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Nuveen AMT-Free Municipal Value Fund
NUW : NYSE : Financial
$16.23 | %
Today's Range: 0.00 - 0.00
Avg. Daily Volume: 26,800
07/22/14 - 3:49 PM ET
  • Last Ratings Update:06/30/2014
  • Price as of 06/30/2014 :$16.64
  • Net Assets:$224.2 Million
  • NAV:$16.81
  • Premium-1.01%
  •   
  • Peer Rank:72 of 114
  • Investment Rating:C
  • Performance:C
  • RiskB-
NUW Price Chart

SUMMARY


We rate Nuveen AMT-Free Municipal Value 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, 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.


POSITIVES AND RISKS


Total return ranks above peers over the last three years. The Nuveen AMT-Free Municipal Value has returned an annual rate of 7.40% since inception. More recently, the fund has generated a total return of 6.62% in the last five years, 5.34% in the last three years, and 9.79% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 31% of them. It has also outpaced 50% of its competitors on a three year basis and 47% of them over the last year for the period ending 6/30/2014. On a year to date basis, NUW has returned 9.24%.

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 11.9%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 6/30/2014, the fund was trading at a price of $16.64, which is 0.3% below its 52-week high of $16.69 and 3.2% above its 52-week low of $16.12.

Low expense ratio helps performance. On total assets of $224.20 million, NUW maintains a low expense ratio compared to its Municipal - National peers of just 0.72% 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 31% of other fund managers.


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