SRH Total Return Fund, Inc. (STEW)
The SRH Total Return Fund, Inc. operates as a closed-end balanced mutual fund, overseen by Boulder Investment Advisers, L.L.C., with Stewart West Indies Trading Co Ltd. and Rocky Mountain Advisers, Llc. acting as co-managers. This fund seeks investment opportunities across global public equity and fixed income markets, targeting businesses within a broad spectrum of industries. Its primary holdings include dividend-paying value stocks from companies across all market capitalizations, alongside corporate fixed-income instruments. The investment strategy employs a bottom-up security selection process, utilizing both fundamental and quantitative analysis to identify resilient enterprises with robust financial health and consistent operational performance. Established in the United States on December 7, 1972, the fund measures its portfolio's performance against the S&P 500 Composite Index.
Industry: Asset Management
SRH Total Return Fund, Inc.
NYSE:STEWFinancial Services · Asset Management
+0.17%$18.03
AH Close$18.03+0.00%vs close
AH$18.03+0.00%vs close
Mkt Cap$1.74B
Float5.65M
O/S96.44M
Inst Own20.1%
SI0.2%
Div Yield4.44%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$101.92M
Net Income$174.09M
Total Assets$2.47B
Free Cash Flow$3.36M
Debt & Equity
Debt 9%
Equity 91%
Total Debt$223.74M
Total Equity$2.23B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in STEW's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$2.47B
Liabilities$236.43M
Accounts Receivable$1.04M
Accounts Payable$439K
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2019-11-30 | 2018-11-30 | 2017-11-30 |
| Revenue | $101.92M | $83.37M | $83.12M | $80.78M | $68.47M | $54.77M | $61.36M | $97.79M | $251M |
| YoY Growth | 22.2% | 0.3% | 2.9% | 18.0% | 25.0% | -10.7% | -37.3% | -61.0% | - |
| Cost of Revenue | $22.75M | $20.47M | $17.6M | $17.34M | $17.78M | $13.16M | $0 | $0 | $0 |
| Gross Profit | $79.17M | $62.9M | $65.52M | $63.43M | $50.69M | $41.61M | $61.36M | $97.79M | $251M |
| Gross Margin | 77.7% | 75.4% | 78.8% | 78.5% | 74.0% | 76.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $3.15M | $2.87M | $2.61M | $2.55M | $2.67M | $2.06M | $2.19M | $3.18M | $3.5M |
| Other | -$104.38M | $18.56M | $15.96M | $15.72M | $16M | $11.8M | $37K | $36K | $37K |
| Total Operating Expenses | -$101.23M | $21.43M | $18.58M | $18.27M | $18.67M | $13.86M | $2.23M | $3.21M | $3.54M |
| Operating Income (EBIT) | $180.4M | $553.74M | $146.62M | $70.2M | $280.07M | -$3.48M | $59.13M | $94.72M | $248.35M |
| Operating Margin | 177.0% | 664.2% | 176.4% | 86.9% | 409.1% | -6.4% | 96.4% | 96.9% | 98.9% |
| Interest Expense | $6.31M | $6.12M | $6.12M | $6.12M | $6.12M | $439K | $0 | $138K | $887K |
| Interest Income | $32.43M | $6.73M | $3.99M | $1.2M | $34K | $1.06M | $2.77M | $2.67M | $0 |
| Other Income (Expense) | -$6.31M | -$6.31M | -$6.31M | -$6.29M | -$6.31M | -$461K | $0 | -$138K | -$887K |
| Income Before Tax (EBT) | $174.09M | $547.43M | $140.31M | $63.91M | $273.96M | -$3.94M | $59.13M | $94.58M | $247.46M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $174.09M | $547.43M | $140.31M | $63.91M | $273.96M | -$3.94M | $59.13M | $94.58M | $247.46M |
| Net Income Margin | 170.8% | 656.6% | 168.8% | 79.1% | 400.1% | -7.2% | 96.4% | 96.7% | 98.6% |
| Supplementary Data | |||||||||
| EPS | 1.81 | 5.66 | 1.44 | 0.66 | 2.80 | -0.04 | 0.59 | 0.91 | 2.32 |
| Diluted EPS | 1.81 | 5.66 | 1.44 | 0.66 | 2.79 | -0.04 | 0.59 | 0.91 | 2.32 |
| Weighted Average OS | 96.44M | 96.44M | 97.07M | 96.84M | 97.84M | 98.27M | 100.22M | 103.94M | 106.66M |
| EBITDA | $180.4M | $553.74M | $146.62M | $70.2M | $280.5M | -$3.48M | $59.3M | $94.72M | $248.35M |
| EBITDA Margin | 177.0% | 664.2% | 176.4% | 86.9% | 409.7% | -6.4% | 96.6% | 96.9% | 98.9% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2019-11-30 | 2018-11-30 | 2017-11-30 |
| Assets | |||||||||
| Current Assets | |||||||||
| Cash and Cash Equivalents | $0 | $0 | $0 | $0 | $384K | $0 | $76K | $0 | $22K |
| Short-Term Investments | $108.1M | $86.33M | $141.03M | $106.85M | $0 | $308.41M | $0 | $0 | $0 |
| Cash and Short-Term Investments | $108.1M | $86.33M | $141.03M | $106.85M | $384K | $308.41M | $76K | $0 | $22K |
| Accounts Receivable | $1.04M | $1.51M | $2.56M | $2.61M | $2.04M | $7.33M | $1.69M | $1.83M | $1.93M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | -$109.15M | -$1.51M | -$141.1M | -$106.85M | -$74K | -$315.79M | $0 | $0 | $0 |
| Total Current Assets | $0 | $86.33M | $2.56M | $2.68M | $2.42M | $0 | $1.77M | $1.83M | $1.96M |
| Long-Term Assets | |||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $2.35B | $1.86B | $1.77B | $1.76B | $1.56B | $1.39B | $1.41B | $1.41B |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $0 | $0 | $72K | $0 | $0 | $0 | $0 | -$1.41B | -$1.41B |
| Total Long-Term Assets | $2.47B | $2.35B | $1.86B | $1.77B | $1.76B | $1.56B | $1.39B | $1.41B | $1.41B |
| Other Assets | $2.47B | -$84.75M | $0 | $0 | $74K | $1.57B | $57K | $25K | $133K |
| Total Assets | $2.47B | $2.35B | $1.86B | $1.77B | $1.76B | $1.57B | $1.39B | $1.41B | $1.41B |
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts Payable | $439K | $439K | $437K | $439K | $439K | $32.05M | $1.08M | $0 | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $2.52M | $6.59M | $867K | $136K | $1.09M | $0 | $0 | -$1.08M | -$1.2M |
| Total Current Liabilities | $2.52M | $8.91M | $2.94M | $2.09M | $839K | $32.05M | $1.08M | $1.08M | $1.2M |
| Long-Term Liabilities | |||||||||
| Long-Term Debt | $223.74M | $223.55M | $223.36M | $223.17M | $222.98M | $222.75M | $0 | $0 | $50.03M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | -$223.74M | $0 | $0 | $0 | -$188K | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $233.93M | $223.55M | $223.36M | $223.17M | $222.98M | $222.75M | $0 | $0 | $50.03M |
| Other Liabilities | $233.91M | $0 | $0 | $0 | $437K | $263.77M | $0 | $1.51M | $574K |
| Total Liabilities | $236.43M | $232.46M | $226.3M | $225.26M | $224.25M | $263.77M | $1.61M | $1.51M | $51.8M |
| Stockholders' Equity | |||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $964K | $964K | $971K | $973K | $978K | $983K | $1.03M | $1.06M | $1.06M |
| Retained Earnings | $1.72B | $1.6B | $1.11B | $1.02B | $998.89M | $764.98M | $806.69M | $787.02M | -$4.67M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $512.5M | $513.21M | $523.37M | $526.91M | $534.76M | $539.93M | $584.83M | $619.48M | $1.36B |
| Total Equity | $2.23B | $2.12B | $1.63B | $1.55B | $1.53B | $1.31B | $1.39B | $1.41B | $1.36B |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $2.47B | $2.35B | $1.86B | $1.77B | $1.76B | $1.57B | $1.39B | $1.41B | $1.41B |
| Supplementary Data | |||||||||
| Total Debt | $223.74M | $223.55M | $223.36M | $223.17M | $222.98M | $222.75M | $0 | $0 | $50.03M |
| Net Debt | $223.74M | $223.55M | $223.36M | $223.17M | $222.59M | $222.75M | -$76K | $0 | $50.01M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2017 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2017-11-30 |
| Operating Activities | |||||||
| Net Income | $174.09M | $547.43M | $140.31M | $63.91M | $273.96M | -$3.94M | $247.46M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $230K | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||
| Accounts Receivable | $465K | $1.05M | $51K | -$571K | -$946K | $601K | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $100K | $342K | $59K | $945K | -$650K | $0 | $0 |
| Other Working Capital | $77K | -$82K | $67K | $878K | -$76K | $186K | $0 |
| Total Working Capital Change | $642K | $1.31M | $178K | $307K | -$1.67M | $787K | $584K |
| Other Non-Cash Items | -$171.38M | -$486.24M | -$88.32M | -$11.59M | -$226.91M | -$136.94M | -$203.92M |
| Net Cash from Operating | $3.36M | $62.5M | $52.17M | $52.63M | $45.6M | -$140.09M | $44.12M |
| Investing Activities | |||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$155.46M | -$138.6M | -$171.14M | -$157.37M | -$233.9M | -$89.1M | $0 |
| Sales of Investments | $237.34M | $140.84M | $242.3M | $174.02M | $97.3M | $59.75M | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $81.88M | $2.24M | $71.16M | $16.65M | -$136.6M | -$29.35M | $0 |
| Financing Activities | |||||||
| Debt Repaid | - | - | - | - | - | -$225M | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | -$2.26M | $0 |
| Common Stock Repurchases | $0 | -$9.3M | -$3.54M | -$6.26M | -$5.29M | -$41.79M | -$816K |
| Dividends Paid | -$63.65M | -$53.2M | -$48.63M | -$46.75M | -$39.93M | -$40.93M | -$43.28M |
| Other Financing Activities | $0 | $0 | $0 | $0 | $0 | $0 | -$816K |
| Net Cash from Financing | -$63.65M | -$62.5M | -$52.17M | -$53.01M | -$45.22M | $140.02M | -$44.1M |
| Forex Effect | -$21.59M | $0 | $0 | $0 | $179.03M | $0 | $98 |
| Net Change in Cash | $0 | $0 | $0 | -$384K | $384K | -$76K | $22K |
| Supplementary Data | |||||||
| Operating Cash Flow | $3.36M | $62.5M | $52.17M | $52.63M | $45.6M | -$140.09M | $44.12M |
| Capital Expenditure | $0 | -$4 | -$5 | $0 | -$4 | $0 | $0 |
| Free Cash Flow | $3.36M | $62.5M | $52.17M | $52.63M | $45.6M | -$140.09M | $44.12M |
| Cash at Beginning | $0 | $0 | $0 | $384K | $0 | $76K | $6K |
| Cash at End | $0 | $0 | $0 | $0 | $384K | $0 | $29K |