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Core Impact Bond

Core impact bond image
At-a-glance
Provides access to
U.S. fixed income
Investable universe
A broad range of investment-grade fixed income securities denominated in USD.             
Benchmark
Bloomberg U.S. Aggregate Index
Impact themes
  • Affordable housing
  • Community and economic development
  • Renewable energy and climate change
  • Natural resources

Overview

An actively managed, core bond strategy that invests across the investment grade, U.S. dollar fixed income market in securities that demonstrate environmental, social and governance (ESG) leadership and/or direct and measurable environmental and social impact.

Strategy highlights

  • Pursues excess return: Seeks to consistently outperform the broad bond market on both an excess and risk adjusted return basis
  • Invests for impact in public markets: Strives to maximize environmental and social impact by funding projects and initiatives through public fixed income markets

Our track record demonstrates that investors can direct capital to specific, measurable social and environmental outcomes.
Stephen M. Liberatore, CFA, Head of ESG/Impact  -- Global Fixed Income

Our investment approach

Core bond allocation

Actively managed, high-quality bond portfolio pursues excess returns and improved risk-adjusted results versus a traditional broad-market benchmark

Environmental and social impact

Prioritizes bonds that make direct and measurable impact across multiple sustainable and socioeconomic themes without compromising return potential

ESG leadership

ESG quality is assessed within each sector and industry, enabling the identification of best-in-class leaders across key bond market segments required to build a diversified portfolio and manage risk
Portfolio management team
Stephen Liberatore
Stephen M. Liberatore, CFA® Portfolio Manager, Head of ESG/Impact, Global Fixed Income
Zarzycki Jessica
Jessica Zarzycki, CFA® Portfolio Manager

Related articles

Stephen M. Liberatore

Nuveen in 90: Evolution of ESG and Impact investing in fixed income

Stephen M. Liberatore, CFA, head of ESG/Impact, global fixed income, explores how Nuveen seeks to generate competitive returns while funding projects that yield positive social and environmental outcomes.
29 Nov 2022
Sustainability linked bonds do not fit
Fixed income

Sustainability-linked bonds do not fit our impact framework

Stephen M. Liberatore
Hands holding a baby sapling for the camera
Responsible investing

Impact investing

areal view of beach
Responsible investing

Impact report

Contact us
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London
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+44 20 3727 8000
201 Bishopsgate, London, United Kingdom

Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investments that perform well.

ESG integration is the consideration of financially material ESG factors in support of portfolio management for actively managed strategies. Financial materiality of ESG factors varies by asset class and investment strategy. Applicability of ESG factors may differ across investment strategies. ESG factors are among many factors considered in evaluating an investment decision, and unless otherwise stated in the relevant offering memorandum or prospectus, do not alter the investment guidelines, strategy or objectives.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA institute.

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Our Company

The information contained on this website is provided for educational purposes only and is not intended to be relied upon as a forecast, research or investment advice, is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. YOUR CAPITAL IS AT RISK. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. 

Products, services, or strategies shown may not be available in certain jurisdictions and/or to certain investors. Recipients should inform themselves about and observe any applicable legal requirements. The information provided should not be considered a solicitation or an offer by Nuveen or its affiliates to provide any financial products or services in any jurisdiction where it is not otherwise authorized to do so. Any funds described herein are not for sale in the US or to US persons and are available under the conditions of the relevant offering document(s). If you are a US citizen or resident, please visit our website for US Financial Professionals or US Institutional Investors. Nuveen provides a range of products including investment advisory services, strategies, and expertise through its independent investment affiliates. Securities are offered through Nuveen Securities, LLC.

© 2025 Nuveen, LLC. All rights reserved.

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