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Nuveen Core Impact Bond Managed Accounts Portfolio

mutual fund
NCIRX
Payout Change
Pending
Price as of:
$7.92 -0.01 -0.13%
primary theme
U.S. Intermediate-Term Bond Duration
share class
Other (NCIRX)
NCIRX (Mutual Fund)

Nuveen Core Impact Bond Managed Accounts Portfolio

Payout Change
Pending
Price as of:
$7.92 -0.01 -0.13%
primary theme
U.S. Intermediate-Term Bond Duration
share class
Other (NCIRX)
NCIRX (Mutual Fund)

Nuveen Core Impact Bond Managed Accounts Portfolio

Payout Change
Pending
Price as of:
$7.92 -0.01 -0.13%
primary theme
U.S. Intermediate-Term Bond Duration
share class
Other (NCIRX)

Name

As of 12/10/2024

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 Core Impact Bond Managed Accounts Portfolio

NCIRX | Fund

$7.92

$8.85 M

4.69%

$0.37

1.41%

Vitals

YTD Return

4.6%

1 yr return

7.6%

3 Yr Avg Return

-2.9%

5 Yr Avg Return

N/A

Net Assets

$8.85 M

Holdings in Top 10

29.2%

52 WEEK LOW AND HIGH

$7.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.41%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 96.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/10/2024

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 Core Impact Bond Managed Accounts Portfolio

NCIRX | Fund

$7.92

$8.85 M

4.69%

$0.37

1.41%

NCIRX - Profile

Distributions

  • YTD Total Return 4.6%
  • 3 Yr Annualized Total Return -2.9%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.39%
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Nuveen Core Impact Bond Managed Accounts Portfolio
  • Fund Family Name
    Nuveen Funds
  • Inception Date
    Jul 09, 2020
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Liberatore

Fund Description

Under normal circumstances, the Portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in bonds. For these purposes bonds include fixed-income securities of all types, including but not limited to, corporate bonds, residential and commercial mortgage-backed and other asset-backed securities, U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), senior loans and loan participations and assignments, and taxable and tax-exempt municipal bonds. The Portfolio may invest up to 10% of its assets in securities rated lower than investment grade or unrated securities of comparable quality as determined by the Portfolio’s sub-adviser (securities commonly referred to as “high-yield” securities or “junk” bonds). The Portfolio may invest in fixed-income securities of any maturity or duration.
When selecting investments for the Portfolio, the sub-adviser considers certain ESG criteria or a proprietary impact framework (the “Impact Framework”). The Impact Framework, described below, provides direct exposure to issuers or projects that the sub-adviser believes have the potential to have social or environmental benefits. The ESG criteria are generally implemented based on data provided by independent research vendor(s). In those limited cases where independent ESG criteria are not available for certain types of securities or for certain issuers, these securities may nonetheless be eligible for investment by the Portfolio should they meet certain internal ESG criteria. All issuers not otherwise reviewed in connection with the Impact Framework described below must meet or exceed minimum ESG performance standards to be eligible for investment by the Portfolio.
The ESG evaluation process employed by the sub-adviser for corporate issuers favors issuers with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories for corporate issuers include human capital, product safety and social opportunities. Governance assessment categories for corporate issuers include corporate governance, business ethics and public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights & community, labor rights & supply chain, and governance) are other considerations.
The ESG evaluation process with respect to corporate issuers is conducted on an industry-specific basis and involves the identification of key performance indicators, which are given more or less relative weight compared to the broader range of potential assessment categories. When ESG concerns exist, the evaluation process gives careful consideration to how companies address the risks and opportunities they face in the context of their sector or industry and relative to their peers. The Portfolio will not generally invest in companies significantly involved in certain business activities including, but not limited to, the production of alcohol, tobacco, military weapons, firearms, nuclear power, thermal coal, and gambling products and services.
The ESG evaluation process with respect to government issuers favors issuers with leadership in ESG performance relative to all peers. Typically, environmental assessment categories include the issuer’s ability to protect, harness, and supplement its natural resources, and to manage environmental vulnerabilities and externalities. Social assessment categories include the issuer’s ability to develop a healthy, productive, and stable workforce and knowledge capital, and to create a supportive economic environment. Governance assessment categories include the issuer’s institutional capacity to support long-term stability and well-functioning financial, judicial, and political systems, and capacity to address environmental and social risks. The government ESG evaluation process is conducted on a global basis and reflects how an issuer’s exposure to and management of ESG risk factors may affect the long-term sustainability of its economy.
While the Portfolio may invest in issuers that meet these criteria, it is not required to invest in every issuer that meets these criteria. In addition, concerns with respect to one ESG assessment category may not automatically eliminate an issuer from being considered an eligible investment. The ESG criteria and the universe of investments that the Portfolio utilizes may be changed without the approval of the Portfolio’s shareholders.
The Portfolio is not restricted from investing in any securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Portfolio considers investments in these securities to be consistent with its investment and social objectives.
The Portfolio also invests in certain asset-backed securities, mortgage-backed securities and other securities that represent interests in assets such as pools of mortgage loans, automobile loans or credit card receivables. These securities are typically issued by legal entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or “sponsored” by banks or other institutions or by certain government-sponsored enterprises such as Fannie Mae or Freddie Mac. The sub-adviser does not take into consideration whether the sponsor of an asset-backed security in which it invests meets the ESG criteria.
That is because asset-backed securities represent interests in pools of loans, and not of the ongoing business enterprise of the sponsor. It is therefore possible that the Portfolio could invest in an asset-backed or mortgage-backed security sponsored by a bank or other financial institution in which the Portfolio could not invest directly. However, the investments underlying an asset-backed or mortgage-backed security will generally meet or exceed the ESG criteria or the Impact Framework described below.
The sub-adviser reviews the ESG criteria used to evaluate securities held in the Portfolio and approves the ESG vendor(s) that provide the data that help inform this criteria. Consistent with its responsibilities, the sub-adviser has the right to change the ESG vendor(s) at any time and to add to the number of vendors providing the ESG data.
Additionally, the Portfolio invests a significant portion of its assets in fixed-income instruments according to a proprietary Impact Framework. These investments provide direct exposure to issuers and/or individual projects that the sub-adviser, through its proprietary analysis, believes have the potential to have social or environmental benefits. Within this Impact Framework allocation, the Portfolio seeks opportunities to invest in publicly traded fixed-income securities that finance initiatives in areas including affordable housing, community and economic development, renewable energy and climate change, and natural resources. These investments will be selected based on the same financial criteria used in selecting the Portfolio’s other fixed-income investments. The portion of the Portfolio invested in accordance with this Impact Framework is not additionally subject to ESG criteria provided by a third party. The sub-adviser engages with certain issuers of investments it determines represent impact securities to communicate impact reporting preferences and encourage alignment with industry best practices regarding responsible investment.
Investing on the basis of ESG criteria and according to the Impact Framework is qualitative and subjective by nature. There can be no assurance that every Portfolio investment will meet ESG criteria or the Impact Framework, or will do so at all times, or that the ESG criteria and the Impact Framework or any judgment exercised by the sub-adviser will reflect the beliefs or values of any particular investor.
The Portfolio may invest up to 40% of its assets in securities of foreign issuers, including those that are located in emerging market countries.
The Portfolio may invest in securities that have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) (“restricted securities”), including securities sold in private placement transactions between issuers and their purchasers and securities that meet the requirements of Rule 144A under the Securities Act (“Rule 144A securities”). Rule 144A securities may be resold under certain circumstances only to qualified institutional buyers as defined by the rule.
The Portfolio may purchase and sell futures, options, swaps, forwards and other derivative instruments. The sub-adviser may use these derivatives in an attempt to manage market risk, credit risk and interest rate risk, to manage the effective maturity or duration of securities in the portfolio or for speculative purposes in an effort to increase the Portfolio’s yield or to enhance returns. The use of a derivative is speculative if the sub-adviser is primarily seeking to enhance returns, rather than offset the risk of other positions.
Developed exclusively for use within separately managed accounts advised or sub-advised by Nuveen Asset Management, LLC, the Portfolio is a specialized bond portfolio to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Portfolio enables certain Nuveen separately managed account investors to achieve greater diversification and return potential than might otherwise be achieved by investing in additional fixed-income classes, including those that have a lower credit quality and potentially higher yielding securities.
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NCIRX - Performance

Return Ranking - Trailing

Period NCIRX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -6.3% 11.5% 22.28%
1 Yr 7.6% -2.1% 15.6% 21.97%
3 Yr -2.9%* -10.0% 28.7% 89.46%
5 Yr N/A* -7.2% 58.9% N/A
10 Yr N/A* -2.8% 74.0% N/A

* Annualized

Return Ranking - Calendar

Period NCIRX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -16.2% 8.1% 73.39%
2022 -20.6% -34.7% 131.9% 98.09%
2021 -3.6% -11.6% 4.4% 56.06%
2020 N/A -9.9% 946.1% N/A
2019 N/A -1.7% 16.9% N/A

Total Return Ranking - Trailing

Period NCIRX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -6.3% 11.5% 22.28%
1 Yr 7.6% -2.1% 15.6% 21.97%
3 Yr -2.9%* -10.0% 28.7% 89.46%
5 Yr N/A* -7.2% 58.9% N/A
10 Yr N/A* -2.8% 74.0% N/A

* Annualized

Total Return Ranking - Calendar

Period NCIRX Return Category Return Low Category Return High Rank in Category (%)
2023 6.3% -11.3% 11.9% 41.79%
2022 -17.5% -32.2% 131.9% 98.09%
2021 -1.2% -9.4% 9.2% 57.29%
2020 N/A -1.9% 1009.0% N/A
2019 N/A 1.1% 21668.0% N/A

NAV & Total Return History

NCIRX - Holdings

Concentration Analysis

NCIRX Category Low Category High NCIRX % Rank
Net Assets 8.85 M 2.9 M 314 B 99.07%
Number of Holdings 94 1 17880 95.64%
Net Assets in Top 10 2.59 M 1.62 M 35.1 B 98.96%
Weighting of Top 10 29.23% 4.7% 3984.6% 31.80%

Top 10 Holdings

  1. Air Products and Chemicals Inc 3.97%
  2. European Investment Bank 3.29%
  3. WLB Asset VI Pte Ltd 2.96%
  4. Federal Home Loan Bank Discount Notes 2.94%
  5. PGE Recovery Funding LLC 2.88%
  6. San Francisco City County Public Utilities Commission Wastewater Revenue 2.84%
  7. WLB Asset II B Pte Ltd 2.69%
  8. OMERS Finance Trust 2.64%
  9. NXP BV / NXP Funding LLC / NXP USA Inc 2.61%
  10. Hudson Yards 2019-30HY Mortgage Trust 2.40%

Asset Allocation

Weighting Return Low Return High NCIRX % Rank
Bonds 		92.08% 0.00% 9231.88% 66.74%
Other 		7.60% -27.25% 1695.17% 32.29%
Cash 		2.94% -54.51% 237.69% 50.57%
Convertible Bonds 		1.91% 0.00% 7.93% 34.52%
Stocks 		0.00% 0.00% 99.98% 58.45%
Preferred Stocks 		0.00% 0.00% 72.34% 54.21%

Bond Sector Breakdown

Weighting Return Low Return High NCIRX % Rank
Corporate 		62.68% 0.00% 100.00% 1.36%
Securitized 		26.95% 0.00% 98.40% 58.05%
Municipal 		7.88% 0.00% 100.00% 5.02%
Cash & Equivalents 		2.94% 0.00% 237.69% 50.57%
Government 		1.95% 0.00% 86.23% 94.77%
Derivative 		0.00% -6.56% 44.82% 50.67%

Bond Geographic Breakdown

Weighting Return Low Return High NCIRX % Rank
US 		92.08% 0.00% 9042.62% 58.26%
Non US 		0.00% 0.00% 189.26% 60.44%

NCIRX - Expenses

Operational Fees

NCIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.41% 0.01% 39.64% 13.38%
Management Fee 0.00% 0.00% 1.76% 0.84%
12b-1 Fee N/A 0.00% 1.00% 2.63%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

NCIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

NCIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

NCIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 96.00% 2.00% 493.39% 41.50%

NCIRX - Distributions

Dividend Yield Analysis

NCIRX Category Low Category High NCIRX % Rank
Dividend Yield 4.69% 0.00% 10.11% 12.12%

Dividend Distribution Analysis

NCIRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

NCIRX Category Low Category High NCIRX % Rank
Net Income Ratio 2.39% -1.28% 4.79% 13.58%

Capital Gain Distribution Analysis

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

Distributions History

View More +

NCIRX - Fund Manager Analysis

Managers

Stephen Liberatore

Start Date

Tenure

Tenure Rank

Jul 09, 2020

1.89

1.9%

Stephen M. Liberatore, CFA is a managing director and fixed-income portfolio manager for the TIAA-CREF Asset Management. Mr. Liberatore is the lead portfolio manager for the TIAA’s Socially Responsible Investment (SRI) fixed income mandates and holds responsibility for investment strategy and securities selection. He joined the TIAA-CREF Asset Management in 2004. Mr. Liberatore has rich industry experience, including positions at Nationwide Mutual Insurance Co. and Protective Life Corporation, where he was responsible for portfolio management, credit research and trading for both total return and liability-driven assets. Mr. Liberatore holds a B.S. from the State University of New York at Buffalo and an MBA in finance and operations from Wake Forest University’s Babcock Graduate School of Management. He also earned the Chartered Financial Analyst designation and is a member of the CFA Society North Carolina and the CFA Institute. Mr. Liberatore is considered a subject matter expert on the management of total return SRI fixed-income portfolios, and he frequently presents at both SRI and fixed-income conferences. His views on developments in these areas have been featured in numerous industry publications. Mr. Liberatore is a member of the initial executive committee of the Green Bond Principles and the CERES Green Bond Working Group.

Jessica Zarzycki

Start Date

Tenure

Tenure Rank

Jul 09, 2020

1.89

1.9%

Jessica is a portfolio manager for Nuveen’s global fixed income team. She is an integral part of the ESG/Impact fixed income strategy team and co-portfolio manager on the Core Impact Bond, Global Core Impact Bond, Green Bond and Short Duration Impact Bond strategies. She is a frequent panelist and speaker at ESG and Impact conferences and was a member of the ICMA Advisory Board (2020-21), which provides insight and guidance to the Executive Committee on issues affecting the Green, Social, and Sustainable Bond markets. Jessica joined the firm in 2008 as an agency MBS analyst before joining the International/EMD sector team as a European sovereign and agency analyst. Jessica’s analyst responsibilities included sovereigns and local markets throughout Western and Eastern Europe. Prior to Nuveen, she worked at Citi Global Wealth Management (GWM), helping to manage liquidity and risk of the GWM balance sheet. Jessica graduated with a B.S. in Business Administration with an emphasis in Finance from The Ohio State University. She holds the CFA designation and is a member of the CFA Society New York and the CFA Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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