Nuveen AMT-Free Municipal Value FundFind Ratings Reports
- Last Ratings Update:01/31/2020
- Price as of 01/31/2020 :$16.60
- Net Assets:$253.39 Million
- Peer Rank:9 of 101
- Investment Rating:A+
We rate Nuveen AMT-Free Municipal Value at A+. 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 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 below peers over the last three years. The Nuveen AMT-Free Municipal Value has returned an annual rate of 6.03% since inception. More recently, the fund has generated a total return of 6.66% in the last five years, 2.89% in the last three years, and 20.50% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 84% of them. It has also outpaced 37% of its competitors on a three year basis and 99% of them over the last year for the period ending 1/31/2020. On a year to date basis, NUW has returned 22.81%.
Downside risk has been below average. NUW has a draw down risk of -18.32%, 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. As of 1/31/2020, the fund was trading at a price of $16.60, which is 0.1% below its 52-week high of $16.62 and 2.5% above its 52-week low of $16.19.
Low expense ratio helps performance. On total assets of $253.39 million, NUW maintains a low expense ratio compared to its Municipal - National peers of just 0.74% 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 4 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 27% of other fund managers.