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Blackrock Muniyield Pennsylvania Quality Fund (Blackrock Muniyield Pennsylvania Quality Fund) Forward Rate of Return (Yacktman) % : 6.49% (As of Jul. 2023)


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What is Blackrock Muniyield Pennsylvania Quality Fund Forward Rate of Return (Yacktman) %?

Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Blackrock Muniyield Pennsylvania Quality Fund's forward rate of return for was 6.49%.

The historical rank and industry rank for Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return (Yacktman) % or its related term are showing as below:

MPA' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 4.37   Med: 5.87   Max: 8.25
Current: 5.96

During the past 7 years, Blackrock Muniyield Pennsylvania Quality Fund's highest Forward Rate of Return was 8.25. The lowest was 4.37. And the median was 5.87.

MPA's Forward Rate of Return (Yacktman) % is ranked better than
52.53% of 1207 companies
in the Asset Management industry
Industry Median: 5.51 vs MPA: 5.96

Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past seven years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.


Blackrock Muniyield Pennsylvania Quality Fund Forward Rate of Return (Yacktman) % Historical Data

The historical data trend for Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return (Yacktman) % 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.

Blackrock Muniyield Pennsylvania Quality Fund Forward Rate of Return (Yacktman) % Chart

Blackrock Muniyield Pennsylvania Quality Fund Annual Data
Trend Jul17 Jul18 Jul19 Jul20 Jul21 Jul22 Jul23
Forward Rate of Return (Yacktman) %
Get a 7-Day Free Trial - - - 4.58 6.49

Blackrock Muniyield Pennsylvania Quality Fund Semi-Annual Data
Jul17 Jan18 Jul18 Jan19 Jul19 Jan20 Jul20 Jan21 Jul21 Jan22 Jul22 Jan23 Jul23 Jan24
Forward Rate of Return (Yacktman) % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 4.58 - 6.49 -

Competitive Comparison of Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return (Yacktman) %

For the Asset Management subindustry, Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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.


Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return (Yacktman) % Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return (Yacktman) % distribution charts can be found below:

* The bar in red indicates where Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return (Yacktman) % falls into.



Blackrock Muniyield Pennsylvania Quality Fund Forward Rate of Return (Yacktman) % Calculation

Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):

If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.

The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).

Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return of Jul. 2023 is

Forward Rate of Return=Normalized Free Cash Flow/Price+5-Year Book Value Growth Rate
=1.14383333/11.69+-0.0329
=6.49 %

* 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.


Blackrock Muniyield Pennsylvania Quality Fund  (NYSE:MPA) Forward Rate of Return (Yacktman) % Explanation

Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.

For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of Book Value per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.


Be Aware

In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.


Blackrock Muniyield Pennsylvania Quality Fund Forward Rate of Return (Yacktman) % Related Terms

Thank you for viewing the detailed overview of Blackrock Muniyield Pennsylvania Quality Fund's Forward Rate of Return (Yacktman) % provided by GuruFocus.com. Please click on the following links to see related term pages.


Blackrock Muniyield Pennsylvania Quality Fund (Blackrock Muniyield Pennsylvania Quality Fund) Business Description

Traded in Other Exchanges
N/A
Address
100 Bellevue Parkway, Wilmington, DE, USA, 19809
Blackrock Muniyield Pennsylvania Quality Fund is a closed-end fund with investment objective is to provide shareholders with current income exempt from U.S. federal and Pennsylvania income taxes.
Executives
Saba Capital Management, L.p. 10 percent owner 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
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
Boaz Weinstein 10 percent owner 405 LEXINGTON AVENUE, 58TH FLOOR, NEW YORK NY 10174
Kevin Maloney other: Portfolio Manager 55 EAST 52ND STREET, NEW YORK NY 10055
Kristi Manidis Santiago other: Portfolio Manager 1 UNIVERSITY SQUARE DRIVE, PRINCETON NJ 08540
Walter Oconnor other: Portfolio Manager 800 SCUDDERS MILL ROAD, PLAINSBORO NJ 08536
Michael Kalinoski other: Portfolio Manager 800 SCUDDERS MILL ROAD, PLAINSBORO NJ 08536
Christian Romaglino other: Portfolio Manager 55 EAST 52ND STREET, NEW YORK NY 10055
Toronto Dominion Investments, Inc. 10 percent owner 909 FANIN, SUITE 1950, HOUSTON TX 77010
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
Td Securities (usa) Llc 10 percent owner ONE VANDERBILT AVENUE, NEW YORK NY 10017
Toronto Dominion Holdings Usa Inc 10 percent owner 40 WALL STREET, NEW YORK NY 10003
Lorenzo Flores director 2100 LOGIC DRIVE, SAN JOSE CA 95124