- Last Ratings Update:07/31/2014
- Price as of 07/31/2014 :$23.39
- Net Assets:$122.19 Million
- Peer Rank:6 of 18
- 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 8.12% since inception. More recently, the fund has generated a total return of 11.29% in the last three years, 10.57% in the last year, and 2.83% in the last six months. How does that compare to other equity funds? In the last three years, it has outperformed 55% of them. It has also outpaced 49% of its competitors on a one year basis for the period ending 7/31/2014. On a year to date basis, JMT has returned 6.16%.
Downside risk has been below average. JMT has a draw down risk of -23.07%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 13.3%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 7/31/2014, the fund was trading at a price of $23.39, which is 2.8% below its 52-week high of $24.06 and 0.0% above its 52-week low of $23.38.
High expense ratio hinders performance. On total assets of $122.19 million, JMT maintains a high expense ratio compared to its General Mortgage peers of 2.38% 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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