- Last Ratings Update:11/30/2013
- Price as of 11/30/2013 :$14.81
- Net Assets:$234.95 Million
- Peer Rank:105 of 108
- Investment Rating:D
We rate Nuveen AMT-Free Municipal Value at D. Negative factors that influence this rating include a below average total return. The fund invests approximately 92% of its assets in bonds and may be considered for investors seeking a Municipal - National strategy.
POSITIVES AND RISKS
Total return ranks below peers over the last three years. The Nuveen AMT-Free Municipal Value has returned an annual rate of 4.95% since inception. More recently, the fund has generated a total return of 1.22% in the last three years, -19.30% in the last year, and -11.28% in the last six months. How does that compare to other equity funds? In the last three years, it has outperformed 27% of them. It has also outpaced 14% of its competitors on a one year basis for the period ending 11/30/2013. On a year to date basis, NUW has returned -12.49%.
Downside risk has been below average. NUW has a draw down risk of -22.86%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 12.9%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 11/30/2013, the fund was trading at a price of $14.81, which is 2.9% below its 52-week high of $15.25 and 1.4% above its 52-week low of $14.61.
Low expense ratio helps performance. On total assets of $234.95 million, NUW maintains a low expense ratio compared to its Municipal - National peers of just 0.69% 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 5 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 22% of other fund managers.
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