MD & Head of Closed-End Fund Marketing
NUV is our oldest Closed-End Fund. It was launched to invest in municipal bonds. Along the way, it’s built a whole lot of income for the shareholders while building many of America's essential public works through the municipal bonds the fund financed.
What should investors understand about how Closed-End Funds work?
The number one thing to understand about Closed-End Funds is they’re mostly designed for income, to provide regular cash flow whether you’re a retiree or somebody early in your career. If you want that regular opportunity for income or investing the income, then a Closed-End Fund can be an important investment tool for you.
In addition, unlike other funds that you may be familiar with, they trade on the stock exchange throughout the day, so you have those opportunities for visibility and liquidity, and naming the price that you want to pay for the Closed-End Fund share.
Besides celebrating 30 years today, what else is distinctive about NUV?
One of the things we’re really proud of, for NUV, our oldest fund, is the idea that it has built income for the shareholders while building America for all of the rest of us. Over time, this helped meaningfully grow our municipal bond franchise which now stands at more than $125 billion dollars – again, by helping retail investors invest in America while receiving income along the way.
MD & Co-Head of Fixed Income
I understand that the fund has been available for the past 30 years. What do you consider the greatest contributors to that longevity?
I think it starts with the strength of the municipal asset class but in addition, the product structure has been very beneficial to stability and monthly income over time. Active management and our deep fundamental research have also helped the fund succeed over three decades.
NUV was Nuveen’s first muni Closed-End Fund. How has that suite grown since then?
Closed-End Funds at Nuveen have had incredible growth over the last 30 years. We currently have 75 funds with total assets under management (AUM) more than $60 billion when you combine the value of those funds. So it has expanded across different parts of the yield curve, different parts of the credit spectrum and different asset classes as well—all really with the foundation of having income produced by all those products.
How would you say that the Closed-End Fund structure has enabled retail investors to invest in municipal bonds?
The Closed-End Fund structure helps retail investors in part because of the liquidity, the ease of trading and the incremental approach to getting investors involved—this includes the amount that needs to be invested for an individual trade, the information available, and the diversification that comes from active professional management.
SVP & Portfolio Manager
Thirty years ago, Nuveen launched its first Nuveen Municipal Value Fund. What has been the primary goal of this fund?
Our primary goal is income distribution, so in the 30 years that NUV has been in existence it's paid out $3.2 billion dollars in tax-free monthly distributions. That relentless pursuit of income has been the goal of NUV and we’re happy to celebrate its 30-year anniversary right now.
What would you consider to be the hallmarks of the Nuveen Municipal Value Fund?
The hallmark of NUV has been its consistency. Thirty years ago it launched at $10 a share and right now it's trading at $10.06 a share—so over this 30 years it’s provided consistent monthly income to our shareholders.
What are some of the key projects supported by investments made by NUV?
NUV has supported key infrastructure projects throughout America. Every major airport built over the last 30 years – such as Denver International Airport, the reconstruction of LaGuardia Airport right now, McCarran Airport, E470 – which is a 46 mile outer belt around Denver – were all supported by NUV along with water and sewer projects like Atlanta Water, where we just financed a 2.4 billion gallon reservoir for clean water.
How did it feel to ring the Opening Bell at the New York Stock Exchange?
It was absolutely fantastic. It was one of the coolest events I've ever had so I'm super grateful the New York Stock Exchange. You guys put on such a wonderful event, thank you!
Building income for shareholders while building America