Pioneer Municipal High Income Advantage Trust (MAV) - Net Assets
Based on the latest financial reports, Pioneer Municipal High Income Advantage Trust (MAV) has net assets worth $212.51 Million USD as of March 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($263.57 Million) and total liabilities ($51.06 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Pioneer Municipal High Income Advantage asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $212.51 Million |
| % of Total Assets | 80.63% |
| Annual Growth Rate | -4.77% |
| 5-Year Change | -26.88% |
| 10-Year Change | -52.67% |
| Growth Volatility | 20.17 |
Pioneer Municipal High Income Advantage Trust - Net Assets Trend (2007–2025)
This chart illustrates how Pioneer Municipal High Income Advantage Trust's net assets have evolved over time, based on quarterly financial data. Also explore Pioneer Municipal High Income Advantage assets under control for the complete picture of this company's asset base.
Annual Net Assets for Pioneer Municipal High Income Advantage Trust (2007–2025)
The table below shows the annual net assets of Pioneer Municipal High Income Advantage Trust from 2007 to 2025. For live valuation and market cap data, see Pioneer Municipal High Income Advantage market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | $212.51 Million | -3.44% |
| 2024-03-31 | $220.08 Million | -39.63% |
| 2023-03-31 | $364.54 Million | +41.82% |
| 2022-03-31 | $257.05 Million | -11.55% |
| 2021-03-31 | $290.61 Million | +3.28% |
| 2020-03-31 | $281.37 Million | -35.94% |
| 2019-03-31 | $439.25 Million | +0.51% |
| 2018-03-31 | $437.01 Million | +0.73% |
| 2017-03-31 | $433.85 Million | -3.38% |
| 2016-03-31 | $449.02 Million | -0.29% |
| 2015-03-31 | $450.33 Million | +3.71% |
| 2014-03-31 | $434.21 Million | -7.35% |
| 2013-03-31 | $468.66 Million | +29.77% |
| 2009-03-31 | $361.15 Million | -21.24% |
| 2008-03-31 | $458.56 Million | -10.43% |
| 2007-03-31 | $511.97 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Pioneer Municipal High Income Advantage Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 287.6% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $284.21 Million | 133.74% |
| Total Equity | $212.51 Million | 100.00% |
Pioneer Municipal High Income Advantage Trust Competitors by Market Cap
The table below lists competitors of Pioneer Municipal High Income Advantage Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
AVerMedia Technologies Inc
TW:2417
|
$193.26 Million |
|
Shangri La Hotels Malaysia Bhd
KLSE:5517
|
$193.32 Million |
|
Pan Asia Chemical Co
TWO:4707
|
$193.33 Million |
|
Kencana Energi Lestari
JK:KEEN
|
$193.35 Million |
|
Mildef Crete
TWO:3213
|
$193.21 Million |
|
Naturelgaz Sanayi ve Ticaret AS
IS:NTGAZ
|
$193.18 Million |
|
E-Data Teknoloji Pazarlama AS
IS:EDATA
|
$193.12 Million |
|
Korea Alcohol Industrial Co. Ltd
KQ:017890
|
$193.07 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Pioneer Municipal High Income Advantage Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 220,077,090 to 212,507,807, a change of -7,569,283 (-3.4%).
- Net income of 1,757,348 contributed positively to equity growth.
- Dividend payments of 9,290,300 reduced retained earnings.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $1.76 Million | +0.83% |
| Dividends Paid | $9.29 Million | -4.37% |
| Other Changes | $-36.33K | -0.02% |
| Total Change | $- | -3.44% |
Book Value vs Market Value Analysis
This analysis compares Pioneer Municipal High Income Advantage Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.91x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.41x to 0.91x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2013-03-31 | $19.95 | $8.08 | x |
| 2014-03-31 | $18.44 | $8.08 | x |
| 2015-03-31 | $19.01 | $8.08 | x |
| 2016-03-31 | $18.85 | $8.08 | x |
| 2017-03-31 | $18.14 | $8.08 | x |
| 2018-03-31 | $24.39 | $8.08 | x |
| 2019-03-31 | $23.00 | $8.08 | x |
| 2020-03-31 | $11.79 | $8.08 | x |
| 2021-03-31 | $12.17 | $8.08 | x |
| 2022-03-31 | $10.76 | $8.08 | x |
| 2023-03-31 | $9.39 | $8.08 | x |
| 2024-03-31 | $9.20 | $8.08 | x |
| 2025-03-31 | $8.89 | $8.08 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Pioneer Municipal High Income Advantage Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 0.83%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 33.14%
- • Asset Turnover: 0.02x
- • Equity Multiplier: 1.24x
- Recent ROE (0.83%) is above the historical average (0.51%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2007 | 8.72% | 91.57% | 0.09x | 1.00x | $-6.56 Million |
| 2008 | -6.10% | -83.89% | 0.07x | 1.01x | $-73.83 Million |
| 2009 | -20.30% | -234.11% | 0.09x | 1.01x | $-109.45 Million |
| 2013 | 9.00% | 142.91% | 0.06x | 1.03x | $-4.69 Million |
| 2014 | -1.78% | -26.86% | 0.07x | 1.00x | $-51.14 Million |
| 2015 | 9.10% | 156.83% | 0.06x | 1.00x | $-4.07 Million |
| 2016 | 4.37% | 84.19% | 0.05x | 1.02x | $-25.28 Million |
| 2017 | 0.25% | 4.84% | 0.05x | 1.00x | $-42.27 Million |
| 2018 | 2.47% | 94.16% | 0.03x | 1.00x | $-32.90 Million |
| 2019 | 4.81% | 97.64% | 0.05x | 1.00x | $-22.78 Million |
| 2020 | 4.66% | 96.44% | 0.03x | 1.57x | $-15.01 Million |
| 2021 | 7.81% | 96.94% | 0.05x | 1.62x | $-6.38 Million |
| 2022 | -8.27% | 0.00% | -0.05x | 1.71x | $-46.97 Million |
| 2023 | -9.22% | 0.00% | -0.05x | 1.63x | $-43.17 Million |
| 2024 | 1.75% | 84.52% | 0.02x | 1.23x | $-18.15 Million |
| 2025 | 0.83% | 33.14% | 0.02x | 1.24x | $-19.49 Million |
Industry Comparison
This section compares Pioneer Municipal High Income Advantage Trust's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $1,222,611,667
- Average return on equity (ROE) among peers: 5.00%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Pioneer Municipal High Income Advantage Trust (MAV) | $212.51 Million | 8.72% | 0.24x | $193.23 Million |
| Acadian Asset Management Inc (AAMI) | $84.00 Million | 95.24% | 7.06x | $1.86 Billion |
| AllianceBernstein Holding L.P. (AB) | $2.07 Billion | 13.23% | 0.00x | $3.60 Billion |
| Associated Capital Group Inc (AC) | $948.70 Million | 4.12% | 0.07x | $78.56 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $79.50 Million | 27.37% | 0.59x | $265.69 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $2.99 Million | -170.94% | 0.46x | $194.14 Million |
| Alvarium Tiedemann Holdings Inc. (ALTI) | $782.49 Million | -21.16% | 0.62x | $368.87 Million |
| Affiliated Managers Group Inc (AMG) | $962.54 Million | 12.37% | 1.41x | $8.19 Billion |
| Ameriprise Financial Inc (AMP) | $6.55 Billion | 54.41% | 28.15x | $41.87 Billion |
| AMTD IDEA Group (AMTD) | $611.58 Million | 16.58% | 4.02x | $44.19 Million |
| Artisan Partners Asset Management Inc (APAM) | $132.30 Million | 18.75% | 3.39x | $2.65 Billion |
About Pioneer Municipal High Income Advantage Trust
Pioneer Municipal High Income Advantage Fund, Inc. is a closed ended fixed income mutual fund launched and managed by Pioneer Investment Management, Inc. The fund invests in the fixed income markets of the United States. It invests primarily in municipal bonds. The fund benchmarks the performance of its portfolio against the Barclays Capital High Yield Municipal Bond Index and the Barclays Capita… Read more