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Municipal Total Return

Nuveen
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Strategy description

Municipal Total Return combines holdings of investment grade, intermediate municipal bonds with a commingled fund that allocates to municipal bonds across the credit spectrum. The strategy seeks to provide total return and tax-exempt income through a portfolio that combines two types of investments, with a target allocation that generally includes:
    •60% Intermediate Municipal Separately Managed Account
    •40% Municipal Total Return Managed Accounts Portfolio1

Asset class: Municipal fixed income

For term definitions and index descriptions, please access the glossary in the footer.

At-a-glance

Benchmark Bloomberg Barclays Municipal Bond Index
Average duration target (years) 5-9
Average maturity target (years) 10-20
Average credit quality target A
Average annual turnover (%) 15-40

 

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.

muni process diagram


Resources

 

More strategies
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Customized Municipal Fixed Income
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Intermediate Term Municipal
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State Specific & State Preference portfolios

1Municipal Total Return Managed Accounts Portfolio are specialized, registered investment portfolios, offered only to Nuveen-sponsored separately managed accounts. No direct offering or promotion of this portfolios are made hereby.

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 advisor 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. 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.