocation Fund ranks #999999 out of 476 companies in the Asset Management industry.
Is Highland Global Allocation Fund's Net-Net Working Capital too high?
Highland Global Allocation Fund's current Net-Net Working Capital is $-2.45. Based on the distribution chart, Highland Global Allocation Fund ranks #999999 out of 476 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Highland Global Allocation Fund has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Highland Global Allocation Fund's Net-Net Working Capital compare to RVII and MPV?
According to the Asset Management industry distribution chart, Highland Global Allocation Fund ranks #999999 out of 476 companies for Net-Net Working Capital. This places Highland Global Allocation Fund in the lower half of its industry. The industry median Net-Net Working Capital is 6.73. 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 an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.73, based on 476 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 Highland Global Allocation Fund For the Asset Management industry, the median Net-Net Working Capital is 6.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Highland Global Allocation Fund's current Net-Net Working Capital is $-2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Highland Global Allocation Fund stock overvalued right now?
Based on GuruFocus' analysis, Highland Global Allocation Fund (HGLB) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.05, compared to a current price of $7.34 — trading 81.2% above its estimated fair value. The current Net-Net Working Capital is $-2.45. Highland Global Allocation Fund's overall GF Score™ is 44/100 with 2 warning signs 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 Highland Global Allocation Fund (HGLB), the current Net-Net Working Capital is $-2.45 as of Mar. 2026. 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 Highland Global Allocation Fund (HGLB) Overvalued in 2026?
Based on GuruFocus' analysis, Highland Global Allocation Fund stock appears to be overvalued.
The current stock price of $7.34 is trading 81.2% above its estimated GF Value™ of $4.05.
GuruFocus considers Highland Global Allocation Fund to be Significantly Overvalued.
Key valuation signals for HGLB:
Net-Net Working Capital: $-2.45
GF Value™: $4.05 vs. price of $7.34 (81.2% above fair value)
No single metric tells the full story. See the HGLB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Highland Global Allocation Fund is a diversified, closed-end management investment company. The investment objective of the Fund is to seek long-term growth of capital and future income. The Fund seeks to achieve its investment objectives by investing in a portfolio of U.S. and foreign equity, debt, and money market securities. It may also invest in senior loans to domestic or foreign corporations, partnerships, and other entities that operate in a variety of industries and geographic regions.
44GF Score
Get the complete analysis for HGLB
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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