N-2 - USD ($) | | | | | | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2023 | Nov. 30, 2018 |
Cover [Abstract] | | | | | | | | | | |
Entity Central Index Key | | | | | | | | 0000102426 | | |
Amendment Flag | | | | | | | | false | | |
Entity Inv Company Type | | | | | | | | N-2 | | |
Document Type | | | | | | | | N-CSR | | |
Entity Registrant Name | | | | | | | | SRH Total Return Fund, Inc. | | |
Financial Highlights [Abstract] | | | | | | | | | | |
Senior Securities Amount | [2] | $ 225,000,000 | [1] | $ 223,169,000 | $ 222,978,000 | $ 222,749,000 | | $ 225,000,000 | [1] | |
Senior Securities Coverage per Unit | [3] | $ 8,261 | | $ 7,925 | $ 7,882 | $ 6,863 | | $ 8,261 | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Investment Objectives and Practices [Text Block] | | | | | | | | Investment Objective. Principal Investment Strategies. The Fund seeks to produce both income and long-term capital appreciation by investing in a portfolio of equity and debt securities. Under normal market conditions, the Fund invests at least 80% of its total assets in common stocks, primarily domestic common stocks and secondarily in foreign common stocks denominated in foreign currencies; investments in common stocks may include, but are not limited to, investment companies whose objective is income, real estate investment trusts (“REITs”), and other dividend-paying common stocks. The portion of the Fund’s assets that is not invested in common stocks may be invested in fixed income securities, cash equivalents and other income-producing securities. The Fund has no limitation on the amount of its assets that may be invested in securities which are not readily marketable or are subject to restrictions on resale. The Fund may not, as a matter of fundamental policy, invest in the securities of companies conducting their principal business activity in the same industry if, immediately after such investment, the value of its investments in such industry would exceed 25% of the value of its total assets. The Fund is a “non-diversified” investment company, as defined in the Investment Company Act of 1940, as amended (the "1940 Act”), which means that it is permitted to invest its assets in a more limited number of issuers than “diversified” investment companies. A diversified company may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer and may not own more than 10% of the outstanding voting securities of any one issuer. However, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), (A) not more than 25% of the Fund’s total assets may be invested in securities of any one issuer (other than U.S. government securities and RICs) or of any two or more issuers controlled by the Fund which may be deemed to be engaged in the same, similar or related trades or businesses; and (B) with respect to 50% of the total value of the Fund’s portfolio, (i) the Fund must limit to 5% the portion of its assets invested in the securities of a single issuer (other than U.S. government securities and RICs), and (ii) the Fund may not own more than 10% of the outstanding voting securities of any one issuer (other than U.S. government securities and RICs). The Fund intends to concentrate its common stock investments in a few issuers and to take large positions in those issuers, consistent with being a “non-diversified” fund. As a result, the Fund may be subject to a greater risk of loss than a diversified fund or a fund that has diversified its investments more broadly. Taking larger positions is also likely to increase the volatility of the Fund’s NAV, reflecting fluctuation in the value of large Fund holdings. Limitations on investments expressed in percentages are measured and are applicable only at the time of investment. They are not measured or applied on an ongoing basis. There is no requirement for the Fund to sell or change its portfolio investments resulting from changes in the valuations of such investments. | | |
Risk Factors [Table Text Block] | | | | | | | | Risk Factors Investment in the Fund may not be appropriate for all investors. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives. Investors should consider their long-term investment goals and financial needs when making an investment decision with respect to the Fund. An investment in the Fund is intended to be a long-term investment, and you should not view the Fund as a trading vehicle. Your shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions, if applicable. Investments in Common Stocks. Fixed Income Securities. Non-Diversified Status Risk. Issuer Focus Risk. Investments in Mid- and Small-cap Securities. Leveraging Risk. Discount From NAV. Repurchase of Fund Shares. Issuer Risk. Inflation Risk. Foreign Securities Risk. Currency Risk. Investments in Registered Investment Companies. Liquidity Risk. Derivatives Risk. Anti-Takeover Risk. Market Disruption and Geopolitical Risk. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts and social unrest, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. These types of events quickly and significantly impact markets in the U.S. and across the globe leading to extreme market volatility and disruption. The value of the Fund’s investment may decrease as a result of such events, particularly if these events adversely impact the operations and effectiveness of the adviser, sub-adviser or other key service providers or if these events disrupt systems and processes necessary or beneficial to the investment advisory activities utilized to the benefit of the Fund. Cybersecurity Risk. Cyber security failures or breaches by the Fund’s service providers (including, but not limited to, the adviser, distributor, custodian, transfer agent, financial intermediaries, and sub-adviser) may cause disruptions and impact the service providers’ and the Fund’s business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business and the Fund to process transactions, inability to calculate the Fund’s net asset value, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Fund and its shareholders could be negatively impacted as a result of successful cyber-attacks against, or security breakdowns of, the Fund or its third party service providers. The Fund may incur substantial costs to prevent or address cyber incidents in the future. In addition, there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Fund cannot directly control any cyber security plans and systems put in place by third party service providers. Cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund’s investment in such securities to lose value. | | |
Effects of Leverage [Text Block] | | | | | | | | Leverage Under normal market conditions, the Fund may utilize leverage through Borrowings (defined below) and the issuance of preferred shares (if any) in an amount that represents approximately 33 1/3% or less of the Fund's total assets, including proceeds from such Borrowings and issuances (or approximately 50% of the Fund's net assets). "Borrowings" are defined as: amounts received by the Fund pursuant to loans from banks or other financial institutions; amounts borrowed from banks or other parties using reverse repurchase agreements; or amounts received by the Fund from the Fund's issuance of any senior notes or similar debt securities. Other than with respect to reverse repurchase agreements, Borrowings do not include trading practices or instruments that, according to the SEC or its staff, may cause senior securities concerns. The Adviser is responsible for making recommendations to the Board regarding the Fund's use of Borrowings. On November 5, 2020 the Fund issued senior unsecured notes (“Notes”) in an aggregate amount of $225,000,000 in three fixed-rate series. The 10-, 12-, and 15-year series will pay interest semi-annually at the rate of 2.62% 2.72% 2.87% 2.72% Effects of Leverage The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on Fund share total return, assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Fund's portfolio) of minus 10% to plus 10%. These assumed investment portfolio total returns are hypothetical figures and are not necessarily indicative of the investment portfolio total returns experienced or expected to be experienced by the Fund. Further, the assumed investment portfolio total returns are after (net of) all of the Fund's expenses other than expenses associated with leverage); but such leverage expenses are deducted when determining the Fund share total return. See "Risk Factors." The table further reflects the use of leverage representing 14.56% of the Fund's total assets and estimated leverage costs of 2.72%. Assumed Portfolio Return -10.00 % -5.00 % 0.00 % 5.00 % 10.00 % Fund Share Total Return -11.85 % -6.12 % -0.40 % 5.33 % 11.06 % Corresponding Fund Share total return is composed of two elements: Fund dividends paid by the Fund (the amount of which is largely determined by the Fund's net distributable income after paying interest or dividends on the Fund's leverage) and gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table above assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0% would assume that the distributions the Fund receives on its investments are entirely offset by losses in the value of those securities. | | |
Annual Coverage Return Rate [Percent] | | | | | | | | 2.72% | | |
Effects of Leverage [Table Text Block] | | | | | | | | Assumed Portfolio Return -10.00 % -5.00 % 0.00 % 5.00 % 10.00 % Fund Share Total Return -11.85 % -6.12 % -0.40 % 5.33 % 11.06 % | | |
Return at Minus Ten [Percent] | | | | | | | | (11.85%) | | |
Return at Minus Five [Percent] | | | | | | | | (6.12%) | | |
Return at Zero [Percent] | | | | | | | | (0.40%) | | |
Return at Plus Five [Percent] | | | | | | | | 5.33% | | |
Return at Plus Ten [Percent] | | | | | | | | 11.06% | | |
Effects of Leverage, Purpose [Text Block] | | | | | | | | The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on Fund share total return, assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Fund's portfolio) of minus 10% to plus 10%. These assumed investment portfolio total returns are hypothetical figures and are not necessarily indicative of the investment portfolio total returns experienced or expected to be experienced by the Fund. Further, the assumed investment portfolio total returns are after (net of) all of the Fund's expenses other than expenses associated with leverage); but such leverage expenses are deducted when determining the Fund share total return. See "Risk Factors." The table further reflects the use of leverage representing 14.56% of the Fund's total assets and estimated leverage costs of 2.72%. | | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | | | | |
Long Term Debt [Table Text Block] | | | | | | | | NOTE 10. SENIOR NOTES On November 5, 2020, the Fund issued senior unsecured notes (“ Notes $225,000,000 The note purchase agreement (the “Agreement”) contains various covenants related to other indebtedness and limits on the Fund’s overall leverage. Under the 1940 Act and the terms of the Notes, the Fund may not declare dividends or make other distributions on shares of its common stock or make purchases of such shares if, at any time of the declaration, distribution or purchase, asset coverage with respect to senior securities representing indebtedness (including the Notes) would be less than 300%. The table below sets forth a summary of the key terms of each series of Notes outstanding at November 30, 2023. Series Principal Outstanding November 30, 2023 Payment Frequency Unamortized Offering Costs Estimated Fair Value November 30, Fixed Interest Rate Maturity Date A $ 85,000,000 Semi-Annual $ 582,568 $ 68,105,204 2.62% November 5, 2030 B $ 85,000,000 Semi-Annual $ 625,684 $ 65,862,736 2.72% November 5, 2032 C $ 55,000,000 Semi-Annual $ 432,698 $ 40,906,732 2.87% November 5, 2035 The Fund incurred costs in connection with the issuance of the Notes. These costs, totaling $2,226,190, were recorded as a deferred charge and are being amortized over the respective life of each series of notes. Amortization of $190,348 is included as Offering Costs on the Statement of Operations and the carrying amount on the Statement of Assets and Liabilities is equal to the principal amount of the Notes less unamortized offering costs. The estimated fair value of the Notes was calculated, for disclosure purposes, based on estimated market yields for comparable debt instruments with similar maturity and terms. The Fund categorizes the Notes as Level 2 securities within the fair value hierarchy. The Fund shall at all times maintain a current rating given by a NRSRO (Nationally Recognized Statistical Rating Organization) of at least Investment Grade with respect to the Notes and shall not at any time have any rating given by a NRSRO of less than Investment Grade with respect to the Notes. The Notes have been assigned an ‘A’ long-term rating by Fitch Ratings. At November 30, 2023, the Fund was in compliance with all covenants under the Agreement. | | |
Document Period End Date | | | | | | | | Nov. 30, 2023 | | |
Investments in Common Stocks [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Investments in Common Stocks. | | |
Fixed Income Securities [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Fixed Income Securities. | | |
Non-Diversified Status Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Non-Diversified Status Risk. | | |
Issuer Focus Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Issuer Focus Risk. | | |
Investments in Mid- and Small-cap Securities [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Investments in Mid- and Small-cap Securities. | | |
Leveraging Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Leveraging Risk. | | |
Discount From NAV [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Discount From NAV. | | |
Repurchase of Fund Shares [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Repurchase of Fund Shares. | | |
Issuer Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Issuer Risk. | | |
Inflation Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Inflation Risk. | | |
Foreign Securities Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Foreign Securities Risk. | | |
Currency Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Currency Risk. | | |
Investments in Registered Investment Companies [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Investments in Registered Investment Companies. | | |
Liquidity Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Liquidity Risk. | | |
Derivatives Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Derivatives Risk. | | |
Anti-Takeover Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Anti-Takeover Risk. | | |
Market Disruption and Geopolitical Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Market Disruption and Geopolitical Risk. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts and social unrest, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. These types of events quickly and significantly impact markets in the U.S. and across the globe leading to extreme market volatility and disruption. The value of the Fund’s investment may decrease as a result of such events, particularly if these events adversely impact the operations and effectiveness of the adviser, sub-adviser or other key service providers or if these events disrupt systems and processes necessary or beneficial to the investment advisory activities utilized to the benefit of the Fund. | | |
Cybersecurity Risk [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Risk [Text Block] | | | | | | | | Cybersecurity Risk. Cyber security failures or breaches by the Fund’s service providers (including, but not limited to, the adviser, distributor, custodian, transfer agent, financial intermediaries, and sub-adviser) may cause disruptions and impact the service providers’ and the Fund’s business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business and the Fund to process transactions, inability to calculate the Fund’s net asset value, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Fund and its shareholders could be negatively impacted as a result of successful cyber-attacks against, or security breakdowns of, the Fund or its third party service providers. The Fund may incur substantial costs to prevent or address cyber incidents in the future. In addition, there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Fund cannot directly control any cyber security plans and systems put in place by third party service providers. Cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund’s investment in such securities to lose value. | | |
Senior Unsecured Notes [Member] | | | | | | | | | | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | | | | |
Security Title [Text Block] | | Notes | | | | | | | | |
Long Term Debt, Principal | | $ 225,000,000 | | | | | | | | |
Long Term Debt, Dividends and Covenants [Text Block] | | | | | | | | The note purchase agreement (the “Agreement”) contains various covenants related to other indebtedness and limits on the Fund’s overall leverage. Under the 1940 Act and the terms of the Notes, the Fund may not declare dividends or make other distributions on shares of its common stock or make purchases of such shares if, at any time of the declaration, distribution or purchase, asset coverage with respect to senior securities representing indebtedness (including the Notes) would be less than 300%. | | |
Senior Notes Series A [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Annual Interest Rate [Percent] | | | | | | | | 2.62% | | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | | | | |
Long Term Debt, Principal | | 85,000,000 | | | | | | | | |
Senior Notes Series B [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Annual Interest Rate [Percent] | | | | | | | | 2.72% | | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | | | | |
Long Term Debt, Principal | | 85,000,000 | | | | | | | | |
Senior Notes Series C [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Annual Interest Rate [Percent] | | | | | | | | 2.87% | | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | | | | |
Long Term Debt, Principal | | $ 55,000,000 | | | | | | | | |
Common Shares [Member] | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | |
Share Price | | $ 13.42 | | 13.31 | 13.02 | 10.91 | $ 11.41 | $ 13.42 | | |
NAV Per Share | | $ 16.83 | | $ 15.88 | $ 15.69 | $ 13.29 | $ 13.56 | $ 16.83 | | $ 13.32 |
Latest Premium (Discount) to NAV [Percent] | | (20.30%) | | (16.20%) | | | | | | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | | | | |
Outstanding Security, Not Held [Shares] | | 97,068,474 | | 97,333,000 | 97,802,000 | 98,271,000 | 102,676,000 | | | |
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[1]Principal amount. Excludes the costs incurred in connection with the issuance of the senior notes.[2]The amount shown is due to the issuance of senior notes (See Note 10).[3]Calculated by subtracting the Fund’s total liabilities (excluding the principal amount of the senior notes) from the Fund's total assets and dividing by the principal amount of the senior notes, then multiplying by $1,000. | |