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Intermediate Term Municipal

Strategy highlights
  • Monthly tax-exempt income: The strategy seeks to provide regular income to help investors meet income goals and manage taxes
  • Risk and reward balance: An emphasis on deep research has provided a compelling balance of risk and reward over the long term
  • Tap into experience: One of the industry’s largest credit research teams uncovers opportunities that others may overlook

Strategy description

Investing in the intermediate portion of the municipal yield curve can provide unique risk and reward characteristics while generating consistent tax-exempt income. Intermediate Term Municipal focuses on total return performance while seeking to provide consistent income.

Investment process

Fundamental credit research is the foundation of the investment process. The municipal team considers economic outlook, credit analysis, trading and yield curve analysis when determining overall investment strategy. Targets and guidelines are developed for duration, yield curve positioning, security structure, sectors and credit quality. Portfolio managers construct portfolios through close collaboration with the credit research analysts and traders.

 

At-a-glance

Benchmark

Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index

Number of positions

8-15

Average duration target (years)

5-6.5

Average maturity target (years)

7-10

Average credit quality target

AA

Average annual turnover (%)

15-40 
 

Literature and resources

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.

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.

A word on risk

All investments carry a certain degree of risk, including possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. It is important to review investment objectives, risk tolerance, tax liability and liquidity needs before choosing an investment style or manager. Equity investments are subject to market risk or the risk that stocks will decline in response to such factors as adverse company news or industry developments or a general economic decline. A focus on dividend-paying securities presents the risks of greater exposure to certain economic sectors rather than the broad equity market (sector or concentration risk). Foreign investments involve additional risks. The strategy’s potential investment in non-U.S. stocks presents risks such as political risk, exchange rate risk, lack of liquidity and inflationary risk, economic change, social unrest, changes in government relations, and different accounting standards. This strategy may invest in American Depositary Receipts (ADRs). ADRs do not eliminate the currency and economic risks for the underlying shares in another country. Dividends are not guaranteed and will fluctuate. Dividend yield is one component of performance and should not be the only consideration for investment.

Effective 31 Dec 2021 Nuveen Asset Management, LLC replaced Santa Barbara Asset Management, LLC as the Strategy’s investment manager. This update did not impact the investment strategy or portfolio management.

Nuveen Asset Management, LLC is a registered investment adviser and an investment specialist of Nuveen, LLC.

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