Total Return Securities Fund (SWZ)
Total Return Securities Fund (formerly The Swiss Helvetia Fund) is a non-diversified, closed-end management investment company that, following a February 2025 shareholder vote, replaced its prior mandate of investing in Swiss equities with a broader objective of long-term total return. Now advised by Bulldog Investors, LLP, the fund primarily purchases U.S. securities or other assets viewed as undervalued at purchase, pursuing a three-pronged approach of long-term undervalued equities, shareholder activism to unlock value, and event-driven or arbitrage opportunities, including closed-end fund discount plays.
Industry: Asset Management
Total Return Securities, Inc.
NYSE:SWZFinancial Services · Asset Management
+0.69%$5.85
AH Close$5.85+0.00%vs close
AH Close$5.85+0.00%vs close
Mkt Cap$75.9M
Float11.95M
O/S12.97M
Inst Own33.6%
SI0.1%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$46.05M
Net Income$17.91M
Total Assets$117.81M
Free Cash Flow$2.19M
Debt & Equity
Equity 100%
Total Debt$0
Total Equity$117.32M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in SWZ's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$117.81M
Liabilities$495K
Accounts Receivable$991K
Accounts Payable$87K
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 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $46.05M | $3.34M | $2.94M | -$26.23M | $6.44M | $306K | $26.85M | -$25.2M | $70.95M | $8.11M | $7.23M | $8.22M | $8.53M | $10.42M |
| YoY Growth | 1278.4% | 13.5% | -111.2% | -507.4% | 2003.0% | -98.9% | -206.6% | -135.5% | 774.7% | 12.2% | -12.1% | -3.6% | -18.1% | - |
| Cost of Revenue | $214K | $0 | $0 | $58K | $1.43M | $1.33M | $1.42M | $2.58M | $2.76M | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $45.84M | $3.34M | $2.94M | -$27.51M | $5.01M | -$1.03M | $25.43M | -$27.78M | $68.18M | $8.11M | $7.23M | $8.22M | $8.53M | $10.42M |
| Gross Margin | 99.5% | 100.0% | 100.0% | 104.9% | 77.8% | -335.9% | 94.7% | 110.2% | 96.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $1.47M | $1.94M | $1.9M | $917K | $753K | $1.14M | $1.49M | $2.23M | $2.38M | $3.84M | $4.16M | $5.91M | $5.94M | $5.44M |
| Other | $26.54M | $0 | $0 | $247K | $247K | $1.05M | $214K | $171K | $164K | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $28.01M | $1.94M | $1.9M | $1.16M | $1M | $2.19M | $1.7M | $2.4M | $2.54M | $16.58M | $954K | $17.86M | $99.9M | $37.79M |
| Operating Income (EBIT) | $17.83M | -$3.34M | $1.05M | -$27.17M | $21.52M | $679K | $25.15M | -$27.6M | $68.4M | $4.18M | $2.98M | $2.23M | $2.59M | $4.97M |
| Operating Margin | 38.7% | -99.9% | 35.6% | 103.6% | 334.3% | 221.7% | 93.7% | 109.5% | 96.4% | 51.5% | 41.3% | 27.1% | 30.4% | 47.8% |
| Interest Expense | $0 | $281 | $70K | $58K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $4.01M | $0 | $31K | $16K | $0 | $33K | $30K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $78K | -$405K | $17.79M | -$230K | -$59K | $16.35M | $0 | $0 | $64.89M | -$12.74M | $5.11M | -$11.95M | $105.84M | $43.23M |
| Income Before Tax (EBT) | $17.91M | -$3.74M | $18.83M | -$27.4M | $21.52M | $17.02M | $25.15M | -$27.6M | $68.4M | -$8.47M | $8.18M | -$9.63M | $108.43M | $48.21M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$161K | $3.61M | -$12.65M | $5.2M | $0 | $0 | $0 |
| Net Income | $17.91M | -$3.74M | $18.83M | -$27.4M | $21.52M | $17.02M | $25.15M | -$27.6M | $68.4M | -$8.47M | $8.18M | -$9.63M | $108.43M | $48.21M |
| Net Income Margin | 38.9% | -112.0% | 639.8% | 104.4% | 334.3% | 5559.6% | 93.7% | 109.5% | 96.4% | -104.5% | 113.2% | -117.2% | 1271.3% | 462.8% |
| Supplementary Data | ||||||||||||||
| EPS | 1.37 | -0.29 | 1.43 | -2.08 | 1.63 | 1.29 | 1.90 | -2.08 | 2.54 | -0.30 | 0.29 | -0.36 | 3.55 | 1.56 |
| Diluted EPS | 1.37 | -0.29 | 1.43 | -2.08 | 1.63 | 1.29 | 1.90 | -2.08 | 2.54 | -0.30 | 0.29 | -0.36 | 3.55 | 1.56 |
| Weighted Average OS | 13.07M | 12.99M | 12.99M | 13.20M | 13.21M | 13.21M | 13.27M | 13.27M | 26.93M | 28.13M | 27.98M | 26.65M | 30.53M | 30.97M |
| EBITDA | $17.91M | -$3.34M | $966K | -$27.17M | $21.52M | $16.47M | $122K | -$26.21M | $3.42M | $4.18M | $2.98M | $2.23M | $2.59M | $0 |
| EBITDA Margin | 38.9% | -99.9% | 32.8% | 103.6% | 334.3% | 5377.7% | 0.5% | 104.0% | 4.8% | 51.5% | 41.3% | 27.1% | 30.4% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $379K | $2.09M | $693K | $540K | $807K | $762K | $395K | $1.98M | $306K | $9.53M | $13.39M | $67.36M | $27.55M | $1.12M |
| Short-Term Investments | $47.33M | $0 | $0 | $0 | $282K | $154K | $1.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $47.71M | $2.09M | $693K | $540K | $1.09M | $0 | $1.46M | $1.98M | $306K | $9.53M | $13.39M | $67.36M | $27.55M | $1.12M |
| Accounts Receivable | $991K | $5K | $449 | $3K | $1.28M | $76K | $18K | $0 | $3.84M | $551K | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $1.63M | $1.09M | $0 | $1.91M | $7.39M | $3.23M | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $219K | -$22K | $1.43M | -$2.19M | -$87K | -$46K | -$3.41M | $1.39M | $0 | $2.47M | $1.27M | $120K | $113K | $1.39M |
| Total Current Assets | $48.93M | $2.09M | $2.14M | $3K | $2.11M | $76K | $18K | $1.98M | $306K | $12.67M | $14.71M | $67.54M | $27.68M | $2.51M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $68.87M | $113.08M | $125.02M | $115.18M | $150.97M | $136.51M | $127.32M | $102.52M | $353.16M | $315.76M | $342.24M | $331.98M | $476.09M | $400.38M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $11K | $0 | $0 | $0 | $0 | $762K | $0 | -$102.52M | -$353.16M | $0 | $0 | $0 | $0 | -$400.38M |
| Total Long-Term Assets | $68.88M | $113.08M | $125.02M | $115.18M | $150.97M | $137.28M | $127.32M | $102.52M | $353.16M | $315.76M | $342.24M | $331.98M | $476.09M | $400.38M |
| Other Assets | $0 | $0 | $0 | $1.32M | -$807K | $1.24M | $1.93M | $1.41M | $3.86M | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $117.81M | $116.46M | $127.17M | $116.5M | $152.27M | $138.59M | $129.27M | $105.92M | $357.33M | $328.43M | $356.95M | $399.52M | $503.77M | $402.9M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $87K | $0 | $32K | $7K | $0 | $83K | $73K | $64K | $201K | $0 | $73K | $0 | $0 | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $21K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $289K | $0 | $0 | $0 | $0 | -$334K | -$344K | -$494K | $0 | $12.25M | $58.49M | $31.02M | $616K |
| Total Current Liabilities | $92K | $294K | $32K | $7K | $358K | $551K | $73K | $64K | $201K | $566K | $12.82M | $59.06M | $31.88M | $616K |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $495K | $294K | $305K | $317K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $495K | $294K | $305K | $317K | $358K | $551K | $407K | $64K | $201K | $0 | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $294K | $0 | $310K | -$358K | -$551K | -$407K | $216K | $93K | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $495K | $294K | $338K | $324K | $358K | $83K | $73K | $344K | $494K | $566K | $12.82M | $59.06M | $31.88M | $616K |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $17K | $13K | $88.21M | $90.59M | $95.95M | $101.62M | $108.4M | $108.4M | $202.64M | $238.78M | $237.4M | $222.08M | $277.84M | $283.41M |
| Retained Earnings | $10.4M | $33.46M | $38.63M | $25.59M | $55.96M | $36.42M | $20.47M | -$2.82M | $81K | $89.08M | $106.73M | $118.38M | $194.04M | $118.87M |
| Comprehensive Income & Other | $0 | $0 | $38.63M | $25.59M | $55.96M | $36.42M | $20.47M | -$2.82M | $154.12M | $0 | $0 | -$0 | $0 | $0 |
| Other Stockholders' Equity | $106.9M | $82.7M | $0 | $0 | $0 | $0 | $0 | $0 | $154.12M | $0 | $0 | $0 | $0 | $0 |
| Total Equity | $117.32M | $116.17M | $126.83M | $116.17M | $151.91M | $138.04M | $128.86M | $105.58M | $356.83M | $327.86M | $344.13M | $340.46M | $471.89M | $402.28M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $117.81M | $116.46M | $127.17M | $116.5M | $152.27M | $138.12M | $128.94M | $105.92M | $357.33M | $328.43M | $356.95M | $399.52M | $503.77M | $402.9M |
| Supplementary Data | ||||||||||||||
| Total Debt | $0 | $0 | $0 | $10K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | -$379K | -$2.09M | -$693K | -$531K | -$807K | -$762K | -$395K | -$1.98M | -$306K | -$9.53M | -$13.39M | -$67.36M | -$27.55M | -$1.12M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $17.91M | -$3.74M | $18.83M | -$27.4M | $21.52M | $17.02M | $25.15M | -$27.6M | $68.4M | -$8.47M | $8.18M | -$9.63M | $108.43M | $48.21M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | -$226K | $157K | $2K | -$3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $49K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $61K | $0 | $0 | -$25K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $425K | -$42K | $14K | -$74K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Working Capital Change | $261K | $115K | $16K | -$53K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Non-Cash Items | -$15.98M | $11.95M | -$10.52M | $35.52M | -$21.52M | -$17.02M | -$25.15M | $27.6M | -$68.4M | $8.47M | -$8.18M | $9.63M | -$108.43M | -$48.21M |
| Net Cash from Operating | $2.19M | $8.32M | $8.33M | $8.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$105.74M | -$10.46M | -$16.92M | -$19.08M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $118.6M | $17.75M | $22.22M | $26.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $12.86M | $7.29M | $5.29M | $7.43M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $24.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | -$1.69M | -$121K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | -$6.92M | -$6.49M | -$8.22M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | -$16.76M | -$6.92M | -$8.18M | -$8.34M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Forex Effect | $0 | $0 | $0 | -$7.43M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$1.71M | $1.4M | $152K | -$267K | $46K | $366K | -$6.01M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $2.19M | $8.32M | $8.33M | $8.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Capital Expenditure | $4 | -$3 | $5 | -$646K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $2.19M | $8.32M | $8.33M | $8.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at Beginning | $2.09M | $693K | $540K | $807K | $762K | $395K | $6.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at End | $379K | $2.09M | $693K | $540K | $807K | $762K | $395K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |