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BLACKROCK MUNIYIELD QUALITY FUND III, has the GF Value Rank of 0.
The GF Value Rank is determined by the price-to-GF-Value (P/GF Value) ratio, a proprietary metric calculated based on historical multiples along with an adjustment factor based on a company's past returns and growth and future estimates of the business' performance.
GuruFocus found that for valuation, we cannot simply give stocks a better GF Value rank simply because they have a lower P/GF Value ratio. Backtesting shows that over the long term, the two worst-performing groups are the most expensive group (with the highest P/GF Value ratio) and the least expensive group (with the lowest P/GF Value ratio).
We can understand why the most expensive group underperforms. We were initially puzzled by the underperformance of the least expensive group, but we realized there is a reason why some stocks are super cheap. If they look too undervalued, it is often because the businesses behind them are poor quality. The market realized this and gave them low valuations. In a way, the market is efficient.
After multiple backtesting analyses, we granted the stocks in third-cheapest percentile the highest GF Value rank, as they have performed the best over a full market cycle. Stock performance is actually not as sensitive to valuation as it is to growth and profitability. On average, the companies in the 20%-50% valuation groups have similar performances. Therefore, we should avoid the most expensive and the least expensive stocks. We can be more tolerant of valuation.
Please click GF Score to see more details on the GF Score's 5 Key Aspects of Analysis.
Thank you for viewing the detailed overview of BLACKROCK MUNIYIELD QUALITY FUND III,'s GF Value Rank provided by GuruFocus.com. Please click on the following links to see related term pages.
Stayce D. Harris | director | 1999 S. BASCOM AVE., SUITE 700, CAMPBELL CA 95008 |
Arthur Philip Steinmetz | director | 50 HUDSON YARDS, NEW YORK NY 10001 |
Aaron David Wasserman | officer: Chief Compliance Officer | 50 HUDSON YARDS, NEW YORK NY 10001 |
Kristi Manidis Santiago | other: Portfolio Manager | 1 UNIVERSITY SQUARE DRIVE, PRINCETON NJ 08540 |
Phillip Soccio | other: Portfolio Manager | 100 BELLEVUE PARKWAY, WILMINGTON DE 19809 |
Kevin Maloney | other: Portfolio Manager | 55 EAST 52ND STREET, NEW YORK NY 10055 |
Walter Oconnor | other: Portfolio Manager | 800 SCUDDERS MILL ROAD, PLAINSBORO NJ 08536 |
Td Securities (usa) Llc | 10 percent owner | ONE VANDERBILT AVENUE, NEW YORK NY 10017 |
Td Group Us Holdings Llc | 10 percent owner | 251 LITTLE FALLS DRIVE, WILMINGTON DE 19808 |
Dominion Bank Toronto | 10 percent owner | 66 WELLINGTON STREET WEST, 12TH FLOOR, TD TOWER, TORONTO, ONTARIO A6 M5K 1A2 |
Toronto Dominion Holdings Usa Inc | 10 percent owner | 40 WALL STREET, NEW YORK NY 10003 |
Michael Kalinoski | other: Portfolio Manager | 800 SCUDDERS MILL ROAD, PLAINSBORO NJ 08536 |
Lorenzo Flores | director | 2100 LOGIC DRIVE, SAN JOSE CA 95124 |
James Phillip Holloman | director | P.O. BOX 625737, 6800 CINTAS BOULEVARD, CINCINNATI OH 45262 |
Trent Walker | officer: Chief Financial Officer | C/O PIMCO, 650 NEWPORT CENTER DRIVE, NEWPORT BEACH CA 92660 |
From GuruFocus
By Business Wire • 10-31-2023
By GuruFocus Research GuruFocus Editor • 08-16-2021
By GuruFocus Research • 10-13-2023
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