Stock fact sheet · data as of
Total Return Securities Fund (SWZ): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · Value
Is SWZ undervalued?
SWZ has a margin of safety of 45%: the stock closed at 5.72 on 16 Oct 2026 against a GLS average fair value of 10.34. 6 of the 8 valuation models that produced a number sit above the price. Our screens 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.
The nightly engine files SWZ under Value: positive earnings at a P/E of 18 or less.
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.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 6.42 | +12% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 9.34 | +63% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 29.88 | +422% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 13.06 | +128% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 15.57 | +172% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 1.04 | -82% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 1.64 | -71% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 5.80 | +1% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 3.73 | -35% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - SWZ passes 5 of the nine Piotroski tests, which falls one point short of the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 4.6 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
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.
| Piotroski F-score | 5 / 9 | ROIC | 15.3% |
|---|---|---|---|
| GLS Moat | 4.6 / 10 | ROE | 15.3% |
| Debt / equity | 0.00 | ROA | 15.2% |
| Free-cash-flow yield | 0.9% | Payout ratio | 0% |
| Institutions | 4 / 10 | Insiders · Congress | 9 · 5 / 10 |
Wheel Score 39: 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; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 0k shares a day on a market cap of $74M, with a beta of 0.76 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 45% margin of safety | |
| Health | 11 / 20 | Piotroski 5/9 | |
| Moat | 7 / 15 | moat 4.6/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 0k shares/day, $74M cap, beta 0.76 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score 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.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| VGI Virtus Global Multi-Sector Income Fund | 6.54 | 25.03 | +74% | 39No options | $74M |
| ZSTK ZeroStack Corp. | 4.15 | - | - | 21No options | $72M |
| FHLKX Fidelity Health Savings Fund Class K | 11.49 | 1,202.58 | +99% | 39No options | $72M |
| GLV Clough Global Dividend and Income Fund | 5.78 | 45.38 | +87% | 39No options | $72M |
| UNOV Innovator U.S. Equity Ultra Buffer ETF | 41.64 | 0.1397 | -29706% | 27No options | $78M |
| GECCH Great Elm Capital Corp. - 8.125 | 24.92 | 57.34 | +57% | 39No options | $70M |
| BSVSX Baird Equity Opportunity Fund - Investor Class | 14.57 | 784.60 | +98% | 39No options | $70M |
| EEA The European Equity Fund, Inc. | 10.24 | 50.36 | +80% | 39No options | $70M |
| PCL PGIM ETF Trust - PGIM Corporate Bond 10+ Year ETF | 45.65 | 22.68 | -101% | 23No options | $70M |
| GECC Great Elm Capital Corp. | 5.02 | 55.69 | +91% | 39No options | $70M |
| AFCG Advanced Flower Capital Inc. | 3.10 | 4.69 | +34% | 43Weak | $70M |
| SAMG Silvercrest Asset Management Group Inc. | 10.21 | 9.99 | -2% | 61Fair | $80M |
⚖ Compare SWZ with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about SWZ
Is SWZ undervalued right now?
By the GLS models, yes: at 5.72 the stock is 45% below the average fair value of 10.34 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of SWZ and what does it mean?
SWZ has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for SWZ?
10.34 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Total Return Securities Fund report earnings next?
No upcoming earnings date is recorded for SWZ in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does SWZ have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on SWZ, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.