With nearly $929 billion in assets under management as of Jun 30, 2017, Nuveen Investments manages a wide range of mutual funds, including both equity and fixed income funds, and domestic and foreign funds. Founded in 1898 by John Nuveen, the company currently has nearly $305 billion of assets invested in equities globally.
Nuveen manages its assets across a wide range of asset classes and products. Also, Nuveen offers financial services to its clients by using the multi-boutique structure. The company provides these services through its independent team, comprising Nuveen Asset Management, Winslow Capital and Symphony.
Below we share with you three top-ranked Nuveen mutual funds. Each has earned 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 funds.
Nuveen All-American Municipal Bond Fund Class A FLAAX invests the lion’s share of its assets in municipal debt securities that are free from federal personal income tax. These muni bonds are rated Baa/BBB or higher. FLAAX may also invest around one-fifth of its assets in “junk” or high yield bonds. The fund seeks tax-exempted income. Nuveen All-American Municipal Bond A has three-year annualized returns of 3.9%.
As of September 2017, FLAAX held 995 issues, with 2.27% of its assets invested in Chicago Ill Brd Ed Dedicated C Cap Im 6%.
Nuveen California Municipal Bond A NCAAX invests a major portion of its assets in municipal debt obligations that provide interest income exempted from federal and California personal income tax. NCAAX invests in securities including bonds of the State of California or its affiliates, and debt obligations issued by the U.S. government. The Nuveen California Municipal Bond A fund has three-year annualized returns of almost 4%.
NCAAX has an expense ratio of 0.75% compared with the category average of 0.83%.
Nuveen High Yield Municipal Bond A NHMAX seeks a high level of tax-exempted current income. NHMAX invests a huge chunk of its assets in debt securities issued by municipal bodies that are expected to provide return free from regular federal personal income tax. Moreover, NHMAX may invest in long-term municipal debt securities that are rated below investment grade. Nuveen High Yield Municipal Bond A has three-year annualized returns of 5.8%.
John V. Miller has been the fund manager of NHMAX since 2000.
To view the Zacks Rank and past performance of all Nuveen mutual funds, investors can click here to see the complete list of Nuveen funds.
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Zacks Investment Research