Total Return Securities Fund (SWZ): fair value, margin of safety and Wheel Score

Is SWZ undervalued?

SWZ has a margin of safety of 43%: the stock closed at 5.89 on 5 Nov 2026 against a GLS average fair value of 10.38. 5 of the 8 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.

The 8 models disagree widely: 10 Cap gives 1.04 while Graham Growth gives 29.88. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

SWZ looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.

Nine valuation models for SWZ

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is weak: SWZ passes 4 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. There is no GLS Moat score for SWZ: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.

Returns on capital are high - ROIC 15.3%, ROE 15.3%, ROA 15.2% - with debt at 0.00 times equity and a free-cash-flow yield of 0.9%.

Total Return Securities Fund pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.

Institutional ownership scores 4/10, insider activity 9/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 25: No options

SWZ has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (25 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 33k shares a day on a market cap of $76M, with a beta of 0.74 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for SWZ in the nightly calendar.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Asset Management

The 12 companies below are the closest to Total Return Securities Fund by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

⚖ Compare SWZ with 7 of them   All Financial Services stocks →