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Separately Managed Accounts
Preferred Securities and Income
Strategy description
The Preferred Securities and Income strategy seeks to deliver current income and capital appreciation through individual securities and an actively managed fee-waived mutual fund, which offers diversification into $25 par high-yield, $1000 par investment grade and high yield, and contingent capital securities (“CoCos”).
Target allocation:
• 60% Individual securities
• 40% Nuveen Managed Accounts Portfolio (MAP)1
Asset class: Global fixed income
For term definitions and index descriptions, please access the glossary in the footer.
Portfolio at a glance
| Benchmark |
ICE BofA US All Capital Securities Index |
| Portfolio composition |
Broad preferred securities market exposure: Individual securities (60%)
Nuveen Managed Accounts Portfolio (MAP)1 (40%)
|
| Account minimum |
$50,000 |
| Quality | Predominately investment grade |
Investment process
Nuveen seeks to optimize value primarily through a top-down, quantitative driven process focusing on relative value between industry sectors, while also incorporating bottom-up fundamental credit research analysis. We believe that a dedicated institutional preferred securities investment manager can capitalize on potential market insufficiencies.
Top down
- Identify the investment universe, both $25 par and similar retail structures, $1,000 par institutional structures, and contingent capital securities (“CoCos”).
- Focus on the highly regulated sectors: banks, insurance, and utilities
- Monitor sector-level relative value to determine sector over/underweight
Bottom up
- Conduct fundamental credit research on every issuer in our strategy and every meaningful credit within our benchmark index, regardless of ownership
- Review all structural features of each security to fully comprehend each individual structure
- Perform Option-Adjusted Spread (OAS) analysis to force rank securities of each issuer to ensure we own the cheapest available structure
Resources
Endnotes
1 Nuveen Managed Accounts Portfolio are specialized, registered investment portfolios offered only to Nuveen-sponsored separately managed accounts. No direct offering or promotion of this portfolio is made hereby.
A separately managed account (SMA) are 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.
Important information on risk
All investments carry a certain degree of risks and it is important to review investment objectives, risk tolerance, tax-liability and liquidity needs before choosing an investment style or manager. Strategy may frequently invest in derivatives which can include, but are not limited to, options, futures contracts and options on futures contracts, foreign currency contracts, interest rate, total return and credit default swaps, options on swap agreements and interest rate caps and floors. Reasons for investing in derivatives include, but are not limited to, the following: to gain exposure to or protect against changes in the market, to maintain sufficient liquidity, to meet redemption requests, to provide protection against defaults, and to manage exposure to interest rates, credit risks and foreign currencies. A purchase or sell of a derivatives may result in certain risk including, but not limited to, losses in excess of the amount invested, unfavorable changes in interest rates, foreign currency risk, liquidity and default on the contract by counterparty. Portfolio in the composite do not borrow money for investment purposes.
Nuveen Asset Management, LLC is a registered investment adviser and an affiliate of Nuveen, LLC.
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