Nuveen AMT-Free Municipal Value FundFind Ratings Reports
- Last Ratings Update:06/30/2017
- Price as of 06/30/2017 :$17.08
- Net Assets:$247.39 Million
- Peer Rank:74 of 105
- Investment Rating:C+
We rate Nuveen AMT-Free Municipal Value at C+. Positive factors that influence this rating include a well 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 very high in comparison with peers over the last three years. The Nuveen AMT-Free Municipal Value has returned an annual rate of 6.73% since inception. More recently, the fund has generated a total return of 4.09% in the last five years, 6.49% in the last three years, and -7.05% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 48% of them. It has also outpaced 82% of its competitors on a three year basis and 11% of them over the last year for the period ending 6/30/2017. On a year to date basis, NUW has returned 7.32%.
Downside risk has been below average. NUW has a draw down risk of -15.56%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 10.3%. This fund has had a low level of volatility in its monthly performance over the last 36 months. As of 6/30/2017, the fund was trading at a price of $17.08, which is 2.4% below its 52-week high of $17.50 and 0.2% above its 52-week low of $17.04.
Low expense ratio helps performance. On total assets of $247.39 million, NUW maintains a low expense ratio compared to its Municipal - National peers of just 0.71% 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 Daniel J. Close for only 1 year. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 46% of other fund managers.