180 Degree Capital Intrinsic Value Analysis (TURN)

I completed the initial calculation on January 3rd, 2020.

180 Degree Capital Intrinsic Value Analysis – Methodology

180 Degree Capital is a closed-end mutual fund where the CEO manages the company’s investments by investing in publicly traded microcap stocks. Similar to most mutual funds, 180 Degree Capital trades on an exchange under the ticker $TURN.

However, as a closed-end mutual fund, 180 Degree Capital differs in a few ways from open-ended mutual funds. Primarily, TURN operates without daily liquidity between market makers and the mutual fund company. This means that the capital base is fixed and the stock price can vary substantially from the most recently reported Net Asset Value or NAV.

This difference also shows up in how often NAV is reported. Most mutual funds report NAV on a daily basis while TURN only reports it’s NAV on a quarterly basis. This is important because net asset value is the sum total of all assets owned by 180 Degree Capital minus all of its liabilities. It is equivalent to per-share book value.