Nuveen Investments, headquartered in Chicago, IL, was founded in 1898 by John Nuveen. The company aims to provide financial services to its clients using a multi-boutique structure. It provides these services through an independent team, comprising Nuveen Asset Management, Winslow Capital and Symphony.
Nuveen is the number one farmland assets manager in the world and a leader in alternative investments. In its Multi-Asset Solutions, the company had $1.1 trillion of assets under management as of Sep 30, 2022. Nuveen offers a wide range of asset classes and products, ranging from equity and alternative funds to municipal and taxable fixed-income bond funds.
Below, we share with you three top-ranked Nuveen mutual funds, viz.,Nuveen Small/Mid Cap Value Fund (NSMRX), Nuveen Floating Rate Income Fund (NFRIX),Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX). Each has a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform its peers in the future. Investors can click here to see the complete list of Nuveen mutual funds.
Nuveen Small/Mid Cap Value Fund invests most of its assets along with borrowings, if any, in equity securities of domestic companies with market capitalization similar to that of the companies listed on the Russell 2500 Value Index at the time of purchase. NSMRX also invests a comparatively small portion of its net assets in equity securities of foreign companies, including emerging markets.
Nuveen Small/Mid Cap Value Fundhas three-year annualized returns of 8.4%. As of the end of September 2022, NSMRX held 58 issues, with 3.03% of its assets invested in Nvent Electric.
Nuveen Floating Rate Income Fund invests most of its assets along with borrowings, if any, in floating rate securities like floating rate loans, other floating rate debt securities, including corporate debt securities and U.S. government securities. NFRIX advisors also invest in money market securities and shares of money market and short-term bond funds.
Nuveen Floating Rate Income Fundhas three-year annualized returns of 2.2%. NFRIX has an expense ratio of 0.69% compared with the category average of 1.03%.
Nuveen Short Duration High Yield Municipal Bond Fund invests most of its net assets, along with borrowings, if any, in municipal bonds that pay interest that is exempt from regular federal personal income tax. NVHIX advisors generally maintain an investment portfolio with a weighted average effective duration of less than 4.5 years.
Nuveen Short Duration High Yield Municipal Bond Fundhas three-year annualized returns of 0.10%. Steven M. Hlavin has been the fund manager of NVHIX since February 2013.
To view the Zacks Rank and the past performance of all Nuveen mutual funds, investors can click here to see the complete list of Nuveen mutual funds.
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