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Separately Managed Accounts
Customized Municipal Fixed Income
Strategy description
Municipal Bond Investing Customization
Investors are increasingly seeking opportunities to assume an active role in their portfolios and identify solutions that satisfy their individualized financial objectives. Nuveen Asset Management offers access to the expertise of a leading municipal portfolio management team with the flexibility to customize institutional-quality strategies.
Asset class: Municipal fixed income
For term definitions and index descriptions, please access the glossary in the footer.
Customization Options and Implementation Examples1
Customization Through Collaboration
Nuveen Asset Management’s dedicated team of portfolio managers, client portfolio managers and credit research analysts collaborate with you and your advisor to customize the strategy, within program parameters, to address your individual objectives: risk profile, cash flow, investment flexibility, tax management and other financial goals.
Access a Full Range of Municipal Capabilities
Nuveen Asset Management offers the ability to customize actively managed, institutional-quality strategies across the maturity/duration spectrum for both national and state portfolios. Limited customizations may also be available for the passively managed municipal ladder portfolios.
At a glance
Short-Term | Limited Maturity | Intermediate-Term/ High-Quality2 | Long-Term | Total Return3 | Municipal Ladders4 | |
Average Maturity Target (years) |
2-4 | 3-7 | 7-10 | 17-22 | 10-20 | 1–7, 1–10, 1–15, 5–15, 10–25 |
Average Duration Target (years) | 1-3 | 2-5 | 5-6.5 | 7-11 | 5-9 | N/A |
Average Credit Quality Target5 | AA to A | AA | AA | AA | A | AA |
Resources
Footnotes:
1. Some requests may require higher investment thresholds. Customization subject to program parameters.
2. Intermediate-Term securities must be rated BBB- or better at time of purchase. Intermediate-Term High-Quality securities must be rated A- or better at time of purchase.
3. The Municipal Total Return portfolio will hold shares in a specialized, registered investment portfolio offered only to Nuveen separately managed accounts. No direct offering or promotion of this portfolio is made hereby. There are special risks associated withinvestments in high yield bonds, hedging activities and the potential use of leverage. Because the portfolio may include lower rated municipal bonds, commonly referred to as “high yield” or “junk” bonds, which are considered to be speculative, the credit and investment risk is heightened for the portfolio. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are market risk, credit risk, management risk and liquidity risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.
4. Please note that Nuveen Asset Management Laddered Strategies may not lend themselves to certain types of customizations, including but not limited to: sector restrictions, requests to replace individual bonds and certain client trading such as tax sales.
5. Nuveen Asset Management, LLC (“NAM”) employs the following criteria when referring to managed accounts’ municipal bond average credit quality (“ACQ”): Ratings are from nationally recognized statistical rating organizations (“NRSRO”). Split-rated securities receive the highest rating. ACQ is calculated by NAM, using statistical tools and the most current ratings available from third-party sources on all securities, but no guarantees are made with respect to their accuracy or completeness. A portfolio may include substantial holdings of individual securities that are rated materially higher or lower than the average. ACQ does not necessarily reflect the credit risk of individual holdings and its potential impact on an overall portfolio. For example, ACQ may understate the credit risk from a substantial holding in a lower-rated security. There are limitations associated with the use of ACQ as a gauge of portfolio credit risk. Securities not rated by a NRSRO are identified as non-rated, and are not included in the ACQ calculation. Inherited securities may be unrated and reside in the portfolio over the short-term. Unrated securities are not purchased by NAM for managed accounts. A portfolio’s individual holdings, the ratings of these holdings, and the ACQ of a portfolio may change over time. For certain strategies and/or programs, additional restrictions may apply.
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
An investment in any municipal portfolio should be made with an understanding of the risks involved in investing in municipal bonds, such as interest rate risk, credit risk, and market risk. The value of the portfolio will fluctuate based on the value of the underlying securities. Please contact a tax advisor regarding the suitability of tax-exempt investments in your portfolio. Nuveen Asset Management is not a tax advisor. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. Income may be subject to the alternative minimum tax (AMT) and/or state and local taxes, based on the investor’s state of residence. Income from municipal bonds held by a portfolio could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. 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.
Nuveen Asset Management, LLC is a registered investment adviser and an investment specialist of Nuveen, LLC.
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