- Last Ratings Update:01/31/2015
- Price as of 01/31/2015 :$17.75
- Net Assets:$215.76 Million
- Peer Rank:90 of 113
- Investment Rating:C+
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 8.26% since inception. More recently, the fund has generated a total return of 7.10% in the last five years, 4.98% in the last three years, and 15.73% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 56% of them. It has also outpaced 52% of its competitors on a three year basis and 85% of them over the last year for the period ending 1/31/2015. On a year to date basis, NUW has returned 2.04%.
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 1/31/2015, the fund was trading at a price of $17.75, which is 1.2% below its 52-week high of $17.97 and 2.3% above its 52-week low of $17.35.
Low expense ratio helps performance. On total assets of $215.76 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 tenure is a net positive but 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 the last 6 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 29% of other fund managers.
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