STEW (SRH Total Return Fund,) Scaled Net Operating Assets: 1.06 (As of Nov. 2025)


STEW SRH Total Return Fund, Inc. STEW
57 GF Score
Price $17.79
GF Value $20.86
Valuation Modestly Undervalued
! 4 Warning Signs
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What is SRH Total Return Fund, Scaled Net Operating Assets?

SRH Total Return Fund, STEW -0.17% 57 Scaled Net Operating Assets is 1.06 as of Nov. 2025. GuruFocus rates STEW with a GF Score™ of 57/100 and a GF Value™ of $20.86 (Modestly Undervalued). The stock has 4 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

SRH Total Return Fund,'s operating assets for the quarter that ended in Nov. 2025 was $2,465.5 Mil. SRH Total Return Fund,'s operating liabilities for the quarter that ended in Nov. 2025 was $12.7 Mil. SRH Total Return Fund,'s Total Assets for the quarter that ended in May. 2025 was $2,307.7 Mil. Therefore, SRH Total Return Fund,'s scaled net operating assets (SNOA) for the quarter that ended in Nov. 2025 was 1.06.

STEW
57GF Score
SRH Total Return Fund, Inc. STEW
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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SRH Total Return Fund, Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

SRH Total Return Fund,'s Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Nov. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Nov. 2025 )
=(Operating Assets (A: Nov. 2025 )-Operating Liabilities (A: Nov. 2025 ))/Total Assets (A: Nov. 2024 )
=(2465.467-12.686)/2351.065
=1.04

where

Operating Assets(A: Nov. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=2465.467 - 0
=2465.467

Operating Liabilities(A: Nov. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=236.426 - 223.74 - 0
=12.686

SRH Total Return Fund,'s Scaled Net Operating Assets (SNOA) for the quarter that ended in Nov. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Nov. 2025 )
=(Operating Assets (Q: Nov. 2025 )-Operating Liabilities (Q: Nov. 2025 ))/Total Assets (Q: May. 2025 )
=(2465.467-12.686)/2307.654
=1.06

where

Operating Assets(Q: Nov. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=2465.467 - 0
=2465.467

Operating Liabilities(Q: Nov. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=236.426 - 223.74 - 0
=12.686

* 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.

What does a Scaled Net Operating Assets of 1.06 mean?
SRH Total Return Fund, (STEW) has a Scaled Net Operating Assets of 1.06 as of Nov. 2025. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on SRH Total Return Fund, and its competitors.
Is SRH Total Return Fund,'s Scaled Net Operating Assets too high?
SRH Total Return Fund,'s current Scaled Net Operating Assets is 1.06. Overall, SRH Total Return Fund, has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SRH Total Return Fund,'s Scaled Net Operating Assets compare to BCAT and BDJ?
SRH Total Return Fund,'s Scaled Net Operating Assets of 1.06 can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for an Asset Management company?
A good Scaled Net Operating Assets depends on the Asset Management industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on SRH Total Return Fund, and its competitors. SRH Total Return Fund,'s current Scaled Net Operating Assets is 1.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SRH Total Return Fund, stock overvalued right now?
Based on GuruFocus' analysis, SRH Total Return Fund, (STEW) is currently considered Modestly Undervalued. The stock's GF Value™ is $20.86, compared to a current price of $17.79 — trading 14.7% below its estimated fair value. The current Scaled Net Operating Assets is 1.06. SRH Total Return Fund,'s overall GF Score™ is 57/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For SRH Total Return Fund, (STEW), the current Scaled Net Operating Assets is 1.06 as of Nov. 2025. 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 SRH Total Return Fund, (STEW) Overvalued in 2026?

Based on GuruFocus' analysis, SRH Total Return Fund, stock appears to be undervalued. The current stock price of $17.79 is trading 14.7% below its estimated GF Value™ of $20.86. GuruFocus considers SRH Total Return Fund, to be Modestly Undervalued.

Key valuation signals for STEW:

  • Scaled Net Operating Assets: 1.06
  • GF Value™: $20.86 vs. price of $17.79 (14.7% below fair value)
  • GF Score™: 57/100 with 4 warning signs

No single metric tells the full story. See the STEW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SRH Total Return Fund, Business Description

Address 1700 Broadway, Suite 2100, Denver, CO, USA, 80290
SRH Total Return Fund, Inc. is a non-diversified closed-end management investment company. The company's investment objective is to seek total returns. Its fund utilizes a bottom-up, value-driven investment process to identify securities of good quality businesses trading below estimated intrinsic value. The Funds are available as an actively-managed closed-end fund, an actively managed ETF and a passively-managed ETF.
57GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$17.79
Price
$20.86
GF Value