Login to access your documents and resources.
The client portal are currently unavailable for use on mobile. Please visit the desktop site.
Beautiful View of Mountains

Asset class views

Equities
2019 will likely be a stock picker's market.


Best ideas: We see attractive opportunities in high quality companies with attractive valuations and strong free cash flow. Our focus will be on identifying and selecting individual stocks based on fundamental research.  



Taxable fixed income
Positioning for late-cycle trends.


Best ideas:
 We favor BBB rated bonds and the financial sector, as well as shorter-duration high yield corporates, bank loans and asset-backed securities. We also like preferred securities. Local emerging markets with attractive real rates, benign inflation trends and steeper yield curves offer opportunities.



Municipals
Expecting stronger returns in 2019.


Best ideas:
 We believe the steepness of the municipal yield curve will cause longer-term bonds to outperform over time. We expect high yield municipals to continue outperforming due to spread narrowing and better income cushion versus interest rates.



Private markets
Challenging markets require selectivity and proprietary access.


Best ideas:
 We favor structured or preferred equity solutions for high-growth middle market companies. “Green” credit products in renewable energy are in high demand from European investors. 



Real assets
Benefits of global diversification in the late cycle.


Best ideas:
 We favor global agriculture’s defensive characteristics in the late cycle. Commodity trading strategies using proprietary algorithms may capitalize on pricing inefficiencies. Also attractive are industrial real estate related to e-commerce and real assets hybrid securities offering high income with relatively low interest-rate sensitivity.



Commercial real estate
Structural change creates opportunities in the late cycle.


Best ideas:
 We favor investing in 90 global cities offering scale, growth, sustainability and resilience. Attractive sectors include global real estate debt, global industrial and apartment, student housing in Europe and manufactured housing in the U.S.


Nuveen logo
Nuveen's Global Investment Committee brings together our most senior investment leaders from across the firm.
Data Source: FactSet and Bloomberg for market and economic data

The views and opinions expressed are for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition. Any changes to assumptions that may have been made in preparing this material could have a material impact on the information presented herein by way of example. Past performance is no guarantee of future results. Investing involves risk; principal loss is possible.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

Glossary
The Bloomberg Barclays Municipal Bond Index covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The Bloomberg Barclays High Yield Corporate Bond Index is an unmanaged index considered representative of non-investment-grade bonds. The MSCI ACWI (All Country World Index) is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad domestic economy. Nuveen’s Third Annual Responsible Investing Survey: Nuveen commissioned Harris Poll and was conducted online from June 1 - 27, 2017 among 1,012 affluent investors. (U.S. residents over age 21 with $100,000 in investable assets (excluding workplace defined contribution accounts or real estate), who consider themselves the decision maker for financial decisions and who currently work with a financial advisor). A covenant is a promise in an indenture, or any other formal debt agreement, that certain activities will or will not be carried out. Algorithmic trading refers to automated trading by computers which are programmed to take certain actions in response to varying market data. Alpha is a measure of performance on a risk-adjusted basis. Middle market refers to medium-sized businesses (neither small nor large).

A word on risk
All investments carry a certain degree of risk and there is no assurance that an investment will provide positive performance over any period of time. Equity investing involves risk. Foreign investments are also subject to political, currency and regulatory risks. These risks may be magnified in emerging markets. Diversification is a technique to help reduce risk. There is no guarantee that diversification will protect against a loss of income. Investing in municipal bonds involves risks such as interest rate risk, credit risk and market risk, including the possible loss of principal. The value of the portfolio will fluctuate based on the value of the underlying securities. There are special risks associated with investments in high yield bonds, hedging activities and the potential use of leverage. Portfolios that 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. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. As an asset class, real assets are less developed, more illiquid, and less transparent compared to traditional asset classes. Investments will be subject to risks generally associated with the ownership of real estate-related assets and foreign investing, including changes in economic conditions, currency values, environmental risks, the cost of and ability to obtain insurance, and risks related to leasing of properties. Socially Responsible Investments are subject to Social Criteria Risk, namely the risk that because social criteria excludes securities of certain issuers for non-financial reasons, investors may forgo some market opportunities available to those that don’t use these criteria. Investors should be aware that alternative investments including private equity and private debt are speculative, subject to substantial risks including the risks associated with limited liquidity, the use of leverage, short sales and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits. Alternative investments are not suitable for all investors and should not constitute an entire investment program. Investors may lose all or substantially all of the capital invested. The historical returns achieved by alternative asset vehicles is not a prediction of future performance or a guarantee of future results, and there can be no assurance that comparable returns will be achieved by any strategy.

Nuveen, LLC provides investment advisory services through its affiliates.

Equities

2019 will likely be a stock picker's market.
Best Ideas: We see attractive opportunities in high quality companies with attractive valuations and strong cash free flow. Our focus will be on identifying and selecting individual stocks based on fundamental research.

Taxable Fixed Income

Positioning for late-cycle trends.
We favor BBB rated bonds and the financial sector, as well as shorter-duration high yield corporates, bank loans and asset-backed securities. We also like preferred securities. Local emerging markets with attractive real rates, benign inflation trends and steeper yield curves offer opportunities.

Municipals

Expecting stronger returns in 2019.
Best Ideas: We believe the steepness of the municipal yield curve will cause longer-term bonds to outperform over time. We expect high yield municipals to continue outperforming due to spread narrowing and better income cushion versus interest rates.

Private Markets

Challenging markets require selectivity and proprietary access.
Best Ideas: We favor structured or preferred equity solutions for high-growth middle market companies. "Green" credit products in renewable energy are in high demand from European investors.

Real Assets

Benefits of global diversification in the late cycle.
Best Ideas: We favor global agriculture's defensive characteristics in the late cycle. Commodity trading strategies using proprietary algorithms may capitalize on pricing inefficiencies. Also attractive are industrial real estate related to e-commerce and real assets hybrid securities offering high income with relatively low interest-rate sensitivity.

Commercial Real Estate

Structural change creates opportunities in the late cycle.
Best Ideas: We favor investing in 90 global cities offering scale, growth, sustainability and resilience. Attractive sectors include global real estate debt, global industrial and apartment, student housing in Europe and manufactured housing in the U.S.