Nuveen Investments, headquartered in Chicago, IL, was founded in 1898 by John Nuveen. The company seeks to provide financial services to clients by using the multi-boutique structure. It provides these services through an independent team comprising Nuveen Asset Management, Winslow Capital and Symphony.
The company is the number one farmland assets manager in the world and a leader in alternative investments. In its Multi-Asset Solutions, the company had $1.2 trillion of assets under management as of Mar 31, 2021. 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. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform peers in the future. Investors can click here to see the complete list of funds.
Nuveen Maryland Municipal Bond Fund Class A NMDAX aims to provide a high level of current interest income, exempt from regular federal, Maryland State and, in some cases, Maryland local income taxes as is consistent with preservation of capital. The fund invests majority of assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase. NMDAX has three-year annualized returns of 4.5%.
Stephen J Candido is the fund manager of NMDAX since 2016.
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. The fund has three-year annualized returns of 5.8%.
FLAAX has an expense ratio of 0.70% compared with the category average of 0.74%.
Nuveen Intermediate Duration Municipal Bond Fund Class A NMBAX seeks a high level of interest income, which is exempted from federal income taxes as well as capital preservation. NMBAX invests a bulk of its assets in municipal bonds free from federal personal income tax. These investment grade municipal bonds are generally rated Baa/BBB or higher. NMBAX has three-year annualized returns of 4.6%.
As of the end of April 2021, NMBAX held 708 issues, with 1.9% of its assets invested in CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REV 4%.
To view the Zacks Rank and past performance of all Nuveen mutual funds, investors can click here to see the complete list of funds.
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