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Trending ETFs

Nuveen High Yield Municipal Bond Fund

mutual fund
NHMAX
Payout Change
No Change
Price as of:
$15.15 -0.02 -0.13%
primary theme
High Yield Municipal Bond
share class
R6 (NHMFX) A (NHMAX) C (NHCCX) I (NHMRX)
NHMAX (Mutual Fund)

Nuveen High Yield Municipal Bond Fund

Payout Change
No Change
Price as of:
$15.15 -0.02 -0.13%
primary theme
High Yield Municipal Bond
share class
R6 (NHMFX) A (NHMAX) C (NHCCX) I (NHMRX)
NHMAX (Mutual Fund)

Nuveen High Yield Municipal Bond Fund

Payout Change
No Change
Price as of:
$15.15 -0.02 -0.13%
primary theme
High Yield Municipal Bond
share class
R6 (NHMFX) A (NHMAX) C (NHCCX) I (NHMRX)

Name

As of 12/09/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Nuveen High Yield Municipal Bond Fund

NHMAX | Fund

$15.15

$15.6 B

4.98%

$0.76

2.11%

Vitals

YTD Return

7.0%

1 yr return

9.5%

3 Yr Avg Return

-1.5%

5 Yr Avg Return

1.5%

Net Assets

$15.6 B

Holdings in Top 10

12.1%

52 WEEK LOW AND HIGH

$15.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.11%

SALES FEES

Front Load 4.20%

Deferred Load N/A

TRADING FEES

Turnover 18.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$3,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/09/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Nuveen High Yield Municipal Bond Fund

NHMAX | Fund

$15.15

$15.6 B

4.98%

$0.76

2.11%

NHMAX - Profile

Distributions

  • YTD Total Return 7.0%
  • 3 Yr Annualized Total Return -1.5%
  • 5 Yr Annualized Total Return 1.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.17%
DIVIDENDS
  • Dividend Yield 5.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Nuveen High Yield Municipal Bond Fund
  • Fund Family Name
    Nuveen
  • Inception Date
    Jun 07, 1999
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Miller

Fund Description

Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. Regular federal personal income tax is different from, and does not include, the federal alternative minimum tax. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax on individuals. For tax years beginning after December 31, 2022, income received from the Fund’s municipal bonds may affect the federal corporate alternative minimum tax for certain corporations. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years.
The Fund invests significantly in lower-quality long-term municipal bonds and may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. These investment strategies should be considered high risk relative to strategies employed by investment grade municipal bond funds. The Fund may invest in inverse floaters that create effective leverage of up to 30% of the Fund’s total investment exposure. The Fund will only invest in inverse floating rate securities whose underlying bonds are rated A or higher.
Under normal market conditions, the Fund invests at least 65% of its net assets in low- to medium-quality bonds rated BBB/Baa or lower at the time of purchase by at least one independent rating agency or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. Below investment grade municipal bonds (those rated BB/Ba or lower) are commonly referred to as “high yield” or “junk” bonds. The Fund may invest up to 10% of its net assets in defaulted municipal bonds (i.e., bonds on which the issuer has not paid principal or interest on time).
The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.
The Fund may utilize the following derivatives: futures contracts; options on futures contracts; swap agreements, including interest rate swaps, total return swaps and credit default swaps, and options on swap agreements. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.
The Fund’s sub-adviser uses a research-intensive investment process to identify high-yielding municipal bonds that offer attractive value in terms of their current yields, prices, credit quality, liquidity and future prospects. The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds.
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NHMAX - Performance

Return Ranking - Trailing

Period NHMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.0% -0.8% 15.1% 53.23%
1 Yr 9.5% -0.1% 17.8% 48.76%
3 Yr -1.5%* -8.2% 3.4% 83.67%
5 Yr 1.5%* -4.8% 4.0% 48.21%
10 Yr 3.7%* -0.4% 155.7% 14.96%

* Annualized

Return Ranking - Calendar

Period NHMAX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.5% -6.2% 7.5% 93.56%
2022 -19.4% -26.9% -3.5% 75.88%
2021 4.8% -1.9% 5.6% 3.55%
2020 -2.0% -4.0% 4.2% 88.78%
2019 6.6% -0.7% 9.1% 15.79%

Total Return Ranking - Trailing

Period NHMAX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.0% -0.8% 15.1% 53.23%
1 Yr 9.5% -0.1% 17.8% 48.76%
3 Yr -1.5%* -8.2% 3.4% 83.67%
5 Yr 1.5%* -4.8% 4.0% 48.21%
10 Yr 3.7%* -0.4% 155.7% 14.96%

* Annualized

Total Return Ranking - Calendar

Period NHMAX Return Category Return Low Category Return High Rank in Category (%)
2023 5.0% -4.1% 10.9% 78.22%
2022 -15.2% -26.9% 4.3% 70.85%
2021 9.7% -1.9% 10.0% 1.52%
2020 3.4% -2.6% 8.2% 54.59%
2019 12.4% -0.7% 1028633.9% 4.21%

NAV & Total Return History

NHMAX - Holdings

Concentration Analysis

NHMAX Category Low Category High NHMAX % Rank
Net Assets 15.6 B 3.1 M 15.6 B 1.00%
Number of Holdings 3007 20 3325 6.53%
Net Assets in Top 10 1.96 B -102 M 1.96 B 1.01%
Weighting of Top 10 12.06% 4.6% 98.9% 55.28%

Top 10 Holdings

  1. Fixed Income Clearing Corp (FICC) 2.25%
  2. Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 1.69%
  3. Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A 1.62%
  4. Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Seri 1.18%
  5. Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Series 2024A 1.18%
  6. Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 0.92%
  7. New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas AM Un 0.87%
  8. Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 0.85%
  9. Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding Improvement Series 2021A 0.79%
  10. Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016 0.72%

Asset Allocation

Weighting Return Low Return High NHMAX % Rank
Bonds 		121.82% 0.00% 146.69% 1.98%
Other 		1.50% -5.67% 5.07% 6.53%
Stocks 		0.01% 0.00% 99.72% 25.25%
Cash 		0.00% -0.64% 10.86% 70.85%
Preferred Stocks 		0.00% -47.61% 0.00% 28.64%
Convertible Bonds 		0.00% 0.00% 0.00% 23.12%

Stock Sector Breakdown

Weighting Return Low Return High NHMAX % Rank
Utilities 		0.00% 0.00% 0.00% 12.50%
Technology 		0.00% 0.00% 0.00% 12.50%
Real Estate 		0.00% 0.00% 0.00% 12.50%
Industrials 		0.00% 0.00% 4.78% 25.00%
Healthcare 		0.00% 0.00% 0.00% 12.50%
Financial Services 		0.00% 0.00% 0.00% 12.50%
Energy 		0.00% 0.00% 0.00% 12.50%
Communication Services 		0.00% 0.00% 0.00% 12.50%
Consumer Defense 		0.00% 0.00% 0.00% 12.50%
Consumer Cyclical 		0.00% 0.00% 77.65% 25.00%
Basic Materials 		0.00% 17.58% 100.00% 56.25%

Stock Geographic Breakdown

Weighting Return Low Return High NHMAX % Rank
US 		0.01% 0.00% 99.72% 25.63%
Non US 		0.00% 0.00% 0.00% 23.12%

Bond Sector Breakdown

Weighting Return Low Return High NHMAX % Rank
Municipal 		96.64% 50.68% 100.00% 76.88%
Corporate 		0.64% 0.00% 2.83% 21.11%
Cash & Equivalents 		0.00% 0.00% 10.86% 41.71%
Securitized 		0.00% 0.00% 22.44% 28.64%
Government 		0.00% 0.00% 0.09% 26.63%
Derivative 		-0.75% -7.70% 2.16% 97.49%

Bond Geographic Breakdown

Weighting Return Low Return High NHMAX % Rank
US 		121.82% 0.00% 139.84% 1.51%
Non US 		0.00% 0.00% 13.35% 31.16%

NHMAX - Expenses

Operational Fees

NHMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.11% 0.22% 3.44% 3.96%
Management Fee 0.48% 0.00% 1.41% 43.07%
12b-1 Fee 0.20% 0.00% 1.00% 29.91%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

NHMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.20% 1.00% 4.50% 39.53%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

NHMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

NHMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 18.00% 2.00% 121.00% 42.78%

NHMAX - Distributions

Dividend Yield Analysis

NHMAX Category Low Category High NHMAX % Rank
Dividend Yield 4.98% 0.00% 5.94% 5.94%

Dividend Distribution Analysis

NHMAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

NHMAX Category Low Category High NHMAX % Rank
Net Income Ratio 5.17% 1.11% 5.44% 1.98%

Capital Gain Distribution Analysis

NHMAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

NHMAX - Fund Manager Analysis

Managers

John Miller

Start Date

Tenure

Tenure Rank

Dec 31, 2000

21.43

21.4%

John leads the municipals fixed income strategic direction and investment perspectives for Nuveen. He also manages several municipal bond strategies and closed-end funds. John is a trusted public voice in discussing key issues and trends within the municipal market. He is a frequent guest on CNBC, Bloomberg Television and Fox Business News. His perspective is often sought out by leading industry media such as The Wall Street Journal, Barron’s, Bloomberg News and Morningstar. Before being named the co-head of fixed income in 2011, he was chief investment officer for the firm’s municipal bond team starting in 2007. He was named a managing director and head of portfolio management for Nuveen Asset Management in 2006. John became a portfolio manager in 2000 after starting at the firm as a municipal credit analyst in 1996. He began working in the financial industry at a private account management firm in 1993. John earned a B.A. in Economics and Political Science from Duke University, an M.A. in Economics from Northwestern University and an M.B.A. in Finance with honors from the University of Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA institute and the CFA society of Chicago. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.58 2.52

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