Nuveen Investments, headquartered in Chicago, IL, was founded in 1898 by John Nuveen. The company aims to provide financial services to its clients by using the 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 $1.2 trillion of assets under management as of Jun 30, 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, namely Nuveen Municipal Total Return Managed Accounts NMTRX, Nuveen All-American Municipal Bond Fund Class A FLAAX and Nuveen Minnesota Municipal Bond Fund Class A FJMNX. Each sports 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 Minnesota Municipal Bond Fund Class A intends to maximize tax-free current income. FJMNX invests a chunk of its assets in municipal bonds that pay interest, which is free from regular federal and the Minnesota state income tax.
Nuveen Minnesota Municipal Bond Fund Class A has a three-year annualized return of 4.7%. As of the end of July 2021, FJMNX held 463 issues, with 2.29% of its assets invested in WESTERN MINN MUN PWR AGY MINN PWR SUPPLY REV 5%.
Nuveen Municipal Total Return Managed Accounts aims to offer a high current income that is exempted from regular federal income taxes. NMTRX invests the majority of assets in tax-free municipal bonds. Nuveen Municipal Total Return Managed Accounts may also invest about half of its assets in below-investment-grade municipal bonds.
NMTRX has three-year annualized returns of nearly 6%. Martin J. Doyle has continued as the fund manager of Nuveen Municipal Total Return Managed Accounts since 2007.
Nuveen All-American Municipal Bond Fund Class A invests the lion’s share of its assets in municipal debt securities that are free from the 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.
Nuveen All-American Municipal Bond Fund Class A seeks tax-exempted income and has three-year annualized returns of 5.9%. FLAAX has an expense ratio of 0.70% compared with the category average of 0.73%.
To view the Zacks Rank and the past performance of all Nuveen mutual funds, investors can click here to see the complete list of funds.
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