2024-03-22 11:31:06 ET
Summary
- The unleveraged municipal CEF, Nuveen Municipal Income, is trading at a 4.65% yield and a 7.5% discount.
- Despite the expectation of the Fed cutting the policy rate, unleveraged muni CEFs remain attractive options in income portfolios.
- NMI is a small fund with a modest 8.7 duration with a portfolio consisting of GO and revenue bonds, and an above-average holding of unrated securities.
- The fund's net income will remain significantly more efficient than that of leveraged CEFs and its return profile will be lower-beta.
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For further details see:
NMI: Why This Unleveraged Muni CEF Makes Sense Now