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Key distinctions
  • Strategic, forward-looking outcome-focused approach informed by Nuveen's global market views and deep municipal expertise to help deliver income while minimizing downside risk
  • Simplified diversification strategies to help achieve investors' income and risk objectives in an increasingly volatile and complex municipal market
  • Broad municipal fund offering from an industry leader providing diversified access to Nuveen's municipal market thought leadership and research capabilities

An active approach to diversified tax-exempt income

Nuveen's forward-thinking approach to portfolio construction leverages 120 years as a leader in the municipal bond industry to help achieve outcomes that align with investors’ tax-exempt income objectives while seeking to minimize downside risk.

Highlights
  • During the third quarter, we have seen U.S. Treasuries under pressure with the 10-year closing higher than 150 bps for the first time since June. Though not as volatile, 10-year AAA-rated municipals have increased by roughly 29 bps since July to about 113 bps.
  • Municipals have become more attractive relative to U.S. Treasuries during Q3 as 10-year AAA municipal/U.S. Treasury ratios (“ratios”) increased slightly during the quarter, rising to nearly 77% from a range of 60-70% seen in Q2.
  • High yield municipal credit spreads have continued to grind lower to about 170 bps.
  • With respect to recent portfolio changes, the general theme was a shift from limited term into intermediate duration municipals. This was largely driven by changes in AAA municipals and U.S. Treasury curve dynamics. During Q3, the shorter end of the curve did not move significantly, while intermediate and longer term rates increased by roughly 15-20 bps. For the Conservative portfolio, we rotated some exposure from limited term into intermediate duration municipals. The Moderate portfolio similarly sourced from limited term and increased allocation to intermediate duration municipals, with a small addition to All-American, which also has higher exposure to the intermediate tenors of the curve. The High Income portfolio shifted exposure from limited term and All-American in favor of intermediate duration municipals in order to manage overall duration risk contribution. The duration profiles did not significantly change during the quarter.

Target allocations

LOWER
HIGHER
POTENTIAL VOLATILITY AND YIELD

Performance

Yields

Yield is represented by the weighted average SEC 30-day yield of the blended model portfolio. The SEC 30-day yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. If the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the Fund’s Taxable-equivalent yield would be lower. The Taxable-equivalent yield is based on the Fund’s SEC 30-day yield on the indicated date and a federal income tax rate of 40.8% (maximum federal income tax rate and the Medicare tax). Investors should consider their own tax rate when investing in municipal bonds.

Average annual total returns

Past performance is no guarantee of future results. Performance shown is based on a representative account. Nuveen model portfolios are intended to illustrate how combinations of Nuveen affiliated products could be used to achieve the stated investment objectives. The value of the portfolio will fluctuate based on the value of the underlying securities. Daily returns are calculated net of underlying Fund expenses. Total returns for a period of less than one year are cumulative. Results are inherently limited and do not represent actual results and may not account for the impact of the general market.

Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

S&P Municipal Bond Index is shown for reference purposes only. These Nuveen model portfolios are designed to achieve an outcome, in this case different levels of tax-exempt income for different levels of risk. They are not designed to outperform or track a particular benchmark or index.

Calendar year returns

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.

Characteristics

  • Sector allocation
  • Maturity profile
  • Bond credit quality

Sector allocation

Sector allocation is represented by the weighted average sector allocation of the blended model portfolio.

Maturity profile

Bond credit quality

Credit quality is represented by the weighted average credit quality of the blended model portfolio. Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Holdings designated NR are not rated by these national rating agencies.

Portfolio statistics

  • Conservative
  • Moderate
  • High

Conservative

Moderate

High

Literature

Featured insights
Investment Outlook 2021 outlook: Dark tunnel. Bright light.
Outlook, investment ideas and portfolio construction views from Nuveen's Global Investment Committee.
  Expanded commentary - Nuveen High Yield Municipal Bond Fund
Municipal Bonds Climate change and COVID-19 test the municipal market
Wildfires and drought are challenging some U.S. cities and counties, but state and local tax governments overall proved to be very resilient during the pandemic.
Important information

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.

A word on risk

Investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the funds, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. The models concentrate in non-investment-grade and unrated bonds with long and short maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. In addition, the funds oftentimes engage in a significant amount of portfolio leverage and in doing so, assumes a high level of risk in pursuit of its objectives. Leverage involves the risk that the funds could lose more than its original funding amount and also increases the exposure to volatility, interest rate risk and credit risk.

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.

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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