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Flexible Income
Strategy highlights
- Expanded income opportunity: An investment universe spanning the entire corporate capital structure provides added flexibility to find value
- Diversified approach: A blend of bonds, preferred stocks, convertibles, and equities helps generate current income and manage risk across complementary markets
- Risk management focus: Concerted focus on downside protection seeks to provide attractive risk-adjusted returns over time
Strategy description
Flexible Income seeks to provide high current income and positive risk-adjusted capital appreciation by investing in corporate securities across the capital structure based on the team’s assessment of relative value and risk.
Investment process
Bottom-up, fundamental research seeks to uncover relative value and income opportunities. By looking across an identified company’s capital structure, the team selects what they believe is the optimal security where the combination of seniority, yield, and total-return potential offers the greatest opportunity. This approach underscores three key tenets: attractive valuation, identifying catalysts and inflection points, and favorable risk/reward.
An emphasis on risk management and a concerted focus is given to:
• Downside protection
• Balance sheet strength
• Security and portfolio level liquidity
At-a-glance
Benchmark
Invests primarily across
• Corporate Bonds (Investment grade and high yield)
• Convertibles
• Prefrerred securities
• Equities
Number of positions range
Maximum issuer size
Income target (%)
Key restrictions
• Equities 0% - 35%
• Fixed Income 65% - 100%
• Maximum 50% non-U.S. companies (USD)
• 0% in securities rated below B at time of purchase
Literature and resources
Quick links
A separately managed account (SMA) is a private portfolio of actively managed, individual securities that may be customized to achieve an individual investor's unique objectives.
SMA accounts typically require a minimum investment of $100,000 for equity and asset allocation strategies and $250,000 for fixed income strategies, although the specific minimum account size varies by program and may be subject to change. The manager may waive these minimums based on client type, asset class, pre-existing relationship with client and other factors. For certain accounts, a negotiated minimum annual fee applies. Please consult with your Nuveen Advisor Consultant for applicable minimums.
Important information on risk
All investments carry a certain degree of risk of loss and there is no assurance that an investment will provide positive performance over any period of time. Debt and fixed income securities are subject to market risk, credit risk, interest rate risk, call risk, and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Preferred securities are subordinate to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk and adverse economic developments. Concentration in the financial services sector may involve greater exposure to adverse economic or regulatory occurrences. Equity investments are subject to market risk, common stock risk, covered call risk, short sale risk, and derivatives risk. Value style investing presents the risk that the holdings or securities may never reach their full market value because the market fails to recognize what the portfolio management team considers the true business value or because the portfolio management team has misjudged those values. In addition, value style investing may fall out of favor and underperform growth or other style investing during given periods.
Check with your financial professional for specific product availability and performance information. This information may change without notice. From time to time, we may close or reopen strategies.
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.
Nuveen Asset Management, LLC is a registered investment adviser and an affiliate of Nuveen, LLC.
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