- Last Ratings Update:03/31/2015
- Price as of 03/31/2015 :$22.62
- Net Assets:$123.78 Million
- Peer Rank:3 of 14
- Investment Rating:C
We rate Nuveen Mortgage Opportunity Term 2 at C. This overall rating indicates it is among the top 10% of all closed end funds in its peer group. Positive factors that influence this rating include a greater than above average total return and low price volatility. The fund invests approximately 82% of its assets in bonds and may be considered for investors seeking a General Mortgage strategy.
POSITIVES AND RISKS
Total return ranks above peers over the last three years. The Nuveen Mortgage Opportunity Term 2 has returned an annual rate of 7.24% since inception. More recently, the fund has generated a total return of 7.46% in the last five years, 8.83% in the last three years, and 3.52% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 47% of them. It has also outpaced 55% of its competitors on a three year basis and 45% of them over the last year for the period ending 3/31/2015. On a year to date basis, JMT has returned -0.33%.
Downside risk has been below average. JMT has a draw down risk of -24.25%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 11.1%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 3/31/2015, the fund was trading at a price of $22.62, which is 1.5% below its 52-week high of $22.97 and 1.5% above its 52-week low of $22.29.
High expense ratio hinders performance. On total assets of $123.78 million, JMT maintains a high expense ratio compared to its General Mortgage peers of 2.42% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As JMT is a closed end fund, it has no front end or back end load.
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