MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) Net-Net Working Capital : $-9.45 (As of Nov. 2024)

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What is NYLI MacKay DefinedTerm Muni Opportunities 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.

NYLI MacKay DefinedTerm Muni Opportunities Fund's Net-Net Working Capital for the quarter that ended in Nov. 2024 was $-9.45.

The industry rank for NYLI MacKay DefinedTerm Muni Opportunities Fund's Net-Net Working Capital or its related term are showing as below:

MMD's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Asset Management industry.
Industry Median: 7.195
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

NYLI MacKay DefinedTerm Muni Opportunities Fund Net-Net Working Capital Historical Data

The historical data trend for NYLI MacKay DefinedTerm Muni Opportunities 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.

NYLI MacKay DefinedTerm Muni Opportunities Fund Net-Net Working Capital Chart

NYLI MacKay DefinedTerm Muni Opportunities Fund Annual Data

Trend

May18

May19

May20

May21

May22

May23

May24

Net-Net Working Capital

Get a 7-Day Free Trial

-13.27

-11.92

-11.73

-9.26

-6.88

NYLI MacKay DefinedTerm Muni Opportunities Fund Semi-Annual Data
	Nov17	May18	Nov18	May19	Nov19	May20	Nov20	May21	Nov21	May22	Nov22	May23	Nov23	May24	Nov24
Net-Net Working Capital	Get a 7-Day Free Trial										-10.91	-9.26	-6.68	-6.88	-9.45

Competitive Comparison of NYLI MacKay DefinedTerm Muni Opportunities Fund's Net-Net Working Capital

For the Asset Management subindustry, NYLI MacKay DefinedTerm Muni Opportunities 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.

NYLI MacKay DefinedTerm Muni Opportunities Fund's Price-to-Net-Net-Working-Capital Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, NYLI MacKay DefinedTerm Muni Opportunities Fund's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where NYLI MacKay DefinedTerm Muni Opportunities Fund's Price-to-Net-Net-Working-Capital falls into.

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NYLI MacKay DefinedTerm Muni Opportunities Fund Net-Net Working Capital Calculation

NYLI MacKay DefinedTerm Muni Opportunities Fund's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in May. 2024 is calculated as

	Net-Net Working Capital		(A: May. 2024 )
=	(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)
=	(1.275	+	0	+	0.75 * 0	+	0.5 * 0	-	193.476
-	0	-	0)	/	27.927
=	-6.88

NYLI MacKay DefinedTerm Muni Opportunities Fund's Net-Net Working Capital (NNWC) per share for the quarter that ended in Nov. 2024 is calculated as

	Net-Net Working Capital		(Q: Nov. 2024 )
=	(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)
=	(11.689	+	0	+	0.75 * 0	+	0.5 * 0	-	189.209
-	0	-	0)	/	18.779
=	-9.45

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.

NYLI MacKay DefinedTerm Muni Opportunities Fund (NYSE:MMD) 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.

NYLI MacKay DefinedTerm Muni Opportunities Fund Net-Net Working Capital Related Terms

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NYLI MacKay DefinedTerm Muni Opportunities Fund Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » NYLI MacKay DefinedTerm Muni Opportunities Fund (NYSE:MMD) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

51 Madison Avenue, New York, NY, USA, 10010

Website

https://www.newyorklifeinvestments.com

NYLI MacKay DefinedTerm Muni Opportunities Fund is a USA-based diversified closed-end management investment company. The fund's investment objective is to seek current income exempt from regular U.S. Federal income taxes as well as total return. The company predominantly invests in municipal bonds, the interest on which is, in the opinion of bond counsel to the issuers, generally excludable from gross income for regular U.S. Federal income tax purposes.

Executives

David Dowden	other: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NJ 10105
John J Lawlor	other: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Michael Denlinger	other: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Naim Abou-jaoude	other: CEO, NY LIFE INVEST MGMENT LLC	200 ALDERSGATE STREET, C/O CANDRIAM, NORTH ENTRANCE, LONDON X0 EC1A4HD
Michael Petty	other: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Alain M Karaoglan	other: Chairman & Interim CEO	230 PARK AVENUE, NEW YORK NY 10169
Kevin M Gleason	officer: Chief Compliance Officer	30 HUDSON STREET, JERSEY CITY NJ 07302
Robert A Dimella	other: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Scott Sprauer	other: Portfolio Manager	1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105
Karen Hammond	other: Advisory Board Member	1601 UTICA AVENUE SOUTH, SUITE 900, ST. LOUIS PARK MN 55416
Yie-hsin Hung	other: Executive Vice President	30 HUDSON STREET, JERSEY CITY NJ 07302
Jeffrey S Phlegar	other: CEO of Subadvisor
Yi-chia Kuo	officer: Chief Compliance Officer	30 HUDSON STREET, JERSEY CITY NJ 07302
Nolan Richard H Jr	director	51 MADISON AVENUE, NEW YORK NY 10010
Kirk C Lehneis	officer: President	51 MADISON AVENUE, NEW YORK NY 10010