A $3.9 Million Buy Just Pushed This Closed-End Fund to 19% of an Advisor’s Portfolio
Key Points
JP Wealth Management increased its position in the SRH Total Return Fund by 219,432 shares for an estimated $3.94 million based on quarterly average pricing.
The quarter-end position value rose by $4.55 million, reflecting both share purchases and market price changes.
As of December 31, the fund reported holding 1.48 million shares valued at $27.36 million.
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On Thursday, JP Wealth Management disclosed a purchase of 219,432 additional shares of the SRH Total Return Fund (NYSE:BIF), with an estimated transaction value of $3.94 million based on average quarterly pricing, according to a Securities and Exchange Commission filing.
What happened
According to a Securities and Exchange Commission filing released Thursday, JP Wealth Management increased its position in the SRH Total Return Fund (NYSE:BIF) by 219,432 shares. The estimated value of these share purchases is $3.94 million, based on the average closing price for the quarter ending December 31. The total value of the position rose $4.55 million over the quarter, reflecting both trading activity and market price movements.
What else to know
The SRH Total Return Fund stake now represents 19.34% of JP Wealth Management’s reportable U.S. equity assets.
Top five holdings after the filing:
- NYSEMKT: DFAC: $32.04 million (22.6% of AUM)
- NASDAQ: QQQM: $29.10 million (20.6% of AUM)
- NYSE: STEW: $27.36 million (19.3% of AUM)
- NYSEMKT: PHYS: $14.19 million (10.0% of AUM)
- NASDAQ: QQQ: $11.67 million (8.2% of AUM)
As of Wednesday, shares of the SRH Total Return Fund were priced at $18.26, up about 13% over the past year with a yield of about 4.38%. The S&P 500 has climbed about 17% in the same period.
Fund overview
| Metric | Value |
|---|---|
| Price (as of Wednesday) | $18.26 |
| Net assets | $1.76 billion |
Fund snapshot
- STEW offers a diversified portfolio of public equities and fixed income securities, with a focus on dividend-paying value stocks and corporate bonds.
- It operates as a closed-end fund, generating income primarily through investment returns, interest, and dividends from its holdings.
- The fund targets institutional and individual investors seeking total return through capital appreciation and income, benchmarking performance against the S&P 500 Composite Index.
The SRH Total Return Fund is a closed-end investment fund managed by Boulder Investment Advisers with a strategy centered on value-oriented equity and fixed-income investments. The fund leverages both fundamental and quantitative analysis to identify defensible businesses with strong financials and operating histories.
What this transaction means for investors
Position sizing tells you more than the headline trade, and this one is hard to miss. Pushing a single holding to roughly one-fifth of reportable assets signals conviction in both structure and strategy. The appeal here isn’t short-term performance. It’s the combination of steady income, value discipline, and a meaningful discount to intrinsic value.
The fund currently trades around $18.26 despite a net asset value north of $23, putting the discount near 21%. That gap matters. Closed-end funds rarely close discounts overnight, but when paired with a 4.38% distribution rate and improving fundamentals, patience can be rewarded. Notably, the fund raised its quarterly distribution by more than 21% late last year, reinforcing confidence in cash-flow durability.
STEW’s holdings lean heavily toward high-quality financials and defensible franchises, with Berkshire Hathaway alone accounting for over 30% of assets. That concentration won’t suit everyone, but it aligns with a long-term, low-turnover philosophy built around compounding rather than momentum.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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