Nuveen Variable Rate Preferred & Income Fund

Nuveen Variable Rate Preferred & Income Fund has announced another sizeable distribution boost following a previous raise in December 2023. Saba Capital Management has initiated a position in NPFD and filed a preliminary proxy for the election of a new independent trustee. NPFD's discount has narrowed, but it is still at an attractive level to consider investing in the preferred fund with the potential catalyst of rate cuts for a brighter future.

NPFD: Distribution Bump Amid Activist Pressure

Different funds within the same sector often have different tilts, which can impact their performance in different market scenarios. The Nuveen Variable Rate Preferred & Income Fund has a unique coupon profile, with a low allocation to fixed-rate preferreds and a relatively large allocation to fixed-to-floating preferreds. We discuss the various market scenarios which would benefit the NPFD CEF.

NPFD: This Preferred CEF Will Have Its Day

Credit Suisse Asset Management Income Fund

Flaherty & Crumrine Preferred Income OpportunityFund Inc

We review CEF market valuation and performance through the second week of February and highlight recent market action. CEF price action was mixed, with higher-quality fixed-income sectors and interest-rate sensitive equity sectors seeing lower NAVs due to back-up in Treasury yields. CEF fees are full of pitfalls; however, getting a clear picture of fees can allow investors go generate alpha in CEF allocation.

CEF Weekly Review: CEF Fees Remain Full Of Pitfalls

Nuveen Floating Rate Income Fund

Nuveen Global High Income Fund

Nuveen Mortgage Opportunity Term Fund

Nuveen Multi-Market Income Fund

Nuveen Preferred & Income Opportunities Fund

Nuveen Preferred & Income Term Fund

Nuveen Credit Strategies Income Fund

Nuveen Real Asset Income & Growth Fund

Nuveen California Quality Municipal Income Fund

Nuveen Quality Municipal Income Fund

Nuveen New York Quality Muni Income Fund

Nuveen Arizona Quality Municipal Income Fund

Nuveen Build America Bond Fund

Nuveen California Municipal Value Fund

Nuveen Dynamic Municipal Opportunities Fund

Nuveen AMT-Free Quality Municipal Income Fund

Nuveen Select Maturity Municipal Fund

Nuveen California AMT-Free Quality Municipal Income Fund

Nuveen Municipal Credit Opportunities Fund

Nuveen Municipal Income Fund Inc

Nuveen Minnesota Quality Municipal Income Fund

Nuveen Massachusetts Quality Municipal Income Fund

Nuveen Municipal High Income Opportunity Fund

Nuveen New York Municipal Value Fund

Nuveen Missouri Quality Municipal Income Fund

Nuveen Core Plus Impact Fund

Nuveen Virginia Quality Municipal Income Fund

Nuveen Pennsylvania Quality Municipal Income Fund

Nuveen New York AMT

Nuveen Municipal Value Fund Inc

Nuveen AMT-Free Municipal Value Fund

Nuveen AMT-Free Municipal Credit Income Fund

Nuveen California Select Tax-Free Income Portfolio

Nuveen New Jersey Quality Municipal Income Fund

Nuveen New York Select Tax-Free Income Portfolio

Nuveen Select Tax-Free Income Portfolio

Nuveen Municipal Credit Income Fund

NEW YORK--(BUSINESS WIRE)--Nuveen Closed-End Funds today announced that the Board of Trustees of the Funds has approved the regular monthly and quarterly distributions. In addition, the Board of Trustees has approved updated distribution polices described below under “Monthly & Quarterly Distributions” for The Nuveen Preferred & Income Opportunities Fund (NYSE: JPC), Nuveen Preferred and Income Term Fund (NYSE: JPI), Nuveen Variable Rate Preferred & Income Fund (NYSE: NPFD), Nuveen.

Nuveen Closed-End Funds Declare Distributions and Updates to Distribution Policies

BlackRock Innovation & Growth Trust

BlackRock 2037 Municipal Target Term Trust

Blackrock ESG Capital Allocation Trust

Guggenheim Active Allocation Fund

MainStay CBRE Global Infrastructure Megatrends Fund

Pioneer Municipal High Income Opportunities Fund

Neuberger Berman Next Generation Connectivity Fund

PIMCO Access Income Fund

PIMCO Dynamic Income Opportunities Fund

Pimco Municipal Income Fund

RiverNorth Flexible Mncpl Inm Fnd II Inc

Thornburg Income Builder Opportunities Trust

Western Asset Diversified Income Fund

In 2021, a dozen closed-end funds, or CEFs, were launched, but none of them performed well, with all of them experiencing negative total returns since inception. The CEFs trade at wide discounts to NAV, with an average discount of -12.5%, and offer high yield income with annual yields as high as 12.9%. The hybrid funds with global allocations and higher yielding taxable fixed income funds have performed better than municipal fixed income funds and equity funds.

The Dirty Dozen CEFs From 2021: A Summary

Nuveen Variable Rate Preferred & Income Fund focuses on 'fixed-to-fixed' and 'fixed-to-floating' preferred securities, not primarily on true variable rate preferred securities as marketed. In the short-run, the NPFD fund has duration risk, counter to what investors may be expecting with a 'variable rate' fund. Investors seeking variable rate preferred exposure may want to consider the Invesco Variable Rate Preferred ETF (VRP).

NPFD: Expensive Fund With Hidden Fixed-Rate Exposure

Nuveen Variable Rate Preferred & Income Fund provides exposure to preferred and income investments and is trading at an attractive discount. The fund's portfolio includes a mix of fixed-to-fixed and fixed-to-float securities, with a majority of the holdings being investment grade. NPFD has seen distribution cuts similar to peers as borrowing costs have increased quite materially.

NPFD: Deep Discount Presents An Opportunity

Credit Suisse

Flaherty & Crumrine Dynamic Preferred & Income Fund

Flaherty & Crumrine Preferred Securities Income Fund Inc

Flaherty & Crumrine Total Return Fund Inc

First Trust Intermediate Duration Preferred & Income Fund

John Hancock Preferred Income Fund II

John Hancock Preferred Income Fund

Nuveen Preferred & Income Securities Fund

Nuveen Preferred & Income 2022 Term Fund

Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc.

Flaherty & Crumrine Preferred Income Fund Inc

iSh SP US PrfSt Shs

Cohen & Steers Select Preferred and Income Fund

Cohen & Steers Tax-Adv Pref Secs and Inc Fund

UBS Group AG

Today, I wanted to take a broader look at the preferred closed-end fund space. After struggling for most of the last year due to rapidly-rising interest rates, the latest banking failures sent preferred CEFs spiraling.

Preferred Closed-End Funds: Out Of The Frying Pan Into The Fire

The Nuveen Variable Rate Preferred & Income Fund just past its first anniversary; a year its investors will just want to forget. After reviewing NPFD's current asset allocation, I will compare its return against other Nuveen CEFs to see if the first year was poor due to asset selection or market conditions.

Nuveen Variable Rate Preferred & Income Fund: Its First Year Was Bad

As contrarian income seekers we buy when yields are high and prices are low.

Put These Beaten-Up 8%+ Yields In Your Pocket

NEW YORK--(BUSINESS WIRE)--The Nuveen Variable Rate Preferred & Income Fund (NYSE: NPFD) will host a webinar featuring Fund portfolio manager and Head of the Preferred Securities Sector Team, Doug Baker, on Tuesday, February 8, 2022 at 2:00 PM ET. Mr. Baker will provide an update on the Fund's portfolio positioning, investment process and opportunities in the current market. He will be joined by Matt Nealon, V.P. of Closed-End Fund Business Development. Webinar details Click the link to joi

Nuveen Variable Rate Preferred & Income Fund Announces Portfolio Manager Webinar

NEW YORK--(BUSINESS WIRE)--The Nuveen Variable Rate Preferred & Income Fund (NYSE: NPFD) declared its initial monthly distribution of $0.1380 per share. The fund began trading on the NYSE on December 16, 2021. The following dates apply to today's monthly distribution declaration: Record Date February 15, 2022 Ex-Dividend Date February 14, 2022 Payable Date March 1, 2022 Ticker   Exchange   Fund Name   Monthly Distribution Amount Per Share   Distribution Rate on $25 IPO Price NPFD   NYSE   N

Nuveen Variable Rate Preferred & Income Fund Declares Initial Distribution and Releases Fund Commentary

News for Nuveen Variable Rate Preferred & Income Fund ETF (NPFD)