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Key distinctions
  • Strategic allocation to global equities and fixed income that diversifies across countries, regions, market caps and investment styles to seek outperformance and manage risk
  • Responsible investments that have delivered both competitive returns and positive social and environmental outcomes from an experienced industry leader
  • Actively managed portfolio allocations to ETFs within targeted risk profiles that seek to achieve investor objectives and manage risk in dynamic markets

Seeking growth with positive impact

These model growth portfolios offer a broad range of diversified allocations with potential for attractive long-term total return and exposure to responsible investments.

  • From a tactical perspective, we remain neutral. Despite higher interest rates and the Federal Reserve updating their dot plot for one more 25 basis point hike by year-end, equity and credit markets continue to perform well on a year-to-date basis. Within U.S equities, large cap is outperforming small cap and growth is outperforming value by approximately 10%. Internationally, developed markets surpassed emerging markets, driven by weakness in Chinese equities.
  • In 2023, high-yield credit spreads have tightened by more than 80 basis points, resulting in an outperformance of approximately 6% when compared to investment grade corporate bonds. This outperformance is attributed to the shorter duration of high yield bonds, which has proven to be advantageous in a rising interest rate environment.
  • As part of the allocation update, we rebalanced the portfolios back to their strategic weights. Despite strong U.S earnings this year, there are concerns about potential market impacts due to rising interest rates and the recent surge in oil prices as we approach the end of the year.

Target allocations



Average annual total returns

Net performance data shown represents past performance and does not predict or guarantee future results. Investment returns and principal value will fluctuate so that shares redeemed may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns assume reinvestment of dividends and capital gains. Market price returns are based on the closing market price. For performance current to the most recent month-end, please contact us at 800.752.8700.

Calendar year returns

Current expense ratios

Expense ratios are represented by the weighted average expense ratio of the blended model portfolio and are based on the Funds’ most recent fiscal year end. Please see the underlying fund prospectuses for details.


  • ESG Quality and Carbon Intensity Scores
  • Asset allocation

ESG Quality and Carbon Intensity Scores

Data sources: Nuveen, MSCI, Morningstar

Nuveen calculates the ESG Quality and Carbon Intensity Scores for each model utilizing data from MSCI. The model score is the weighted average MSCI ESG Quality Score and MSCI Carbon Intensity Score, where the weights equal the allocation to each Nuveen ETF in the model portfolio.

Nuveen calculates the Morningstar Category blended average score by utilizing data from Morningstar and MSCI. Morningstar categorizes exchange-traded funds (ETFs) based on their asset class. Nuveen identifies all ETFs in their respective Morningstar categories for each asset class in the models. Subsequently, Nuveen matches each ETF with its corresponding MSCI ESG Quality Score and MSCI Carbon Intensity Score and determines the average score for each category. The average score for each category is used to compute a weighted average score where the weights equal the allocation of the underlying Nuveen ETFs within each model portfolio.

MSCI ESG Quality Score ("Quality Score") measures the ability of underlying holdings to manage key medium to long-term risks and opportunities arising from environmental, social, and governance factors. The Quality Score is calculated as the weighted average of the underlying holdings' ESG Scores. The Quality Score is provided on a 0-10 score, with 0 and 10 being the respective lowest and highest possible fund scores. MSCI rates underlying holdings according to their exposure to 37 industry specific ESG risks and their ability to manage those risks relative to peers.

MSCI Carbon Intensity Score is measured in tons CO2/$M sales. Since companies with higher carbon intensity are likely to face more exposure to carbon related market and regulatory risks, this metric indicates a fund’s exposure to potential climate change-relate risks relative to other funds or a benchmark. To be included in MSCI Fund Metrics, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research, the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

A higher ESG Quality Score indicates stronger ESG practices and ability to manage material ESG issues relative to industry peers.

A lower Carbon Intensity Score indicates and more favorable (lower) level of CO2 emissions per $MM sales.

Asset allocation


Related content
Socially responsible investing
By embedding ESG factors into investment research, due diligence, portfolio construction and ongoing monitoring, we seek to improve clients’ long-term performance and reduce risk.
What you need to know about ESG ETFs
Jordan Farris of Nuveen explains how ESG investing has evolved over the years, debunks common misconceptions about this approach, and highlights some key distinctions and benefits of Nuveen’s ESG ETFs.
The Nuveen ESG growth models are designed to help financial professionals allocate to meet sustainable and responsible investment standards, aligned with general levels of investor risk tolerance.
Important information on risk

Model portfolios

Nuveen model portfolios (“models”) are intended to illustrate how combinations of Nuveen affiliated products could be used to achieve the stated investment objectives. Results are inherently limited and do not represent actual results and may not account for the impact of the general market. Models are not automatically rebalanced; allocations may not achieve model objectives and are not guaranteed. Both the actual underlying Funds and model allocations may vary. Allocations are reviewed periodically and may change based on Nuveen's strategic and tactical views. There are no management or other fees at the model level; however fees apply for the underlying Funds as outlined in each Fund’s prospectus. The models’ risks are directly related to those of the underlying Funds, as described below. Allocations may not match a client’s actual experience from an account managed in accordance with the model portfolio allocation.

Important information on risk

Investing involves risk; principal loss is possible. Risks apply to those underlying Funds in the allocation of the models and there is no guarantee the Funds’ investment objectives will be achieved. ETFs seek to generally track the investment results of an index; however the ETF may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. Other risks considerations include credit, interest rate, equity securities, growth stocks, large-capitalization stocks, value stocks, smaller companies, non-U.S. investments, emerging markets, and concentration in a single industry sector or country. Not all risks apply to all Funds. These and other risks are described in the prospectus of each Fund. Asset allocation (or diversification) does not assure a profit or protect against loss.
Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investments that perform well.

Portfolio allocations will be principally to funds managed by affiliates and to affiliated sub-advisers, which may present a conflict of interest.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

FRM® (Financial Risk Manager) is a trademark owned by the Global Association of Risk Professionals.

About the benchmarks

Model portfolio performance is evaluated in relation to a series of benchmarks that consist of appropriate weights of market indexes representing equity and fixed income market sectors. Each benchmark is created by applying the performance of the four indexes in proportion to each model portfolio’s strategic allocations to those market sectors. The benchmarks are reset to their strategic weight allocations at the end of each quarter, given this is the periodicity of the portfolio update process for the model portfolios. The benchmarks do not reflect any fees, brokerage commissions or other expenses but do reflect the reinvestment of dividends. The benchmark is unmanaged and does not reflect the payment of advisory fees and other expenses associated with investing in a mutual fund, commingled fund or separate account.
Conservative growth index blend is comprised of a weighting of 13% Russell 3000® Index, 7% MSCI ACWI ex-U.S. IMI Index and 80% Bloomberg U.S. Aggregate Bond Index.Moderate conservative growth index blend is comprised of a weighting of 26% Russell 3000® Index, 14% MSCI ACWI ex-U.S. IMI Index and 60% Bloomberg U.S. Aggregate Bond Index. Moderate growth index blend is comprised of a weighting of 39% Russell 3000® Index, 21% MSCI ACWI ex-U.S. IMI Index and 40% Bloomberg U.S. Aggregate Bond Index. Aggressive growth index blend is comprised of a weighting of 52% Russell 3000® Index, 28% MSCI ACWI ex-U.S. IMI Index and 20% Bloomberg U.S. Aggregate Bond Index. All equity growth index blend is comprised of a weighting of 65% Russell 3000® Index and 35% MSCI ACWI ex-U.S. IMI Index. It is not possible to invest directly in an index.

Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial professional or Nuveen at 800.257.8787.

Featuring portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.


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