Nuveen Expands Separately Managed Account Platform With Launch of High Income Municipal SMA
Nuveen, TIAA's investment manager, launches a new High Income Municipal SMA to expand its separately managed account platform. This strategic addition allows investors to access high-yield exposure across Nuveen's extensive $200 billion municipal platform, which includes various investment vehicles like mutual funds, closed-end funds, ETFs, and more.
The new strategy invests in both non-investment grade and investment grade tax-exempt bonds, with a portfolio allocation of minimum 40% to investment grade bonds and up to 60% in high income bonds. This launch follows Nuveen's January 2025 introduction of two actively-managed muni ETFs.
Led by portfolio managers Martin J. Doyle and Patrick R. Maher, the strategy aims to generate higher levels of tax-free income in the $1.6 trillion muni SMA market, which has traditionally focused on high-grade strategies. The new SMA uses the Bloomberg Municipal Bond Index as its benchmark and leverages Nuveen's specialized credit research team to deliver enhanced total return potential with tax benefits.
Nuveen, il gestore degli investimenti di TIAA, lancia un nuovo High Income Municipal SMA per ampliare la sua piattaforma di conti gestiti separatamente. Questa aggiunta strategica consente agli investitori di accedere a un'esposizione ad alto rendimento attraverso l'ampia piattaforma municipale da 200 miliardi di dollari di Nuveen, che include vari veicoli di investimento come fondi comuni, fondi chiusi, ETF e altro ancora.
La nuova strategia investe sia in obbligazioni esenti da imposte di grado non investment che investment grade, con un'allocazione di portafoglio di almeno il 40% in obbligazioni investment grade e fino al 60% in obbligazioni ad alto rendimento. Questo lancio segue l'introduzione, da parte di Nuveen nel gennaio 2025, di due ETF municipali gestiti attivamente.
Guidata dai gestori di portafoglio Martin J. Doyle e Patrick R. Maher, la strategia mira a generare livelli più elevati di reddito esentasse nel mercato SMA municipale da 1,6 trilioni di dollari, tradizionalmente focalizzato su strategie di alta qualità. La nuova SMA utilizza come benchmark il Bloomberg Municipal Bond Index e si avvale del team specializzato di ricerca sul credito di Nuveen per offrire un potenziale di rendimento totale migliorato con benefici fiscali.
Nuveen, el gestor de inversiones de TIAA, lanza un nuevo High Income Municipal SMA para ampliar su plataforma de cuentas gestionadas por separado. Esta adición estratégica permite a los inversores acceder a una exposición de alto rendimiento a través de la extensa plataforma municipal de 200 mil millones de dólares de Nuveen, que incluye diversos vehículos de inversión como fondos mutuos, fondos cerrados, ETFs y más.
La nueva estrategia invierte en bonos exentos de impuestos tanto de grado no investment como investment grade, con una asignación mínima del 40% a bonos investment grade y hasta un 60% en bonos de alto ingreso. Este lanzamiento sigue a la introducción en enero de 2025 por parte de Nuveen de dos ETFs municipales gestionados activamente.
Dirigida por los gestores de cartera Martin J. Doyle y Patrick R. Maher, la estrategia busca generar niveles más altos de ingresos libres de impuestos en el mercado SMA municipal de 1,6 billones de dólares, que tradicionalmente se ha centrado en estrategias de alta calidad. El nuevo SMA utiliza como referencia el Bloomberg Municipal Bond Index y aprovecha el equipo especializado de investigación crediticia de Nuveen para ofrecer un mayor potencial de rendimiento total con beneficios fiscales.
누빈(Nuveen), TIAA의 투자 관리자, 별도 관리 계좌 플랫폼을 확장하기 위해 새로운 High Income Municipal SMA를 출시했습니다. 이 전략적 추가는 투자자들이 누빈의 광범위한 2000억 달러 규모의 지방채 플랫폼에 걸쳐 고수익 노출에 접근할 수 있게 하며, 이 플랫폼은 뮤추얼 펀드, 폐쇄형 펀드, ETF 등 다양한 투자 수단을 포함합니다.
새 전략은 비투자 등급 및 투자 등급의 면세 채권에 투자하며, 포트폴리오 배분은 최소 40%를 투자 등급 채권에, 최대 60%를 고수익 채권에 할당합니다. 이번 출시는 누빈이 2025년 1월에 두 개의 적극 운용형 지방채 ETF를 도입한 데 이은 것입니다.
포트폴리오 매니저 마틴 J. 도일과 패트릭 R. 마허가 이끄는 이 전략은 전통적으로 고등급 전략에 집중해온 1.6조 달러 규모의 지방채 SMA 시장에서 더 높은 수준의 세금 면제 소득을 창출하는 것을 목표로 합니다. 새로운 SMA는 블룸버그 지방채 지수를 벤치마크로 사용하며, 누빈의 전문 신용 연구팀을 활용해 세금 혜택과 함께 향상된 총수익 잠재력을 제공합니다.
Nuveen, le gestionnaire d'investissements de TIAA, lance un nouveau High Income Municipal SMA pour étendre sa plateforme de comptes gérés séparément. Cette addition stratégique permet aux investisseurs d'accéder à une exposition à haut rendement via la vaste plateforme municipale de 200 milliards de dollars de Nuveen, qui comprend divers véhicules d'investissement tels que des fonds communs, des fonds fermés, des ETF et plus encore.
La nouvelle stratégie investit dans des obligations exonérées d'impôts à la fois non notées investment grade et investment grade, avec une allocation de portefeuille d'au moins 40 % en obligations investment grade et jusqu'à 60 % en obligations à haut revenu. Ce lancement fait suite à l'introduction en janvier 2025 par Nuveen de deux ETF municipaux activement gérés.
Dirigée par les gestionnaires de portefeuille Martin J. Doyle et Patrick R. Maher, la stratégie vise à générer des niveaux plus élevés de revenus exonérés d'impôts sur le marché SMA municipal de 1,6 trillion de dollars, traditionnellement axé sur des stratégies de haute qualité. Le nouveau SMA utilise l'indice Bloomberg Municipal Bond comme référence et s'appuie sur l'équipe spécialisée en recherche de crédit de Nuveen pour offrir un potentiel de rendement total amélioré avec des avantages fiscaux.
Nuveen, der Investmentmanager von TIAA, startet ein neues High Income Municipal SMA, um seine Plattform für separat verwaltete Konten zu erweitern. Diese strategische Ergänzung ermöglicht es Investoren, Zugang zu hochverzinslichen Anlagen über Nuveens umfangreiche 200-Milliarden-Dollar-Kommunalanleihen-Plattform zu erhalten, die verschiedene Investmentvehikel wie Investmentfonds, geschlossene Fonds, ETFs und mehr umfasst.
Die neue Strategie investiert sowohl in nicht-investment-grade als auch in investment-grade steuerbefreite Anleihen, mit einer Portfolioallokation von mindestens 40 % in Investment-Grade-Anleihen und bis zu 60 % in Hochzinsanleihen. Dieser Start folgt auf die Einführung von zwei aktiv verwalteten kommunalen ETFs durch Nuveen im Januar 2025.
Unter der Leitung der Portfoliomanager Martin J. Doyle und Patrick R. Maher zielt die Strategie darauf ab, im 1,6 Billionen Dollar schweren kommunalen SMA-Markt, der traditionell auf hochwertige Strategien fokussiert ist, höhere steuerfreie Einkommensniveaus zu generieren. Das neue SMA verwendet den Bloomberg Municipal Bond Index als Benchmark und nutzt Nuveens spezialisiertes Kreditforschungsteam, um ein verbessertes Gesamtrenditepotenzial mit Steuervorteilen zu bieten.
- Expansion into $1.6 trillion muni SMA market with new high yield product
- Leverages existing $200 billion municipal platform across multiple investment vehicles
- Minimum 40% allocation to investment grade bonds provides stability
- Diversification of product offerings with recent launch of two active muni ETFs
- Potential for higher tax-free yields through high income bonds allocation up to 60%
- Late entry into muni SMA market dominated by established high-grade strategies
- Higher risk exposure through non-investment grade bonds
Strategy Offers Differentiated Opportunity for Additional Yield
With the new SMA, high yield exposure can now be accessed across the entirety of Nuveen's nearly
The strategy invests in non-investment grade and investment grade tax-exempt bonds, leveraging Nuveen's highly specialized credit research team to deliver an investment solution focused on generating higher levels of tax-free income that is not yet widely available via the SMA wrapper. The portfolio allocates a minimum of
"The current
About the Strategy: | |
Name: | Nuveen High Income Municipal SMA |
Investment Objective: | Primarily invests in municipal bonds across both investment-grade and non-investment grade credit spectrums. Seeks to deliver investors a high level of tax-free income. |
Reference Benchmark: | Bloomberg Municipal Bond Index |
Portfolio Managers: | Martin J. Doyle, CFA; Patrick R. Maher |
About Nuveen's Municipal Platform
Nuveen is an industry leader ranking among the largest municipal fund managers, with nearly 80 investment professionals averaging 22 years of experience. The firm's specialized municipal credit research team is one of the largest and most experienced in the asset class and was recently named the #1 team in the 2024 Smith's All-Star Municipal Analysts Awards1.
About Nuveen's SMA Suite
As the 11th largest firm in overall SMA market share2, Nuveen offers a range of strategies addressing growing investor interest in personalization and adaptability as they seek out solutions to meet their individualized financial objectives. Nuveen's SMA capabilities cover municipal and taxable fixed income approaches seeking yield or total return; diverse equity capabilities across geography, capitalization and style, and nontraditional offerings including direct indexing and multi-asset.
Media Contact
E-Soo Kim | E-Soo.Kim@nuveen.com | 551-224-4919
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with their financial advisors. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager.
Important information on risk
Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.
Investing in municipal bonds and a municipal bond investment vehicle involves risks such as market risk, credit risk, interest rate/duration risk, call risk, tax risk, political and economic risk, and income risk. Credit risk refers to an issuers ability to make interest and principal payments when due. The value of the portfolio will fluctuate based on the value of the underlying securities. Typically the value of, and income generated by, debt securities will decrease or increase based on changes in market interest rates. As interest rates rise, bond prices fall. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. There are special risks associated investments in high yield bonds, hedging activities and the potential use of leverage. Portfolios that include lower rated and/or non-rated municipal bonds commonly referred to as "high yield" or "junk" bonds, which are considered to be speculative, the credit and investment risk is heightened for the portfolio. Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. No representation is made as to an insurer's ability to meet their commitments. Income is only one component of performance and investor should consider all of the risk factors for an asset class before investing. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial professional or Nuveen at 888.849.5734 or visit nuveen.com.
Nuveen Fund Advisors, LLC serves as the Fund's adviser and Nuveen Asset Management, LLC serves as the Fund's sub-adviser; both the adviser and sub-adviser are subsidiaries of Nuveen, LLC. Nuveen Securities, LLC, member FINRA and SIPC.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
1 Smith's All-Star Municipal Analyst Awards Program is the only program that consistently and prominently provides recognition in the municipal space. Smith's Research & Gradings announced the annual awards on 04 December 2024. The program starts with the formation of Smith's Blue Ribbon Ballot Committee of Portfolio Managers. Members of the committee nominate the nation's leading municipal analysts to the ballot. Once the ballot nominations for the 29 different categories are compiled and verified, the final ballot is sent to 1,000 institutional investors for voting. The entire process is transparent, and the voting increases the democratization of the municipal bond market. Please see https://www.smithsresearch.net/events/smiths-municipal-all-star-awards for more information.
2 Ranking based on Cerulli Report:
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SOURCE Nuveen
FAQ
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