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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Fiduciary/Claymore Energy Infrastructure Fund has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Fiduciary/Claymore Energy Infrastructure Fund's Piotroski F-Score or its related term are showing as below:
The historical data trend for Fiduciary/Claymore Energy Infrastructure Fund's Piotroski F-Score 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.
Fiduciary/Claymore Energy Infrastructure Fund Annual Data | |||||||||||
Trend | Nov17 | Nov18 | Nov19 | Nov20 | Nov21 | ||||||
Piotroski F-Score | N/A | N/A | 4.00 | 5.00 | 7.00 |
Fiduciary/Claymore Energy Infrastructure Fund Semi-Annual Data | |||||||||
Nov17 | May18 | Nov18 | May19 | Nov19 | May20 | Nov20 | May21 | Nov21 | |
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | - | 5.00 | - | 7.00 |
How is the Piotroski F-Score calculated?
* 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.
This Year (Nov21) TTM: | Last Year (Nov20) TTM: |
Net Income was $34.34 Mil. Cash Flow from Operations was $2.80 Mil. Revenue was $33.82 Mil. Average Total Assets from the begining of this year (Nov20) to the end of this year (Nov21) was (81.947 + 98.686) / 2 = $90.3165 Mil. Total Assets at the begining of this year (Nov20) was $81.95 Mil. Long-Term Debt & Capital Lease Obligation was $15.05 Mil. Total Assets was $98.69 Mil. Total Liabilities was $15.50 Mil. |
Net Income was $-203.68 Mil. Revenue was $-202.60 Mil. Average Total Assets from the begining of last year (Nov19) to the end of last year (Nov20) was (480.712 + 81.947) / 2 = $281.3295 Mil. Total Assets at the begining of last year (Nov19) was $480.71 Mil. Long-Term Debt & Capital Lease Obligation was $15.04 Mil. Total Assets was $81.95 Mil. Total Liabilities was $26.93 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Fiduciary/Claymore Energy Infrastructure Fund's current Net Income (TTM) was 34.34.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Fiduciary/Claymore Energy Infrastructure Fund's current Cash Flow from Operations (TTM) was 2.80.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Nov20) |
= | 34.342 | / | 81.947 | |
= | 0.41907574 |
ROA (Last Year) | = | Net Income | / | Total Assets (Nov19) |
= | -203.677 | / | 480.712 | |
= | -0.4236986 |
Fiduciary/Claymore Energy Infrastructure Fund's return on assets of this year was 0.41907574. Fiduciary/Claymore Energy Infrastructure Fund's return on assets of last year was -0.4236986.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Fiduciary/Claymore Energy Infrastructure Fund's current Net Income (TTM) was 34.34. Fiduciary/Claymore Energy Infrastructure Fund's current Cash Flow from Operations (TTM) was 2.80.
==> 2.80 <= 34.34 ==> CFROA <= ROA ==> Score 0.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Nov21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Nov20 to Nov21 |
= | 15.052 | / | 90.3165 | |
= | 0.16665836 |
Gearing (Last Year: Nov20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Nov19 to Nov20 |
= | 15.042 | / | 281.3295 | |
= | 0.05346755 |
Fiduciary/Claymore Energy Infrastructure Fund's gearing of this year was 0.16665836. Fiduciary/Claymore Energy Infrastructure Fund's gearing of last year was 0.05346755.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Current Ratio (This Year: Nov21) | = | Total Assets | / | Total Liabilities |
= | 98.686 | / | 15.495 | |
= | 6.36889319 |
Current Ratio (Last Year: Nov20) | = | Total Assets | / | Total Liabilities |
= | 81.947 | / | 26.93 | |
= | 3.04296324 |
Fiduciary/Claymore Energy Infrastructure Fund's current ratio of this year was 6.36889319. Fiduciary/Claymore Energy Infrastructure Fund's current ratio of last year was 3.04296324.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Fiduciary/Claymore Energy Infrastructure Fund's number of shares in issue this year was 6.924. Fiduciary/Claymore Energy Infrastructure Fund's number of shares in issue last year was 7.089.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 34.342 | / | 33.818 | |
= | 1.01549471 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | -203.677 | / | -202.598 | |
= | 1.00532582 |
Fiduciary/Claymore Energy Infrastructure Fund's net margin of this year was 1.01549471. Fiduciary/Claymore Energy Infrastructure Fund's net margin of last year was 1.00532582.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Nov20) |
= | 33.818 | / | 81.947 | |
= | 0.41268137 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Nov19) |
= | -202.598 | / | 480.712 | |
= | -0.42145401 |
Fiduciary/Claymore Energy Infrastructure Fund's asset turnover of this year was 0.41268137. Fiduciary/Claymore Energy Infrastructure Fund's asset turnover of last year was -0.42145401.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | + | 1 | + | 1 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Fiduciary/Claymore Energy Infrastructure Fund has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Fiduciary/Claymore Energy Infrastructure Fund (NYSE:FMO) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Fiduciary/Claymore Energy Infrastructure Fund's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Matthew Sallee | other: Portfolio Manager | 5100 W. 115TH PLACE, LEAWOOD KS 66211 |
Toupin Ronald E Jr | director, other: Trustee | 117 ASHLAND AVENUE, RIVER FOREST IL 60305 |
Sandra G Sponem | director, other: Trustee | 800 NICOLLET MALL, J1012057, MINNEAPOLIS MN 55402-7020 |
Lydon Thomas F Jr | director, other: Trustee | |
Angela Brock-kyle | director, other: Trustee | 3700 COLONNADE PARKWAY, BIRMINGHAM AL 35243 |
Quinn Thomas Kiley | other: Portfolio Manager | 8235 FORSYTH BOULEVARD, SUITE 700, CLAYTON MO 63105 |
William Rehder | officer: Assistant Vice President | 227 W MONROE STREET, CHICAGO IL 60606 |
Jon Szafran | officer: Assistant Treasurer | 227 W. MONROE STREET, CHICAGO IL 60606 |
Brian E. Binder | officer: President and CEO | C/O ANJIE LAROCCA, DEUTSCHE BANK, 60 WALL STREET, NEW YORK NY 11752 |
Randall C Barnes | director, other: Trustee | 2455 CORPORATE WEST DRIVE, LISLE IL 60187 |
Cunnane James J Jr | other: portfolio manager | FIDUCIARY ASSET MANAGEMENT LLC, 8112 MARYLAND AVE, SUITE 200, ST. LOUIS MO 63105 |
Maynard F. Oliverius | director, other: Trustee | 2455 CORPORATE WEST DRIVE, LISLE IL 60532 |
Keith David Kemp | officer: Assistant Treasurer | MACQUARIE FUND ADVISER LLC, 125 WEST 55TH STREET, NEW YORK NY 10019 |
Glenn Mcwhinnie | officer: Assistant Treasurer | 227 W. MONROE STREET, CHICAGO IL 60606 |
Adam J Nelson | officer: Assistant Treasurer | 227 WEST MONROE STREET, CHICAGO IL 60606 |
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