SRH Total Return Fund
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Overview
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SRH Total Return Fund, Inc. (the “Fund”) is a non-diversified closed-end fund with a total return investment objective. To achieve its objective, the Fund utilizes a bottom-up, value-driven investment process to identify securities of good quality businesses trading below estimated intrinsic value. The intent of this process is to identify investment opportunities that will provide attractive returns over a long holding period. By doing this, the Fund seeks to keep portfolio turnover low, which the sub-adviser believes helps to minimize associated trading costs. The Fund maintains a high level of investment flexibility and has the ability to invest in equity and fixed income securities of domestic and international companies without limitation to a company’s market capitalization.
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The Fund is managed by its investment adviser, Paralel Advisors LLC. SRH Advisors, LLC serves as the Fund’s sub-adviser. Joel Looney, CFP and Jacob Hemmer, CFA of the sub-adviser serve as the Fund’s portfolio managers and, with assistance from other advisory personnel, are jointly responsible for the day-to-day management of the Fund’s assets.
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The Fund is publicly traded on the New York Stock Exchange under the ticker symbol “STEW”.
Note to Stockholders on Concentration of Investments
Stockholders should be aware that the Fund is highly concentrated in a small number of positions. Concentrating investments in a fewer number of securities may involve greater risk than a fund with less concentrated investments spread out over a greater number of securities. In particular, the Fund is highly concentrated in Berkshire Hathaway Inc. (“Berkshire”), which, in addition to other business risks, has historically been dependent on Warren Buffett for major investment and capital allocation decisions. On May 4, 2025, Berkshire approved the appointment of Greg Abel, its Vice Chairman – Non-Insurance Operations, to replace Mr. Buffett as its President and Chief Executive Officer effective January 1, 2026, with Mr. Buffett continuing as Chairman of its Board of Directors. There can be no certainty as to how this change in leadership may impact Berkshire’s business operations or financial performance, or how the market will respond to this transition. As a result, the value and volatility of the Fund’s position in Berkshire may be materially and adversely impacted.
Fund Details
| As of 10/16/2025 | |
|---|---|
| Ticker Symbol | STEW |
| CUSIP | 101507101 |
| Inception Date[1] | 01/31/2002 |
| Distribution Frequency | Quarterly |
| Exchange | NYSE |
| Total Net Assets | $2,150,740,408.60 |
| Total Managed Assets | $2,375,740,408.60 |
| Number of Holdings | 25 |
| Premium / Discount | -20.18% |
1 Inception Date reflected above is when affiliates of the sub-adviser became investment advisers to the Fund.
| Fund Fees and Expensesa | |||
|---|---|---|---|
| On Net Assets | On Managed Assetsb | ||
| Management feesc | 0.99% | Management feesc | 0.89% |
| Total expense ratio | 1.45% | Total expense ratio | 1.30% |
| Total expense ratio (excluding interest expense)d | 1.14% | Total expense ratio (excluding interest expense)d | 1.03% |
a – Fee and expense information reflected above is based on the latest semi-annual shareholder report dated May 31, 2025.
b – Managed Assets means the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding).
c – The Management Fee is the management fee paid to the Fund’s investment adviser, which is equal to 0.90% of the first $2 billion of the Fund’s average annual Managed Assets, plus 0.80% of the Fund’s average annual Managed Assets over $2 billion.
d – Excludes the cost of leverage, including interest on the Fund’s senior loans.
Distributions
Performance
| Cumulative (%) (As of 09/30/2025 ) | Annualized (%) (As of 09/30/2025 ) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
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1 Month | 3 Month | Year to Date | 1 Year | 3 Year | 5 Year | 10 Year | 20 Year | |||
| Fund NAV | -0.04% | 5.24% | 14.97% | 16.38% | 24.57% | 17.84% | 13.41% | 10.70% | |||
| Fund Market Price | -1.89% | 3.68% | 16.66% | 19.33% | 23.18% | 16.85% | 13.67% | 10.12% | |||
| Morningstar U.S. Large Value Index | 2.00% | 6.17% | 13.49% | 10.64% | 18.94% | 15.24% | 11.79% | 8.05% | |||
| S&P 500 Total Return Index | 3.65% | 8.12% | 14.83% | 17.60% | 24.94% | 16.47% | 15.30% | 10.97% | |||
| Fund NAV | -0.04% | 5.24% | 14.97% | 16.38% | 24.57% | 17.84% | 13.41% | 10.70% | |||
| Fund Market Price | -1.89% | 3.68% | 14.83% | 19.33% | 23.18% | 16.85% | 13.67% | 10.12% | |||
| Morningstar U.S. Large Value Index | 2.00% | 6.17% | 13.49% | 10.64% | 18.94% | 15.24% | 11.79% | 8.05% | |||
| S&P 500 Total Return Index | 3.65% | 8.12% | 14.83% | 17.60% | 24.94% | 16.47% | 15.30% | 10.97% | |||
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For periods greater than one year, performance data is annualized.
Market Price is the price that the fund closed at on the primary listing exchange on the as of date referenced above. NAV is the net asset value of the Fund on the as of date referenced above and equals the value of all the fund’s assets (less liabilities) divided by the number of shares outstanding. Premium/Discount is the percentage difference between the net asset value of a fund and the market price. The Morningstar US Large Value Index measures the performance of U.S. large-cap stocks with relatively low prices given anticipated per-share earnings, book value, cash flow, sales and dividends. Index Returns presented include reinvested dividends and distributions. Indexes are unmanaged and, therefore, have no fees. Investors cannot invest directly in an index.
The S&P 500 Index is a market value weighted index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. This index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. Index returns include reinvested dividends and distributions. Indexes are unmanaged and, therefore, have no fees. Investors cannot invest directly in an index.
Holdings
| Security | Market Value | Weight |
|---|---|---|
| Berkshire Hathaway, Inc. Class A | 775317600 | 31.70% |
| JPMorgan Chase & Co. | 324262040 | 13.26% |
| Berkshire Hathaway, Inc. Class B | 126187740 | 5.16% |
| Enterprise Products Partners LP | 114135500 | 4.67% |
| Microsoft Corp. | 103590000 | 4.24% |
| State Street Institutional US Government Money Market Fund | 102815605.16 | 4.21% |
| Evercore, Inc. | 101196000 | 4.14% |
| Yum! Brands, Inc. | 88920000 | 3.64% |
| Cisco Systems, Inc. | 84840800 | 3.47% |
| Charles Schwab Corp. | 71602500 | 2.93% |
| Cohen & Steers Infrastructure, Inc. | 68199999.5 | 2.79% |
| Travelers Cos., Inc. | 61428400 | 2.51% |
| eBay, Inc. | 59117500 | 2.42% |
| Stanley Black & Decker, Inc. | 50544400 | 2.07% |
| Caterpillar, Inc. | 47715000 | 1.95% |
| GFL Environmental, Inc. | 47380000 | 1.94% |
| Installed Building Products, Inc. | 40698900 | 1.66% |
| American Express Co. | 34876800 | 1.43% |
| PayPal Holdings, Inc. | 33530000 | 1.37% |
| Walmart, Inc. | 27826200 | 1.14% |
| Maplebear, Inc. | 25732000 | 1.05% |
| Forward Air Corp. | 24999000 | 1.02% |
| DraftKings, Inc. | 22440000 | 0.92% |
| First Watch Restaurant Group, Inc. | 14076000 | 0.58% |
| Cohen & Steers Infrastructure Fund, Inc. | 214500 | 0.01% |
| AXP US 01/16/26 C270 | -6730500 | -0.28% |
| Total | 100.00 % |
Holdings are subject to change.
Sector Breakdown
Fund News
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Quarterly Fact Sheet
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