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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.
Schroder Japan Trust's Net-Net Working Capital for the quarter that ended in Jan. 2026 was $0.26.
The industry rank for Schroder Japan Trust's Net-Net Working Capital or its related term are showing as below:
SJGFF's Price-to-Net-Net-Working-Capital is ranked worse than 72.37% of 485
companies
in the Asset Management industry
Industry Median: 6.48
vs SJGFF: 19.50
Schroder Japan Trust (OTCPK:SJGFF) 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.
Schroder Japan Trust Net-Net Working Capital Related Terms
Schroder Japan Trust Net-Net Working Capital Historical Data
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The historical data trend for Schroder Japan Trust'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.
Schroder Japan Trust Net-Net Working Capital Chart
SJGFF vs BLK, BX, KKR: Net-Net Working Capital Comparison
For the Asset Management subindustry, Schroder Japan Trust'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.
Schroder Japan Trust Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Schroder Japan Trust's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Schroder Japan Trust'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 $0.26 mean?
Schroder Japan Trust (SJGFF) has a Net-Net Working Capital of $0.26 as of Jan. 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 Schroder Japan Trust According to the industry distribution chart, Schroder Japan Trust ranks #351 out of 485 companies in the Asset Management industry, placing it in the top 72.4%.
Is Schroder Japan Trust's Net-Net Working Capital too high?
Schroder Japan Trust's current Net-Net Working Capital is $0.26. The Asset Management industry median Net-Net Working Capital is 6.48. Schroder Japan Trust's value of $0.26 is 96% below this industry median. Based on the distribution chart, Schroder Japan Trust ranks #351 out of 485 companies in the Asset Management industry, which is below the industry midpoint. Overall, Schroder Japan Trust has a GF Score™ of 53/100, reflecting its overall financial health beyond just this single metric.
How does Schroder Japan Trust's Net-Net Working Capital compare to BLK and BX?
According to the Asset Management industry distribution chart, Schroder Japan Trust ranks #351 out of 485 companies for Net-Net Working Capital. This places Schroder Japan Trust in the lower half of its industry. The industry median Net-Net Working Capital is 6.48. Schroder Japan Trust's value of $0.26 is 96% below this benchmark. 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 6.48, based on 485 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. Schroder Japan Trust's current Net-Net Working Capital of $0.26 is 96% below the industry median. 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 Schroder Japan Trust For the Asset Management industry, the median Net-Net Working Capital is 6.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Schroder Japan Trust's current Net-Net Working Capital is $0.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Schroder Japan Trust stock overvalued right now?
Schroder Japan Trust (SJGFF) has a current Net-Net Working Capital of $0.26. The stock's GF Value™ is $2.92, compared to a current price of $1.95 — trading 33.2% below its estimated fair value. The current Net-Net Working Capital is $0.26 and 96% below the Asset Management industry median of 6.48. Schroder Japan Trust's overall GF Score™ is 53/100 with 5 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 Schroder Japan Trust (SJGFF), the current Net-Net Working Capital is $0.26 as of Jan. 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 Schroder Japan Trust (SJGFF) Overvalued in 2026?
Based on GuruFocus' analysis, Schroder Japan Trust stock appears to be undervalued.
The current stock price of $1.95 is trading 33.2% below its estimated GF Value™ of $2.92.
Key valuation signals for SJGFF:
Net-Net Working Capital: $0.26
GF Value™: $2.92 vs. price of $1.95 (33.2% below fair value)
Industry Position: 96% below the Asset Management median (#351 of 485)
No single metric tells the full story. See the SJGFF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Schroder Japan Trust PLC is a London-based investment trust focused on Japanese equities. Its primary objective is to achieve long-term capital growth through an actively managed portfolio of securities listed on Japanese stock markets. The trust seeks to outperform the Tokyo Stock Price Index Total Return over time by investing in undervalued companies, including small and mid-sized businesses. It has a diversified portfolio across sectors such as industrials, Electrical Appliances, and financial services. It predominantly invests in equities and partly in other instruments like warrants, convertibles, and other derivative instruments across sectors such as consumer goods and industrials.
53GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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