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Nuveen Equity Long/Short Fund
NELCX (Mutual Fund)
Nuveen Equity Long/Short Fund
Name
As of 12/11/2024Price
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
Vitals
YTD Return
22.3%
1 yr return
24.2%
3 Yr Avg Return
8.4%
5 Yr Avg Return
10.3%
Net Assets
$136 M
Holdings in Top 10
26.2%
52 WEEK LOW AND HIGH
$54.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 3.17%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 200.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$3,000
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/11/2024Price
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
NELCX - Profile
Distributions
- YTD Total Return 22.3%
- 3 Yr Annualized Total Return 8.4%
- 5 Yr Annualized Total Return 10.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -1.68%
- Dividend Yield 2.7%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameNuveen Equity Long/Short Fund
-
Fund Family NameNuveen Funds
-
Inception DateJun 20, 2013
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerScott Tonneson
Fund Description
The Fund pursues its investment objective by establishing long and short positions in a diversified portfolio of equity securities. Substantially all of the equity securities in which the Fund takes long and short positions will be included in the Fund’s benchmark index, the Russell 1000 Index, at the time the position is taken. As a result, the Fund will invest significantly in large-capitalization companies, though it may also invest in mid-capitalization companies.
When the Fund takes a long position in a security, it purchases the security outright. When the Fund takes a short position, it sells a security that the Fund does not own at the current market price and delivers to the buyer a security that the Fund has borrowed. The Fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. Until the borrowed security is replaced, the Fund is required to pay to the lender amounts equal to any dividends or interest that accrue during the period of the loan. In addition, to borrow the security, the Fund may be required to pay a premium to the lender. The Fund will sell a security short if it expects that it will be able to make this later purchase at a lower price than the price at which it sold the security short. The use of both long and short positions allows the sub-adviser to invest based on both its positive and negative views on individual stocks. The Fund may use all or a portion of the proceeds of its short sales to purchase additional long positions. The Fund intends to generally maintain a net long exposure to the equity market (long market value minus short market value) that is greater than the 0% exposure which a “market neutral” fund is designed to provide, but less than 100% exposure provided by a fund that invests only in long positions. This net long exposure is expected to be at least 40% under normal market conditions. The goal is to allow the Fund to benefit from a rising market, although to a lesser extent than a “long-only” fund, while still affording some protection from a falling market because of the Fund’s short positions, which are designed to perform inversely to the market.
The Fund’s sub-adviser will select securities using an investment process that combines quantitative techniques, fundamental analysis and risk management, with the sub-adviser taking long positions in companies that it has identified as attractive and short positions in companies that it expects to underperform. Securities generally are added to the portfolio as long or short positions based both on security rankings provided by multi-factor quantitative models and on fundamental analysis of the securities. However, the sub-adviser will utilize risk management techniques to establish constraints on the amounts invested in individual securities and sectors. As a result, the sub-adviser may take a long position in a security which receives a low ranking from the quantitative models, in order to maintain a required minimum position in that security. The Fund’s sub-adviser will generally sell a security if its model ranking declines or fundamental research reveals a deterioration of the company’s fundamentals.
The Fund may enter into stock index futures contracts to manage cash flows into and out of the Fund.
NELCX - Performance
Return Ranking - Trailing
| Period | NELCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 22.3% | -9.6% | 41.3% | 19.73% |
| 1 Yr | 24.2% | -9.5% | 46.8% | 21.77% |
| 3 Yr | 8.4%* | -8.3% | 25.3% | 26.52% |
| 5 Yr | 10.3%* | -2.7% | 24.1% | 20.00% |
| 10 Yr | 7.6%* | -4.0% | 10.0% | 17.65% |
* Annualized
Return Ranking - Calendar
| Period | NELCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 19.0% | -17.3% | 43.8% | 10.20% |
| 2022 | -22.1% | -54.0% | 17.4% | 87.88% |
| 2021 | 27.9% | -40.0% | 54.1% | 11.11% |
| 2020 | -1.8% | -47.6% | 88.4% | 77.50% |
| 2019 | 5.3% | -20.3% | 62.6% | 80.53% |
Total Return Ranking - Trailing
| Period | NELCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 22.3% | -9.6% | 41.3% | 19.73% |
| 1 Yr | 24.2% | -9.5% | 46.8% | 21.77% |
| 3 Yr | 8.4%* | -8.3% | 25.3% | 26.52% |
| 5 Yr | 10.3%* | -2.7% | 24.1% | 20.00% |
| 10 Yr | 7.6%* | -4.0% | 10.0% | 17.65% |
* Annualized
Total Return Ranking - Calendar
| Period | NELCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 22.9% | -14.5% | 43.8% | 14.29% |
| 2022 | -15.8% | -54.0% | 50.3% | 84.85% |
| 2021 | 31.6% | -40.0% | 61.6% | 11.11% |
| 2020 | -1.8% | -29.9% | 91.0% | 81.67% |
| 2019 | 5.3% | -17.9% | 79.4% | 83.19% |
NAV & Total Return History
NELCX - Holdings
Concentration Analysis
| NELCX | Category Low | Category High | NELCX % Rank | |
|---|---|---|---|---|
| Net Assets | 136 M | 1.08 M | 6.67 B | 42.86% |
| Number of Holdings | 191 | 3 | 2730 | 34.01% |
| Net Assets in Top 10 | 34.4 M | -4.86 M | 2.41 B | 63.27% |
| Weighting of Top 10 | 26.17% | -9.9% | 110.8% | 89.80% |
Top 10 Holdings
- Apple Inc 5.05%
- Microsoft Corp 4.97%
- NVIDIA Corp 4.07%
- Amazon.com Inc 2.00%
- Alphabet Inc 1.94%
- Meta Platforms Inc 1.86%
- Broadcom Inc 1.81%
- JPMorgan Chase Co 1.64%
- UnitedHealth Group Inc 1.46%
- Exxon Mobil Corp 1.37%
Asset Allocation
| Weighting | Return Low | Return High | NELCX % Rank | |
|---|---|---|---|---|
| Stocks | 69.92% | -0.13% | 113.26% | 53.74% |
| Cash | 29.45% | 0.00% | 109.95% | 40.14% |
| Other | 0.63% | -57.63% | 99.50% | 23.81% |
| Preferred Stocks | 0.00% | -1.13% | 6.36% | 76.87% |
| Convertible Bonds | 0.00% | -0.02% | 4.48% | 76.98% |
| Bonds | 0.00% | 0.00% | 108.68% | 80.95% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | NELCX % Rank | |
|---|---|---|---|---|
| Technology | 24.19% | 0.00% | 43.24% | 19.49% |
| Consumer Cyclical | 15.39% | 0.00% | 88.83% | 11.02% |
| Healthcare | 15.35% | 0.00% | 100.00% | 42.37% |
| Financial Services | 9.05% | 0.00% | 83.83% | 74.58% |
| Consumer Defense | 7.51% | 0.00% | 19.75% | 31.36% |
| Communication Services | 7.45% | 0.00% | 32.32% | 50.00% |
| Industrials | 7.43% | 0.00% | 31.93% | 75.42% |
| Utilities | 4.94% | 0.00% | 21.71% | 13.56% |
| Basic Materials | 3.25% | 0.00% | 28.58% | 47.46% |
| Real Estate | 2.93% | 0.00% | 10.93% | 25.42% |
| Energy | 2.52% | 0.00% | 32.57% | 66.95% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | NELCX % Rank | |
|---|---|---|---|---|
| US | 69.92% | 0.00% | 113.26% | 45.58% |
| Non US | 0.00% | -2.95% | 54.79% | 76.87% |
NELCX - Expenses
Operational Fees
| NELCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 3.17% | 0.42% | 9.95% | 12.24% |
| Management Fee | 1.26% | 0.00% | 2.50% | 65.31% |
| 12b-1 Fee | 1.00% | 0.00% | 1.00% | 96.15% |
| Administrative Fee | N/A | 0.03% | 1.54% | N/A |
Sales Fees
| NELCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.50% | 5.75% | N/A |
| Deferred Load | 1.00% | 1.00% | 4.00% | 80.00% |
Trading Fees
| NELCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | 37.50% |
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.
| NELCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 200.00% | 0.00% | 446.00% | 74.34% |
NELCX - Distributions
Dividend Yield Analysis
| NELCX | Category Low | Category High | NELCX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.68% | 0.00% | 27.22% | 28.77% |
Dividend Distribution Analysis
| NELCX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Annual | Annual |
Net Income Ratio Analysis
| NELCX | Category Low | Category High | NELCX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -1.68% | -3.33% | 2.16% | 84.14% |
Capital Gain Distribution Analysis
| NELCX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 28, 2023 | $1.453 | OrdinaryDividend |
| Dec 29, 2022 | $1.497 | CapitalGainLongTerm |
| Dec 15, 2022 | $1.531 | CapitalGainLongTerm |
| Dec 15, 2021 | $1.354 | CapitalGainLongTerm |
| Dec 17, 2018 | $0.547 | CapitalGainLongTerm |
| Dec 15, 2017 | $0.664 | CapitalGainLongTerm |
| Dec 15, 2014 | $0.081 | CapitalGainLongTerm |
| Dec 13, 2013 | $0.021 | CapitalGainShortTerm |
| Dec 13, 2013 | $1.527 | CapitalGainLongTerm |
| Dec 14, 2012 | $2.257 | CapitalGainLongTerm |
NELCX - Fund Manager Analysis
Managers
Scott Tonneson
Start Date
Tenure
Tenure Rank
Feb 13, 2013
9.3
9.3%
Scott is the co-manager of the Mid Cap Core Strategy and related institutional portfolios. He joined the Mid Cap Core management team in 2012. Scott began working in the financial services industry in 1994 and joined the firm in 2007. Prior to his current portfolio management role, he was a senior equity research analyst responsible for building quantitative models to deliver relevant data to the equity portfolio teams. Previously, he worked at Ameriprise Financial as a quantitative equity analyst, business analyst, and account analyst. Scott received a B.A. in accounting from the University of St. Thomas and an M.B.A. from the University of Minnesota’s Carlson School of Management. He also holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the Chicago Quantitative Alliance.
David Chalupnik
Start Date
Tenure
Tenure Rank
Mar 03, 2021
1.24
1.2%
David oversees all portfolio management activities for Nuveen’s actively managed U.S. equities strategies. He is the lead portfolio manager for several core and value-focused equities strategies and related institutional portfolios. David also manages several Santa Barbara Asset Management Dividend Growth strategies. Prior to joining the firm in 2002, David served as chief investment officer for Duff & Phelps Investment Management Company. David was also head of the equity investment division of Allstate Insurance Company. He began working in the investment industry in 1984. David graduated with a B.S. in Commerce and an M.B.A. from DePaul University. He holds the CFA® designation and is a member of the CFA® Institute.
Claire Ross
Start Date
Tenure
Tenure Rank
Jun 01, 2021
1.0
1.0%
Claire L. Ross is a Managing Director and Co-Head of Active Equity Research at Nuveen Asset Management, LLC. Ms. Ross joined TIAA and Nuveen in 2014 and was appointed Associate Director of Equity Research in 2019. Prior to joining TIAA, Ms. Ross worked at Surveyor Capital, a division of Citadel. Ms. Ross started her career as a research analyst at Goldman Sachs.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 23.55 | 5.96 | 7.93 |
