Nuveen AMT-Free Municipal Value FundFind Ratings Reports
- Last Ratings Update:12/31/2016
- Price as of 12/31/2016 :$16.26
- Net Assets:$228.95 Million
- Peer Rank:84 of 104
- 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 6.21% since inception. More recently, the fund has generated a total return of 3.37% in the last five years, 6.74% in the last three years, and -5.24% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 42% of them. It has also outpaced 81% of its competitors on a three year basis and 10% of them over the last year for the period ending 12/31/2016. On a year to date basis, NUW has returned -5.24%.
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 10.7%. This fund has had a low level of volatility in its monthly performance over the last 36 months. As of 12/31/2016, the fund was trading at a price of $16.26, which is 1.5% below its 52-week high of $16.50 and 1.5% above its 52-week low of $16.02.
Low expense ratio helps performance. On total assets of $228.95 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 8 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 45% of other fund managers.