0.09 | 0.51%
- Last Ratings Update:02/28/2013
- Price as of 02/28/2013 :$17.98
- Net Assets:$231.14 Million
- NAV:$17.86
- Premium0.67%
- Peer Rank:91 of 109
- Investment Rating:C+
- Performance:C
- RiskB
We rate Nuveen AMT-Free Municipal Value at C+. Positive factors that influence this rating include a greater than above average total return, low price volatility and low expense structure. The fund invests approximately 92% of its assets in bonds and may be considered for investors seeking a Municipal - National strategy.
Total return ranks above peers over the last three years. The Nuveen AMT-Free Municipal Value has returned an annual rate of 10.24% since inception. More recently, the fund has generated a total return of 8.52% in the last three years, 4.68% in the last year, and 3.47% in the last six months. How does that compare to other equity funds? In the last three years, it has outperformed 63% of them. It has also outpaced 44% of its competitors on a one year basis for the period ending 2/28/2013. On a year to date basis, NUW has returned 3.15%.
Downside risk has been below average. NUW has a draw down risk of -15.13%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 12.0%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 2/28/2013, the fund was trading at a price of $17.98, which is 0.7% below its 52-week high of $18.11 and 1.4% above its 52-week low of $17.73.
Low expense ratio helps performance. On total assets of $231.14 million, NUW maintains a low expense ratio compared to its Municipal - National peers of just 0.68% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As NUW is a closed end fund, it has no front end or back end load.
Manager lacks tenure and performance record lags managerial peers. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Nuveen AMT-Free Municipal Value has been managed by Thomas C. Spalding for only 4 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 21% of other fund managers.
