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JLS - JLS: What's In Store For This Cheapest RMBS CEF
Nuveen Mortgage Opportunity Term Fund
The newly rechristened Nuveen Mortgage and Income Fund (JLS) has recently ditched its term date and tweaked its investment objective. This move should allow the fund to build an allocation within the non-agency RMBS, CMBS and asset-backed securities asset classes. In our view, this investment space is relatively attractive due to its link to the healthier consumer balance sheet, strong labor growth and rising home prices.
In this article, we place the fund within its sector and evaluate its future drivers of return. We like the fund and think it should be able