With $1 trillion in assets under management as of Jun 30, 2020, 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 more than $467 billion of assets invested in municipal fixed income bonds.
Nuveen manages 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 funds.
Nuveen Missouri Municipal Bond Fund Class A (FMOTX – Free Report) aims to offer a high level of current interest income that is exempted from regular federal, Missouri State and, in some cases, Missouri local income taxes, and is on par with capital preservation. The fund invests the majority of its assets in investment grade municipal bonds that are rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or judged similarly by the fund’s adviser. The product may also invest a smaller portion of its assets in high-yield bonds. FMOTX has returned 3.7% over the past three years.
Christopher L. Drahn is the fund manager of FMOTX since 2011.
Nuveen Municipal Total Return Managed Accounts (NMTRX – Free Report) aims to offer a high current income that is exempted from regular federal income taxes. The fund invests the majority of assets in tax-free municipal bonds. It may also invest about half of its assets in below- investment-grade municipal bonds. NMTRX has three-year annualized returns of 4.5%.
NMTRXhas an expense ratio of 0.12% compared with the category average of 0.82%.
Nuveen North Carolina Municipal Bond Fund Class C2 (FCNCX – Free Report) aims to provide a high level of current interest income, exempt from regular federal, North Carolina State and North Carolina local income taxes. The fund invests the majority of assets in investment-grade municipal bonds. FCNCX has three-year annualized returns of 2.8%.
As of the end of August 2020, FCNCX held 260 issues, with 2.46% of its assets invested in NORTH CAROLINA ST LTD OBLIG 5%.
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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