Western Asset Investment Gradeome Fund (Western Asset Investment Gradeome Fund) Net-Net Working Capital : $-0.02 (As of Dec. 2023)

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What is Western Asset Investment Gradeome Fund Net-Net Working Capital?

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.

Western Asset Investment Gradeome Fund's Net-Net Working Capital for the quarter that ended in Dec. 2023 was $-0.02.

The industry rank for Western Asset Investment Gradeome Fund's Net-Net Working Capital or its related term are showing as below:

PAI's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Asset Management industry.
Industry Median: 6.14
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Western Asset Investment Gradeome Fund Net-Net Working Capital Historical Data

The historical data trend for Western Asset Investment Gradeome Fund'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.

* Premium members only.

Western Asset Investment Gradeome Fund Net-Net Working Capital Chart

Western Asset Investment Gradeome Fund Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Net-Net Working Capital

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-0.01

-0.02

-0.01

-0.04

-0.02

Western Asset Investment Gradeome Fund Semi-Annual Data
	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Net-Net Working Capital	Get a 7-Day Free Trial								-0.01	-0.06	-0.04	-0.06	-0.02

Competitive Comparison of Western Asset Investment Gradeome Fund's Net-Net Working Capital

For the Asset Management subindustry, Western Asset Investment Gradeome Fund'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.

Western Asset Investment Gradeome Fund's Price-to-Net-Net-Working-Capital Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Western Asset Investment Gradeome Fund's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Western Asset Investment Gradeome Fund's Price-to-Net-Net-Working-Capital falls into.

Western Asset Investment Gradeome Fund Net-Net Working Capital Calculation

Western Asset Investment Gradeome Fund's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(A: Dec. 2023 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(0	+	0	+	0.75 * 0	+	0.5 * 0	-	0.157
-	0	-	0)	/	9.51096
=	-0.02

Western Asset Investment Gradeome Fund's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(Q: Dec. 2023 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(0	+	0	+	0.75 * 0	+	0.5 * 0	-	0.157
-	0	-	0)	/	9.51096
=	-0.02

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.

Western Asset Investment Gradeome Fund (NYSE:PAI) 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.

Western Asset Investment Gradeome Fund Net-Net Working Capital Related Terms

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Western Asset Investment Gradeome Fund (Western Asset Investment Gradeome Fund) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Western Asset Investment Grade Income Fund Inc (NYSE:PAI) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

620 Eighth Avenue, 47th Floor, New York, MA, USA, 10018

Website

https://www.leggmason.com

Western Asset Investment Grade Income Fund Inc is a closed-end diversified investment company. The company designed primarily as a long-term investment and not as a trading vehicle. The fund seeks a high level of current income, consistent with prudent investment risk, through investment in a diversified portfolio of debt securities. Its portfolio is invested in securities which may be convertible into or exchangeable for, or carry warrants to purchase, common stock or other equity interests; and preferred stock.

Executives

Hoffmann Courtney A.	other: Secretary/GC Subadviser	WESTERN ASSET MANAGEMENT COMPANY, LLC, 385 EAST COLORADO BOULEVARD, PASADENA CA 91101
Andrew J. Bowden	other: COO/Subadviser	WESTERN ASSET MANAGEMENT COMPANY, LLC, 385 EAST COLORADO BOULEVARD, PASADENA CA 91101
Oliveira Marc De	officer: Secretary / Chief LGL Officer	C/O LEGG MASON & CO. LLC, ONE FIRST STAMFORD PLACE, STAMFORD CT 06902
Matthew Nicholls	other: Director of Investment Adviser	ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Jed A. Plafker	other: Director of Investment Adviser	ONE FRANKLIN PARKWAY, SAN MATEO CA 94403
Jennifer M Johnson	other: Director of Investment Adviser	C/O FRANKLIN RESOURCES, INC., ONE FRANKLIN PARKWAY, SAN MATEO CA 94403-1906
Michael Larson	director	2365 CARILLON POINT, KIRKLAND WA 98033
Ronald L Olson	director	EDISON INTERNATIONAL, 2244 WALNUT GROVE AVENUE, ROSEMEAD CA 91770
Susan B Kerley	director	51 MADISON AVENUE, NEW YORK NY 10010
Jane F Dasher	director	KORSNAT PARTNERS, 283 GREENWICH AVE 3RD FL, GREENWICH CT 06830
Christopher Berarducci	officer: Treas/Principal Finan Officer	LEGG MASON, 620 EIGHTH AVENUE, NEW YORK NY 10018
Ted P Becker	officer: Chief Compliance Officer	399 PARK AVENUE, 4TH FLOOR, NEW YORK NY 10022
Peter J. Taylor	director	2244 WALNUT GROVE AVENUE, ROSEMEAD CA 91770
S. Kenneth Leech	other: Portfolio Manager - Adviser	385 EAST COLORADO BLVD, PASADENA CA 91101
John Kenney	other: Director of Subadviser	100 INTERNATIONAL DRIVE, BALTIMORE MD 21202