STEW - SRH Total Return Fund

What this means for you

No investor has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

Nothing on file yet. No large investor has reported a stake in this fund, and the fund has not announced a buy-back, a vote or a closing.

About this fund

• Run by Paralel Advisors LLC. Part of the SRH Funds fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $2.15 billion of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 10% on top of its own money, as of May 31, 2026. Borrowed money makes gains and losses bigger. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 1.4% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). As of Nov 30, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $23.11. The shares traded at $18.27, about 20.9% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 2.1% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +2.7%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

What the fund holds

Mostly shares (92%), the rest cash and short-term holdings. About 99% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Berkshire Hathaway class A shares - 33.9%
2. JPMorgan Chase & - 14.3%
3. Cash and short-term - 8.5%
4. Enterprise Products Partners LP - 6.2%
5. Cisco Systems Inc/Delaware - 5.6%
6. Berkshire Hathaway class B shares - 5.5%
7. Evercore class A shares - 4.7%
8. Caterpillar - 4.1%
9. Cohen & Steers Infrastructure - 3.4%
10. eBay - 3.3%

As of May 31, 2026, from the fund's quarterly holdings report. Original document →