Nuveen AMT-Free Municipal Value FundFind Ratings Reports
- Last Ratings Update:04/30/2017
- Price as of 04/30/2017 :$17.05
- Net Assets:$247.39 Million
- Peer Rank:66 of 105
- Investment Rating:C+
We rate Nuveen AMT-Free Municipal Value at C+. 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 6.75% since inception. More recently, the fund has generated a total return of 4.84% in the last five years, 5.66% in the last three years, and 0.85% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 57% of them. It has also outpaced 70% of its competitors on a three year basis and 24% of them over the last year for the period ending 4/30/2017. On a year to date basis, NUW has returned 6.38%.
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 4/30/2017, the fund was trading at a price of $17.05, which is 3.0% below its 52-week high of $17.58 and 1.4% above its 52-week low of $16.82.
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 48% of other fund managers.