Nuveen Mortgage and Income Fund
Find Ratings Reports- Last Ratings Update:02/29/2024
- Price as of 02/29/2024 :$17.50
- Net Assets:$102.87 Million
- NAV:$19.28
- Premium-9.23%
- Peer Rank:6 of 19
- Investment Rating:C
- Performance:C
- RiskC+
We rate Nuveen Mortgage and Income at C. Positive factors that influence this rating include a low price volatility. The fund invests approximately 93% of its assets in bonds and may be considered for investors seeking a General Mortgage strategy.
Total return ranks below peers over the last three years. The Nuveen Mortgage and Income has returned an annual rate of 5.39% since inception. More recently, the fund has generated a total return of 0.53% in the last five years, 1.68% in the last three years, and 15.91% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 16% of them. It has also outpaced 43% of its competitors on a three year basis and 69% of them over the last year for the period ending 2/29/2024. On a year to date basis, JLS has returned 5.10%.
Downside risk has been below average. JLS has a draw down risk of -25.59%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 8.9%. This fund has had very little volatility in its monthly performance over the last 36 months.
High expense ratio hinders performance. On total assets of $102.87 million, JLS maintains a high expense ratio compared to its General Mortgage peers of 4.16% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As JLS is a closed end fund, it has no front end or back end load.
Manager lacks tenure but performance is a net positive. 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 Mortgage and Income has been managed by Aashh Parekh for only 4 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 86% of other fund managers.