SOJD - Fund Spotlight: Nuveen Real Asset & Income - The NAV Continues To Struggle

• This is a Core Income Portfolio holding that hasn't performed well given it has REIT equity exposure.
• The only equity exposure we hold in the Core Portfolio is in Nuveen Real Asset Income & Growth (JRI). The fund is a mix of REITs, bonds and preferreds.
• Two key factors are driving the performance this year outside of general real estate weakness: Leverage and the high distribution rate.
• This is not a "safe" fund by any means.  There are a lot of utilities positions that they deem as "infrastructure" but are more like energy substitutes.
• I'm a contrarian by nature and I do think given the rebound in other areas of the market, some money will find itself into "safer" (compared to tech stocks) sectors.

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